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Several neighbouring countries compete with Thailand for foreign retirees


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7 hours ago, Mason45 said:

I'm sitting on the fence in regards to the tax issue. I'll just wait and see if it really does come into play. I've a feeling it won't as how would the public servants and the system handle this as most are stressed out now.

Like everybody else, I have no idea what will happen when the new taxation schemes come into effect. I have a high risk of having to pay a substantial sum if the authorities really mean what they say about worldwide income. So I decided to become non-resident for tax. I am lucky that I have a second home so it is not expensive for me to sped time outside Thailand. I have decided to move quickly and act this year....the reason being that although I do not owe anything this year (although I do expect to have to fight hard for a zero tax rating), I don't want a tax form on file, and then questions asked next year about why I haven't filed for 2025. When the details of how the taxes will be collected and operate (probably some time in 2026) I will make the decision to0 be a tax exile or not. 

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45 minutes ago, Polaky said:

If you have a million dollars you will certainly attract lovely Serbian women, but why stop there, from Europe you have many nationalities with many choices, Belarus, Russian etc, I think the reason Europeans come to Thailand is because of the climate.

 

I have dual Serb/CAD citizenship

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There are quite a few alternatives that aren't in Asia. Digital nomad visas abound and some require little proof that you are one. I've got friends who've gotten them in Spain for 3 years, another in Croatia for 1 year. Portugal use to be good but the tax laws changed, so no longer good.

 

Greece has a golden visa with the purchase of property. France has a retirement visa that's pretty easy to get and you end up with pretty decent health care.

 

I got tired of the bad air, water, polluted seas, terrible traffic. Still love Thailand and will return one day. But for now, exploring Europe and the UK. Loving it here.

 

Serbia is quite nice. Though a bit cold in the winter!

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9 minutes ago, nickmondo said:

give examples of where Thailand is failing as you have mentioned above

For some expats all of the above have been their undoing at some point.

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4 hours ago, Ben Zioner said:

Two countries, I know of, tried to remove tax benefits for foreign retirees: Portugal and Malaysia, both backpedaled on their initial urge to extort, watering down and or grandfathering their "innovative" schemes.

Your info is out of date. Malaysia proposed a Remittance Tax in October 2022 and it was to start on Jan 1st 2023. There was an outcry from locals (yes, many locals work overseas and remit money) and the Government backed down, said they would defer the change for 5 years. That's where you probably stopped paying attention. As did many.

However in June 2023 the Government announced that they had 'gazetted' the Remittance Tax law (meaning they put it on the statute books, contrary to their earlier promise) and FURTHERMORE they BACKDATED it to Jan 1st (the original planned inception date).

So Malaysia now taxes remittances (with certain exceptions).

To be fair to them, and indeed Thailand, this Remittance Tax is something forced on them by the OECD, whose policies seem to be driven by the GOOD OLE U S of A!

Thanks Buddy!!

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1 hour ago, impulse said:

 

If that's true, (I have no reason to doubt it, but it sounds too good...), add that to Thailand's new unlimited land border crossings and I could see a lot of expats moving across the river to avoid the 400/800K baht requirement for extensions, the 90 day reports, as yet unknown tax implications, and that tight feeling in their buttcheeks every year when it's time to renew.

 

Thailand would get more tourist arrivals as we (because I may be one of them) cross over to visit several times a year, or perhaps even several entries per month, but the expats will be spending the majority of their sweaty money in Cambodia.

 

You gave me a great idea!!
👍
Tony

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8 hours ago, hotchilli said:

I wonder if a Thai tax receipt will be required when applying for a POS in the future

You bet your bottom dollar it will! Fitting in with stupid photos sitting on your bed with wife and children and also sitting in front of your house. Remember, proof of income letter, proof of money in the bank, 6 months bank statements etc... their aim is to squeeze every last penny then can and the breaks will only be applied if there is a significant exodus out of Thailand. 

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5 minutes ago, BritScot said:

You bet your bottom dollar it will! Fitting in with stupid photos sitting on your bed with wife and children and also sitting in front of your house. Remember, proof of income letter, proof of money in the bank, 6 months bank statements etc... their aim is to squeeze every last penny then can and the breaks will only be applied if there is a significant exodus out of Thailand. 

Doing my 16th POS as we speak, they must have a pile of paperwork somewhere taller than my house.

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39 minutes ago, tomacht8 said:

I know a few people who have stopped or are at least reconsidering their plans to retire in Thailand. Almost everyone has planned to sell their fully paid-up home and transfer the money to Thailand in order to live comfortably along with their regular pension. A single-family home in a big city, in a good location, can be sold for 500K Euros or around 20 million Thai baht. Anyone who then transfers these 20 million THB to Thailand in the hope of enjoying a peaceful retirement runs the risk of having to pay up to 35% in taxes. That would be around 7 million Thai baht or 185K Euros. Nobody who can do math will do that. Therefore, Thailand will lose a large piece of the pie of well-off pensioners in the future.

 

There is no one left who makes this investment in Thailand unless he has lost his mind.

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36 minutes ago, tomacht8 said:

I know a few people who have stopped or are at least reconsidering their plans to retire in Thailand. Almost everyone has planned to sell their fully paid-up home and transfer the money to Thailand in order to live comfortably along with their regular pension. A single-family home in a big city, in a good location, can be sold for 500K Euros or around 20 million Thai baht. Anyone who then transfers these 20 million THB to Thailand in the hope of enjoying a peaceful retirement runs the risk of having to pay up to 35% in taxes. That would be around 7 million Thai baht or 185K Euros. Nobody who can do math will do that. Therefore, Thailand will lose a large piece of the pie of well-off pensioners in the future.

         Someone planning to retire to Thailand could wait until more than half the year is over and then transfer both the 20 million baht and themselves to Thailand.  No tax on the money since they have not been in the country 180 days, so not a tax resident that year.  

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1 minute ago, bubblegum said:

Not everywhere but yes were I'm going I'll be skiing wintertime 

I bet it's fantastic there for that. I spent most of my life in northern climates. Trying to avoid it now. 😆

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Philippines Options:-

1. Enter visa-free for 30 days, extend to total 59 days. Keep extending for a max of 36 months. Leave RP then return visa free entry and start again. No hassle from immigration for this. 

 

2. Resident Retirement Visa. (SRRV) A bank term DEPOSIT needed, amount varies. USA service folk deposit only $1,500°. No reporting to an migration office, EVER. The PRA, a govt agency, issues a member card, valid 2 years. You show it entering and leaving country. 

Had my SRRV 14 years, never a problem. Never visited a immig office in that time. 

Google PRA Philippines SRRV for more

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2 minutes ago, biggles45 said:

Philippines Options:-

1. Enter visa-free for 30 days, extend to total 59 days. Keep extending for a max of 36 months. Leave RP then return visa free entry and start again. No hassle from immigration for this. 

 

2. Resident Retirement Visa. (SRRV) A bank term DEPOSIT needed, amount varies. USA service folk deposit only $1,500°. No reporting to an migration office, EVER. The PRA, a govt agency, issues a member card, valid 2 years. You show it entering and leaving country. 

Had my SRRV 14 years, never a problem. Never visited a immig office in that time. 

Google PRA Philippines SRRV for more

Most Filipinos I've met were dying to leave there. Way better in Thailand and no typhoons! LOL

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8 hours ago, Olav Seglem said:

I pay tax to thailand today. No big issue. Can transfer about the 650.000 annually before any tax at all. So "dont worry, be happy 🙂 "

Pay tax to a country who only take and not give anything back, just doesnt feel right. I know you save tax in Norway, but still

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