Retire Uk / Thailand

[bobhx]

Starting to think about retiring with an income of about 1m baht a year. What do you guys think is best to do pay tax in the UK or Thailand.

I realise that visas may be made more difficult but I think there is a lot to consider.

Also how long can you 'holiday' in Thailand before having to pay tax.

Any thoughts.

[astral]

Thailand and the UK have a dual tax agreement, copy can be obtained from the Stationery Office.

UK tax depends on where your income arises.

If it is in the UK, such as pension or property I don't think you have any choice but to pay, but you personal allowance will mitigate the level of tax. Income arising overseas does not need to be declared, if you live outside the UK.

Thailand will tax you if your live here more than 180 days in one calendar year.

However, if you are living on savings income earned in the previous year, then they waive the tax.

Generally for foreigners who are retired, they do not take much notice.

I guess the benefits of us spending foreign currency is better than loosing us due to high taxes.

This is the situation at present, but it cannot be guaranteed to staty that way.

If you are over 50 years of age, then an income of 1M per year is fine to support an application for a retirement visa. You can either show an income of 65,000 baht a month, certified by the British Embassy, or 800,000 baht lump sum in the bank at the start of each year of your visa.