Should I or Shouldn’t I

[Negita43]

I’m approaching 80 years with the normal issues that come with age (knees, aches and pains, etc).

I have had a Thai partner (not wife) for 12 years (in her 60’s) and I want to make the situation easy for her when I finally “pop off”.

Up until now each year we have spent time in Europe and Thailand (50/50) - she has a 10 year tourist visa (expiring in a couple of years).

The journey to and from the UK is becoming more and more of a chore, plus I have to pay the ever increasing community charge and heating etc. whilst it is unoccupied when we are in Thailand. It is in Scotland – so not possible to let on short term basis. I also have to monitor the flat whilst I am away using WIFI – heating, cameras, alarm etc.

 I find that the UK is becoming increasingly spoiled by “politically correct” bureaucracy and rules about what you can and cannot do with your own property/life.

Plus the medical services are now in crisis.

Although I have wills in both countries (with a Scottish Solicitor as the executor in the UK) I worry that when I do go, my assets in the UK flat, bank accounts, ISA - not enough to attract death duties - may prove difficult for her to manage the process of actually getting the monetary value of the assets to her. And what if I die whilst we are in the UK - I think that might be overwhelming for her.

So I am seriously considering selling the flat and living permanently in Thailand (I have Non O retirement and extensions).

Of course there are major considerations with this (what if she dies before me, will the environment for Non Os stay reasonably friendly) but the main one is money – leaving the UK implies losing my UK bank accounts credit cards, etc.

Apart from the issue of how to transfer it I am not sure I want all my money sitting in a Thai bank account.

So should I or shouldn’t I?

And has anyone else “bit the bullet” and what advice would you give me on all aspects of such a move?

[LaosLover]

I'm not hearing any negatives against selling. 

 

But at 80, you're on the long goodbye tour and you should take as long as you need to feel right about letting stuff go.

 

At least, I hope it's a long goodbye tour for you.

[Stocky]

22 minutes ago, Negita43 said:

And has anyone else “bit the bullet” and what advice would you give me on all aspects of such a move?

I'm in a similar situation, though still in my 60s. Prior to Covid we'd (wife & I) usually spend a couple of months in the UK each year. Because of Covid we've not been back for 4 years and the experience has taught me that I could probably do without the hassle. My brother checks in on the house every three months but otherwise it sits empty. Thankfully the overheads aren't much and I have good neighbours. I don't want to rent, I don't want the hassle, and I don't need the extra income. But in selling up I would lose a useful footprint in the UK. I'll be back next month and will think about it whilst taking time to minimise the accumulated junk, and put the house in a good state in case I do decide to sell.  I am interested to see the responses to your question.

 

Though I would think at nearly 80 you might be well advised to sell, I might hold on a few years yet.

 

.

Edited August 15, 2023 by Stocky

[DrJack54]

You are not alone.

It's an issue many face.

 

I'm not sure how UK works but I've been in Thailand 10 years and progressively sold off assets.

I have 4 rentals in Oz left and will sell them as tenants move out at various times.

For example don't own a car in Oz.

 

Regards bank accounts, super fund etc etc, I still maintain all of that. 

Transferring funds is easy. 

 

Just one person's opinion but I would go for it. 

By weather alone Thailand is great place for older bones.

Frankly for me it's a no brainer. 

Especially as you have a Thai wife 

Regarding wife I like your thinking.

Try and plan making it easy for her.

 

I have a 10 year partner (not married) have already set her up with few condos and currently building VERY modest home up country.

 

Live in Thailand after, all you can always visit Scotland when you want.

Get rid of your assets there.

Just one opinion. 

 

Edited August 15, 2023 by DrJack54

[bignok]

35 minutes ago, Negita43 said:

I’m approaching 80 years with the normal issues that come with age (knees, aches and pains, etc).

I have had a Thai partner (not wife) for 12 years (in her 60’s) and I want to make the situation easy for her when I finally “pop off”.

Up until now each year we have spent time in Europe and Thailand (50/50) - she has a 10 year tourist visa (expiring in a couple of years).

