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10-16-17  panasonic

Malaysia following other Asian countries, has organic industrial
growth, usually a sign that tax free won't last long

10-16-17  savo

carib.. that is the part i find confusing... if the offshore income is received in malaysia.. apparently it is taxed... but if the foreign income is received abroad and then remitted it is not taxable.

10-16-17  panasonic

amigo, so long story short if you decide to leave DR must be for
real..or stay and hope info won't fall in the wrong hands.

10-16-17  panasonic

Carib, true...now I remember the "tourist card" in DR...yes it's
not ok to overstay

10-16-17  carib

Malaysia taxes on territorial basis, and welcomes "remittances".
I checked a few years ago.

10-16-17  carib

PS: for the 99,99% of people who are not very wealthy, or bank and work in the country where they reside.. all of the bla bla below is rather irrelevant.
For the 0,01% of wealthy global persons.. the matter deserves much closer scrutiny.
0,01% looks minuscule.. but it's that 700.000 people that owns a significant chunk of global wealth.

10-16-17  savo

merlino... from what i understand only income derived from a malaysian source or received in malaysia is taxable. There is no CGT.

http://taxsummaries.pwc.com/ID/Malaysia-Individual-Taxes-on-personal-income

10-16-17  carib

Panas: any country scanning passports on border crossing (likely in any country with border controls) can check duration of stays just be keeping an automatic record.
In my opinion, automation of controls is likely to accelerate, get cheaper and more useful for governments.
Better safe than sorry.

An antiguan citizen landing in DR, for example, does not need a visa, but must purchase a "tourist card" on arrival, valid 30 days and costing 10$. If he stays longer, he must renew the card and pay again. When he leaves, if he misses the cards, he will have to pay again.
Hence, the government has an intere$t in selling cards and checking, to collect more.

If one applies for "investor residence"..in DR.. the entry process might be different.. but you become a tax resident (even with 0 tax) and thus subject to CRS.
Under CRS, you are supposed to list all your tax residences, and if you lie on that, you commit a crime, in most jurisdiction. I would not advise going down that way.

10-16-17  panasonic

Carib: "DR government would still get all the information."

not sure DR counts days, he can come and go twice a year they
won't pay any attention imho...and bank won't verify how many
days he spent in DR as long as amigo has a passport from elsewhere

10-16-17  panasonic

amigo, so your idea is to stay in DR as foreigner..sounds simple
enough

10-16-17  carib

Amigo: PS. the passport has nothing to do with residence and CRS.
If you get an Antigua passport, for example, and reside in DR as an antiguan citizen, DR government would still get all the information.

10-16-17  carib

Amigo: I understand your concern.
In this respect, remember not all jurisdictions elected to receive information based on CRS. Some jurisdictions, where financial income is not taxed even for locals, have no desire to get such info on their resident, but still cooperate in providing info about foreign residents.
Besides, if you bank in a tax haven, and reside there, no info is exchanged.
Concerning the risk of kidnapping, it might be higher in DR than Paraguay, but Paraguay is not a model of safety and good governance.

10-16-17  amigo-latino


Carib,
I need a second passport. With the second passport, I would give up DR citizenship. And become pensioner/economic resident of DR.

A big problem with DR tax residency is DR tax dept receiving data from investment banks(due to AEI).
The information will disseminate to criminals(friends and relatives of tax dept staff) in no time.

Criminals may not go after local DR persons but may easily go after "foreigners"(like amigo).

The same problem may be in Py too.

So, lately, I have been thinking about Antigua and Dominica.

10-16-17  carib

spending one week..

10-16-17  carib

Amigo: 4 month a year.. is a third of a lifetime.. better be sure you like the place.
However.. if you spend the other 8 months per year in DR.. you would remain DR tax resident.
If you take tax residence in Antigua.. spending week there every two years would be enough for the locals.. but if stay in DR the rest of the time.. you would still be DR resident.

10-16-17  amigo-latino

Carib, I will be living in Py only 4 mos in a year(to be considered Py tax resident).

