Finance Minister Korn Chatikavanij last Friday assured the Japanese
government and private sector that the Thai government is in a position to
cope with the planned mass rally by anti-government red shirt demonstrators
over the weekend.
Speaking via the Telepresence System from Japan where he
is leading a Thai delegation in a road show, he said top officials and
private-sector executives had joined his trip to explain doubts by Japanese
investors regarding economic conditions, ongoing rallies by red shirt
protestors, and investment suspensions in the Maptaphut Industrial Estate.
The minister said he clarified to the Japanese government
and private sector that the rallies by the red shirts, the United Front of
Democracy Against Dictatorship (UDD) had been staged because the UDD
members, most of which are supporters of ex-premier Thaksin Shinawatra,
refused to accept the ruling by the Supreme Court’s Criminal Division for
Political Office Holders ruling to confiscate part of the frozen assets of
the ousted premier while most people of the country accepted the decision.
The Thai government decided to enforce the Internal
Security Act (ISA) in the capital and its environs since it expected the
violence to erupt anytime.
The move was made to keep peace and order and for the
safety of Thai people.
Korn said he was optimistic the government could cope
with the planned rallies, which would help boost confidence among Japanese
investors.
“Should we continue doing something that hurts our
country, foreign investors may shift to invest in other countries, as India
has a growth potential, Indonesia has an abundance of natural resources, and
Malaysia has a sound political stability,” he said.
Regarding the demand by the red shirt protesters for the
dissolution of the House of Representatives, he said it depends on Prime
Minister Abhisit Vejjajiva’s decision.
“The premier made his stance in the parliament that he is
ready to dissolve the House if it could benefit the country. Normally, the
House should be dissolved when the government is unable to perform its duty
in the parliament. But in case the government is under heavy pressure from
street protests, it is the premier’s discretion to seek a way out,” he said.
(TNA)
Dr. Iain Corness
Northern Thai Realty and Export, 25 years in the business and the
longest established realtors in Pattaya, opened its third office in Pattaya last
week. The new premises are on Thappraya Road, after the Thepprasit Road junction
on the left, leading down to the Hanuman statue.
From left, Darren Perfect (representative), John Seymour,
Buaphan Endonpradou (property advisor) and Supatkhem Pinakase (secretary).
The full range of services are being offered from the new
office, and not just the REBA (Real Estate Brokers Association) backed real
estate dealings, but also business services including company formation, Will
service, visas and work permits, and the full range of insurance services
covering property, vehicle, health and travel as well as construction and
renovations.
With offices in the Philippines and three in Pattaya,
Managing Director John Seymour says he can now offer investors excellent
opportunities both here and overseas.
Time for a fresh look at your UK pension?
Jerry Dingley,
Director, Capital Partners International Ltd.
Up until recently, the options for those living overseas
with Pension funds locked up in the UK were extremely limited.
Before 2006, the millions of UK citizens and individuals
of different nationalities from around the world who had accumulated
substantial lump sums in private or company pension schemes had no facility
to move those funds when they later decided to become non resident.
There was no regulated and approved option that allowed
for the transfer of UK Pension Funds to an overseas scheme which was
recognised by Her Majesty’s Revenue and Customs (HMRC). This meant that
monies were trapped in existing schemes and bound by their rules, or
transferable only to other onshore UK plans. The result was an inflexible,
unfriendly tax environment for what are obviously an important part of most
peoples’ long term finances.
Pensions “A” Day in the UK, enacted via new legislation
in 2006, that made provision for those living overseas to move their
accumulated pension money into more flexible arrangements offshore that
reflect a “non-resident for tax purposes” status, and with the full
endorsement of HMRC. The official name for this part of the Act became known
as ‘QROPS’ or Qualifying Recognised Overseas Pension Scheme.
In most cases the benefits of doing so can be
significant:
* Leave the accumulated fund intact for dependants
* No requirement to purchase an annuity
* No liability to UK tax on income taken
* Early retirement option and 25% lump sum cash
withdrawal
* Flexibility of investment choice
The QROPS option can help UK expatriates and other
nationalities who have emigrated and who now live in many different
countries and jurisdictions around the world; for example France, Spain,
Malta, Cyprus, Hong Kong, Singapore, Malaysia, Jersey, Isle of Man,
Guernsey, India, China, Canada, Ireland, Israel, Thailand, Dubai, South
Africa, Switzerland, Monaco, United Arab Emirates and others.
It cannot be overstated, however, that each and every
jurisdiction and QROPS Trustee granted approval by the UK authority to
administer these transfers must strictly follow the HMRC procedural
guidelines. There have been several incidences where this has not been the
case and the consequences have been severe, often resulting in the
imposition of large tax penalties on the entire pension amount.
It should be noted that
QROPS transfers are not right for everybody
You cannot transfer a state pension into a QROPS, nor can
you transfer your pension if you have already started taking income from an
annuity. In addition, there are some quality defined benefits and final
salary schemes offering specific long term guarantees which would make a
transfer to any other scheme ill advised. Examples of this are nurses,
police and some quality blue chip corporate ‘final salary’ arrangements, but
in the majority of cases, there are significant advantages for those who
qualify for the QROPS system.
People with international lifestyles have individual
requirements and no two expatriates’ needs are exactly the same. You may be
dividing your time between different countries, retiring abroad, temporarily
moving overseas to develop your career, or perhaps working in a foreign
country while retaining your main residence at home.
Whatever your situation, a change of location brings many
challenges as well as opportunities and a professional financial review now
can result in maximizing pension benefits and opportunities for many years
to come. All UK Pension holders of any nationality already living overseas
or planning to move, would be well advised to examine their own position and
pension transfer options.
This article was contributed by the partners of QROPS
Pension Centre and IFA International Ltd. See www.qropspensioncentre .com
and / or email info@ qropspensioncentre.com for more information.