The journey to and from the UK is becoming more and more of a chore, plus I have to pay the ever increasing community charge and heating etc. whilst it is unoccupied when we are in Thailand. It is in Scotland – so not possible to let on short term basis. I also have to monitor the flat whilst I am away using WIFI – heating, cameras, alarm etc.

 I find that the UK is becoming increasingly spoiled by “politically correct” bureaucracy and rules about what you can and cannot do with your own property/life.

Plus the medical services are now in crisis.

Although I have wills in both countries (with a Scottish Solicitor as the executor in the UK) I worry that when I do go, my assets in the UK flat, bank accounts, ISA - not enough to attract death duties - may prove difficult for her to manage the process of actually getting the monetary value of the assets to her. And what if I die whilst we are in the UK - I think that might be overwhelming for her.

So I am seriously considering selling the flat and living permanently in Thailand (I have Non O retirement and extensions).

Of course there are major considerations with this (what if she dies before me, will the environment for Non Os stay reasonably friendly) but the main one is money – leaving the UK implies losing my UK bank accounts credit cards, etc.

Apart from the issue of how to transfer it I am not sure I want all my money sitting in a Thai bank account.

So should I or shouldn’t I?

And has anyone else “bit the bullet” and what advice would you give me on all aspects of such a move?

Rent it out long term. Sell it and buy an ETF.

 

 

[CartagenaWarlock]

14 minutes ago, Negita43 said:

Apart from the issue of how to transfer it I am not sure I want all my money sitting in a Thai bank account.

So should I or shouldn’t I?

Can you train somebody like her daughters/sons, nieces etc. what to do to recover funds from your assets if you 1) die in the UK or 2) die in Thailand. 

[Lacessit]

I sold my house in Australia, bought a condo in Thailand. I don't understand why the OP can't maintain a bank account in the UK. I have one in Australia, plus investments. The last time I visited the bank ( actually a credit union ) was over 10 years ago, everything is done by internet and phone. I have two Australian debit cards for use in emergency.

My will ( Thai and Australian ) states my assets in Australia are to go to my son there, my assets in Thailand go to my Thai GF.

 

I found selling the house freed up a lot of capital, cut rates and insurance to zero, and I no longer had maintenance to concern me.

 

It would be prudent to set up a joint account with your Thai partner, with sufficient funds for her to live on, while probate is settled in both countries. I understand Thai probate takes about 6 months. My GF has enough funds for 18 months in our joint account.

 

[giddyup]

I moved here when I was 66, now 81. I completey burned my bridges in Oz, sold my house, car, everything, and now have transferred all my money to Thai bank accounts. I have been with the same Thai woman for 14 years and she will inherit everything when I go. No regrets.

[KannikaP]

20 minutes ago, bignok said:

Rent it out long term. Sell it and buy an ETF.

 

 

Which ETF would you recommend please?

[Moonlover]

51 minutes ago, Negita43 said:

but the main one is money – leaving the UK implies losing my UK bank accounts credit cards, etc.

I can't advice you regards your property, (my ex wife took care of that for me!) but I can tell you that leaving the UK does not imply losing UK bank accounts. Many of us here still have accounts in the UK, including myself.

 

I've lived abroad for some 30 years but still have both bank accounts and a credit card account. They all have my local address here and it's never been an issue with them.

 

Good luck with your endeavors. Make a decision and get on and do it.

[StayinThailand2much]

1 hour ago, Negita43 said:

Of course there are major considerations with this (what if she dies before me, will the environment for Non Os stay reasonably friendly) but the main one is money – leaving the UK implies losing my UK bank accounts credit cards, etc.

There's the possibility of the Non 'O' Retirement Visa/Extension. (Whether such visa options remain 'friendly' is anyone's guess, but my personal view is that things probably won't  change much for the next 8 to ten years.) As for bank accounts, depending on your 'wealth', you might want to check out offshore bank account options (e.g. Channel Islands, Isle of Man, etc.)

Edited August 15, 2023 by StayinThailand2much

[Neeranam]

1 hour ago, Negita43 said:

– leaving the UK implies losing my UK bank accounts credit cards, etc.

I left Aberdeen 30 years ago and still have my RBS account. I use a relative's hous(mum) to get any mail. 

[KhunLA]

Sell.

Do you really need UK account & CC.