In Py foreign income is tax free vs foreign inc is not tax free in DR.

10-16-17  Merlino

Malaysia...rather nice and relatively safe country imho. Panamenian kind of weather, however, I am afraid.

Rather affordable entry ticket and cost of living. No taxes on capital and other gains from abroad?


10-16-17  carib

Elecar YTM now above 100%...

10-16-17  amigo-latino

Savo,

DR has a program(since 2-3 yrs) for non-citizens who can invest USD200000 (ex:real estate).

They will get pensioner/economic resident visa. They will pay taxes only on DR income.

And also pay lower capital gains taxes on local investments.

Citizens, as per law has to pay taxes on worldwide income(as per law).

10-16-17  Merlino

Interesting....

There Never Was a Real Tulip Fever

https://www.smithsonianmag.com/history/there-never-was-real-tulip-fever-180964915/

All the outlandish stories of economic ruin, of an innocent sailor thrown in prison for eating a tulip bulb, of chimney sweeps wading into the market in hopes of striking it rich—those come from propaganda pamphlets published by Dutch Calvinists worried that the tulip-propelled consumerism boom would lead to societal decay. Their insistence that such great wealth was ungodly has even stayed with us to this day.

10-16-17  carib

Amigo: certainly.. but, to find out if you would like to live in Paraguay, a country that apparently you never visited.. would it not be wiser to visit for a month of so before deciding if you like it?
the issue of fees, lawyers and certificates is trivial: money can fix it plenty pronto.

10-16-17  amigo-latino

Carib, Py embassy in DR issues tourist visas. But has no role in matters of perm resident visa, apparently.

One has to submit perm res application docs in person in the immigration dept in Asuncion.

The Py lawyer is to help in obtaining medical certificate from a Py doctor and an affidavit.
.
And follow up on the application and inform the applicant when the visa is granted(within 3 mos):
The applicant has to go to Py to pick up the visa in person.

The applicant has to deposit nearly USD 4500 in central bank of Py at the time of application.

No need to present bank letters.

10-16-17  savo

amigo.. have you considered Malaysia?

"The Malaysia My Second Home visa program

Malaysia’s My Second Home program – often called MM2H – is designed to allow for “investors” to obtain a long-term visa by making a passive investment in the country. Basically, you agree to deposit a fixed amount of money into a Malaysian bank, pass a medical test, and purchase health insurance, and you’re good to go.

Permanent residence status gives you a ten year, multiple-entry visa that is renewable at the end of the ten year period. There is no minimum residency, so you are free to come and go as you wish.

The My Second Home visa program is somewhat unique in that it allows you privileges that other visa programs don’t; for instance, you are allowed to import your car duty free. You’re also allowed to apply for immigration status for one foreign worker maid.

Of course, visa holders can bring their spouse and dependent, unmarried children under 21 years of age.

If you’re just starting out, Malaysian second residence won’t be for you. However, if you’re frustrated by other second residency programs which require large sums of money to be deposited or for you to actively manage a local business, you’re in good shape.

Applicants fifty years of age or older must show proof of a minimum liquid net worth of 350,000 Malaysian ringgit (about US$107,000) OR monthly offshore income of at least 10,000 ringgit (US$3,100) a month. If you can’t prove that level of income, you’ll need to deposit 150,000 ringgit in a Malaysian bank upon arrival; you can withdraw up to 50,000 ringgit after one year if you use the funds to purchase real estate in Malaysia or pay for educational expenses or medical care.

If you’re under fifty, you will need to demonstrate a higher bank balance of 500,000 ringgit, as well as have the 10,000 ringgit monthly income. Once approved, you’ll deposit 300,000 ringgit into a local bank, half of which can be withdrawn for approved purposes after one year.

While $150,000 (on the high end) isn’t chump change, it’s relatively competitive with developed world visa programs, especially considering the “investment” is entirely passive. Hong Kong’s immigrant investor program offers near total flexibility on where the funds are placed, but requires US$1.3 million to be domiciled in Hong Kong.

