Retirement Visa Question/Tax Question

[CFC]

I am from the UK and currently have 3 small companies in the UK. I will be selling one of them and will continue to own the other 2 while I am living in Thailand on a retirement visa. I will continue paying tax to the UK government. Will I have any problems with the Thai Government regarding overseas earnings. 

[DrJoy]

6 minutes ago, CFC said:

Will I have any problems with the Thai Government regarding overseas earnings. 

No

[Gottfrid]

Not unless they upgrade the possibility they have to control or sign a deal to share information.

[blackcab]

6 hours ago, CFC said:

Will I have any problems with the Thai Government regarding overseas earnings.

 

No.

[Tropposurfer]

As a retiree here from Australia in the last few years and having some assets and income which sounds like they are similar to yours I made sure I got the very best financial, accounting, and international legal advice about moving money out of my home country to LOS.

I'd advise (if you haven't already done so) get really good international money advice e.g. moving money out of your UK accounts, and from UK investments to access while retired in LOS.

I found ways and means to have money outside of Oz and accessible at far cheaper account fee charges, with higher interest rates on deposits than simply leaving a large chunk of my money in Oz and drawing down on it as pretty basic bank to bank transfers by shifting some funds offshore (Singapore), and taking up some new-bank cards.

I then slip smallish amounts into my Thai bank accounts for cash-in-pocket daily needs so as to protect against finding a possibly catastrophic 'disappearing funds saga' we hear of happening with Thai banks.

This 'offshore, but localised funnel' gives that layer of added protection for the bulk of your in the bank cash savings, can offer such things as zero international transactional fees, and really good credit card frequent flyer linked features, and complimentary travel insurance.

 

[DrJack54]

17 minutes ago, Tropposurfer said:

As a retiree here from Australia in the last few years and having some assets and income which sounds like they are similar to yours I made sure I got the very best financial, accounting, and international legal advice about moving money out of my home country to LOS

You are making simple sound difficult.

Transfer any amount you require using transfer company such as WISE.

 

[Peterw42]

https://www.gov.uk/government/publications/thailand-tax-treaties

[CFC]

10 hours ago, Peterw42 said:

https://www.gov.uk/government/publications/thailand-tax-treaties

Thanks for the link.

[sometimewoodworker]

22 hours ago, DrJack54 said:

You are making simple sound difficult.

Transfer any amount you require using transfer company such as WISE.

 

True, but only if you don’t have substantial assets in the U.K. 

 

If you have funds in the U.K. that pay any significant amounts of interest and have the ability to move them an off shore investment will avoid U.K. tax liabilities and also Thai tax.

 

If the U.K. income is solely from business profits then moving money off shore many not be so useful 

[nigelforbes]

On 10/6/2022 at 10:44 PM, Gottfrid said:

Not unless they upgrade the possibility they have to control or sign a deal to share information.

I'm pretty sure that the sharing of tax information goes into effect either 2023 or 2024.

[Gottfrid]

1 hour ago, nigelforbes said:

I'm pretty sure that the sharing of tax information goes into effect either 2023 or 2024.

Yes, for many countries. However, there will be many that opt to not.

[khunPer]

On 10/6/2022 at 9:56 PM, CFC said:

Will I have any problems with the Thai Government regarding overseas earnings. 

Only if and when your bring your overseas earning into Thailand. If your bring the earnings into Thailand the same calendar year that they are earned, the "imported" funds are fully income taxabe in Thailand. However, if your import the earnings the following calendar year - or any later time - the earnings has magically converted to savings, which are taxfree to import...