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The Risks Of Living In Germany


 

On Oct. 14  royal motorcade passed through protesters in central Bangkok

The protesters turned and jeered, “My taxes! My taxes!”

Thai govt budgeted over US$1b to finance monarchy this year

despite King one of the world’s wealthiest rulers

estimated US$40 billion in assets

That wealth used to belong to Crown—the institution, not the ruler

but King took control of the privy purse in 2018

criticizing monarchy illegal in Thailand

violators sentenced to 15 years in prison

King’s lavish spending and  US$40b portfolio opened up criticism

Thai economy to contract 7.8% this year

protesters making unprecedented demands to investigate king’s taxes

The German

king has another moniker—the German

because for past 10 years king living in Germany

King ensconced himself in luxury hotel in Bavaria, rented entirely for himself

retinue of servants and bevy of women

News of absent King’s lavish lifestyle unwelcome contrast to suffering Thais

King’s life of luxury increasingly seen to come at taxpayer’s expense

The Crown

since becoming King in 2016, he consolidated grasp on Crown’s coffers 

2017  appointed private secretary as chairman of CPB ousting Minister of Finance 

2018 CPB confirmed “returned” assets to King to manage “at his discretion”

previous king (Bhumipol) spent with impunity, while maintaining image of frugality

Vajiralongkorn crossed the line

too obvious King doing this for his own self-indulgence

King’s lavish lifestyle in Bavarian Alps is proof

easier now to question king’s spending (in Germany) 

Vajiralongkorn cannot claim he’s spending for the institution


The Taxpayer

CPB’s assets—now the King’s—worth US$40 billion

Included over 16,000 acres of prime real estate

over 40,000 rental contracts with developers

B’kok’s Siam Paragon, Siam Discovery, Siam Center malls built on Crown land 

King’s portfolio includes US$30 billion property holdings in B’kok alone

King owns 23% in Siam Commercial Bank

33% in Thailand’s largest industrial conglomerate, Siam Cement Group

King’s shares in two companies worth US$9 billion

protest figures Parit Chiwarak called Thais to boycott Siam Commercial Bank 

Chiwarak said the bank was a “money pot of feudalism” 

student leader has been arrested at least twice 

ROI

King’s earnings not exempt from taxation

Any return on investment from crown’s US$40b portfolio subject to tax

demanding review of King’s  tax payments risky order

But protesters are defiant

demonstrators marched to German embassy in Bangkok 

protesters question if King liable to pay German tax 

My comments :

This well written article by Fortune (magazine?) notes the fact that the King of Thailand has been living in Germany for about 10 years now. This is quite well known, especially in Thailand.

 

The Thai King’s long term residence in Germany has also raised questions among German lawmakers. According to German law long term residents in Germany must pay taxes, whether you are a German citizen or not. Including paying inheritance taxes.


 

In 2016 the new Thai king inherited his father’s assets. Then in 2018 the new king did something else – he transferred Crown properties (worth USD40 billion or over RM160 billion) into his personal ownership.This has raised questions in Germany if the Thai king should pay inheritance taxes in Germany. (How are the Germans going to determine the value of the inheritance when the bulk of it is in Thailand?) .

The protesters in Thailand are now asking the same question. They are asking if the Thai king pays taxes in Germany (from assets funded by the Thai people) then the Thai king should be uptodate with all his taxes in Thailand as well. It is obviously a logical question.

As I said before ‘no power on earth can stop an idea whose time has come’.

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