What made you decide that you wanted to live in Thailand, how long have you lived here, and do you have any regrets ?

[Hanuman2547]

First came in 1983 to visit my Thai wife's parents in Bangkok.  (we had met in my home country)  Moved in 1989 and stayed longer than expected until 2002.  Since then go back and forth between the two countries.  Will never retire full time to Thailand but will spend a number of month a year there unless the Thai government requirements become too aggravating to deal with.

[Nemises]

11 hours ago, 4MyEgo said:

If you call selling your property burning bridges, I have to disagree.

 

Coming from Australia, the government forces expats to sell their principal place of residence or pay a hefty 42% capital gains tax from the very first day they purchased it if they sell it later.

 

That said, they did me a favour, I sold up and invest my money and receive tax free returns, no capital gains tax as well, so for the last 6 years it's cost me nothing to live here in Thailand.

 

Can I return tomorrow, sure can, still have the sale proceeds albeit that hasn't grown, but it also hasn't gone down, would I return tomorrow, not unless it's out of my control, as someone said earlier, back in the old country I was surviving, now in Thailand I am living, and that is exactly what I have been doing. 

 

I can't compare my home country to Thailand as its a better place to live, as for affordability, Thailand has won hands down for me the last 6 years with at least a dozen domestic trips, 3 overseas trips and not a stress in the world, retirement is great if you are financial and know how to spend within your means, while at the same time making your money pay for your retirement years.

 

Couldn't agree more.

 

Best thing I ever did was selling my home-country property. No more worries about unpaid rent, property damage/maintenance payments, council water and rates payments, accountant's fees, property manager's fees, void periods when vacant, income tax, capital gains tax etc.

 

Proceeds from the property sale were then invested elsewhere resulting in the funding of a carefree, Thai lifestyle of living a dream unimaginable of doing in my home country.

 

If things ever go belly-up in Thailand simply fly home, re-assess, then try another country..... or in worst case scenario cash-in some investments and buy a homeland property and live there again (which is a thought too horrible and depressing to even think about). To say I've "burnt bridges" by selling my home-country property is incorrect.

 

 

 

 

 

 

 

Edited November 8, 2021 by Nemises

[4MyEgo]

11 hours ago, jwest10 said:

Yes built property here and yes have really enjoyed the experience but certainly did not have pots of gold and yes 4 MYEgo relied on my savings until my then state pension age in 2015 but it is a bit of a struggle what with a frozen state pension.

Just one thing, pots of gold for me as you call it, came from nothing short of working my butt off for 40 years of work, hard work, long hours, sometimes 7 days a week and some lucky property investments, certainly not a millionaire, but close, however in Thailand very comfortable.

 

The above said, no pension, unless I return in 6 years time and apply, and if approved must stay for two years to be able to receive it here, in other words got to do the time and the way I figure it out, it would cost me more than what it's worth, i.e. would take me 4 years to recoup that money, so it's not worth it for me.

 

So the pots of gold have to be invested for me to make a pension so to speak and there is always a risk, but we try and so far so good.

 

I don't understand what you mean by frozen pension, have they stopped your pension for some reason if I can enquire ?

[Salerno]

5 minutes ago, 4MyEgo said:

I don't understand what you mean by frozen pension

Guessing he's a pom (or a Brit at least).

Edited November 9, 2021 by Salerno

[fredscats]

13 hours ago, 4MyEgo said:

Nothing wrong with government hospitals for those that can't afford the private hospitals, simple really......sneer ????

 

There are options to govt hospitals especially private ones, India  2 hours away ,used many times

[fredscats]

40 minutes ago, 4MyEgo said:

I don't understand what you mean by frozen pension, have they stopped your pension for some reason if I can enquire ?

No need for a Brit to have frozen pension,but then its up to them

[superal]

15 hours ago, 4MyEgo said:

If you call selling your property burning bridges, I have to disagree.

