Newbie moving from UK early 2016 - I have loads of questions, hope it's ok post

[ukrules]

£9300.A big chunk of change??? at your age, seems like this is a desperate move to escape. which is great, as long as you are happy. just remember, when funds are gone and you are 48 or so.....thailand won't want you.... i hope you have plenty of money for when you go back to UK.....

you can't work, visa issues, health, etc......the money will go soon....

this post might get deleted, but i would reconsider thailand....for now

until 9300 isn't a big chunk..

Why can't he work ? If he wanted to work all he would have to do is find a job, change his visa and get a work permit.

There's loads of foreigners working in Thailand. Starting a company is another option.

[MikePBrown]

Newbie,

If one of your main reasons for moving to Thailand is to avoid Capital Gains Tax on properties you will sell after April 2016 you need to be very sure of the rules. E.g. for a UK Non-Resident selling his home after April 2015 is liable for capital gains from April 2015 to the date of sale, i.e. it is a new regulation but not retrospective.

You say you are getting advice on Tax, just make sure the person is a specialist for UK non-residents, also if you have the time and patience to read the information on the UK Inland revenue site you will probably be able to find your own answers on whether you will be liable to capital gains tax.

Regards banks I have a Lloyds International Sterling account in Isle of Mann, providing you keep GBP25k in it the monthly charge is GBP7/month but all telegraphic transfers of money abroad are free of charge. An alternative for money transfer is to send money from your UK bank to Bangkok Bank London (usually a free transfer) and it will then automatically be transferred to Thailand - subject to the correct information on the transfer and you having a Bangkok Bank account in Thailand - the charge for this is GBP20 at the UK end and Baht500 at the Thailand end.

Good luck with your move.

[Shadychris]

Buy to letter sells properties with no CGT....

Yup - I tend to agree with MaeJoMTB post#41 - the OP has the smell of an elaborate troll, and I'm surprised so many have risen to it.

Far too many ambiguities for my liking.

Crikey, some of you guys are such cynics! Haha.

I can assure you i'm genuine. I've been reading the replies on here on and off all day and will try to reply to each one of them later on, when i've got a bit more time. Appreciate everyone giving their advice and opinions so far, even if it's telling me i'm mad

Yes I am very cynical as far as online forums go, especially this one ;-)

but giving the benefit of doubt

Q.1 You say you are paying for professional advice. You're wasting your money if the advice you are paying for is that you wont be liable for CGT as a non -resident. You most certainly will and you can find that information for free!

Q.2 You've already had the best advise - and that is never to transfer more into Thailand than you need for your immediate purposes. Best to keep your money in the UK - but bear in mind that should you become the subject of a tax evasion investigation your bank accounts will all be up for scrutiny so it may be in your best interest to move the money into something else.

Q.3 Several Visa options - all of which there is plenty of info about on the Thai Embassy site. Just use common sense and pick the most appropriate that is within your budget.

Q.4 You can find plenty of rental properties here on this site - that will give you an idea of the going rate. Bear in mind they will be through agencies so more expensive than dealing direct with the property owner. But you're a buy to renter in the UK anyway (aren't you?) so this shouldn't be rocket science to you...

Q.5 Really?? You've been 6 times before for 2 -3 weeks each time and you still don't know anything about basic domestic living or what essentials to bring with you??? As someone else has already said perhaps you really aren't ready to make a long term move just yet.....

Q.6 You will not officially be a 'Thai Resident' unless you obtain a Certificate of Permanent residency and you aren't going to get that until you have 3 years of renewed Visas anyway, however it seems of more concern to you that you are NOT a UK resident - not that that is in any way going to let you off the hook as far as CGT is concerned.

Q.7 Depends on number of ties to the UK - To be safe work on a figure of less than 16 days.

[bermondburi]

best visa option if i were you would be the non (o) you can get it in 2 days from the thai consulate in hull . it will do you for 1 year and 3 months im pretty sure though you,ll need to ask the experts in the visa section.

check this link, im sure you have the 800000k - http://www.youblawg.com/immigration-law/royal-thai-consulate-in-hull-uk-said-non-o-visas-now-need-800000-thb

Triggering the a ninety day entry on the last day of the one year validity, and then extending the ninety days for sixty, will actually give closer to seventeen months. Not bad going for the price, and you get a little trip rnr every three months to see other places in the region.

