New Tax implementation on income from abroad, where would you relocate?

[connda]

New Tax implementation on income from abroad, where would you relocate?

I'm not going anywhere - and - the US and Thailand have a tax treaty.  They are not going to tax income from US expats.  They may make you go though the hassle of filling out more bureaucratic paperwork.  If that's enough to make you leave, then how do you handle the 90 day, TM30, and annual extension paperwork without throwing your hands in the air and booking a flight to Mexico or Ecuador?

[thaibeachlovers]

On 9/21/2023 at 12:20 PM, Captain Monday said:

Not yet time to worry but what news is solid enough to be  panicking over?

 

Tax treaties, homes in second in and third counttries, full time travel, don't spend more than 6 months in any one jurisdiction. 

 

Did you invest more than you can afford to walk away from and incur a deadweight loss? SAD

 

 

Must be nice to be rich.

[thaibeachlovers]

17 hours ago, connda said:

New Tax implementation on income from abroad, where would you relocate?

I'm not going anywhere - and - the US and Thailand have a tax treaty.  They are not going to tax income from US expats.  They may make you go though the hassle of filling out more bureaucratic paperwork.  If that's enough to make you leave, then how do you handle the 90 day, TM30, and annual extension paperwork without throwing your hands in the air and booking a flight to Mexico or Ecuador?

Many solve the paperwork problem by employing an agency. That makes all the problems go away.

[JimTripper]

17 hours ago, connda said:

New Tax implementation on income from abroad, where would you relocate?

I'm not going anywhere - and - the US and Thailand have a tax treaty.  They are not going to tax income from US expats.  They may make you go though the hassle of filling out more bureaucratic paperwork.  If that's enough to make you leave, then how do you handle the 90 day, TM30, and annual extension paperwork without throwing your hands in the air and booking a flight to Mexico or Ecuador?

Many end up doing it because they have to…then complaining about it constantly. ????

[Mike Teavee]

UK for approx. 3 months (max 90 days as I have 2 "Ties" with the UK that mean anymore than this could see me losing my Non-UK Tax Resident status there).

Penang OR Bali OR Davao for 3 months (alternate between them each year) 

1 month holidaying somewhere I've never been (lots of places in South America I'd love to visit)  

Thailand for 5 months.

 

 

Appreciate this is only easy to do when you don't have a family in Thailand, as it's just me & the GF I'd probably take her on the 3 month trip to the UK OR the 3 months in Malaysia/Indonesia/Philippines but she'll just have to accept that she won't see me for 4 months of the year.

  

 

 

 

[Captain Monday]

On 9/20/2023 at 5:29 PM, pluto_manibo said:

The scenario changes if you have a normal life with wife and family, pets, etc... Jumping around from country to country does not become a viable option. In the event of big purchases such as a new car, home repairs, a medical emergency outside the realms of your health insurance policy, etc....These would easily bring you into the 20-35% bracket(1 million-5 million) if funds were to be brought in from abroad.

 

Never wished to have a "normal" life.

Fist picked this up in Dads study in the late 1970s

 

[JimTripper]

7 minutes ago, Captain Monday said:

Never wished to have a "normal" life.

Fist picked this up in Dads study in the late 1970s

 

You will when you get older. Aches & pains and just lack of energy.

[Captain Monday]

6 minutes ago, JimTripper said:

You will when you get older. Aches & pains and just lack of energy.

Agree. Nobody can live like this forever. I could have gained permanent residency in a third country years ago, maybe citizenship but I played it wrong. SAD????

[hondoelsinore]

“If you are depressed you are living in the past.
If you are anxious you are living in the future.
If you are at peace you are living in the present.”

― Lao Tzu

 

Edited September 26, 2023 by hondoelsinore

[NanLaew]

On 9/20/2023 at 7:44 AM, bob smith said:

where would you relocate?

wherever the heck I want!

I can live pretty much anywhere. 

Cool!

 

When're you leaving?

[NanLaew]

On 9/21/2023 at 8:36 AM, daveAustin said:

Now that is a movie!!

 

Dunno. Possibly spend 6 months out of the country. One thing I will not do is pay tax on taxed income. They can go and do one!

If you are talking about taxed earnings from employment, then the reciprocal taxation agreement means if you have already paid tax on the earned income, it won't be taxed again. If it's pension income you are referring to, I thought all UK pensions, be they government or private, were subject to taxation when disbursed?

[NanLaew]

On 9/21/2023 at 1:12 PM, Toby1947 said:

Glad I never took the silly plunge I considered years ago on my early visits to the Land of Scams. I'm happy to do 6 months about as a tourist,  there's no better country on the planet than dear old Blighty especially during Spring and Summer. Thousands of so called expats there regret burning their bridges if the truth be known, and I'm not just talking about the cheap Charlie's 

You got that right Toby. Mate of mine who has been a Thailand "two week millionaire" for the past 15 years or so was looking forward to retirement earlier this year, selling his house in the UK and doing the beer and skittles thing until sunset in Thailand. He finally got an accountant to sort out his pensions who gave him the same advice as I was giving him in DO NOT sell your UK property and bail out too soon. Too many have crashed and burned in Thailand, due either to a profligate lifestyle or bad (uninsured) health issues. Some of the latter that were availing themselves of free NHS treatment (you know who you are) can no longer afford the air fare and live a perilously unhealthy existence here.

 

Anyway, we came to a win-win deal where if he does lose the plot and sells his UK home. I will buy it and when it's time for him to come home with his tail between his legs, I promise to be a decent landlord.

[thaibeachlovers]

11 hours ago, Captain Monday said:

Never wished to have a "normal" life.

Fist picked this up in Dads study in the late 1970s

 

By the 70s it was all over IMO. Probably have to go back to the 50s to get anything resembling a last frontier.

Even in Antarctica the Americans lived like back home with hot dogs, ice cream, 10 pin bowling and movies.