 

Coming from Australia, the government forces expats to sell their principal place of residence or pay a hefty 42% capital gains tax from the very first day they purchased it if they sell it later.

 

That said, they did me a favour, I sold up and invest my money and receive tax free returns, no capital gains tax as well, so for the last 6 years it's cost me nothing to live here in Thailand.

 

Can I return tomorrow, sure can, still have the sale proceeds albeit that hasn't grown, but it also hasn't gone down, would I return tomorrow, not unless it's out of my control, as someone said earlier, back in the old country I was surviving, now in Thailand I am living, and that is exactly what I have been doing. 

 

I can't compare my home country to Thailand as its a better place to live, as for affordability, Thailand has won hands down for me the last 6 years with at least a dozen domestic trips, 3 overseas trips and not a stress in the world, retirement is great if you are financial and know how to spend within your means, while at the same time making your money pay for your retirement years.

 

I was not aware of the restrictions imposed by the Australian government on its expats regarding property and pensions . Rather draconian and unjust .

[4MyEgo]

27 minutes ago, superal said:

I was not aware of the restrictions imposed by the Australian government on its expats regarding property and pensions . Rather draconian and unjust .

Yep, it used to be from the date you left the country, suffice to say you get a property valuer, like myself to p the value as at the date you left the country and that is when your capital gains tax event would apply if you sold it as an expat in years down the track, now, no property valuation required, they know when you purchased it and will stick in you without the L... from the first day you exchanged contracts.

 

There would be a way around that I would imagine but cannot confirm, i.e. the expat moves back into and establishes his tax residency, gets a valuation as at the date he left and a valuation as at the date he returned so that he can determine what his place was worth when he left and when he returned and then his accountant can work out what his CGT payable will be when he sells. If they didn't allow that, they should be hung.

 

So it boils down to selling if you not returning, otherwise it's 42% for the expat.

 

As for the pension, if you wait till your 67, you can take it overseas, if you leave before that age, you have to return, apply, receive, and wait 2 years before you can have it paid overseas, yep, the lucky country is not for those of us that leave it, that is unless your sick of just surviving there and want to start living here in Thailand, but you have to be financial of course.

 

No regrets, best move ever made, life's good, actually, it's great ! 

[superal]

11 minutes ago, 4MyEgo said:

Yep, it used to be from the date you left the country, suffice to say you get a property valuer, like myself to p the value as at the date you left the country and that is when your capital gains tax event would apply if you sold it as an expat in years down the track, now, no property valuation required, they know when you purchased it and will stick in you without the L... from the first day you exchanged contracts.

 

There would be a way around that I would imagine but cannot confirm, i.e. the expat moves back into and establishes his tax residency, gets a valuation as at the date he left and a valuation as at the date he returned so that he can determine what his place was worth when he left and when he returned and then his accountant can work out what his CGT payable will be when he sells. If they didn't allow that, they should be hung.

 

So it boils down to selling if you not returning, otherwise it's 42% for the expat.

 

As for the pension, if you wait till your 67, you can take it overseas, if you leave before that age, you have to return, apply, receive, and wait 2 years before you can have it paid overseas, yep, the lucky country is not for those of us that leave it, that is unless your sick of just surviving there and want to start living here in Thailand, but you have to be financial of course.

 

No regrets, best move ever made, life's good, actually, it's great ! 

What happens if you rented out your property ?

[Salerno]

3 minutes ago, superal said:

What happens if you rented out your property ?

The CGT rules kick in as it's no longer your primary place of residence.

[superal]

4 minutes ago, Salerno said:

The CGT rules kick in as it's no longer your primary place of residence.

No wonder the Aussie guys prefer Thailand . 

[Nemises]

12 minutes ago, superal said:

What happens if you rented out your property ?

 

8 minutes ago, Salerno said:

The CGT rules kick in as it's no longer your primary place of residence.

