Question about retirement visa and taxes

[danny77]

Hi guys, I'm not sure if I'm posting this question in the correct place. Actually I'm new to the forum, I just joined today.
I'm a UK citizen, approaching the age of 50 and have been living in Japan for the past 25 years. When I'm 50, I'd like to semi-retire and live in Thailand on a retirement visa. I'll still have my company in Japan to earn money, but as far as the Thai government would be concerned, I won't be working, certainly not in Thailand anyway. My job can be done anywhere in the world using a laptop etc.
When one lives in Thailand with a retirement visa, what taxes does one pay, considering there is no income being generated in Thailand.
Any income that I make in Japan will be paid into my Japan bank account, as I'll still be able to keep my Japan permanent residency forever (provided I continue paying all my Japan taxes and visit there at least once per year).
I would expect to just withdraw cash from Thailand ATMs with my Japanese bank card as and when I need it, or send money over using Wise in dribs and drabs etc.

Is my plan realistic? It seems too good to be true. Also, I guess I could do the same if I bought a 20 year Elite visa?

Thanks for your advice in advance! Dan

[Pinetree]

45 minutes ago, danny77 said:

Hi guys, I'm not sure if I'm posting this question in the correct place. Actually I'm new to the forum, I just joined today.
I'm a UK citizen, approaching the age of 50 and have been living in Japan for the past 25 years. When I'm 50, I'd like to semi-retire and live in Thailand on a retirement visa. I'll still have my company in Japan to earn money, but as far as the Thai government would be concerned, I won't be working, certainly not in Thailand anyway. My job can be done anywhere in the world using a laptop etc.
When one lives in Thailand with a retirement visa, what taxes does one pay, considering there is no income being generated in Thailand.
Any income that I make in Japan will be paid into my Japan bank account, as I'll still be able to keep my Japan permanent residency forever (provided I continue paying all my Japan taxes and visit there at least once per year).
I would expect to just withdraw cash from Thailand ATMs with my Japanese bank card as and when I need it, or send money over using Wise in dribs and drabs etc.

Is my plan realistic? It seems too good to be true. Also, I guess I could do the same if I bought a 20 year Elite visa?

Thanks for your advice in advance! Dan

Welcome to the forum. Yes, your plan, and your understanding is right.  However, if you are in effect, a digital nomad, working online from here, but generating income from that activity, well you may fall foul of the rules.  Keep a low profile, always use a VPN and don't generate any direct income from inside Thailand, and  you should have no issues.   No tax to pay in that case.   You will be in the same boat as many here, including online teachers whos students are outside Thailand.   I would suggest, indeed you will need, a Thai Bank savings Account, for immigration purposes  ( 800K in the bank required, for an extension) and for your normal needs.  Transfer money from Japan to that account and use a Thai debit card that the bank will give to you.  I suggest using WISE, to transfer money.  That is by far the cheaper option.  PM me if you want more detailed information. 

[Faz]

Hi Danny, and welcome to the forum.

There's actually no such visa type as a 'Retirement' visa.
You actually require the Non Immigrant O visa, for the purpose of retirement.
On entry to Thailand, you will be granted permission to stay for 90 days.

http://www.thaiconsulate.jp/en/visa-top/
http://www.thaiconsulate.jp/files/user/visa_pdf/NonO-Retirement_ENG.pdf

Read this information; https://talk.thethaiger.com/topic/1652-visa-or-extension-of-stay/#comment-5567

 

You can then extend your permission of stay for 1 year at a time, subject to meeting the financial requirements. You'd need to open a Thai bank account in your sole name and deposit the equivalent of 800,000 THB. Once those funds have been in the bank for 2 months, you can apply for the 1-year extension of stay at your local Immigration office. (1,900 BHT).

Once the 1-year extension is granted, you must maintain that balance of 800K THB for 3 months, after which time you are permitted to withdraw funds, but must maintain a minimum balance of 400K THB. Top this back up to 800K THB 2 months prior to submitted your application for a further 1 year extension.

An extension of your permission of stay is a permit, not a visa.
If you intend to leave and re-enter during this 1-year period, you can purchase a re-entry permit, which protects any permission of stay already granted on re-entry.
Single re-entry permit 1,000 THB, multiple entry 3,800 BHT.

Whilst the Elite Visa is a further option, IMHO it's good money down the drain.
Don't mention working from home on your PC.
Don't mention tax affairs - you won't be asked.

[Pinetree]

16 hours ago, Faz said:

Whilst the Elite Visa is a further option, IMHO it's good money down the drain.

Correct, OP, don't even consider it.

OP, If you wish to do so, and many of us do, use an Agent here with a good reputation for navigating the immigration system.  In my view, that is money well spent.