[Orson]

(09-19-2014 12:48 AM)Buddha Wrote:  

Hi Orson, good points but those apply to people (Americans especially) who are opening foreign bank accounts with the explicit goals of:

1) Evading taxes
2) Laundering money
3) and/or lying on their tax returns regarding their full global assets & income

Otherwise, there is no problem so don't worry too much.
_ _ _
As far as the mention of banks refusing US passport holders:

This is a problem in countries that are known to be tax shelters. For example in Switzerland, some banks (usually the boutique-sized banks) will refuse US passport holders, impose strict documentation requirements, and/or regular personal visits to the bank per year. Brokers that help Americans open off-shore bank accounts will also charge more due to the additional documentation requirement. I know this because I used to be an international weapons & drug dealer and constantly had to dodge the DEA, FBI, and the IRS.

Bit doesn't have to be "explicit...."

I'm just telling you like it is for private investors and people with small businesses that I've met - people who have lived and worked or moved abroad for years.... Which is why I classed the corporate employee differently.

I've had my own simple work (and small time - ie, with the fewest transactions imaginable) caught up in the Operation Choke Point out of Justice, involving onerous threats from big banks (just google if the reader is curious), as new [and unstated] "requirements" were transmitted through other big government agencies were placed upon them (or else down the agency "food chain").... All without any prior notice or subsequent explanation.

All very rude, startling, and stunning.

FATCA, of course, applies to US citizens, but it affects the world because the US government almost uniquely in the world, taxes ALL income, wherever it arises in the world. And with the vast reach that implies.

Now, even the nearly highest corporate income tax in the world - Norway's is lower, and so is Cuba's - has provoked defensive efforts by companies like Burger King and CVS Pharmacy to lower their tax burden by merging with foreign companies based in Canada or Ireland (respectively).

"At 35%, the United States has the highest nominal top corporate tax rate in any of the world's developed economies." says Wikipedia.
(MORE COMPARATIVE TAX RATE DETAILS AT http://en.wikipedia.org/wiki/List_of_cou..._tax_rates)

This is generating envy-driven attacks by Democrat Party leaders and Obama and federal legislation to make the US corporate environment even worse.

Which only increases the reasonable rationales to "abandon ship."

[DaveR]

(09-19-2014 05:09 AM)Orson Wrote:  

<b>DaveR</b> - that's a very cost efficient solution.

For those - like me - who don't know about Oanda, check out the review here
http://www.dailyforex.com/OANDA/OANDA-review/4
ranking the outfit #5 out of some 300.

Just to clarify: currency transfers are not OANDA's main business, so most of that review will probably be irrelevant unless you are forex trader. You don't need to worry about their charting software (MetaTrader, etc.), spreads, rollover fees, or anything else related to forex trading. The things you should check out are: the stability of the company, how easy it is to open an account, and the process of depositing and withdrawing funds.

The main reason I would recommend OANDA over other forex brokers is that their account management processes are fully automated, so you won't need to contact the accounts team or sign any forms to withdraw or exchange funds. Many brokers offer the same kind of service, but it can be tedious having to work through their forms and waiting until their office hours for requests to be processed.

Other major companies in the business are: FXCM, Alpari, GFT, FxPro, Saxo.

[Volk]

If you wire 10000, and IF you have to pay taxes, prepare to pay around close to 4000. Otherwise, get ready to hide from the Estonian and Hungarian tax offices. They are rough with easy-loaders if they manage to get their hands on them.

If you stay for the long term in Budapest *1+ years, you WILL have to answer with close to 35% of your WHOLE USD income (seriously), otherwise you are a prime target for the NAV, and they are crazier than you surely give them credit for.

I am not sure if you can make a pussy paradise here or not, it's 100% up to you, but a tax paradise this is not. This is tax hell unless you are Hungarian (Don't ask, they know all the tricks in the book) This is the only tip I'll give you, anything else I won't spoit it for you.