Also, the rental income (should the property be let) could adversely affect your pension payment. So even more reason to ditch the property and invest elsewhere “well away” from the pension people. Pretty hard to hide a house from them. 

[Salerno]

Just now, superal said:

No wonder the Aussie guys prefer Thailand . 

It only kicked in in 2019 but definitely a dog act (<--- some Aussie slang for you 555). RE has been shooting up for years (e.g. worst place being Byron Bay which used to be a backpacker/hippy joint, median price increased by $1,286,000 from May 2020 to May 2021). to change the rules without grandfathering is disgusting IMO.

[4MyEgo]

1 hour ago, superal said:

What happens if you rented out your property ?

Is it your principal place of residency In AUS ?

 

If that's the case and you live overseas and are a non resident for tax purposes your capital gains tax if you sell the property when living overseas is up to 42% from the date you purchased it, e.g. purchased 1986 for a mil, sold in 2021 for 2 mil, capital gains tax as a non resident is up to $820,000 AUS. Also all the time you rented it, they take 32c in the $ off the bat.

 

If you can prove your still a resident by keeping Australia as your Abode then it will be the normal CGT and you get the 50% discount, but that's not easy if your living abroad as an expat, e.g. not working, retired living off of the pension etc, others will argue that, but I have read some interesting cases that proved otherwise.

 

If you do 6 monthly stints, your ok as you still retain your residency as an Australian resident for tax purposes.

[thaibeachlovers]

On 11/8/2021 at 5:48 PM, sirineou said:

And there lays the problem.

The laws as far as it pertains to us, and immigration requirements keep changing.

They said , if you want to live here long term on a visa based on marriage, you don't have to have Medical insurance.

I said Great, I have insurance back home, and for any emergencies In Thailand I can pay from my pocket.

Deal!! I would come and stay in Thailand. 

Then they change it . now you don't need insurance but if you cross the border , you will need it to come back 

Wait s minute body, We had a deal. based on our deal I made certain decisions and certain investment, now you are changing our deal? 

And how can I trust you that you will not change your new deal again next year?  

LOL. Of course you can't, and never have been able to.

 

When I started going to LOS I could get 90 days at the border. Visa free trip to Malaya on the train and walk back to the Thai entrance for another 90 days.

That ended a very long time ago.

[4MyEgo]

On 11/8/2021 at 11:48 AM, sirineou said:

Then they change it . now you don't need insurance but if you cross the border , you will need it to come back 

Wait s minute body, We had a deal. based on our deal I made certain decisions and certain investment, now you are changing our deal? 

And how can I trust you that you will not change your new deal again next year?  

I don't believe this to be an annual insurance if you leave the country, e.g. it's just insurance for Covid cover specifically when entering Thailand, if I am not mistaken.

 

The above said, if you intend on leaving the country and then re-entering and require said insurance as the new change, and can get it specifically for just Covid, or not, then perhaps you could look for a loophole, e.g. not suggesting you do this of course, but if one was to look to take the policy a day or two before you travel, pay for it, but not before finding a policy which has a cooling off period of say 7 days without any penalty, then one gets here, shows insurance coverage, passes immigration and then cancels the said paid policy within the cooling off period and gets a refund.

 

Oh and whatever you do, don't throw that policy away, because if you need it to extend before the expiration date, you could show it again, no one should be the wiser that it has been cancelled.

 

More than one way to skin a cat, me thinks.

 

Genius. 

 

[onthedarkside]

A post misquoting Thailand's health minister -- attributing comments to him that he didn't actually say -- has been removed.

[sirineou]

3 hours ago, 4MyEgo said:

I don't believe this to be an annual insurance if you leave the country, e.g. it's just insurance for Covid cover specifically when entering Thailand, if I am not mistaken

It used to be $100k covid coverage, nor it is $50k minimum general health insurance. 