The bad news is that your deposit must be denominated in Malaysian ringgit. With the Fed planning to taper their QE in 2014, the ringgit has already started a slight depreciation, and I expect this to continue for a little bit. Of course, if you’re living in Malaysia, the money will spend the same (inflation in Malaysia is relatively low, especially for Southeast Asia).

Malaysia offers a lot of benefits for someone looking to start a business or just retire in Asia. Laws on doing business are relatively straightforward, and income tax rates are dropping in 2014 (offshore pension income is exempt from Malaysian tax).

With two busy, far-reaching airlines based in Kuala Lumpur, you’d be well-positioned to travel around Asia or practically anywhere in the world. And for offshore banking and business needs, Singapore is less than an hour away.

Do keep in mind that the My Second Home program is not a second citizenship program. Obtaining Malaysian citizenship through naturalization requires you to be resident in Malaysia for ten of twelve years and have minimal Malay fluency.

However, it does offer an attractive second residence option worth considering for expats in Asia. I personally have a residence in Malaysia and believe it’s worth considering if you don’t mind being a bit of a pioneer.""

http://nomadcapitalist.com/2013/11/11/easy-permanent-residence-in-asia-malaysia-investor-visa-program/

10-16-17  carib

Amigo: I have no big experience in the subject matter.
but I know bureaucracies are inherently stupid:
I witnessed a case where the immigration bureaucrat happily accepted a bank statement for 5.000 €, because it was from a local bank, in local lingo, and disregarded a customary letter by swiss private bank, in english, for 1MM€.. because it was in "foreign language".
Lawyers, on the other hand, prefer wealthy clients to poor ones.
A fellow with 5.000 $ in the bank is a typical "economic migrant".
A fellow with 5MM $ in the bank.. is more probably a "tax migrant".
(unfortunately, the second fellow should look out for kidnappers.. and greedy lawyers)

;-)

10-16-17  Alex

Danni, excellent

10-16-17  panasonic

Maduro won by vast majority and CNE already could
publish results of presidential elections in 2018
to save time and money :-))

10-16-17  carib

Amigo: as far as I know, there is no shortage of lawyers in Asuncion willing to assist foreign millionaires in get tenting a PY residence. There is a shortage of such millionaires interested in emigrating to Paraguay!

10-16-17  amigo-latino

Carib,
Tourist visa to Py may not be a problem, with a DR middle class bank account(a balance of $5000-6000, I guess).

One needs a Py lawyer for submitting Py perm resident visa application.

10-16-17  danni

Loaded Veni26 at 37.65 !!!!!!!!!!

10-16-17  carib

Amigo: I do not want to interfere, but there is a Paraguay consulate in Santo Domingo.
I am sure they deliver tourist visas, by payment of a visa fee, to bona fide dominican investors with a letter of a large swiss private bank confirming their business relationship..

10-16-17  amigo-latino

Carib, not yet.

The lawyer I thought of working with is now undergoing cancer therapy--he is not in active practice right now.

I have to look for another reputable lawyer who has contacts with Py immigration dept.

10-16-17  carib

Amigo: did you fly to Paraguay?

10-16-17  carib

As of last Friday, October 13, bondholders had not received the payments for coupons due last week on $350mn of interest for ELECAR, PDVSA, and sovereign bonds. The missed payments included coupons on the Electricidad de Caracas (ELECAR) 8.5% 2018, Venezuela 7.75% 2019, Venezuela 8.25% 2024 bond, PDVSA 5.375% 2027 and PDVSA 5.5% 2037 bonds. None of these payments had been received, according to inquiries made to bondholders and payment intermediaries. Neither the government nor PDVSA have clarified the reason for the delay.

10-16-17  amigo-latino

_It follows a surprise win for the ruling socialists in a weekend regional election, which could potentially rekindle protests and new foreign sanctions on the moribund economy._

Why it is a surprise win?

_rekindle protest_

If the win is honest, there is no reason to "rekindle protests"?