[Buddha]

(09-19-2014 05:42 PM)Volk Wrote:  

If you wire 10000, and IF you have to pay taxes, prepare to pay around close to 4000. Otherwise, get ready to hide from the Estonian and Hungarian tax offices. They are rough with easy-loaders if they manage to get their hands on them.

If you stay for the long term in Budapest *1+ years, you WILL have to answer with close to 35% of your WHOLE USD income (seriously), otherwise you are a prime target for the NAV, and they are crazier than you surely give them credit for.

I am not sure if you can make a pussy paradise here or not, it's 100% up to you, but a tax paradise this is not. This is tax hell unless you are Hungarian (Don't ask, they know all the tricks in the book) This is the only tip I'll give you, anything else I won't spoit it for you.

Hungary has double-taxation treaties with the following countries which eliminate scenarios as depicted in Volk's previous post. (taken from the Hungarian government site): http://en.nav.gov.hu/taxation/double_taxation_treaties

Here is also a detailed text of the agreement between Canada and Hungary to avoid double taxation. (similar agreement for USA-Hungary as well): http://www.fin.gc.ca/treaties-convention...y_-eng.asp

Also having paid taxes in 4 international jurisdictions, I can vouch from experience that you will pay tax only once to the source jurisdiction. However, one must disclose all world assets and income. (probably self-evident to expats who have worked abroad)

Americans, Canadians, and other nationalities who have read this will not have to worry about Volk's post.

However, Victor Orban has imposed additional taxes on large foreign corporations as a political move. But this has no impact on us.

So...when is someone else gonna say that the Jobbik party will go on a tax collecting rampage and smash the skulls of Asian looking fellas unless they fork up additional tax money?

[Volk]

Buddha, it was the same for me the first time. The info for a more permanent (+1y) permits is largely in Hungarian. If you decide to cowboy it it's your own life. Like i have said before, best wishes.

[Buddha]

(09-19-2014 07:20 PM)Volk Wrote:  

Buddha, it was the same for me the first time. The info for a more permanent (+1y) permits is largely in Hungarian. If you decide to cowboy it it's your own life. Like i have said before, best wishes.

Thank you Volk. If I ever want unsolicited tax advice that I did not already get from my tax lawyer or from the Hungarian government website as above, I will send you a PM.

I am very grateful that you care about the life of a cowboy that you have never even met. Best wishes.

[Buddha]

I walked around for a bit doing errands and I can vouch for the quality & quantity here. During day time, there were mostly old pedestrians but after 5pm the quality really came out. I am not even in the central area (I am staying in district 9 for now) so I can't imagine what the difference would be near the center.

The type of girls that I personally like: brunette, almond eyes, slim & curvy figure seem to be the norm here. I noticed mostly light-skinned girls and also girls with some slightly tanned complexions as well. Even saw a girl with the bluest eyes...which was mad exotic because they were dark blue eyes on a brunette. The diverse range of looks here is huge. For comparison purposes, the type of girls that I see here reminds me of Montréal, which is also a diverse city itself. If day quality translates into night quality then I would say Budapest is definitely better than Montréal.

People at the shops are friendly when I make an effort in Hungarian. The cell phone guy was cold & brusque but when I spoke a bit in Hungarian (Hogy Hivnak, Buddha Vagyok, Örülök hogy megismertelek, Köszönöm) he became very friendly and the other shopkeeper offered to shake hands as I left. Also when I spoke to the food lady in Hungarian, she gave me extra portions. So even if you speak in broken Hungarian, they love the fact that you are making a sincere effort and treat you extra nicely.

Also at the hostel I accidently busted the lock of my door. The owner apologized for the weak lock and moved me free of charge into the large suite where I have a queen bed + twin bed + gigantic closet & table all to myself. But I am sure that I'll encounter Hungarians that are complete assholes as well.

I seem to get stares by both males & females here as a lone chinky looking Jacky Chan who happens to be tall. People seem shorter here...even shorter than the Montréal French-Canadians by a small margin.

