typical retiree (foreign home) situation

[Mike Lister]

5 minutes ago, BritManToo said:

O VISA is 3 months, multi entry O VISA is as many 3 months as you can fit in a year = 15 months.

OA VISA is 1 year, but you can enter again just before it runs out and get another year ..... but needs health insurance.

But you can covert a three month O to a one year O, in country, can you not?

Edited December 11, 2023 by Mike Lister

[Expat68]

I personally have had mine rented out with an agency for the past 13+ years. Just a word of advice (no doubt there will be people on here that will disagree) everyone who rents a house out in the UK, needs to inform the inland revenue, my agency provided me with the form, they do in fact make random checks to make sure that everyone on their books have filled in the appropriate form, also you need to fill in a self assessment each year

[Freddy42OZ]

I don't have anything in my 'home country', in fact I've never had anything, never lived there... only visited a few times. 

I don't even think of it as home.  It is only a country that gave me a passport, nothing else.

[Drumbuie]

23 hours ago, JimTripper said:

I tried renting mine out. Had an full service agent who screened tenants, took payments, everything. Got what looked like top tenants on paper.

 

It was a disaster. The tenants were pretty wealthy and kept wanting to upgrade the property. Their dog lived in a bedroom all to itself and pissed all over the carpet. They switched out the lighting, the drapes and dishwasher, etc etc, to styles that were modern looking that did not match the theme of the house. Kept asking for me to pay for some of the upgrades. There was also ongoing international phone calls with the agent all the time for any little thing, they kept calling.

 

It was people who ended up thinking the property was never good enough for some reason. Or, people that moved into what they perceived as an affulent area with a golf course and instead of just moving out, tried to change it by upgrading it to something that was not achievable.

 

I ended up making just under break even on the payments. Also, I had to fly back from asia to fix up the place and arrange to have it sold because there was junk around, mattresses etc that nobody wanted to remove. The tenants moved a month or two before the annual contract expired due to a misunderstanding with the property manager who said they could move out early on a phone call and not pay the last two months, then demanded the deposit back. I refused and never returned it. Ended up just saying f@uck it and selling.

 

I think I got lucky they did not refuse rent payments until the last two months and vacated the property in time. In California you can't get people out easily if they refuse and you have to live nearby to arrange a complicated eviction or it gets real expensive hiring lawyers to do it.

 

 

Friend with experience of renting out flats in London said decorate and furnish it so you attract Japanese tenants, who'll leave it immaculate. 

[Wrwest]

On 12/10/2023 at 6:36 AM, OneMoreFarang said:

I have nothing "back home".

I don't want to go there, and I don't want to rely on other people taking care of things "back home".

 

I had property over there. I sold it. No (possible) headache anymore. Problem solved.

 

Obviously if you are not sure then don't burn all your bridges. But if you are here for years and think you will stay here forever, then don't worry about "home".

 

Agreed, sold all "real property" in Kentucky. The only remaining tie is my voting there and family (OK, as well as, concerns for those I knew there. If forced to leave Thailand, I would look for another lower cost country as I cannot afford to live in retirement in the USA on my sustainable $2400.00 a month budget ($1570 of that from SS in 2024.

[Presnock]

As a US cit, I worked overseas for many years, had several houses which an agent took care of.  Great renters paying for my houses but after I retired, I sold all because I was a resident of Maryland, a state that charged a fairly high state tax on any pension, property taxes, etc and even if I went back, then they would claim that since I returned to MD, I should pay state taxes  for those years gone so I sold everything or gave it to my family there so, if I was to decide to leave Thailand (very doubtful) then I sure wouldn't ever return to MD and that is why I got rid of everything tying me to that state.  Agents are

okay sometimes which we learned over the years and finally had one that took care of our property the same as if we were there but not having to even

think about storms there or other problems, makes it much easier and glad that I got rid of everything.

[Jaxxper]

My plan was to keep a property in my home country. Lots of benefits that outweigh the negatives, for someone who has emigrated and wants to keep a foothold in their home country. I don’t think burning bridges is a savvy plan. Just my thoughts, but I’m sure many will have an opposite view. 

[crazykopite]

On 12/10/2023 at 5:42 AM, jaxon said:

What do folks retiring in Thailand typically do with their home in their home country.  Sell? Rent out? Keep vacant?  Obviously this is a "how long is a piece of string" question, and everyone's situation is different.  But given the uncertainty of the Thai visa system, it seems that it's fairly necessary to maintain a home country home too !  Any thoughts or opinions welcome... 

I sold up as I had no intention of returning that was back in 2006 and true to my word I’ve remained in Asia since then I own several properties here  Happy Days !

[GypsyT]

1 hour ago, Wrwest said:

If forced to leave Thailand, I would look for another lower cost country as I cannot afford to live in retirement in the USA on my sustainable $2400.00 a month budget ($1570 of that from SS in 2024.