I believe It is for the remainder of your visa or extension to stay. for in syance there are 8 months remaining in my extension until I have to renew, if i was out of the country and was returning now, I would have to buy 8 months worth of insurance, 

But it is not the length of the insurance that is a problem, after a certain age no one will issue you an insurance for any length of time for a reasonable premium or not at all. 

3 hours ago, 4MyEgo said:

but if one was to look to take the policy a day or two before you travel, pay for it, but not before finding a policy which has a cooling off period of say 7 days without any penalty, then one gets here, shows insurance coverage, passes immigration and then cancels the said paid policy within the cooling off period and gets a refund.

Not a bad idea, but...

LoL there is always a but.

first of all you have to get it seven days in advance plus a couple of days to get here, Because it can take as long as 7 days to get the Thai Pass QR code and of course  , you will not be waiting at the airport for the QR code and then you will also need travel time.  IMO at least 10 days  from getting said insurance to arriving in Thailand and cancelling insurance.

And that is if you can even get insurance, as I said, after a certain age insurance companies refuse to insure you. 

But I like the way you think ????

[ncc1701d]

@Lemsta69 & @4MyEgo

 

please also be aware of the proposed 45 days rule due to be voted in. It’s not pretty.

[Salerno]

13 minutes ago, ncc1701d said:

please also be aware of the proposed 45 days rule due to be voted in. It’s not pretty.

Care to elaborate?

[4MyEgo]

40 minutes ago, sirineou said:

And that is if you can even get insurance, as I said, after a certain age insurance companies refuse to insure you. 

Must it be general insurance, not just Covid ?

 

I can refer you to a broker that I have found to be really good, no charge, it might be worth a shot, albeit I know the annual premium for over 70's would probably be as much as a return ticket to the moon, but if it's only a once up, then it might be feasible for you ?

 

Edited November 9, 2021 by 4MyEgo

[ncc1701d]

27 minutes ago, Salerno said:

Care to elaborate?

Just did a search, these were the first two that came up. But they basically go through the issues.

 

https://atlaswealth.com/news/changes-to-the-australian-tax-residency-rules-affecting-expats/

 

https://www.mondaq.com/australia/income-tax/1109524/proposed-changes-to-the-tax-residency-provisions-for-individuals-explained
 

 

my worry is how they will implement it - charge you when you go over 45 days and expect you to claim it back, or some other way.

 

Edited November 9, 2021 by ncc1701d

[Salerno]

Thanks for the links; I thought it was another brain fart from the Thai Government he was talking about that I'd missed 555

[Lemsta69]

2 minutes ago, Salerno said:

Thanks for the links; I thought it was another brain fart from the Thai Government he was talking about that I'd missed 555

same. but there's a struck match between the two governments as far as competence goes. Let's Go Scotty!????

[4MyEgo]

7 minutes ago, ncc1701d said:

Just did a search, these were the first two that came up. But they basically go through the issues.

 

https://atlaswealth.com/news/changes-to-the-australian-tax-residency-rules-affecting-expats/

 

https://www.mondaq.com/australia/income-tax/1109524/proposed-changes-to-the-tax-residency-provisions-for-individuals-explained
 

 

my worry is how they will implement it - charge you when you go over 45 days and expect you to claim it back, or some other way.

OMG, almost had heart failure as I fit into 2 of the criteria, i.e. Citizen and Australian Economic Interests, however never return for 45 days in any given year, so I retain my Non Residency for tax purposes.

 

This is going to hit a few expats if it is passed, but at the same time will assist a few expats.

 

The good and the bad, thx for that.

[sirineou]

8 minutes ago, 4MyEgo said:

Must it be general insurance, not just Covid ?

 

I can refer you to a broker that I have found to be really good, no charge, it might be worth a shot, albeit I know the annual premium for over 70's would probably be as much as a return ticket to the moon, but if it's only a once up, then it might be feasible for you ?

 

Thank you for the offer. 