To the OP, I'd ask, why Thailand? You've not really said. You might hate it after living here for six months or so. Do you have a plan B?

[bermondburi]

A reasonable strategy is to promise yourself that you will not buy property, a house or a condo for at least two years and that during that period you will rent on short term leases. That way you have time to get to understand the geography, the people, the culture and markets.

Another reasonable approach which worked well for me a dozen years ago was to spend six months in each of the major locations, Bangkok (but only if you're a City boy), Pattaya, Phuket, Chiang Mai and somewhere in Issan. Others may have additional locations to suggest but you get the general picture, avoid settling in one place when that's all you've seen or know - you said you might travel the world well perhaps traveling Thailand is the start of that.

Transport: given that you've got some cash and I presume you can drive, maybe consider buying a car/truck/SUV, driving here is not that difficult for people who've driven for a few years and have some nerve, skill and experience - it will allow you to see lots of places you otherwise wouldn't notice and it will free you from the frustrating trap of public transport. Just a thought.

Would be spouses and partners: perhaps useful to view them the same way you would a location, as described in the first para above!

I live in Saudi, the driving in Thailand is a breath of fresh air. The politeness and consideration for other road users is great. Thailand would be halfway between the UK and Saudi. I've heard Egypt is worse though.......

[Mover1]

best visa option if i were you would be the non (o) you can get it in 2 days from the thai consulate in hull . it will do you for 1 year and 3 months im pretty sure though you,ll need to ask the experts in the visa section.

check this link, im sure you have the 800000k - http://www.youblawg.com/immigration-law/royal-thai-consulate-in-hull-uk-said-non-o-visas-now-need-800000-thb

Triggering the a ninety day entry on the last day of the one year validity, and then extending the ninety days for sixty, will actually give closer to seventeen months. Not bad going for the price, and you get a little trip rnr every three months to see other places in the region.

To the OP, I'd ask, why Thailand? You've not really said. You might hate it after living here for six months or so. Do you have a plan B?

Hi bermondburi, yes plan B is to travel around a lot of other countries after a year. In fact that's sort of included with Plan A as well, but i plan on travelling around different parts of thailand first

[Mover1]

Buy to letter sells properties with no CGT....

Yup - I tend to agree with MaeJoMTB post#41 - the OP has the smell of an elaborate troll, and I'm surprised so many have risen to it.

Far too many ambiguities for my liking.

Crikey, some of you guys are such cynics! Haha.

I can assure you i'm genuine. I've been reading the replies on here on and off all day and will try to reply to each one of them later on, when i've got a bit more time. Appreciate everyone giving their advice and opinions so far, even if it's telling me i'm mad

Yes I am very cynical as far as online forums go, especially this one ;-)

but giving the benefit of doubt

Q.1 You say you are paying for professional advice. You're wasting your money if the advice you are paying for is that you wont be liable for CGT as a non -resident. You most certainly will and you can find that information for free!

Q.2 You've already had the best advise - and that is never to transfer more into Thailand than you need for your immediate purposes. Best to keep your money in the UK - but bear in mind that should you become the subject of a tax evasion investigation your bank accounts will all be up for scrutiny so it may be in your best interest to move the money into something else.

Q.3 Several Visa options - all of which there is plenty of info about on the Thai Embassy site. Just use common sense and pick the most appropriate that is within your budget.

Q.4 You can find plenty of rental properties here on this site - that will give you an idea of the going rate. Bear in mind they will be through agencies so more expensive than dealing direct with the property owner. But you're a buy to renter in the UK anyway (aren't you?) so this shouldn't be rocket science to you...

Q.5 Really?? You've been 6 times before for 2 -3 weeks each time and you still don't know anything about basic domestic living or what essentials to bring with you??? As someone else has already said perhaps you really aren't ready to make a long term move just yet.....

Q.6 You will not officially be a 'Thai Resident' unless you obtain a Certificate of Permanent residency and you aren't going to get that until you have 3 years of renewed Visas anyway, however it seems of more concern to you that you are NOT a UK resident - not that that is in any way going to let you off the hook as far as CGT is concerned.

Q.7 Depends on number of ties to the UK - To be safe work on a figure of less than 16 days.

Hi Shadychris, thanks for taking the time to answer my questions, it's all good to hear. I've got to reply to some of them with more questions though:

1 - Can you tell me why you think i'll still be liable for CGT? As i understand it i'll be liable for the increase between April 2015 to the date sold, and i can't find anywhere that states exactly the April 2015 value of a property is determined, which is worrying. How do you see the CGT rules different to what i've written?