I don't get it. Kentucky is 5th cheapest state in the US. I could live there on $1000/mo easily...

Where do you get a house for $17500 or less?

 

4 Most Affordable Places to Live in Kentucky

• With a median home sale price of $17,500, Hopkinsville claims the first spot on our list of affordable places to live in Kentucky. ...
• Kentucky's second most affordable city to live in is Owensboro. ...
• Third is Covington where about 40,400 residents currently live."

Edited December 11, 2023 by GypsyT

[BritManToo]

4 minutes ago, GypsyT said:

 

Where do you get a house for $17500 or less?

 

4 Most Affordable Places to Live in Kentucky

• With a median home sale price of $17,500,

Bring your banjo!

[GypsyT]

Just now, BritManToo said:

Bring your banjo!

....and start to play "Deliverence" -:)

 

[newbee2022]

On 12/10/2023 at 6:36 AM, OneMoreFarang said:

I have nothing "back home".

I don't want to go there, and I don't want to rely on other people taking care of things "back home".

 

I had property over there. I sold it. No (possible) headache anymore. Problem solved.

 

Obviously if you are not sure then don't burn all your bridges. But if you are here for years and think you will stay here forever, then don't worry about "home".

 

Agreed, if you want to settle in here it's not useful to have a foot in your "home" country, because it's not your "home" anymore. Your "home" is here.🧑‍🎄

[newbee2022]

14 minutes ago, GypsyT said:

I don't get it. Kentucky is 5th cheapest state in the US. I could live there on $1000/mo easily...

Where do you get a house for $17500 or less?

 

4 Most Affordable Places to Live in Kentucky

• With a median home sale price of $17,500, Hopkinsville claims the first spot on our list of affordable places to live in Kentucky. ...
• Kentucky's second most affordable city to live in is Owensboro. ...
• Third is Covington where about 40,400 residents currently live."

I checked on internet: how many houses around 17.500 USD??? NONE !!!!🌲

[newnative]

    I moved to Thailand in 2010 with my then partner, now spouse.  At that time I owned a 1 bedroom condo with a mortgage in Virginia.  Wasn't sure if Thailand would take so found a renter before we moved.  Brother-in-law managed the condo for several years.  After paying him and the mortgage, taxes, etc., there was a little money left over each month, but not a lot. 

    Did this for several years but in 2012 the real estate market had recovered enough for me to make a profit on the sale so I sold it.  In hindsight, I probably should have kept it as it has continued to increase in value but I didn't like managing it long-distance and did not like having to ask my brother-in-law to handle all the problems that came up, including finding new tenants, a water leak, etc..   We put the money, along with some other funds, towards buying and selling a series of condos in Pattaya and it ended up working out well.

     We don't have a problem with not owning any property in the US.  Should my spouse and I ever return to the US--unlikely--we can buy or rent something.  Likey rent something first while we sort out where we would want to be living.  At this point that would be the biggest question--we have relatives scattered from California to Florida.   We both lived in Virginia but would not want anywhere with a cold winter--we barely survived a visit to China a week ago.

[GypsyT]

I don't believe it neither but South is cheap. My favorite trip was https://www.blueridgeparkway.org/

Beautiful places! Nice people w sick humor, sometimes. I got along well.

 

I also could live on "Redneck Riviera" - Mooresville. 

[Mike Lister]

3 hours ago, BritManToo said:

600 pounds a month back in the UK won't get you a room in a shared house.

My flat rents for 535, on the edge of the Lake District..

[TroubleandGrumpy]

12 hours ago, Pattaya57 said:

What? I keep my apartment empty in Australia as I spend about 3-4 months a year there but I could rent it no problem. I would get the $18,250 tax free threshold + the tax deductable 8% rental agent fee + building depreciation + body corporate fees + land rates, so can earn $600 a week with zero tax on income (about 60,000 Baht per month tax free)

 

1.  If/when you move to Thailand 100% and become a non-resident for tax purposes in Australia, you would lose the tax free threshold.  This is the catagory I was talking about - I should have specified that.

 

2. If you stay more than 179 days in Thailand, you are a tax resident of Thailand for that year, and all money from the rent that you remitted into Thailand would be subject to income tax.  

[NextG]

5 hours ago, jaxon said:

 

What period was your buy and sell and which city?   BKK condo prices seem to depreciate like cars !  

 

 

 

It’s a Troll… Don’t waste your time 😊 

[Pattaya57]

24 minutes ago, TroubleandGrumpy said:

1.  If/when you move to Thailand 100% and become a non-resident for tax purposes in Australia, you would lose the tax free threshold.  This is the catagory I was talking about - I should have specified that.