Why IMF is taking sides (indirectly)?

10-16-17  rolf

IMF sizes up possible Venezuela rescue

Oct. 16, 2017 5:10 AM ET|By: Yoel Minkoff, SA News Editor
The IMF has begun preparations for a possible rescue of Venezuela that could require $30B or more in international help annually, and result in a complex bond restructuring and big test of Fund rules.

It follows a surprise win for the ruling socialists in a weekend regional election, which could potentially rekindle protests and new foreign sanctions on the moribund economy.

Now read: IMF, World Bank meetings wrap up in D.C. »

10-16-17  carib

Pill: there must be a reason..
indeed.. but I do not know which one (except kakistocracy)

10-16-17  carib

Tica: I think you are correct.
Veny is not a Kleptocracy, but rather a kakistocracy.

10-16-17  carib

FT:


Normally, IMF programmes across three to four years are limited to a maximum 435 per cent of a country’s quota, which in Venezuela’s case would be $23bn. Other multilateral lenders might contribute another $2bn each, and bilateral donors — from Europe and the US — might reach $5bn. That adds up to a total possible multiyear package of around $32bn. 
But Venezuela would probably need that annually. To return imports to 2015 levels of $35bn, and so boost consumption and some rebuilding of the country’s decayed capital stock, would require balance of payments support of $22bn annually. On top of that, the fiscal deficit, currently about 7 per cent of GDP, would need to be financed. In total, Venezuela might need $30bn a year in help from the international community. 

10-16-17  skepticus

I am surprised Maduro has not obtained 99.9% of the votes....percentages more in line with these types of regimes...

10-16-17  rolf

Russland und das von der Pleite bedrohte südamerikanische Land Venezuela werden am 15. November dieses Jahres ein „Umschuldungsabkommen“ abschließen. Dies teilte die Nachrichtenagentur „TASS“ mit und zitierte dabei den venezolanische Botschafter in Russland. „Wir arbeiten an dem Dokument“, so „TASS“ unter Berufung auf Botschafter Carlos Faría. „Wir schätzen, dass wir einen Monat brauchen werden, um es abzuschließen“. Die Nachrichtenagentur „RIA“ hatte am Samstag (14.) den russischen Finanzminister Anton Siluanov mit der Aussage zitiert, dass mit Venezuela bereits eine allgemeine Einigung erzielt worden sei. Allerdings würde mehr Zeit für die Durchführung der Gespräche benötigt.

Der größte Ölproduzent Russlands, Rosneft, hat ein großes Volumen venezolanischen Rohöls und andere Produkte gekauft. Nach Angaben des russischen Mineralölunternehmens mit Stammsitz in Moskau wurden dafür bereits vorab Zahlungen in Höhe von 6 Milliarden US-Dollar an die venezolanische staatseigene PDVSA geleistet. Allerdings gäbe es keine unmittelbaren Pläne für weitere Vorauszahlungen an das Unternehmen.

http://latina-press.com/news/242371-russland-venezuela-umschuldung-am-15-november/

10-16-17  amigo-latino

_ Psuv obtiene 17 gobernaciones y la MUD gana cinco
La presidenta del CNE ofreció los resultados de 22 de las 23 gobernaciones disputadas este domingo_


10-16-17  tica9

Kakistocrocy. Wonderful word I just learned. Aplicable to Venz and so very many other countries. But then that's how we make money.

10-16-17  rolf

Buchungstag: 16.10.2017
Buchungstext: ERTRAEGNISGUTSCHRIFT VOM 13.10.17
DEPOTBESTAND: 20000,000
VENEZUELA 09/19 REGS
A1ANQ2 USD 3,875
Abr.Betrag Brutto 775,00 USD
Steuerabzug 216,95- USD
Wertstellung: 13.10.2017
Betrag: + 558,05 USD

Commerzbank

they are paying...paying....paying

10-15-17  panasonic

"Pilly do yu really think somebody will believe it ???? in Veny or
outside veny .????"

depending on the size of fraud, Maduro could wake up with fresh
new sanctions...my take, he will pull an hybrid and kick the can,
in veni time is money...a lot of money.

