YaTingPom wrote:Offshore banking is not what it used to be with the the Common Reporting Standard (CRS) starting this year and 2018 so you cant have hidden cash stockpiles without someone (usually your home government) knowing about it!
Incidentally Cambodia is not a participant but Bermuda, Isle of man, Jersey, Switzerland and all the well know tax havens are.
Well, actually, that is the exact function of cash, that THEY don't know about Your hidden stockpile. But I get what You mean
On Prasac they say that You must have "Customer has to have legal income generating activities, no crime convictions or others crimes". I guess that the term
deposit account itself is such a money generating activity? Or is this requirement waved in reality? Or at what interest based income level does it count as
a legal income generating activity? Or is only work for salary accepted?
Can someone enlighten me what the risks are historically with these MFI financial institutions? Why is the return so high even on USD?
Back in EU I get basically nothing (yes, really, 0%) but here is KOW someone is giving me enough return to substantially boost my future pension.
And the 14% tax is lowered to 6% if I become "resident". What is "resident", a long term business visa? Or only for Khmers?
Finally someone mentioned he was tired of carrying large sums of cash into these institutions since that is what they prefer. If Yoo
enter the door with a few thousand USD, EUR or GPB, will they ask questions as to the origins of the money as in the EU?
[quote="YaTingPom"]Offshore banking is not what it used to be with the the Common Reporting Standard (CRS) starting this year and 2018 [b]so you cant have hidden cash stockpiles without someone (usually your home government) knowing[/b] about it!
Incidentally Cambodia is not a participant but Bermuda, Isle of man, Jersey, Switzerland and all the well know tax havens are.[/quote]
Well, actually, that is the exact function of cash, that THEY don't know about Your hidden stockpile. But I get what You mean :D
On Prasac they say that You must have "Customer has to have legal income generating activities, no crime convictions or others crimes". I guess that the term
deposit account itself is such a money generating activity? Or is this requirement waved in reality? Or at what interest based income level does it count as
a legal income generating activity? Or is only work for salary accepted?
Can someone enlighten me what the risks are historically with these MFI financial institutions? Why is the return so high even on USD?
Back in EU I get basically nothing (yes, really, 0%) but here is KOW someone is giving me enough return to substantially boost my future pension.
And the 14% tax is lowered to 6% if I become "resident". What is "resident", a long term business visa? Or only for Khmers?
Finally someone mentioned he was tired of carrying large sums of cash into these institutions since that is what they prefer. If Yoo
enter the door with a few thousand USD, EUR or GPB, will they ask questions as to the origins of the money as in the EU?