 

Just transfer funds to your TH account.  Easy enough.  Start spending what you don't think the little lady will need the next 20 some years.

 

Ret visa won't be changing, surely not enough that you'd have to worry.

 

ENJOY

Edited August 15, 2023 by KhunLA

[swissie]

The OP will find it hard to find a Private Thai Health Insurer to take him on at his age. (Or at a ruinous monthly premium).
Of course, can "self insure". = Have at least 5 mio Bht on the side.

[Negita43]

29 minutes ago, Moonlover said:

but I can tell you that leaving the UK does not imply losing UK bank accounts. Many of us here still have accounts in the UK, including myself.

1. I thought that most banks now want to close an account if you are not resident in the UK for more than 3 months.

2. I do not have any family or friends left in the UK (most of my friends are in  Spain where I worked for 10 years before Thailand) so I cannot use a friends address.

[Moonlover]

47 minutes ago, Negita43 said:

1. I thought that most banks now want to close an account if you are not resident in the UK for more than 3 months.

2. I do not have any family or friends left in the UK (most of my friends are in  Spain where I worked for 10 years before Thailand) so I cannot use a friends address.

A lot of people think that, but there's been no evidence to support it. 

[freedomnow]

4 hours ago, Negita43 said:

I’m approaching 80 years with the normal issues that come with age (knees, aches and pains, etc).

I have had a Thai partner (not wife) for 12 years (in her 60’s) and I want to make the situation easy for her when I finally “pop off”.

Up until now each year we have spent time in Europe and Thailand (50/50) - she has a 10 year tourist visa (expiring in a couple of years).

The journey to and from the UK is becoming more and more of a chore, plus I have to pay the ever increasing community charge and heating etc. whilst it is unoccupied when we are in Thailand. It is in Scotland – so not possible to let on short term basis. I also have to monitor the flat whilst I am away using WIFI – heating, cameras, alarm etc.

 I find that the UK is becoming increasingly spoiled by “politically correct” bureaucracy and rules about what you can and cannot do with your own property/life.

Plus the medical services are now in crisis.

Although I have wills in both countries (with a Scottish Solicitor as the executor in the UK) I worry that when I do go, my assets in the UK flat, bank accounts, ISA - not enough to attract death duties - may prove difficult for her to manage the process of actually getting the monetary value of the assets to her. And what if I die whilst we are in the UK - I think that might be overwhelming for her.

So I am seriously considering selling the flat and living permanently in Thailand (I have Non O retirement and extensions).

Of course there are major considerations with this (what if she dies before me, will the environment for Non Os stay reasonably friendly) but the main one is money – leaving the UK implies losing my UK bank accounts credit cards, etc.

Apart from the issue of how to transfer it I am not sure I want all my money sitting in a Thai bank account.

So should I or shouldn’t I?

And has anyone else “bit the bullet” and what advice would you give me on all aspects of such a move?

You could at least do a royal mail redirect for a while on the banking paperwork

to the likes of 'Mailboxes etc' shops which are all over. I had looked at that but decided to keep my place in the UK.

[BritTim]

4 hours ago, swissie said:

The OP will find it hard to find a Private Thai Health Insurer to take him on at his age. (Or at a ruinous monthly premium).
Of course, can "self insure". = Have at least 5 mio Bht on the side.

You point up the concern I would have. If you have serious health issues in Thailand, it can become very expensive. You often cannot get proper treatment unless you can pay. Once you leave the UK, you lose access to the NHS which (while underfunded and in a fair amount of trouble) can usually still provide critical care if it is needed. At least, give this important issue some thought.

 

As against that, your quality of life in Thailand is almost certainly going to be better under normal circumstances.

[NedR69]

Is there any type of business in the UK that you can use for an address?  

There are businesses in the USA that only do the mail address stuff you get your own address and mailbox.  It's not a PO Box.  I use one, I've never seen it, and I'll never go there, it's just a building that mail is received and processed.  I use the address for official mail.  Receive my mail, scan to a pdf, available same day, ship to me Fedex, ups, dhl, and can deposit checks in my bank.  Tied to all my CC and banking and my pensions, anything official.  Cost is about $30 USD per month.  Hope you can figure something out for your situation.

