Q For Us That Have Retired In Thailand

[BXTale]

I am wondering if there are any U.S. citizens that have retire to Thailand here in this forum. If so I am interested in getting some “starter” information on doing so.

My question is, are you still a U.S. citizen, or do you have dual citizenship? Did you give up your US citizenship? What are some of the pros and cons on giving up being a U.S. citizenship? Do you have to give up US citizenship live in Thailand?

Are you receiving a pension from a company/govt here in the US? If so how are you getting the money to your self in Thailand?

Now if you are retired in Thailand do you still have to pay US taxes(fed or state)?(this is the main question regarding US Citizenship that comes up) If you are retired in a foreign country but getting a pension from a US/US Govt do you have to pay taxes on this?

How about Social Security? Can you receive it if you reside overseas?

How about differ compensation plans like the 401k/457k plans what do I have to worry about? Especially if I am going to retire at age 45 and live over seas?

These are just a few starter questions for now.

Thank You BXTale

[dutch]

You have about 5 years time to find your way through all the information that is available in this forum.

You can go for a "retirement" visa at 50 years of age.

[cathyy]

My question is, are you still a U.S. citizen, or do you have dual citizenship? Did you give up your US citizenship? What are some of the pros and cons on giving up being a U.S. citizenship? Do you have to give up US citizenship live in Thailand?

It is quite difficult to gain Thai citizenship. Most retirees live on annual visas designed especially for retirees, with specific income requirements. You do not lose your US citizenship merely through not residing in the US.

Are you receiving a pension from a company/govt here in the US? If so how are you getting the money to your self in Thailand?

We have friends that are, and in another year or so we will be, too. Depending on the company, you may be able to have the pension check direct deposited into a Thai bank. Most retirees do not; they have it deposited into a US bank and transfer funds monthly.

Now if you are retired in Thailand do you still have to pay US taxes(fed or state)?(this is the main question regarding US Citizenship that comes up) If you are retired in a foreign country but getting a pension from a US/US Govt do you have to pay taxes on this?

How about Social Security? Can you receive it if you reside overseas?

IANAL, nor an accountant, but income from a US source, paid from the US, is federally taxable. Yes, you can receive Social Security and even disability overseas, but not SSI. You must be a resident to need to pay state income tax, so that will depend entirely on how you arrange your personal affairs, such as whether you maintain a home in the US, driver's license, voter registration, etc.

How about differ compensation plans like the 401k/457k plans what do I have to worry about? Especially if I am going to retire at age 45 and live over seas?

Well, if you are withdrawing money from a US 401K, you will owe US taxes on it, as that money was not previously taxed, and it is US income. Just like above. I don't know about 457K plans, but I think you get the gist of it. For God's sake, you have enough money to see a good tax attorney or CPA, do you not? But be aware that the minimum age to apply for the retirement visa is 50.

[Ajarn]

Whatever you do, Don't give up your American citizenship.

The IRS has an office in the Bkk Embassy. I'm sure they can answer your questions. America also has a tax treaty with Thailand, so you can't be income-taxed in Thailand on money that has already been taxed in the US.