It was $100k of Just covid coverage, but now  the change it to $50k of general insurance. I have send my passport to the US embassy for renewal, after I get it back we will make a decision , but even after we go , we will stay away for at least a couple of months, so the hope is that in the next three or four months they will  change again to something more reasonable.  

[Lemsta69]

33 minutes ago, ncc1701d said:

@Lemsta69 & @4MyEgo

 

please also be aware of the proposed 45 days rule due to be voted in. It’s not pretty.

g'day mate, thanks for the heads up. I read about that a few months ago and am hoping to skedaddle before it's passed into law. 

 

I love 'Straya but they can get stuffed with their 45% top marginal tax rate. my intention was always to leave "permanently" once I retired and become a world nomad but it was always a nice fallback if I wanted to come back for say, three months and explore the outback or whatever. but this proposed 45 day max. rule is disgraceful. it's a Barry Crocker! ????

[Albaby]

On 11/7/2021 at 5:39 PM, 4MyEgo said:

Some people get it, some don't, in other words, if you can afford to insure your savings, then you insure yourself, it's a benefit vs risk scenario.

 

I drive a car, the car is insured as I am insured.

 

My wife has a house, I insure the house for her.

 

It's not to difficult to understand, i.e. car gets ridden off, we get $600 plus baht, house burns down to a pulp, she gets 2 million baht, we end up in hospital from an unexpected event, insurer pays up to the policy value, i.e. 1.2 mil USD for me & 500k USD for her, different insurers, she is younger, I am older.

 

Some examples if you like:

 

If we didn't insure, and the car and it was ridden off, one would need $800k plus to buy same car today vs just 200k to top up the difference from our pockets to purchase the same car.

 

One would also need to pay 2 million plus to rebuild the house, so whatever the difference is in todays market to build the house, it's better than forking out 2 million baht out of our pockets once again.

 

One ends up in hospital under an emergency situation or requires elective surgery, how much will that cost, well how long is a piece of string, now to put it even simpler terms, I can afford to depart with 495 baht per day to insure myself and my family for hospitalisation as opposed to sitting on a bar stool drinking 5 Chang beers.

 

That said, when I drink at the local waterhole, I know that all the guys there who drink between 4 & 5 tall beers of Chang or Leo are uninsured, as are their families, albeit their families are on the Thai public hospital system so would access to that, that said, I have a choice and prefer myself and my family to be treated in a private hospital therefore pay for the privilege, and still enjoy my drinks when I socialise twice a week, not 7 days a week.

 

You are so gooood.

[SamuiAddict]

Came to Samui in 2017 for the fishing at Topcats.  Instantly fell in love with the island and its atmosphere.  While we were on holiday I said to my mate "as soon as I can I'm gonna move here",  So I then spent the next 12 months sorting out my financials and passive income etc - and then moved here Feb 2019.

 

Even with everything going on with Covid etc I still 100% enjoy living here.  It beats Stockport any day of the week.  For me its all the greenery, the beaches, the freedom, the people.  When I'm driving around I can't help but feel elated just knowing and seeing where I now live.  I'm now engaged, we've got a cat and for me, this is it.  Viva La Thailand! 

[Fat is a type of crazy]

1 hour ago, ncc1701d said:

Just did a search, these were the first two that came up. But they basically go through the issues.

 

https://atlaswealth.com/news/changes-to-the-australian-tax-residency-rules-affecting-expats/

 

https://www.mondaq.com/australia/income-tax/1109524/proposed-changes-to-the-tax-residency-provisions-for-individuals-explained
 

 

my worry is how they will implement it - charge you when you go over 45 days and expect you to claim it back, or some other way.

 

This is actually good news for some such as me. My retirement income is Australian based and when I retire and if I live in Thailand I was worried I'll become a non-resident, and pay high taxes on it and  lose all the concessions when you turn 60,  if I stay away for 184 days. If this happens I can just be in Australia for as little as 45 days as long as I keep a home. 

Edited November 9, 2021 by Fat is a type of crazy