I also have a social circle date coming up later this week:

[img][/img]

The Hungarian-Jewish girl (on the Right) that I used to date for bit in Montréal set me up with her Hungarian-Jewish friend (on the Left) in Budapest. (I will leave picture up till Sunday) I've seen plenty of girls that rate similarly on the rating scale. I'll see how I can explore this connection because she seems to have other pretty friends.

They say social circle is important here so instead of RSD style spamming (which I don't do anyways) I will see if I can push interactions to make friends with both girls & guys here.

[readysetgo]

Subscribed
Looking forward to meet you Buddha
The girls here are amazing

[JoeMusashi]

I love Budapest.

I have been there thrice.. First time with friends, second time to visit an Hungarian FWB I made there and last time, again, with a friend/wingman.

Enjoy the city and the countryside!

[Sidney Crosby]

What is the average English level for the 20 ish year old girls?

[readysetgo]

(10-02-2014 07:48 PM)Sidney Crosby Wrote:  

What is the average English level for the 20 ish year old girls?

From my 3 days here I'd say 8/10 can have at least a basic conversation in english. I found that complimenting their english makes them talk even better and be more open.. like saying 'your english is very good...' they like to hear it i guess

[Buddha]

Update on Date:

Dinner date went well last night (with girl on left in above pic). Threw a Hail Mary near the end and said that eating out the past 3-4 days in a row has been a drag. Suggested that we get groceries and cook together. Naturally it was at her place since I am still stuck at a hostel in District 9.

She was cool with the plan. She lives in Buda so I think it'll be a whole weekend affair. Barring menstruation or any bad game on my part, I think the flag is hopefully in the bag.

I think the introduction through a mutual friend definitely helped. But I doubt it would be this easy through a cold approach.

I have to be careful with this because the other friend who I am also close with is coming back from Montreal in December. I can't kill the Golden Goose. Will post updates later.

Housing Search:

...has been an absolute drag. Rent is not as cheap as I thought, especially for prime locations. Looking at 2 places in District 5 by the river.

Rates are still 2/3 of Vancouver levels for equivalent quality so can't complain too much. Also dunno if I am spoiled but I did not like District 6 at all. Too much traffic, noise, shady pedestrians, and pollution. You really notice it after coming from the West Coast of Canada.

The mood and air of District 5 was MUCH better as well as the appearance of the people. I'd say the River view was the most stunning I've ever seen in any major city I've been to.

English Abilities:

I'd say high, in line with Readysetgo's observations. I'd trust Readysetgo's remarks because he's been out almost every night talking to different girls. I've been running around trying to find housing and focusing my efforts on just 1 girl so I am counting on his observations.

HOWEVER, I went to a playground in District 9 two days ago around 8PM to do some Convict Workouts on the bars. There were 2 gangster looking Gopniks smoking and drinking mixed alcohol from gigantic coke bottles.

They were the Turkish looking Hungarians. I braced myself for some ignorant & potentially racial encounter. (Dark as hell under the pagoda where I could do pull-ups on the frame)

Surprisingly, they were friendly as hell and spoke good English. One of them did call me a "Ching Chong" but in a congenial manner. I bantered with them in between sets.

So if Hungarian Gopniks can speak decent English, I'd say that is a very promising sign for girls that you meet in the center.

[rudebwoy]

^ rent 2/3 the price of Vancouver, wow I find that hard to believe.

[Vacancier Permanent]

Good reading your updates from the ground Buddha!
Yeah it is surprising to read rent prices are 2/3 of Vancity considering that not long ago, there were claims on the other big Budapest thread that a good apart in central prime location can be had for about 500Euros/months and even cheer ones a bit further out in the 2-300$/month.

[Buddha]

(10-03-2014 06:11 PM)Vacancier Permanent Wrote:  

Good reading your updates from the ground Buddha!
Yeah it is surprising to read rent prices are 2/3 of Vancity considering that not long ago, there were claims on the other big Budapest thread that a good apart in central prime location can be had for about 500Euros/months and even cheer ones a bit further out in the 2-300$/month.

I am looking at fully-furnished, spacious apartments, in the center of District 5 that are 1-2 blocks from the Danube River. These apartments go for premium prices.

