Best offshore bank in Cambodia ?

[zoom20092]

Hello,

I'm Thai citizen and resident.

l have got information from this forum , Cambodia's easy to open offshore bank account and they only need passport.

* Could you please advice me , which is the best offshore bank in Cambodia , Is it secure ?

Because Cambodia is near my house , it will save cost for me , not need go to open bank account at TBC bank in Georgia


Best regards.

 

[Martin Everson]

Could you please advice me , which is the best offshore bank in Cambodia , Is it secure ?

See this thread below on Cambodia.

https://www.offshorecorptalk.com/threads/cambodia.23584/#post-76070

 

[zoom20092]

See this thread below on Cambodia.

https://www.offshorecorptalk.com/threads/cambodia.23584/#post-76070

Thank you very much , l have ask Cambodia bank (ABA Bank)
They need VISA pass more than 6 months , so that not easy because it need business VISA for open personal bank account.

So my best plan is fly to Georgia and open personal account with TBC bank.

 

[daxbr]

He is clearly looking in wrong p

Thank you very much , l have ask Cambodia bank (ABA Bank)
They need VISA pass more than 6 months , so that not easy because it need business VISA for open personal bank account.

So my best plan is fly to Georgia and open personal account with TBC bank.

He is clearly looking in wrong places for solution to his problems. If he makes good money, he can obtain good tax advice locally and with some structuring, he will pay no tax with full compliance of the law. As their elites do.

 

[zoom20092]

He is clearly looking in wrong p


He is clearly looking in wrong places for solution to his problems. If he makes good money, he can obtain good tax advice locally and with some structuring, he will pay no tax with full compliance of the law. As their elites do.

I have talk to many tax advisor.

- They said the best strategy in my case is store money on offshore bank then wait to withdraw on next year.
- That will avoid tax in Thailand and legal.

* From law of Thailand

- If anyone have income from aboard
- and he stay in Thailand more than 180 day in Tax year
- and he bring that money in Thailand on same tax year.
- He must pay tax of that income in Thailand.

So l just need offshore bank for store my income for 1 year
- Then after 1 year passed , l can make transfer to my local bank in Thailand
- That will make my income tax free and legal

* But I fear to store large amount of money in offshore bank
- That reason why l want to make withdraw via ATM debit card.
- But now l already understood it not good way.

Do you is it safe ?
- if l store money about 200K in offshore bank for 1 year.
- Wait for transfer to my local bank in Thailand next year.

 

[daxbr]

I have talk to many tax advisor.

- They said the best strategy in my case is store money on offshore bank then wait to withdraw on next year.
- That will avoid tax in Thailand and legal.

* From law of Thailand

- If anyone have income from aboard
- and he stay in Thailand more than 180 day in Tax year
- and he bring that money in Thailand on same tax year.
- He must pay tax of that income in Thailand.

So l just need offshore bank for store my income for 1 year
- Then after 1 year passed , l can make transfer to my local bank in Thailand
- That will make my income tax free and legal

* But I fear to store large amount of money in offshore bank
- That reason why l want to make withdraw via ATM debit card.
- But now l already understood it not good way.

Do you is it safe ?
- if l store money about 200K in offshore bank for 1 year.
- Wait for transfer to my local bank in Thailand next year.

Did Thaksin's children kept their money in New Your branch of Bangkok Bank?

 

[OTR365]

They need VISA pass more than 6 months , so that not easy because it need business VISA for open personal bank account.

If you are a Thai, or from other ASEAN country, you do not need any visa to Cambodia. You could check the situation by contacting a Cambodian embassy in Thailand, and asking if you need a visa for a long stay & running a business.

A business visa is very easy to get. At least this was the situation a few years ago. It is as simple as just specifying which visa you want and paying the price. Nobody asked why I wanted a business visa, or what kind of business I was planning. Later I extended this 1 month visa into a 6 month visa (a hotel did it for me). When opening an account, the bank clerk did try to question me a little bit, but in the end was satisfied by my vague answers. You do need a local address.

If I was a Thai citizen, I would try the neighboring countries first, and only then Georgia etc.

 

[daxbr]

If you are a Thai, or from other ASEAN country, you do not need any visa to Cambodia. You could check the situation by contacting a Cambodian embassy in Thailand, and asking if you need a visa for a long stay & running a business.

A business visa is very easy to get. At least this was the situation a few years ago. It is as simple as just specifying which visa you want and paying the price. Nobody asked why I wanted a business visa, or what kind of business I was planning. Later I extended this 1 month visa into a 6 month visa (a hotel did it for me). When opening an account, the bank clerk did try to question me a little bit, but in the end was satisfied by my vague answers. You do need a local address.

If I was a Thai citizen, I would try the neighboring countries first, and only then Georgia etc.

Rules have changed since. Still possible but more difficult now. This brings up wider problem of living, working and investing in countries with 1 year renewable visas like Thailand and Cambodia. One capricious ruling of Immigration Bureau and you are gone.

 

[OTR365]

Ok, it seems the rules have tightened considerably this year. But since we're talking about Cambodia, there are loopholes. People with ASEAN country passport can stay in the country for one month without a visa. It is enough time to gather lots of information, meet people and get something done. Perhaps a local law office could help?

Those who are self-employed and have registered a business can write a letter confirming their own employment. This letter must be stamped with a business stamp that can be purchased at any stamp shop for less than $15. Other self-employed people who do not have a business registered have had success getting a stamp with their name on it and writing a letter confirming that they are self-employed, but your mileage may vary if you have not registered a business.

But if Cambodia gets too complicated, Georgia is an option, like zoom20092 mentioned. While in Georgia, I'd open accounts at 2-3 different banks (TBC, Terabank, BoG...). Perhaps also visit neighboring Armenia, just to open an account while it is still easy.

 

[daxbr]

Ok, it seems the rules have tightened considerably this year. But since we're talking about Cambodia, there are loopholes. People with ASEAN country passport can stay in the country for one month without a visa. It is enough time to gather lots of information, meet people and get something done. Perhaps a local law office could help?



But if Cambodia gets too complicated, Georgia is an option, like zoom20092 mentioned. While in Georgia, I'd open accounts at 2-3 different banks (TBC, Terabank, BoG...). Perhaps also visit neighboring Armenia, just to open an account while it is still easy.

Thais can travel freely but Khmer banks wont open account with tourist stamp only. So, there comes visa problem. Also not sure if Cambodia is such a great place for Thais doing business considering there is no love lost between them with periodic border flair-ups and military skirmishes. In fact, they burned down Phnom Penh branch of Bangkok Bank and roughed up employees during the last dispute.

 

[OTR365]

What I meant was more along the lines, "Visit the country to see if you can establish a business - real or semi-bogus - to get a business visa, and with that, open a bank account". Later on, the bank is unlikely to close the account, even if the owner resides elsewhere.