buying a bar with credit card money!

lfc3acmilan3 · Member Joined: 27 Jul 2006 Posts: 70 Location: liverpool

i just wondered, if one so desired, if it is possible to buy a bar in thailand without any officials checking where you got the money from. also, is it possible to get residency if you have a bar, and what is the ballpark figure that you will make each week? my friend who wants to do this has 15 credit cards that he can get £3000 on each, cash, and bring over in batches. please, no smart arse replies, as i suspect most people in thailand have done dodgy deals before.

buksida

DawnHRD

SHADOW · Posted: Fri Dec 22, 2006 7:22 am Post subject:

Yes sure you can buy a bar with money from a credit card, but they may stop the card before you get all the money out. Buying a bar or rather buying the fixtures and leasing the building will not raise eyebrows with anyone, the landlords not going to volunteer to pay tax on his income.

Max the cards in England, put the cash in a new bank account, open a Thai account and transfer the money all legal until you forget to pay it back.

The only rights you will get as a bar owner is hassle from the Boys in Brown and cheap piss.

How much will you make a week, how longs a piece of string, depends who you listen to some guys tell me they're selling 25/35 thou a day but they are on a large street called Soi Jackanory bank on making 50 quid a day and be happy.

If you want to buy a building tell your mate he'll need about fifty credit cards.

Look for a bar with a water feature these seem to get more customers, but not always the one's you want.
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There's no such thing as a free lunch

Mack111 · Posted: Fri Dec 22, 2006 8:07 am Post subject:

why tell us your mate has 15 credit cards??

anyway i have a mate that owns a bar in Phuket, not a flash place or a girlie bar just a simple bar down the beach that is reasonble busy and he pull's in about 60,000 Baht a month profit after paying everything

sargeant · Ace Joined: 19 Sep 2006 Posts: 1138 Location: Hua Hin

Just my 2d worth
In the time i have been here me and my mate have come to the conclusion bar owners have only a slightly longer average life span than a machine gunner in the second world war approx 2 to 3 years before they go back home to earn some cash to carry on/dissapear for ever Rolling Eyes

What will your mate do for credit cards then Shocked

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A Greatfull Guest of Thailand

Roppongi · Specialist Joined: 18 Dec 2003 Posts: 123 Location: Tokyo

A bit off topic here so excuse me, and I'm certainly not implying that the OP has these intentions but how long will the authorities let punters in England get away with the 'max out the credit card' scam?

Someone's gonna have to pick up a hefty tab sooner or later, even with the exorbitant interest rates.

In my part of the world if you did some major transaction that went against your normal spending habits they would shut down your card, and the other firms would follow suit and shut down the other 14 until they were sure it was legitimate.

It all seems way to simple in Ol' Blighty and apparently it's not even a criminal offense.

SHADOW · Posted: Fri Dec 22, 2006 11:30 am Post subject:

This is credit card fraud and you would be looking at 7 - 10 years. The banks would chase around the world for 45000. Cash withdrawals are a red light to a bank. At 250 a day you might get a grand if you'll lucky.
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There's no such thing as a free lunch

Roppongi · Specialist Joined: 18 Dec 2003 Posts: 123 Location: Tokyo

Shadow, you sure about that in England?

I heard otherwise from a few foolish lads who tried it and they tapped upward of 10,000 pounds per card.

chelsea · Posted: Fri Dec 22, 2006 1:02 pm Post subject:

We have no problem at all drawing cash from your credit cards in Australia. You can only take $1000 per day, but do not think that the banks would blink an eye, if you are only using it for cash withdrawals

As long as your minimum payments are made on time, there is no problem.

If payments are made on a regular basis, you normally get them chasing you to increase your limits all the time, so I can see no reason if they go to that length to increase your limit, why would they bother how you use the card.

If you just draw and then do not make any payments, they will chase you, but as far as I am aware, the police do not get involved other than if there was any lies re identity or misleading info used in obtaining the card.

They can call in the balifs and confiscate property to the value of what you owe. If you have no property to confiscate, then most people will file for bankruptcy, and get round it like that.

And in reply to the original poster, if your mate has 15 cards, why bother drawing on them in the UK and bringing cash.

Cash from credit cards can be obtained readily in Thailand, so why bother getting caught with the cash. As far as I know, there is a limit on the amount of cash that can be bought into Thailand (same as they do here in Australia). If you get caught here in Australia (if you cannot prove where it come from), they normally confiscate it. Why take the chance.

LFC, I thought the scousers were kings of the "dodgy deals" or any scam that was going, you will give them a bad name, by asking such questions.
Cheers

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Always Borrow Money from a Pesimist. "They Never Expect it Back"

lomuamart · Posted: Fri Dec 22, 2006 1:31 pm Post subject:

I think that's exactly right, Chelsea.
I used to have a credit card debt and simply stopped my internet transfer to them. They got a bit upset and threatened to send debt collectors/baliffs round to my property back home, but I pointed out to them that the debt was unsecured, so they should be careful in what they did.
I've paid the debt off now, so have no problems, but credit card companies can have a hard time of it all unless they can prove that you deliberately/intentionally meant to defraud them.
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"I spent a lot of my money on booze, birds and fast cars - the rest I just squandered". George Best.

chelsea · Posted: Fri Dec 22, 2006 1:51 pm Post subject:

lomuamart, it is also a fact that here in Australia that you pay two stages of interest on most cards. There is a higher interest rate on cash transfers or withdrawels than there is for a normal purchase. It shows up on your statement.
So again it is not in their interests to stop people making as many cash transactions as they want. The end results is more profit for the banks.
Cheers

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Always Borrow Money from a Pesimist. "They Never Expect it Back"

Roppongi · Specialist Joined: 18 Dec 2003 Posts: 123 Location: Tokyo

lfc3acmilan3 · Member Joined: 27 Jul 2006 Posts: 70 Location: liverpool

thanks for the interesting and varied replies. as for us being the kings of dodgy deals, i guess you are right, but this involves the thai authorities and we would be a long way from home. plus if anyone did get arrested, saying," go and fuck yourself im getting my solicitor" doesnt really cut it to the boys in brown! i suppose i was fishing for ways around the rules, but i suppose we would have to spend some time over there! as it goes, cambodia turns out to be a better opportunity, the police dont give a shit, and you can smoke weed openly in the resorts...... plus the language has no tones, and is easier to learn.

johnnyk · Guru Joined: 02 Sep 2005 Posts: 896

Embodies a perfect reason why the authorities have tightened up.
The time to come to Thailand to try half-assed dodges was 20+ years ago. Those games are done.