2 - Thanks for the advice. Looks like i'll be moving the majority to an offshore account, drawing some to a new Thai account, and leaving some in a uk account. Does that sound do-able?

3 - Thanks, i'm still checking. Thai embassy in london was closed when i called them today.

4 - Yes that all makes good sense.

5 - Yes i've only stayed in hotels or apartments before, never rented long term. Are you saying the long term places are the same as short term apartments?

6 - As i understand it i need to be considered a resident in another country for at least a year to get around the uk CGT rate, i don't want to be an actual thai national. Apologies if i'm not being clear but i think you understand anyway.

Cheers!

Edited December 7, 2015 by Mover1

[Mover1]

Newbie,

If one of your main reasons for moving to Thailand is to avoid Capital Gains Tax on properties you will sell after April 2016 you need to be very sure of the rules. E.g. for a UK Non-Resident selling his home after April 2015 is liable for capital gains from April 2015 to the date of sale, i.e. it is a new regulation but not retrospective.

You say you are getting advice on Tax, just make sure the person is a specialist for UK non-residents, also if you have the time and patience to read the information on the UK Inland revenue site you will probably be able to find your own answers on whether you will be liable to capital gains tax.

Regards banks I have a Lloyds International Sterling account in Isle of Mann, providing you keep GBP25k in it the monthly charge is GBP7/month but all telegraphic transfers of money abroad are free of charge. An alternative for money transfer is to send money from your UK bank to Bangkok Bank London (usually a free transfer) and it will then automatically be transferred to Thailand - subject to the correct information on the transfer and you having a Bangkok Bank account in Thailand - the charge for this is GBP20 at the UK end and Baht500 at the Thailand end.

Good luck with your move.

Hey thanks Mike, really good info there!

To be honest i might end up paying two different 'experts' to make certain i'm not getting duff advice, as it could cost me a lot. This is the main reason for the upheaval, so got to get this right.

Thats brilliant stuff regarding Lloyds accounts, another one for me to check out. I take it you don't have to go to the Isle of Man to open the account, and it's just a holding place for the offshore account address?

Thanks again

[Mover1]

£9300.A big chunk of change??? at your age, seems like this is a desperate move to escape. which is great, as long as you are happy. just remember, when funds are gone and you are 48 or so.....thailand won't want you.... i hope you have plenty of money for when you go back to UK.....

you can't work, visa issues, health, etc......the money will go soon....

this post might get deleted, but i would reconsider thailand....for now

until 9300 isn't a big chunk..

Why can't he work ? If he wanted to work all he would have to do is find a job, change his visa and get a work permit.

There's loads of foreigners working in Thailand. Starting a company is another option.

Hi ukrules, i don't plan on working at all in the 5 years. If all goes to plan i'll be able to live comfortably on the interest earned from savings. Interesting to hear about starting a company in thailand though, i've got some good contacts for helping with company structures and SPVs.

[Mover1]

£9300.A big chunk of change??? at your age, seems like this is a desperate move to escape. which is great, as long as you are happy. just remember, when funds are gone and you are 48 or so.....thailand won't want you.... i hope you have plenty of money for when you go back to UK.....

you can't work, visa issues, health, etc......the money will go soon....

this post might get deleted, but i would reconsider thailand....for now

until 9300 isn't a big chunk..

Hi puukao, unfortunately yes £9300 is still a big chunk in my eyes. I'll gladly accept it from you if it's just your pocket change? Haha.

The reason i think it's big is because if everything works out the way i'm hoping i'll have around £40k per year to live on. £9300 is a big chunk of that first years money, and i don't want to touch the savings at all while i'm away. The plan is to travel on the £40k and still have all the capital left at the end so i can return to the uk after 5 years if i want to.

What i can't get my head around is paying out £9300 straight away before i've even decided if i want to stay in thailand for 5 years. It seems more sensible to do the visa runs at around £50-£100 a time every couple of months, or am i wrong somewhere? What do you think?

Thanks for the comment

[Mover1]

Buy to letter sells properties with no CGT....

Yes that's exactly what i'm trying to do, make no bones about it

[Mover1]

My advice is to just move and worry (or not worry..) about all of those things later!

Having lived abroad for 25 years of my life,most people seem to worry and create hurdles for themselves that never exist in the first place.

