Zyzz wrote: ↑Sat Dec 23, 2023 10:31 am Some sites i was reading up on showed some banks are offering over 8.5% on fixed income funds. im looking at woori and lolc. but im concerned with the safety of this. dont want to lose all my money.

in usa each account is insured for up to 250k, is there such a thing in cambodia? what are the chances of something going horribly wrong? us banks are offering about 5% for these same funds so i can make way more in cambodia, but it there alot of risk involved? is it worth taking a chance?

As far as I am aware, the only "insurance" is that banks have to deposit 10% of their capital with the National Bank of Cambodia to help cover their deposits, but whether and when you would see any reimbursement is another question. If you go ahead, the best thing would be to spread the investment over multiple banks.
Be aware that unless you can convince the bank you are resident here, witholding tax will be deducted from the interest at 14% (instead of 6%) prior to payment.

The only thing that keeps me from making a term deposit here is having to fill out the FBAR every year.

I have all my money in terms here. TT'd my savings in a lump sum, taking care to answer all questions required by banking authorities in Canada at the time . . .

Pay 6% tax on interest earned to Cambodia govt, deducted automatically from the account monthly... No tax to pay on the principal deposit itself.

I've managed basically to live on the interest, which for the first few years was 11% until the gov't legislated a ceiling on lending interest rates, which resulted in term deposit rates dipping to about 7%...

If the bank goes bust, I'll just swim out to sea since I'm finding life is getting too long anyway......

orichá wrote: ↑Sat Dec 23, 2023 11:56 am I have all my money in terms here. TT'd my savings in a lump sum, taking care to answer all questions required by banking authorities in Canada at the time . . .

Pay 6% tax on interest earned to Cambodia govt, deducted automatically from the account monthly... No tax to pay on the principal deposit itself.

I've managed basically to live on the interest, which for the first few years was 11% until the gov't legislated a ceiling on lending interest rates, which resulted in term deposit rates dipping to about 7%...

If the bank goes bust, I'll just swim out to sea since I'm finding life is getting too long anyway......

If you own your own property in Cambodia there’s absolutely no reason why you shouldn’t be able to live comfortably from a reasonably small lump sum investment of let’s say USD $300,000?

Returning USD $21,000@7% per annum equates to USD $1,750/month,without any rent to pay most people could live a very decent standard of living anywhere in Cambodia on that,after all you can only eat so much food and drink so much beer in one day?

Even with the CGT/Capital Gains Tax from the government@USD $105/month or USD $1,260/annum that’s USD $19,740/annum orUSD $1,645/month a very reasonable amount to live on?

As for ladies of the night that’s quite obviously a different kettle of fish altogether!

Zyzz wrote: ↑Sat Dec 23, 2023 10:31 am Some sites i was reading up on showed some banks are offering over 8.5% on fixed income funds. im looking at woori and lolc. but im concerned with the safety of this. dont want to lose all my money.

in usa each account is insured for up to 250k, is there such a thing in cambodia? what are the chances of something going horribly wrong? us banks are offering about 5% for these same funds so i can make way more in cambodia, but it there alot of risk involved? is it worth taking a chance?

As with any investment it’s all about risk to reward and in this emerging markets region the main thing that you must look at is political stability?

As far as the politically unstable countries go in SEA and we can obviously leave out Singapore and Malaysia to a lesser extent,Cambodia is by far the most politically stable country anywhere in the region thanks to very clever fiscal management by the previous incumbent HE as Prime Minister.

The Cambodian Reil is pegged to the mighty US Dollar so wild currency fluctuations certainly won’t be an issue,although with the reintroduction of the Reil as the major currency that could change IF it is unpegged from the US Dollar?

Cambodia has heavy FDI/Foreign Direct Investment from both China and Japan propping up the economy and especially the real estate market and to a lesser extent civil engineering projects like roads,bridges,dams etc.

So all in all there’s no real reason to believe your money would be in danger but it’s NOT covered by any compensation scheme like the FSCS/Financial Services Compensation Scheme in the UK,which covers any deposits in any regulated bank to the tune of GBP £85,000.

However bear in mind the lessons learnt from the BCCI/Bank of Credit and Commerce International in Pakistan,which offered huge returns of 10% plus to tempt investors which of course they couldn’t honour and it went bust with everyone losing all of their money.

Caveat Emptor……….Let The Buyer Beware!

Well, I'm not an earl and my deposit is something less than your presumed minimum. Owning property isn't a viable option. For now, I get by. I don't waste money on restaurants very often. I like to cook. As for women, when they are ready to do it for free, that's when I get turned on, bro...

orichá wrote: ↑Sun Dec 24, 2023 9:19 am Well, I'm not an earl and my deposit is something less than your presumed minimum. Owning property isn't a viable option. For now, I get by. I don't waste money on restaurants very often. I like to cook. As for women, when they are ready to do it for free, that's when I get turned on, bro...

You probably don't get turned on very much then,as believe me NO woman does it for free there's always a monetary reason for carnal delights?