Any Taxable Income With Retirement Visa ?

[penbat]

By definition, living in Thailand with a retirement visa you are not allowed to earn income. So is anything at all liable to Thai taxation ? The only thing i can think of is interest if you have money saved in a Thai bank ? Do they have comparible rates of interest in Thai banks to UK banks ?

I would be living off a lump sum in my UK bank account and at sometime in the future a UK state pension and the annuity from a private pension which is I believe taxed at source. I don't think any of this would be liable for Thai taxation.

[pramodb]

By definition, living in Thailand with a retirement visa you are not allowed to earn income. So is anything at all liable to Thai taxation ? The only thing i can think of is interest if you have money saved in a Thai bank ? Do they have comparible rates of interest in Thai banks to UK banks ?

I would be living off a lump sum in my UK bank account and at sometime in the future a UK state pension and the annuity from a private pension which is I believe taxed at source. I don't think any of this would be liable for Thai taxation.

<{POST_SNAPBACK}>

Can anybody tell me how much baht is needed to live comfortably in chiangmai with wife and 2 kids. We already have a house.

[PeaceBlondie]

By definition, living in Thailand with a retirement visa you are not allowed to earn income. So is anything at all liable to Thai taxation ? The only thing i can think of is interest if you have money saved in a Thai bank ? Do they have comparible rates of interest in Thai banks to UK banks ?

I would be living off a lump sum in my UK bank account and at sometime in the future a UK state pension and the annuity from a private pension which is I believe taxed at source. I don't think any of this would be liable for Thai taxation.

<{POST_SNAPBACK}>

Can anybody tell me how much baht is needed to live comfortably in chiangmai with wife and 2 kids. We already have a house.

<{POST_SNAPBACK}>

No one can tell you within 25% accuracy how much it would cost you. Tuition for children to attend schools? Cooking Thai food at home, or going out to eat the ever-available Western food? How much air conditioning, entertainment, car expenses, etc? You might want to post on the ChiangMai thread and describe your lifestyle and part of town, etc. How long is a piece of string in CMai?

[paulfr]

Peaceblondie has a point .... your life style expectations will change the amount easily. But having said that ...

If you have no house payments, then 100KB should be enough for most and 50K for a frugal family. Car expense is a big item after rent, but if you purchase that too (500K-2MB new, 200K-1MB used) then this would satisfy most families exclusive of expensive education for the kids and luxuries like overseas travel, etc.

[ProThaiExpat]

The OP is incorrect when he speaks of " by definition, not being able to earn income while in Thailand on a retirement visa".

By definition, your not allowed to "work" while on an extented stay based on retirement. Income is expected to be received and immigration will always ask you how much income you receive monthly while here on retirement, whether you bring it into Thailand or not.

If you do not show money moved into Thailand to live on during the year, I suspect you will have a problem with immigration at renewal time, as they are always looking for those who work illegally while on a retirment extention.

OP's conclusion is right though, rarely if ever is your overseas income taxed while retired in Thailand.

[RDN]

Please don't talk about tax and retirement in the same sentence . It might give some people ideas . I've already paid tax on my money twice, and pay more tax when I spend it. I don't want Immigration to take a fourth slice

[JimGant]

I've already paid tax on my money twice

RDN,

Please elaborate. GB has a tax treaty with Thailand, right? How so the double taxation?

[Ollie]

Hi all,

This might seem a naff question, but as a Londerner who will shortly be seeking a Thai visa, am I better off delaing with Hull or Cardiff - I assume these are Thai embassy outposts(!). Can this be done by post or email, or do I have to visit - I've never been to Hull.

Many thanks for any polite replies!

[RDN]

I've already paid tax on my money twice

RDN,

Please elaborate. GB has a tax treaty with Thailand, right? How so the double taxation?

<{POST_SNAPBACK}>

I meant that I paid UK tax when I earned it, and paid UK tax again on the interest earned after I invested it. And of course, we all pay Thai VAT when we spend it - on certain items - in LoS.

So I don't want Immigration to dream up some new "retirement tax", even if we do have a double-taxation agreement with them!

(I think I'd better delete this topic in a couple of days in case they are watching )

[RDN]

Hi all,

This might seem a naff question, but as a Londerner who will shortly be seeking a Thai visa, am I better off delaing with Hull or Cardiff - I assume these are Thai embassy outposts(!). Can this be done by post or email, or do I have to visit - I've never been to Hull.

Many thanks for any polite replies!

<{POST_SNAPBACK}>

What's wrong with the Thai Embassy in London?

29-30 Queen's Gate,

London SW7 5JB,

Tel: 020 75892944

(Gloucester Road tube station)

[Steve2UK]

Hi all,

This might seem a naff question, but as a Londerner who will shortly be seeking a Thai visa, am I better off delaing with Hull or Cardiff - I assume these are Thai embassy outposts(!). Can this be done by post or email, or do I have to visit - I've never been to Hull.

Many thanks for any polite replies!

<{POST_SNAPBACK}>

Hull is widely regarded as very user-friendly and helpful (others have said similar things about Cardiff). They will also accept most types of visa application by post and turn them round in a day or two. If you have a specific query, just call them and ask for guidance.

http://www.thaiconsul-uk.com/

[pichai]

I plan to retire in CM soon and would like to know whether money remitted by my children (monthly) to Thai bank account subject to tax?

Pichai

[PeaceBlondie]

I plan to retire in CM soon and would like to know whether money remitted by my children (monthly) to Thai bank account subject to tax?

Pichai

<{POST_SNAPBACK}>

If you're a citizen of the USA, no - it isn't taxable (but keep receipts or documentation so Thailand doesn't tax you).

Of course, if your children are multi-millionaires and each is sending you more than $20,000 per year each, they might be subject to federal gift tax, but you wouldn't be.