Eneukman Posted July 22, 2004 Share Posted July 22, 2004 It is my intention to retire to Thailand next year immediately after my 50th birthday. An accountant friend tells me that as I will then be non-resident for UK tax purposes, I can get my pension from my ex-employer paid without deduction of tax. If I go ahead with this, does anyone know what the tax implications in Thailand would be? I will have a fair amount of investment income over and above my pension, much of which will be taxed in the UK. Also, I will have an off-shore bank account with the Nationwide Building Society who will pay the interest gross. It may be that my investment income will be sufficient to cover my expenses in Thailand but until I make the move I cannot be certain of this as there are at present too many factors that could affect this - e.g. what I can sell my flat in Edinburgh for and what level the stock market is at when I come to invest the sale proceeds. Any thoughts on this would be much appreciated. Alan Link to comment Share on other sites More sharing options...
astral Posted July 23, 2004 Share Posted July 23, 2004 If you retire here you will indeed become "not resident and not ordinarily resident" in the UK, so you may be able to get your pension paid without deduction of tax. Check with your pension fund. It may also pay you to move your investments to an Offshore fund in the Isle of Man or Channel islands Don't worry too much about Thai tax. Generally the Thai tax authorities take very little notice of retired foreigners. Just keep your annual tax statements from the Inland Revenue, and use those to show you have already paid tax in the UK. If anyone ever asks. The tax man and the Immigration do not work hand in hand, so you do not need to show where the whole 800K per annum needed for retirement comes from. When I went in this year with my annual letter to show how much income I do have, the Thai tax lady wanted to give it back to me as she had no idea what to do with it. Quite likely it went in the cylindrical filing cabinet on the floor.!! For the retirement visa, investment income does not appear to meet the official requirements for the monthly amount. So you will have to plan to get the full 800K in your Thai bank account at visa renewal time each year. Alternatively your pension will cover it. Or a combination of the two. Seearch on this forum and you will find all the details. If anything is still unclear then put in another post nearer retirement day, as the rules do change from time to time Link to comment Share on other sites More sharing options...
ProThaiExpat Posted July 24, 2004 Share Posted July 24, 2004 You are indeed fortunate if your "source country" doesn't tax your income where it is generated!! Astral is quite, right that at the present time, you have no worries about taxes in Thailand if you are a retiree. You may well be required to show the source of your initial 800k if you obtain your non-immigrant O retirement visa in Thailand. Link to comment Share on other sites More sharing options...
BlackJack Posted July 25, 2004 Share Posted July 25, 2004 your thai girlfriend will invest it in the family for you new roof for the house hospital charges for the younger brothers motor cycle accident fathers expenses mothers too sick buffalo excuse number 54 through to 73 be careful dude Link to comment Share on other sites More sharing options...
Nam Kao Posted July 25, 2004 Share Posted July 25, 2004 I agree Black Jack The family will come at you at every angle I'll post my personal experiences as they unravel over there Link to comment Share on other sites More sharing options...
olaus Posted July 25, 2004 Share Posted July 25, 2004 Eneukman! I think it is not worth it to take a risk about paying tax. If thai police can deport a british citizen on lifetime for stealing a towel in Pattay, maybe they also may react about not paying tax. After living 180 days Thailand, you normally are taxable here. I am not from UK, so I do not know which agreement UK and Thailand have about expat taxes. But I sorted it out 6 months ago for myself. Now I have a document from The Tax Authorities of Thailand confirming I am not taxeable in LOS. Olaus Link to comment Share on other sites More sharing options...
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