10-15-17  pillz

they could as well buy back all in advance.
it's even cheaper..

//

how many times we say the same ... and it looks like nothing is done via the market ... there must be a reason ...

10-15-17  carib

On the matter of Veny paying.. one can only say willingness is still there.. and the process is getting more complicated.. The big issue appears to those due in two
-three weeks. If they plan to pay.. they could as well buy back all in advance.
it's even cheaper..

10-15-17  carib

Savo: I am surprised you put such question..
For me the answer is self-evident..

10-15-17  pillz

what really counts is how many voters each side has...

//

Pana , do yu really think somebody will believe it ???? in Veny or outside veny .????

10-15-17  panasonic

Pilly, what really counts is how many voters each side has...

oppo elected Governors will be jailed before end month anyway,
and then used as amnesty pawns for deals with Zapatero.

10-15-17  panasonic

Pilly, also Maduro can say that elections has been suspended and
everyone can go to cry to Washington, and Washington can freeze
all Pdvsa accounts, etc etc...bullies fight...one side needs
constant attention, the other side needs lots of distraction
to continue sacking....


10-15-17  pillz

all the governors elected Sunday have to take their oath of office before the constituent assembly

//

Pana, but if they do it , then they recognize the new assembly ... and what will Trump do ??????? :-))

10-15-17  panasonic

Pilly...first let see who wins and how are Gov. approval rates
according to CNE official numbers...rest is bully talk.

10-15-17  pillz

And Mr. Maduro has decreed that all the governors elected Sunday have to take their oath of office before the constituent assembly, a body that opposition leaders say violates the constitution.

Mr. Maduro said if they don’t, they won’t take office. “They can go and cry to Washington,” he said.

https://www.wsj.com/articles/venezuelans-vote-in-elections-for-state-governors-1508075032

10-15-17  savo

5000... Everytime in the past the anals..and the press and the so called brokers ( whoever those brokers are)... have cried default... Veni using the grace period...there is no more money...veni in arrears..etc... the fact was that veni had paid...the banks have withheld the money...ilegally one must say... and eventually the money was released and it arrived to our accounts... and this will continue happening as long as the borges..almagro..rubio the vultures and the rest of the predatory gang share the same objectives.

May be this time..they did not pay...but the press does not know...as we do not know... they assume they did not pay..because the money has not reached the final accounts... but that will never happen... because banks need to check compliance with the sanctions every time. So why repeating the same default story every time?

10-15-17  5000bath

"2bn chinese cars"

have seen a documentary film on the City of Shanghai.
a part of the film is Shanghai Harbour. if one takes a look at this, one starts to think that without oil one can close down the
Harbour.


https://www.google.de/search?q=shanghai+harbour&source=lnms&tbm=isch&sa=X&ved=0ahUKEwjZxrLw2vLWAhUBPhQKHYLxBQAQ_AUICygC&biw=1557&bih=707

http://www.ardmediathek.de/tv/Weltspiegel/Weltspiegel-Reportage-Shanghai/Das-Erste/Video?bcastId=329478&documentId=46652180

10-15-17  5000bath

thank you very much, savo, for your statements concerning the debt payments. i think you are absolutely right. in a few days all the interest will be in the accounts of the bondholders.

10-15-17  savo

banks make money in two ways…. when there is a default… because there is debt to restructure… private and public… and when investors want to lend… intermediating that borrowing… that is why they are talking marvels of Macri's 60bn annual fiscal deficit… because there are investors willing to finance it.

The worst scenario for the banks is a country that pays and does not borrow.

Borges does not want to go back to his previous life as a TV low paid soap opera actor.. he prefers to live from the public purse… travel the world in first class…go to expensive hotels...and be received by foreign governments… does not matter if at the cost of boycotting his own country..