F.J x

Excellent comment F.J, i'm going to just bite the bullet and go for it after some tax advice. Can't wait!

Cheers

[Mover1]

1- Wait until you are 45 and things cool off here. If you still want to come, get the Elite, it is worth it for 5 years of no headaches.

Since you won't take my first advice,

2- Get the Elite now, when it runs out you will be 48, you can then play the "Under 50, Thailand Hates Me" game for 2 years with some METV'S, SETV'S, extensions and exemptions.

If you don't have the lump cash for the Elite than your liquid nest egg is too small, see option 1.

Hi ThaiWai, thanks for the comment. Can i ask what you meant by 'things cool off' there? I take it you don't mean the weather, haha

[Mover1]

Another bloody tax evader.

Yep, sorry. I haven't succeeded yet in fairness.

[Mover1]

Perhaps best to get back on track of trying to help the OP with his planning rather than p iss and moan about everything related to the UK, no!

Dunno but someone,

Obsessing about the price of electricity,

Sought advice from Tax pros in the UK,

Sounds a bit trollish.

Not to mention how would he be having any tax liability in the UK (having sold his rental homes)?

Hi MaeJoMTB, thanks for the comment but I wouldn't really say i was obsessing about electric prices. More a case of finding out what electric charges are reasonable so i can argue the toss. Surely if i'm seen as an easy target for extra electric charges then they'll probably see me as an easy target for anything else they fancy ripping me off with. Would you agree? Maybe i am being a bit tight here.

[Mover1]

Hi ukrules,

Thanks for the reply. Can you tell me which visa i should be applying for if the tourist one is no good? I haven't heard of the Thailand Elite but will look into it, £9300 is a big unexpected chunk to cough up though! Haha.

Thanks for the tips on renting. Can you give me any pointers on how much the electric rates should be, just so i know i'm not getting ripped off? Are there any websites to check on this?

Cheers

If you are moving to Thailand as a complete newbie, you are going to be in for some nasty surprises. Ripped off at every opportunity, buying all the wrong stuff, not knowing where you`ve been or where you`re going or in which direction, lost in a wilderness of confusion.

What you should do is take your questions one by one and research everything online in detail, make a master plan for when you arrive here. On top of that, coming over here not knowing anything is pure stupidity. You should at least do a temporary stay in Thailand for 6 months before chucking all in in the UK. If you can`t, then the best of British luck, you`re going to need it.

Thanks cyberfarang, can't wait to be ripped off at every opportunity and go round in circles! Haha. I suppose i am pretty stupid, i left school without any exams.

[Mover1]

Another bloody tax evader.

I believe the OP is extremely misguided or badly advised if he thinks he can avoid paying taxes on rental income or capital gains.

Capital gains is quite low these days- OP just pay up like everyone else.

Also OP - it's quite refreshing to hear you are so excited coming to Thailand- be aware ( apart from the Elite scheme) there is NO visa that will allow you to stay easily at your age.

You are planning to live in a country with a military Government. You are used to being protected by almost every law on the planet in the mollycoddled UK.

This is a lawless country- it can spit you out- trust very few people- especially other expats- by far the worst.

Good luck

PS if you are really concerned about electricity charges- forget it

Hi Peterb17, thanks for the comment. Not sure i'd agree on the CGT rate being low at 28%, i preferred it when we had taper relief as i'd be a lot better off than i am now and wouldn't be moving abroad. But then again i wouldn't have all this excitement going on right now

Really appreciate the comment, looking forward to 5 years of adventure (hopefully!). It certainly beats going to work 6/7 days a week and running a business i've totally lost interest in. Can't wait to get started.

[Mover1]

A reasonable strategy is to promise yourself that you will not buy property, a house or a condo for at least two years and that during that period you will rent on short term leases. That way you have time to get to understand the geography, the people, the culture and markets.

Another reasonable approach which worked well for me a dozen years ago was to spend six months in each of the major locations, Bangkok (but only if you're a City boy), Pattaya, Phuket, Chiang Mai and somewhere in Issan. Others may have additional locations to suggest but you get the general picture, avoid settling in one place when that's all you've seen or know - you said you might travel the world well perhaps traveling Thailand is the start of that.

Transport: given that you've got some cash and I presume you can drive, maybe consider buying a car/truck/SUV, driving here is not that difficult for people who've driven for a few years and have some nerve, skill and experience - it will allow you to see lots of places you otherwise wouldn't notice and it will free you from the frustrating trap of public transport. Just a thought.