1) http://www.towerbudapest.com/en/rentals/..._rent/7868 (This one is 1 block from the Parliament and 1 block from the Danube; 750 Euro + 100 Euro common cost & utilities = 850 Euro)
2) http://realestatehungary.hu/belvaros-v/t...1839?sid=0 (This one is 2 blocks from the Danube and in the center of District 5 = 600 Euro + 120 Euro tax + 100 Euro common cost & utilities = 820 Euro)

My rent in Vancouver $1,700 CAD = 1,200 Euro and 2/3 of 1,200 Euro is 800 Euro (For 1-bedroom, good apartment in District 5 expect to pay this much)

I combed through all the listings used by both locals and expats alike. If there are any thing better please let me know. The 1st listed above asked for a 3 mth deposit for a 1 year lease. I had to negotiate it down to 2.5 mths. I found one for a bit cheaper than the above 2 but not by much (but still high quality)

Sourcecode shared an apartment with a roommate in District 7, which is a nice neighbourhood but not as prime as District 5 (I am looking to live alone). Another forum member negotiated the price down to 400 Euros in District 5 but that does not have a real living room or a full sized kitchen with dining table area.

So if you want a sizable apt in District 5 with full living room, full kitchen with 4 range stove, fully-furnished with decent furniture, near the Danube river then you have to pay 2/3 of Vancouver prices in general.

At least that is to my knowledge so far. I also talked to Vanryan as well who's been here for 2 months (his brother has lived here for 2 years). He's told me the same thing about District 5.

If I was here for only 2-3 months then I would live in District 6-7. But I plan on staying for a year+ so I'm OK with paying higher rent to live in a good spot.

Common costs & utilities are hidden costs that you sometimes have to call to ask. They vary significantly from apartment to apartment as portion of total rent.

This is the listing site that compiles all the real estate (both rental and purchases) in Hungary: http://ingatlan.com/

If you go out of the center and compromise here and there / get a roommate then you could probably get way cheaper...

If anyone finds a listing with picture and full détails on a 1-bedroom apartment in District 5 that meets the criterias that I am looking for where I only have to pay maybe 1/3 of Vancouver rent instead 2/3 as above then please let me know ASAP!!! Thank you very much.

[corradini]

Just sent Buddha a PM, but maybe someone else is also interested:

I have an apartment there - it got fully furnished with high quality furniture (mostly from Germany, where I'm from) in the nicest house of list ference ter. Google it and you will figure out how the place is. There are a lot of tourists there, a nice park surrounded by around 30 restaurants. It's in walking distance of every good club I know in Budapest. The square (= ter in Hungarian) is the located on Andrasy Utca - the most expensive street in Hungary. Chanel and all those brand are located there.

If you are interested, hit me up. I'm in São Paulo and don't need it at the moment. A long term contract would be possible.

[Buddha]

Hi corradini!

I just replied to your PM. That would be awesome. I am seeing more apartments on Monday but if everything is good with your place, I can move in anytime. Thank you so much.

(10-03-2014 06:53 PM)corradini Wrote:  

Just sent Buddha a PM, but maybe someone else is also interested:

I have an apartment there - it got fully furnished with high quality furniture (mostly from Germany, where I'm from) in the nicest house of list ference ter. Google it and you will figure out how the place is. There are a lot of tourists there, a nice park surrounded by around 30 restaurants. It's in walking distance of every good club I know in Budapest. The square (= ter in Hungarian) is the located on Andrasy Utca - the most expensive street in Hungary. Chanel and all those brand are located there.

If you are interested, hit me up. I'm in São Paulo and don't need it at the moment. A long term contract would be possible.

[DirectDanger]

@Buddha

Appreciate all the details of finding a place to live and what it is like to live there. Keep it up.

I was in Budapest last week and was wondering what it might be like to live there. Seemed like a nice change from the chaos of living in Manila. Will be following this thread closely.