[oobar]

My wife and I, both Americans, have been in Thailand for 38 years, the last ten fully retired in a home we built upcountry.  Most of our assets are in the US, where we  have set up a revocable living trust, naming three Thais beneficiaries (as representative of three families).  Nothing changes while we are alive, and we use our assets the same as before.  Upon our deaths, the beneficiaries become immediate owners of these US assets, without having to go through probate as with a will.  All they have to do is divide it all up.  Thailand does not recognize trusts, so we have wills for our Thai property.  In any case, the trust  simplifies everything else, as well as avoiding the courts.  Maybe the OP could go a similar route, if allowable in the UK.

[Rhys]

Your life planning is commendable, the answer will come by only your insight.. it is within you and the time will show you the way.. all the best...

[brianthainess]

3 hours ago, NedR69 said:

s there any type of business in the UK that you can use for an address?  

Apparently there are free virtual ones, and you only pay for mail delivered. or a monthly plan, i have no idea how safe or the cost. I just did a search.  

[Thaindrew]

12 hours ago, Moonlover said:

A lot of people think that, but there's been no evidence to support it. 

it does vary by bank for example, HSBS will let you use a overseas address, Lloyds won't but they will let you use an overseas number.

[FritsSikkink]

Sell and put your money in a couple of different Thai banks.

[Eff1n2ret]

OP, you might consider opening an account in the Channel islands or the Isle of Man whilst you still have a UK address and bank account. Then later on, if your UK bank does close your account you can keep your funds there and link to your Thai account.

 

Some expats in Thailand have had their UK bank accounts closed, others including myself have not. 4 or 5 years ago as a backstop I opened an account with Skipton International in Guernsey and keep a substantial amount of my savings there. They are now paying 4.5% interest for instant access. I will be 80 next year and will sell my UK house when the tenants leave. If I deposit the proceeds in Guernsey I will make at least as much as I have been from rental income after the agents and their rapacious maintenance contractors have had their cut. I want to sell to save my executors the bother of disposing of the place when I die, which is probably what you should do.

[oldestswinger]

16 hours ago, StayinThailand2much said:

As for bank accounts, depending on your 'wealth', you might want to check out offshore bank account options (e.g. Channel Islands, Isle of Man, etc.)

You might also feel happier opening an account in Singapore.

[oldestswinger]

15 hours ago, Moonlover said:

A lot of people think that, but there's been no evidence to support it. 

That's nonsense. There has been a mass of people posting on having their accounts closed and last month my bank informed me that mine will be closed this month.

[Moonlover]

40 minutes ago, oldestswinger said:

That's nonsense. There has been a mass of people posting on having their accounts closed and last month my bank informed me that mine will be closed this month.

In the nine years that I've been on this forum I've read of just 2 and in both cases there was a back story which went beyond simply living abroad. Do you have a back story to tell?

[BritTim]

7 hours ago, NedR69 said:

Is there any type of business in the UK that you can use for an address?  

Yes, there are forwarding services available in the UK for a price. That are not acceptable as the address on a UK bank account.

[Tropicalevo]

19 hours ago, Negita43 said:

leaving the UK implies losing my UK bank accounts credit cards, etc.

Not really. You just need to be a bit canny. Do you still have family in the UK?

I left the UK 30 years ago.

I gave the bank my MIL's address as my address but told them that I would be back and forth between UK and Thailand. The bank also has my Thai address. I access my money there by using NatWest Online.

The only tricky bit here is that my MIL is older than me (I am 72) and I will have to do some fancy footwork when she dies - if I am still alive. I will tell the bank in the UK that I have moved and I will use either my daughter's address or, more likely, the address of my SIL.

 

My pension is frozen as I told the people there that I was living in Thailand. (I do not believe in cheating people.)

For the reasons that you have described, I rarely go back to the UK now. Last time was when my wife died - 6 years ago. Thailand is my home.

There are some things that will still go to my 'UK address' and my SIL couriers them to me here. Luckily, my in-laws still consider me part of their family.

I also have a PayPal account in the UK which was useful when Thailand stopped them for foreigners.

Problem sorted.

Edited August 16, 2023 by Tropicalevo