Would be spouses and partners: perhaps useful to view them the same way you would a location, as described in the first para above!

Thanks chaing mai, yes i don't plan on buying property in thailand because i've heard so many bad things happening to those that have. I plan to rent places for a few months at a time, once i've found somewhere i like being at. And if not, i'll just move on again. Will try out all the places you've mentioned, think i'll hang back on getting a car or truck though! Cheers

[Mover1]

Hello everyone,

I'm about to move to Thailand early next year for 5 years and have a lot of questions, hopefully it's ok to post them here and get some answers from you experienced expats. If I'm posting in the wrong place then please tell me where to go :

• I'm selling a business and have some rental properties in the uk. The properties are all being sold after April 2016 so i'm not liable for Capital Gains Tax, as long as i'm out the UK for 5 years, is this correct? I'm paying for professional tax advice at the moment but i'm interested if anyone here has some similar recent experience.
• How is it best to handle bank accounts when moving to another country? At the moment i've got a few uk accounts, is it best to keep these open and open another account in a Thai bank? Or use an offshore bank? If offshore, which currency is best to use?
• I'm about to apply for a Thai visa. I'm a bit confused as to which visa i should be applying for, is it a Tourist Visa valid for 60 days, then keep renewing it every 90 days? I'm 43 yrs old if it makes a difference.
• I've been to Thailand 6 times for short (2-3 week) holidays, but i've never rented an apartment on a long term basis. Is there things i should be watching out for? And how do i know it's a reasonable price? Where do i find places for long term rental?
• How does living in an apartment in Thailand compare the uk? I mean whats the differences i should be aware of, like kitchen appliances (oven, washing machine, etc), how to get uk tv channels, washing clothes and laundry, cooking, etc? Do i need any essentials to bring with me?
• I plan on moving around the country, and visiting other countries, maybe even going around the world at some point. In order to maintain my tax status as a Thai resident, how many days must i be resident in the country so the uk gov is satisfied concerning Capital Gains Tax (It could be a fxxxing big mistake if i get this wrong).
• How many days are you allowed back to visit friends and family in the UK for each year?

Sorry for all the questions. I'm excited about the move and also a bit nervous about how unprepared i feel! Any pointers regarding anything i've mentioned above would be really helpful!

Cheers

1 still liable to cgt. The rule was changed for non residences from April 2015.

2. Keep your uk bank accounts and keep your properties.

3. You probably have enough money to buy an elite card, then move onto retirement visa at 50.

4. Long term rental. Find a short term base then ask on here..

5. Not much difference. Probably have a gym and pool in the condo complex. As part of rental agreement insure Internet and cable included. Electricity rate to be negotiated.

6. You will never be resident for tax purposes here unless you work.

7. As previously stated your cgt situation will not change. As for being a uk tax residence, use to be 180 days outside, now it's more " life style" if you are continuously in and out, then you never really left. Just keep them ( visits )short .

Thanks huawel, appreciate you taking the time to answer everything.

Can you tell me why you think i'll still be liable for CGT? As i see it i pay tax on the gain from April 2015 to the date sold, which should be very much at all. I wish they had doubled since April 2015, but unfortunately they haven't.

Visits to the uk will be kept short, about 14 days a year to make sure i don't fall foul of the rules and have to pay all the CGT back.

Cheers!

[Mover1]

My advice:

Sell your business but don't sell your rental property.

Maintain an address for bank purposes with a relative, maintain at least two bank accounts and two credit cards.

Keep the money from your business in the UK, taking only what you need to live on to Thailand.

Buy health insurance when you get to Thailand.

----

Reasoning:

You are 43 years old, your only short/midterm visa option is a tourist visa - you therefore have no security of residence in Thailand and will be relying on the vagrancy of visa runs.

You should factor that any money you take to Thailand will stay in Thailand, most probably not in your hands.

You need bank and credit card facilities, the latter will not be available in Thailand and the former will be restricted compared to your options in the UK.

The property market in the UK is showing no signs of shrinking - why change secure investments.

If you loose a significant amount of money (see losing money in Thailand above) and return broke to the UK after 5 years you will have extreme difficulty reestablishing yourself.

43 years old with cash in your pocket, you have my congratulations on your forthcoming marriage, family and family responsibilities.