Almagro is very happy in Washington DC… he does not want to go back to a no job in his natal uruguay…better to live the high life of the international diplomat…of course .. payed by the tax payer..

Vultures need to collect on the CDSs.. to reinvest on the bonds at 20 cents.

Rubio needs some kind of free publicity…he has aspirations…

So the interests of the predatory community are well aligned… the problem is that vein continues paying… and oil is going up… veni's basket is already close to 50 dollars a barrel..

Every 5 dollars up… veni cashes in another 3.5 bn.. pa.. I am convinced that there is less oil than they say… that there is nothing called US energy independence… that low reserves countries are overproducing to keep prices low hoping that renewables will take over… but there are 2bn chinese cars and 1 bn indian cars that will never be electric.

10-15-17  bond

https://www.bloomberg.com/news/articles/2017-10-14/russian-government-drafts-terms-to-restructure-venezuelan-debt-j8rie05g

10-15-17  Alex

thank you, savo.

10-15-17  savo

in a few days the money arrives..and nobody apoligises for the lies that were published...

10-15-17  savo

alex..this article published by rolf..we get at every coupon payment date. Accounts do not receuve the money..it must mean veni didnt pay..when what happens is that banks..at the instigation of borges..almagro and the vultures are checking over and over that releasing the moneybdies not violate the mountain of santions.

10-15-17  amigo-latino

_to tell banks and investors not to lend money to or invest in the country because they will not recognise those contracts when they get into government_

This would be considered sedition/treason in most countries. They would be arrested and prosecuted in most countries.

10-15-17  amigo-latino

This would be considered sedition/treason in most countries. They would be arrested and prosecuted in most countries.

10-15-17  Alex

savo, do you see Soros etc. behind these moves? Or who else foreigners?

10-15-17  rolf

¡NO HAY MONEY! Se eleva a $349,1 M los pagos retrasados a tenedores de bonos
13 octubre, 2017 11:45 pm
Compartir en Facebook Compartir en Twitter

La república sigue en deuda con tenedores de bonos. Hasta la tarde de este viernes no se había hecho efectivo el pago de cupones a los tenedores de cinco bonos, algunos vencidos desde hace seis días.

Los montos vencidos corresponden al cupón del bono Elecar 2018 (Electricidad de Caracas), por un monto de 27,5 millones dólares.

Lea: Torino Capital considera que el gobierno honrará compromisos en 2018

También hay retraso con el pago correspondiente a los bonos Pdvsa 2027 y Pdvsa 2037. El primero tiene un valor de 80,6 millones de dólares, mientras que el segundo es de $41,2 millones.

Este viernes la república debía pagar 96,7 millones de dólares correspondiente al bono VZLA2019, así como el VZLA2024 con valor de $ 102,9 millones de dólares. Pero tampoco lo hizo.

En conjunto, los pagos retrasados suman más de 349,1 millones de dólares.

La Oficina Nacional de Presupuesto nada ha informado a través de su cuenta oficial en Twitter sobre la mora en el depósito a los tenedores.

https://noticiasvideos1.com/no-money-se-eleva-3491-m-los-pagos-retrasados-tenedores-bonos/

10-15-17  savo

if cat proclaims independence after an illegal referendum….will they get the same kind of sanctions as veni ?

10-15-17  savo

Carib... I can not imagine the italian...brit..french..spanish..us..argie...whatever opposition touring the world...to tell banks and investors not to lend money to or invest in the country because they will not recognise those contracts when they get into government...

I do not understand how you can agree with that.

10-15-17  savo

As usual missinformation by carolyne cui...brokers do not know whether veni paid or not because veni does not respond to calls... All they know is that they did not receive the money..and that is a different thing.

Veni pays always punctually but Borges and Almagro's friends withold the money checking 1000 times whether processing the payments and releasing the money does not contravene some stupid sanction from the us government.

Once veni finds out...that once again money is not being released..they issue the comunique saying that they paid... This is happening in every coupon...and in every coupon bloomberg says...veni did not pay...they are using the grace period..bla bla bla...

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