[Buddha]

Hi DirectDanger,

Thanks. I benefited from the forum greatly so it's only natural that I try to contribute. Funny that you mentioned the nice change from the chaos of living in Manilla. I think it's a relative measure of where you are coming from (kinda like the variant of the Bolivia Effect: http://www.rooshv.com/the-bolivia-effect)

I am coming from Vancouver where the air, infrastructure & the city are one of the most clean & orderly in the world, where everything is built around convenience, and the city is enveloped in stunning natural beauty both mountain & sea. So for me, it's the reverse effect of what you experienced going from Manilla to Budapest.

When I am in Europe, I use Stockholm or Berlin as a measure of comparison since I spent my most recent European stays in those cities. So Budapest again strikes me as a more chaotic city.

[Buddha]

Update on Housing:

I spent the whole night combing through AirBnb to see if I could get some leads on long-term rentals. (spam mailing everyone) The listings on AirBnb seem to be of better quality and usually furnished to a very high standard. After 4 hours of sleep, I woke up but tossed & turned stressing over this housing thing.

Just got 2 leads get back to me around the same time in the morning. 1st is by the Jewish Synagogue ( https://www.google.com/maps/place/Doh%C3...63d0508608 ) I could possibly negotiate down to 450-500 Euros. (1-bedroom)

The 2nd is a few minutes walk from the Synagogue, closer to the river and by Deak Ferenc ter. I think this 1-bedroom should go for 600-650 Euros.

There seems to be Pros & Cons to using AirBnb for long-term rentals...and from the people that I've talked to, a seasonal effect that gives both advantages and disadvantages of moving here in the Summer versus any other season. I'll post what happens later.

[ElJefe1]

Right now you can actually get a decent deal in Airbnb because it's off season.... But tower is the best I've seen for quality and cost.... I rented from Airbnb at first and was able to get the owner to do something on a somewhat long term basis for a better unit with a much lower cost with that being my flat is still around $1k per month that includes everything.

[Buddha]

(10-04-2014 08:34 AM)ElJefe1 Wrote:  

Right now you can actually get a decent deal in Airbnb because it's off season.... But tower is the best I've seen for quality and cost.... I rented from Airbnb at first and was able to get the owner to do something on a somewhat long term basis for a better unit with a much lower cost with that being my flat is still around $1k per month that includes everything.

Awesome, good to know that I am not the only one facing $1k per month rates for good apartments. I am seeing AirBnb leads coming in floods now. I started to ask to stay from Oct till End of March and I think that is the catch for the owners during low season. Some are willing to cut their monthly prices by as much as 40%.

Yeah, I had 2 appointments with Tower International and 1 more to come. They seem to have the best listings and are transparent (more so than any other local agency) They seem to deal a lot with foreigners as they told me most of their buildings are foreigner occupied. Perhaps one of the better choices for long term 12mth leases: http://www.towerbudapest.com/en/rentals

I am heading off to the Buda part of town now. I'll see how that neighbourhood is. Good source told me that its an excellent Day Game place.

[ElJefe1]

Maybe you should speak with the guy I'm renting from he has quite a few units all nice units in a good part of town, I'm going to be with him for sometime tonight I can tell him about you and give him your contacts he has more units he wants to rent long term.

[rudebwoy]

These prices are crazy considering the average wage in Budapest. The good thing that I see is that the supply is higher than the demand.
Buddha do you really need a Canadian style condo with two bedrooms.?

[readysetgo]

I pay 400eur for a basic apartment 3 mins from the river, 3 mins from Deak Ferenc ter, otkert and BOB. It's around 30sq meter apartment, small kitchen with everything, dining bar, nice shower room, hall with big mirror and table, laundry room, Living room with couch, queen sized Bed, heater, TV and 2 tables. Good light from both outside/inside. Can be a bit noisy at weekends/night but I like that this place suits a single person/couple.

Found the place on Airbnb.

Would be around 900eur in Tel Aviv, Israel including the bills, for a central place close to the beach.

So saving around 500eur a month only on the apt cost plus living in a wonderful city that has it all... that's a winwin situation right there.

Good luck finding a place Buddha, it took me around 2 weeks to find mine. See you soon