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A serious money question

 
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camel96
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PostPosted: Fri Aug 01, 2003 3:17 am    Post subject: A serious money question Reply with quote

I have a question.
I'm not planning on being back home for a considerable time so I'm not sending my pay back there. Usually I change it to US$ travellers checks but this seems like a waste. I'll be hanging out in Korea for a while and could have this money invested somewhere earning interest. $10,000 over the space of a year even at today's appalling interest rates could earn several hundred dollars over the space of a year.
So is it possible for a foreigner albeit a Korean resident to invest money here in fixed term deposits or something. If so does anyone have any suggestions???
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JackSarang



Joined: 28 Jan 2003

PostPosted: Fri Aug 01, 2003 7:39 am    Post subject: Reply with quote

I wouldn't invest any money in Korea. But what you can do is find a broker in Seoul (tons of foreign companies) and invest in some secure overseas bonds.

That sounds like what you're after, low yield, low risk with a fixed term.
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camel96
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PostPosted: Fri Aug 01, 2003 7:42 am    Post subject: Reply with quote

Hey JS thanks for the info.
Do you know if I can do something like this through a foreign bank based in Korea like HSBC or Citibank????
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HardyandTiny



Joined: 03 Jun 2003

PostPosted: Fri Aug 01, 2003 9:24 am    Post subject: Reply with quote

are you an american?
you can transfer your money to various types of american accounts.

sorry, not sure about other countries
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camel96
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PostPosted: Fri Aug 01, 2003 9:52 am    Post subject: Reply with quote

Nah I'm Australian.
It's no problem for me to send it back home but I don't think I'll be back in Australia for a long time (like several years) and the only thing that'll happen if I have it back there is the taxman'll come snooping. So I'd rather have it a little closer to hand. That's why I was trying to park it here somewhere.
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waterbaby



Joined: 01 Feb 2003
Location: Baking Gord a Cheescake pie

PostPosted: Fri Aug 01, 2003 10:19 am    Post subject: Reply with quote

Camel... don't be so worried about the Australian tax man... great thing about being an ozzie... if you're out of the country for 183 days, you do not need to pay tax on foreign income earned (however, do you own a residence in Aust?)... you pay a pro rata tax rate on any income earned in Australia.... that is, if you earn 10000 dollars in Aust and 30,000 in Korea, well you only pay a pro rata tax percentage on the 10,000 which is taxed at a rate as though you had earned 40,0000... aish! It makes sense to me Very Happy ... PM me if you need more details...

Anyway, you could consider an off-shore account... I'll have a snoop around myself and see if I can dig up any old threads about this, if you're interested, that is...
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