Alan Hall’s Tips: Trusts
More invaluable advice from PFM Managing Director, Alan Hall
Why create a Trust? Because we can’t always know the road ahead…
What is a Trust? When you create a Trust you transfer all your assets into that Trust. You can still have access to these assets while you are alive; in fact, we will recommend you are a Trustee of your own estate. The one main benefit of all trusts is how they will keep your estate out of probate after your death. Trusts have been around in Britain since the Middle Ages. Today, the benefits of creating a trust are recognised throughout the world, especially in countries that have a legal system based on common law principles.
Alan Hall’s Tips: Tax Advice for Expats
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As an Expat himself, PFM’s Managing Director, Alan Hall, has first-hand experience of the many Tax issues facing Expats living in Thailand…
In what circumstances would I become non resident for Tax purposes?
For British Nationals, normally if you leave the UK to work abroad full-time, you will become not resident and not ordinarily resident in the UK if:
Your absence and employment from the UK covers a complete tax year (that is 6 April to 5 April)
You spend less than 183 days in the UK during the tax year
Your visits to the UK do not average 91 days or more a tax year over a maximum of four years
For a U.S Citizen or resident alien, your worldwide income is generally subject to U.S. income tax regardless of where you are living. Also, you are subject to the same income tax return filing requirements that apply to U.S. citizens or residents living in the United States.
Why Chiang Mai Expats Club?
PFM International’s Managing Director, Alan Hall, is also Chiang Mai Expat’s Club President.
I get asked this a lot actually – why and how did I get so involved in Chiang Mai Expats Club – I often ask myself the same question!
I first got involved when I set up a non-profit organisation called Chiang Mai SOS - I wanted to tell folks about it and I s’pose it seemed the first port of call. CEC was in its infancy back then and I ended up on the board and was later nominated by the other board members to be president. People don’t always realise that it’s a demanding role which takes up a lot of my time (and money on occasion!). So, why do it? Well, I guess I came to really enjoy the club. Myself and the other board members always felt there was a need for a CEC. It’s a place where people can come when they first arrive in Chiang Mai and be introduced to the Expat community and (hopefully!) meet like-minded people.
To be able to provide a place like that we needed to be able to offer quality guest speakers – which I feel we have done. In fact, that’s one of the reasons I enjoy it so much – you don’t half meet some characters!
Apart from all that – it’s my hobby. I’ve always enjoyed the challenge of organising it, along with the indisputable benefit of being able to introduce folks who are new in Chiang Mai to a city I love…
Chiang Mai Expats Club meets on the 4th Saturday of every month, 10am for 10.30am at the Shangri La Hotel, Chiang Mai. Everyone welcome.
Alan Hall’s Tips: Currency Rates
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Meet PFM International, Managing Director, Alan Hall with some helpful advice for Expats in Thailand.
The weak British pound and American dollar have given some serious headaches to British and American expats. A long-term expat has less to worry about as these fluctuations will balance out over the years and have little to no effect on them.
However, if you need to send large amounts of cash from your home country, consider using methods other than your bank, who may offer unfavourable rates. This article from Times Online gives an excellent overview of the money transfer services available.
Since April 2009 Thai banks have been levying a 150THB charge on ATM withdrawals from foreign accounts.
Alan’s top tip: Go into the bank itself with your passport and make a withdrawal from the teller in person. There will be no charge… (Some banks will not be able to do this; Bangkok Bank or Kasikorn can and will)
More Tips from Alan Hall coming soon…
Call +66 (0)8-1764-3048 to speak to him direct for free, no obligation advice based on over 25 years of experience.
PFM International “…really cares…”
Dear Alan,
I’d just like to say that your company’s help with our situation has really made a difference – it’s clear to us that PFM really cares about its clients and we will not hesitate to recommend you in the future.
Many thanks again,
Peter
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