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[factseeker]

Hi,

Wife and I both Europeans are considering retirment in Thailand.

After much research on Thai Visa we decided to go for the 800K Baht deposit in a Thai bank method.

I was figuring to use the tax free 25% lump sum from my UK private pension ( as yet untouched ) to cover for the two 800K deposits - for wife and myself.

My pension company are prepared to transfer the necessary total sum direct to a Thai Account in my name - I will then pass 800K to my wifes account for her lump sum.

But having read through many Thai Visa threads I am now concerned that I will get 'hit' for Thai tax on the total amount.

Would the tax free 25% lump sum from my private pension be considered as being 'earned' in this year.

I am now 70 years of age and my pension has been sitting in a Pension Company bank account since I was 65 waiting for my Ok to pay out.

So it seems to me that it could not really be construed as being earnt this year - but of course the funds are not in my name as yet.

Rgds. FS.

[Soutpeel]

To be honest with you, the Thai tax man will not be interested, The Thai tax man assumes this amount will be taxed at source further, you would have not been in country for 180+ days, therefore you are not classed "resident" so you would not be liable anyway from a 'technical' stand point.

You will not have any issues

[Sateev]

Unless I'm mistaken, only you need 800K in a bank account. Your wife should get a non-o, based on marriage. No need for both of you to have 800K deposits.

[factseeker]

To be honest with you, the Thai tax man will not be interested, The Thai tax man assumes this amount will be taxed at source further, you would have not been in country for 180+ days, therefore you are not classed "resident" so you would not be liable anyway from a 'technical' stand point.

You will not have any issues

Thnxs for comment.

In Europe - wife French - in general they 'hit' you for tax on what is a genuinely tax free lump sum in UK.

Plus I can't stomach all those EU rules they shove out - becoming a nightmare.

Rgds FS

Edited December 8, 2011 by factseeker

[factseeker]

Unless I'm mistaken, only you need 800K in a bank account. Your wife should get a non-o, based on marriage. No need for both of you to have 800K deposits.

Hi Sateev,

I just finished the big lump of crumbly Lancashire Cheese for lunch that we brought with us. ;o))

Ref the 800k - there is a lady NancyL on the Chiang Mai forum - very helpful with advice - who states she had to come up with her very own 800k.

We will see - I will let you know how it all pans out.

Thnxs.

FS

[chiang mai]

No, the UK payment of 25% is tax free and there is a double taxation treaty between the two countries.