Hi GuestHouse, thanks for the replies, much appreciated! Not sure i fancy all that upcoming family stuff though, haha.

Plan is now as follows: Sell everything, open offshore account and thai account and keep uk accounts, don't lose everything.

Can you tell me why i should get health insurance in Thailand rather than the UK? Is it cheaper for the same cover?

Thanks

[Mover1]

Hi ukrules,

Thanks for the reply. Can you tell me which visa i should be applying for if the tourist one is no good? I haven't heard of the Thailand Elite but will look into it, £9300 is a big unexpected chunk to cough up though! Haha.

Thanks for the tips on renting. Can you give me any pointers on how much the electric rates should be, just so i know i'm not getting ripped off? Are there any websites to check on this?

Cheers

As a starter, you might want to consider the new METV (multiple entry tourist visa). As you get settled, you can then choose the visa that most suits, eg, study visa, work visa, who knows marriage visa.

Renting an apartment is easy it usually involves 2 months deposit, and 1 month in advance. Some apartments offer weekly or monthly rates though these tend to be a lot more expensive.

Typically a self contained studio room will be 6000 baht upwards, and a nicer apartment 20000 baht per month, with plenty of choice in between.

Electricity will vary from 1000- 3000 baht per month depending on whether you use aircon.

Water rates generally 200-300 baht.

If I may suggest, you need to decide on a base from which to start, eg, Bangkok, Pattaya, or Hua Hin. If you were to choose a city like Bangkok, don't commit yourself to a long contract too soon as the heat and pollution can cause allergic illness that can't be controlled.

Hi mommysboy, thanks for the comments.

Really good to know what people are paying for basic things, and what sort of costs i can expect each month.

I'm more of a beach goer than a city goer, but will be checking all those places out!

Cheers

[tassieman]

don't do it.

[catman20]

I was in the same position as you a few years ago with the property thing if I were you I wouldn't sell them.

I would keep them all as I did and rent them all out to long term tenants, I've had most of my tenants over 10/12 years now

[Mover1]

I was in the same position as you a few years ago with the property thing if I were you I wouldn't sell them.

I would keep them all as I did and rent them all out to long term tenants, I've had most of my tenants over 10/12 years now

Hi catman, i'd like to keep them all but i'm at the mercy of interest rate rises and house prices falling. My loan to value is quite high across them all, and the recent budget announcements have made up my mind for me. The time is right for me personally to cash out and bank the proceeds. Hope yours are all doing well.

[Shadychris]

Buy to letter sells properties with no CGT....

Yup - I tend to agree with MaeJoMTB post#41 - the OP has the smell of an elaborate troll, and I'm surprised so many have risen to it.

Far too many ambiguities for my liking.

Crikey, some of you guys are such cynics! Haha.

I can assure you i'm genuine. I've been reading the replies on here on and off all day and will try to reply to each one of them later on, when i've got a bit more time. Appreciate everyone giving their advice and opinions so far, even if it's telling me i'm mad

Yes I am very cynical as far as online forums go, especially this one ;-)

but giving the benefit of doubt

Q.1 You say you are paying for professional advice. You're wasting your money if the advice you are paying for is that you wont be liable for CGT as a non -resident. You most certainly will and you can find that information for free!

Q.2 You've already had the best advise - and that is never to transfer more into Thailand than you need for your immediate purposes. Best to keep your money in the UK - but bear in mind that should you become the subject of a tax evasion investigation your bank accounts will all be up for scrutiny so it may be in your best interest to move the money into something else.

Q.3 Several Visa options - all of which there is plenty of info about on the Thai Embassy site. Just use common sense and pick the most appropriate that is within your budget.

Q.4 You can find plenty of rental properties here on this site - that will give you an idea of the going rate. Bear in mind they will be through agencies so more expensive than dealing direct with the property owner. But you're a buy to renter in the UK anyway (aren't you?) so this shouldn't be rocket science to you...

Q.5 Really?? You've been 6 times before for 2 -3 weeks each time and you still don't know anything about basic domestic living or what essentials to bring with you??? As someone else has already said perhaps you really aren't ready to make a long term move just yet.....

Q.6 You will not officially be a 'Thai Resident' unless you obtain a Certificate of Permanent residency and you aren't going to get that until you have 3 years of renewed Visas anyway, however it seems of more concern to you that you are NOT a UK resident - not that that is in any way going to let you off the hook as far as CGT is concerned.

