By Peggy Creveling, CFA and Chad Creveling, CFA As the end of the 2012 tax year approaches, expats working in Thailand may wish to consider sheltering some of their income from Thai tax by contributing to Thailand’s Long-Term Equity Funds (LTFs) and Retirement Mutual Funds (RMFs). With a little bit of planning, you can save up to THB 370,000 (or about USD 12,000) this year in Thai taxes by contributing to these tax-advantaged funds. Long-Term...
By Peggy Creveling, CFA and Chad Creveling, CFA Creveling & Creveling protects its clients’ privacy. The following is a fictitious example designed to demonstrate the type of financial decision-making required to achieve financial security and does not refer to any specific case. From time-to-time we’re asked questions like, “Is USD 2 million enough for an expat to retire at 40 in Bangkok?” It’s a sensible question to ask—most of us aren’t likely to want to...
By Chad Creveling, CFA and Peggy Creveling, CFA “I don’t open U.S. accounts, period,” said Su Shan Tan, head of private banking at Singapore-based DBS―Southeast Asia’s largest lender―in a recent Bloomberg article. This attitude has largely been a reaction to the implementation of FATCA, the IRS’s Foreign Account Tax Compliance Act. Intended to stamp out tax evasion by resident and expatriate Americans holding accounts overseas, FATCA has effectively pushed U.S. tax compliance onto foreign banks...
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By Peggy Creveling, CFA and Chad Creveling, CFA If you work for a Thai company or international school, you may have the opportunity to participate in a company pension plan called a Thai Provident Fund (TPF). Depending on your situation, contributing to a TPF can make a lot of financial sense, not only for Thai citizens, but also for expatriates working in Thailand and subject to Thai income tax. To help you to decide whether...
By Chad Creveling, CFA and Peggy Creveling, CFA This article is for general informational purposes only and is not intended as specific tax advice. Please consult your tax advisor for advice relevant to your situation. For the many U.S. expats who are high-income earners and therefore effectively shut out from making traditional deductible IRA contributions or Roth contributions, making non-deductible contributions to an IRA may afford a backdoor to a Roth. Contributions to IRAs are...
By Chad Creveling, CFA, and Peggy Creveling, CFA At some point, those of us living overseas may consider investing in one of the many offshore investment schemes that are actively marketed to expatriates. And it’s understandable why—the promotional literature for these plans can be pretty compelling. The sales pitch might go something like this: You have the opportunity to invest in an offshore savings scheme offered by a leading provider of sophisticated financial products in...
By Chad Creveling, CFA and Peggy Creveling, CFA A chance to earn significantly higher interest rates on your deposits with the only downside being that you might be converted to a currency you could probably use anyway is pretty appealing, particularly given the paltry yields offered on cash these days. That’s what dual currency deposits promise.