 

2. If you stay more than 179 days in Thailand, you are a tax resident of Thailand for that year, and all money from the rent that you remitted into Thailand would be subject to income tax.  

(1) I have no intention of claiming myself as a non-resident for tax. Having a storage unit and using my Sister's address are enough to claim residency (tax rules are written to catch people claiming non-resident, not the other way around)

 

(2) I stayed over 180 days in Thailand the last 2 years however do not need to do tax as I have no assessible Thailand income (plus I transfer savings not rental income)

[TroubleandGrumpy]

4 minutes ago, Pattaya57 said:

(1) I have no intention of claiming myself as a non-resident for tax. Having a storage unit and using my Sister's address are enough to claim residency (tax rules are written to catch people claiming non-resident, not the other way around)

 

(2) I stayed over 180 days in Thailand the last 2 years however do not need to do tax as I have no assessible Thailand income (plus I transfer savings not rental income)

1.  Being a non-resident for taxes is something that the ATO determines - not yourself.  Remember this - if you are 'caught' (and audited) the ATO will go back many years - and they get access to all your records (all of them).  Their fines and penalties can be severe. I knew an Expat (Graham) who was doing the same as you for years - he got caught (maybe dobbed in) and he was forced to return to Aust and he is still paying off his debts to ATO. I know about him, because his story is included in the ATO Court decisions and publications - well it was in 2010.

 

2. Any money you remit into Thailand from rental of a property overseas is taxable income from 1 Jan 2024.  There are many forms of taxable income earned overseas and tax is payable when that money is remitted into Thailand. In the past it was not taxable in Thailand if you kept it in a bank account until the following year and then remitted it into Thailand - that loophole is what the Thai RD is now closing from 1 Jan 2024. The Thai RD penalties and fines are more than in Australia - a lot more - and could easily result in deportation and blacklisting after you have paid the money owed (while residing in a Thai detention facility). 

 

PS - for thsoe unaware - if you are blacklisted by Thailand, then many other countries will not allow you to enter their country as a visitor. Thailand is 'joining' the first world and they are now sharing information that they never did before - such as the CRS system that this new rule change mandated take place in Thailand (mainly to stop illegal money being aundered and global tax evasion).

[Expat68]

1 hour ago, Mike Lister said:

My flat rents for 535, on the edge of the Lake District..

My 2 bedroom bungalow rents for £600 in the UK, in a very nice area on the N. Yorkshire coast.

[Expat68]

On 12/10/2023 at 6:39 AM, Denim said:

Size down and rent out. 

 

Houses need maintenance and most tenants don't  bother with it so your house can end up needing a lot of decorating or repairs.

 

A one bedroom flat or studio is a lot less trouble to maintain but you still have a foot in the door in your home country.

My agent is totally on the ball, visiting my property at least twice a year, anything needs doing he just emails me

[noobexpat]

33 minutes ago, Expat68 said:

My 2 bedroom bungalow rents for £600 in the UK, in a very nice area on the N. Yorkshire coast.

 

Seems £ modest. Bungalows are usually in very high demand.

 

 

[noobexpat]

7 hours ago, jaxon said:

 

What period was your buy and sell and which city?   BKK condo prices seem to depreciate like cars !  

 

About 2000 to 2022. First house tripled in 2 years, next house about 80% growth. Big long slump in the middle for prices during GFC.

 

Was mortgage free by age 35 and no need to work full time anymore.

 

Was in north west UK.

[noobexpat]

2 hours ago, NextG said:

It’s a Troll… Don’t waste your time 😊 

 

My lap dog.

You think its not real? ...all made up?

 

[NextG]

Just now, noobexpat said:

 

My lap dog.

You think its not real? ...all made up?

 

I think no one cares and that you are a sad sack…

[ningnong]

On 12/10/2023 at 7:24 AM, brianthainess said:

And what may that be? nothing has really changed for a decade and in fact in some ways have got better

A few years ago the change to the O-A visa happened requiring proof of health insurance for new O-A visas and O-A extensions of stay. Can you say with absolute certainty the it will never be made a requirement for standard Non-O visas too? I'd give it 50-50 odds of happening some day as health care costs continue to rise rapidly.

[noobexpat]

10 minutes ago, NextG said:

I think no one cares

 

You do, a lot! 

If i throw you a bone, will you go fetch?

 

Envy is a poor trait, but if you have nothing, at least its understandable.

[NextG]

1 minute ago, noobexpat said:

 

You do, a lot! 

If i throw you a bone, will you go fetch?

 

Envy is a poor trait, but if you have nothing, at least its understandable.

I have more than you 😊

[Mike Lister]

1 hour ago, Expat68 said:

My agent is totally on the ball, visiting my property at least twice a year, anything needs doing he just emails me

Ditto.