29.9 C
Bangkok
Thursday, June 13, 2024

Expat Retirees Who Are Funding Retirement from Overseas Sources

POST APPLICABLE TO LMITED GROUP

This post would apply mostly to retiree expats on government pensions (such as Social Security) and company pension plans.

NEW TAX REGULATIONS

As most of you know, Thailand Revenue Dept. has announced new regulations to tax (up to 35%) all income brought into Thailand from abroad. And yet, we still await for the details for the specific applications of this new tax regime.

MY QUERY TO YOU

We are now going on 4 months into the first taxable year under these new regulations. I'm curious: Until we have full details disclosure on the new regs, what are you doing (if anything) to prepare for a worst-case scenario?

MY STRATEGY

FIRST — I have ceased bringing over my company pension funds, letting them accumulate overseas. Using those company pension funds, I'm trying to divert as many expenses as possible to foreign credit cards (which are paid off from my home country bank account), so as not to physically bring any of those funds in to the country.

SECONDLY — I am setting aside 20% of my monthly government pension to cover a 2025 tax return on 2024 taxes. Admittedly, this is impacting my standard of living, until things shake out.

What are you doing? Appreciate your input and any additional ideas to prepare ourselves.



View Reddit by TawptuanView Source

Latest Articles