Q.7 Depends on number of ties to the UK - To be safe work on a figure of less than 16 days.

Hi Shadychris, thanks for taking the time to answer my questions, it's all good to hear. I've got to reply to some of them with more questions though:

1 - Can you tell me why you think i'll still be liable for CGT? As i understand it i'll be liable for the increase between April 2015 to the date sold, and i can't find anywhere that states exactly the April 2015 value of a property is determined, which is worrying. How do you see the CGT rules different to what i've written?

2 - Thanks for the advice. Looks like i'll be moving the majority to an offshore account, drawing some to a new Thai account, and leaving some in a uk account. Does that sound do-able?

3 - Thanks, i'm still checking. Thai embassy in london was closed when i called them today.

4 - Yes that all makes good sense.

5 - Yes i've only stayed in hotels or apartments before, never rented long term. Are you saying the long term places are the same as short term apartments?

6 - As i understand it i need to be considered a resident in another country for at least a year to get around the uk CGT rate, i don't want to be an actual thai national. Apologies if i'm not being clear but i think you understand anyway.

Cheers!

Points 1 and 2 Mike has already given you excellent answers. I'm not aware of any real tax 'experts' posting their advice for free on TV ;-) I'm certainly not one, all i know is that the regulations changed recently to close loopholes for non-resident CGT evaders, and online searches for "are non UK residents liable for CGT?" would suggest they are. I can imagine in your case there would be added complexity regarding at what point in time you are considered as non-resident, and also at what point in time you actually manage to sell your property - the market is bouyant at the moment but who knows what the situation will be next April... If your tax adviser is just a 'suit' that you dont know and trust personally, then yes, definitely consider getting a second opinion!

Point 3, I didnt mean call the Thai Embassy - they have a website in English! Better to peruse that quietly in your own time to make a decision. From what's come out so far I agree with those who say don't go for the Elite visa. Even if you're a millionaire, only a prat would say £9k is not a significant sum of money. As it seems you're only committed to staying for a couple of years it would just be a waste. Personally I would start off on a double entry tourist visa - that should be long enough for you to get a feel for the place and make a more informed decision as to how long you wish to stay.

Point 5, Depends how much rent you want to pay.. You can get long term rentals with the same facilities as short term 'holiday' rentals, or you can get better facilities, or you can get unfurnished. Also depends on location - I've paid anywhere between £100 - £500 p\m for 1 bedroom furnished apartments - you say you're on a budget of £40k a year so I dont think you will need to worry to much about finding accomodation with all the facilities and creature comforts you're used to in the UK..

Point 6. Probably refer to my answer in point 1 ;-) You need to be more sure about the regulations... My interpretation is that you just need to be out of the country for 339 days, although it could be as little as 180 days before you were considered non resident. I don't 'think' it matters where you are, could even be on the space station, just as long as youre not in the UK for more than your allowed days.. Should you need to prove residency you can get a simple 'residency certificate' which basically just proves you have an address at which you pay rent. There is also a 'Certificate of Permanent Residency' which is harder to get but does mean no more visa hassles. However neither of those are the same as getting Thai nationality - which is extremely difficult and I believe applications for it are limited to just a few hundred a year anyway.

Good luck with it all - you say you left school with no qualifications but you've still managed to build a decent business so maybe just do your own research on the more authoritatve sites and trust your own judgement and gut feelings more. Just make sure wherever you go that you always have options and exit plans. Eggs and baskets!!

......Unless ofc you want to spend your old age like so many on here, full of bitterness that they are now trapped in an inextricable situation, with nothing else left to do except pass their days moaning about their lives and Thailand in general.

Edited December 7, 2015 by Shadychris

[Mover1]

don't do it.

Any reason why tassieman?

[catman20]

I was in the same position as you a few years ago with the property thing if I were you I wouldn't sell them.

I would keep them all as I did and rent them all out to long term tenants, I've had most of my tenants over 10/12 years now

Hi catman, i'd like to keep them all but i'm at the mercy of interest rate rises and house prices falling. My loan to value is quite high across them all, and the recent budget announcements have made up my mind for me. The time is right for me personally to cash out and bank the proceeds. Hope yours are all doing well.

sorry I wasn't a where you had loans on them

[chiang mai]

I'm going to agree with some of the earlier posters here since I now realize that you are only 43 and perhaps the amount of money involved is not as great as I thought it might be - don't do it.

And my reasons for saying this are simply that your motives are wrong. Selling up and cashing out because of the potential for rising interest rates and potentially falling prices (says who BTW) is not indicative of a long term investment strategy, there is a shortage of housing in the UK and the rental income yield on your property remains significant. But to let all that go just to try and avoid CGT is very silly, unless you've made millions of Pounds that you can bank - it may seem like a lot of money now but by the time you get done it will be less than you think and in ten years time it will be significantly less, many of us have been there and done that and speak from experience!

Another very key point to remember is that once you get off the property ladder, it will be much much harder, if not impossible, to get back on again, in ten years time. A dear friend sold up in the UK in 2004 thinking prices were peaking, he laments the fact now that the house he sold is worth double and there's still no end in sight.

Yes I know, the prospect of getting out of the rat race with some real money in your pocket is attractive, add to that the prospect of moving to Thailand as well and the scenario become addictive. but honestly, you haven't thought it through completely and you've not set out a viable plan B for ten, fifteen and twenty years down the road when your circumstances change and/or the money runs out.

Good luck with whatever you decide but again, I urge you to wait.

[bkk_mike]

On 1:

Don't expect the tax rules to stay as they are now.

In the past few years they've changed how to calculate who is non-resident, and they've made residential property liable to CGT even for non-residents (currently only on the gain since April 2015). However, that's only 8 months ago, so anyone non-resident now was either already non-resident in April 2015, or is dealing with split year rules.

The mere thought that people who are currently UK resident could move out of the country and sell up - and pay minimal Capital Gains Tax - will have the Treasury changing the rules. Fully expect something along the lines of - and who have been non-resident for ... years, where the number is always enough to keep you liable if you were UK resident as of April 2015, until it gets up to 4 or 5 years.

The UK government has already shown in the budget and the Autumn statement that they are turning anti small landlord. (A lot of the recent changes don't apply if you have over 15 properties, or if you're a company - so I'm assuming it's because it's harder to hide income when you're audited or you have a LOT of income...). I can only guess this is at least partly because it's really difficult to catch a landlord with only one or two properties and who isn't declaring their full rental income. Personally, I think they'd be better off introducing a tax rebate on private rental payments, like in Hong Kong, where the landlord has to sign the form - as it means for a relatively small tax rebate to the tenant, they have a form signed by the landlord and tenant, with the rent listed on it...

[Shadychris]

I'm going to agree with some of the earlier posters here since I now realize that you are only 43 and perhaps the amount of money involved is not as great as I thought it might be - don't do it.

And my reasons for saying this are simply that your motives are wrong. Selling up and cashing out because of the potential for rising interest rates and potentially falling prices (says who BTW) is not indicative of a long term investment strategy, there is a shortage of housing in the UK and the rental income yield on your property remains significant. But to let all that go just to try and avoid CGT is very silly, unless you've made millions of Pounds that you can bank - it may seem like a lot of money now but by the time you get done it will be less than you think and in ten years time it will be significantly less, many of us have been there and done that and speak from experience!

Another very key point to remember is that once you get off the property ladder, it will be much much harder, if not impossible, to get back on again, in ten years time. A dear friend sold up in the UK in 2004 thinking prices were peaking, he laments the fact now that the house he sold is worth double and there's still no end in sight.

Yes I know, the prospect of getting out of the rat race with some real money in your pocket is attractive, add to that the prospect of moving to Thailand as well and the scenario become addictive. but honestly, you haven't thought it through completely and you've not set out a viable plan B for ten, fifteen and twenty years down the road when your circumstances change and/or the money runs out.

Good luck with whatever you decide but again, I urge you to wait.

Hmmn a lot of what you say can't be argued with, but we all have different 'drivers' in our lives.

Without knowing all the ins and outs of the OP's finances I'm not sure anyone should be 'urging' him one way or the other...

He says that he expects his capital to give him interest of £40k a year, and that's at todays fairly low interest rates. So in theory he never needs to work again if he doesnt want to.. I would think its a much better opportunity to cash up now, and see something of the world while still at a youngish age. rather than persist on with a business he has lost interest in, along with all the associated stress and worry of running it, just to try and accumulate more wealth that he may not actually need.. Let's not forget that mid 40's to mid 50's are high risk heart attack years.. Think I'd sooner have one humping hot totty on a beach in Thailand, than running around worrying over how well my portfolio is doing in dismal grey UK