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Thread: Becoming an Expat

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    เมืองเชียงราย Thai Dreamer ผู้เพ้อฝัน Rivo's Avatar
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    Becoming an Expat

    For those of us who would consider living in LOS for an extended time, is the only way for this to happen is get employment in LOS(I know would be difficult to get a good income) or become self funded ?


    When retirement time comes are Australian citizens aloud to recieve the pension when not living in Aust ?
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    Foundation Member Thai Dreamer ผู้เพ้อฝัน Sydney's Avatar
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    I do a fair amount of wondering about, if i could actually live in LOS full time............one thing for sure is i don't think i would ever want to work there or run a business for that matter, so self-funded only for me.

    BTBH i don't think i could live there as a Expat....i know this will buck the trend...as i have heard many people calling it "Living the dream" , but Aussie life style i would miss just to much, and then there is my kids, even when they are having there own kids i would want to be around for that, and the water skiing and all the other things i love about living here.

    So for me it would be a balance of leave OZ in the winter and return Oct - April for the summer..............all self funded of coarse....555555555555
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    The artist formally known as Wabbits Thai Dreamer ผู้เพ้อฝัน wabbits's Avatar
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    Can and will live there but money will have to come from external source.
    Most likely not there till retirement.
    I like Sydney like the lifestyle here but for me there is still better.
    Having lived there for awhile it has thought me how I will design my life there later in life, but right now have to build the war chest up much further.

    As a retiree to retain your pension you will need to have an address here in Oz and I think enter the the country or not be gone for more than 6 months but not 100% on that to open to being corrected.

    If you have been ex Oz prior to pension time you need to come back and reside for longer than one year before receiving the pension.
    .

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    ประเทศไทยเพื่อน Founding Member Thai Dreamer ผู้เพ้อฝัน Changone's Avatar
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    You could maybe "Buy a job" in Thailand but even then it likely wouldn't pay for an "Expat" lifestyle. A few have done it with varying degrees of success though.

    You could spend your money, reducing the bank each year depending on how long you expect to live, but that's not a really good idea. Another GFC and you could could be looking for your old job back.

    Relying on a government pension could work if you were flexible enough to meet all the conditions, and just hope they don't get so strict that your lifeline was cut for any length of time. I can assure you that there would be very little sympathy at home for those pensioners living the "Expat lifestyle".

    There is no substitute for a reliable regular non-government income in Australia, even a much lower one than you would need to live there. A part time gig in Oz pulling in $40k a year could see you well into your retirement years, before you even touched your retirement money. But i'm with Wabbs in the "War Chest" department just in case...
    Nothing like having options when things go pear shaped.
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    I have been through the "how can I live in LOS" phase so many times now. Usually it hangs around for a while everytime we come back from a trip.

    In recent years I've started approaching it in a more realistic way. For me its not going to happen anytime soon, but Im defo starting to plan an "early" retirement. I'm still a young(ish) 32 and I'm lucky enough to have my wife living in the UK with me which makes those long spells away from LOS much more bearable. However, I have still thought about how possible it would be for us to make a living in LOS now. I looked at all the usual options, teaching English etc but in the end that would not be the best option for me (and especially not the thai kids). We have come to the realisation that without a lottery win, the best we can hope for is to make a move out there hopefuly whilst we're still young enough to be able to enjoy it.

    The way things are going here in the UK I will not get my state pension until I'm 66, so I'm starting to look at personal pension plans which I'll be able to claim when I'm 55. For now that is my target age for making the move, but other factors will also have a bearing on when and if it will ever happen (for example, family inheritance).
    Having a Thai wife will undoubtedly make it easier for us too and we're already starting to put in place those longterm plans. On our next trip we will be looking to buy some land which may or may not be used for a future home but more than anything will give my wife a little security in LOS.

    From my experience the ex-pats that are able to stay and maintain a lifestyle in LOS are without doubt those that have either a business outside of Thailand, own property and make an income from that property outside of Thailand which they rent out, those that have sold property in the "boom" years and so have a substantial amount to live off or those that have a regular pension coming in.

    I can't answer your question on Australian pensions, but I for sure will have to rely on whatever we can put away now....not what little, if anything could be made in Thailand.
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    ประเทศไทยเพื่อน Founding Member Thai Dreamer ผู้เพ้อฝัน jontymate's Avatar
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    Quote Originally Posted by Changone View Post

    You could maybe "Buy a job" in Thailand but even then it likely wouldn't pay for an "Expat" lifestyle. A few have done it with varying degrees of success though.

    You could spend your money, reducing the bank each year depending on how long you expect to live, but that's not a really good idea. Another GFC and you could could be looking for your old job back.

    Relying on a government pension could work if you were flexible enough to meet all the conditions, and just hope they don't get so strict that your lifeline was cut for any length of time. I can assure you that there would be very little sympathy at home for those pensioners living the "Expat lifestyle".

    There is no substitute for a reliable regular non-government income in Australia, even a much lower one than you would need to live there. A part time gig in Oz pulling in $40k a year could see you well into your retirement years, before you even touched your retirement money. But i'm with Wabbs in the "War Chest" department just in case...
    Nothing like having options when things go pear shaped.
    C1 Think the goal post have been changed once again with this budget with the requirements you can be away and claim. I like to add to what C1 is saying you can never be reliant on a government pension when they change to Goal post all the time.
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    Frequent Flyer kaptainrob's Avatar
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    Quote Originally Posted by jontymate View Post
    C1 Think the goal post have been changed once again with this budget with the requirements you can be away and claim. I like to add to what C1 is saying you can never be reliant on a government pension when they change to Goal post all the time.
    Spot on Jonty.

    Personally, I wasn't keen on waiting around for 'a pension' and couldn't give a flyingfook about what I'd miss out on

    Your sig quote sums me up ...
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    Uber Star Soi wanderer Thai Dreamer ผู้เพ้อฝัน Chob's Avatar
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    I was just looking back to 4 years ago and I was spending 155,000 baht a month when I first moved to Phuket .... and I was only getting 27 baht per Aus. dollar!
    Obviously I was having a Great time , but these things have away of settling down.
    Like Rob , I wasnt going to wait around when I was just turned 50.
    Like Jonty said , you could wait till 65 , and by then pensions not be available till 70. And so on.
    My business had been ceded to my ex , and I was spending a lot just living in my own house in Australia anyway.
    Fortunately the slump was just arriving and it looked large to me, so I sold . I got 6% 'fixed' in a bank , and took the punt and moved.
    But the 'shifting goal posts ' are moving again. I'll be on 5% by next 'rollover'.
    But costs have dropped significantly as well. I now spend about 90k baht a month including everything. It'd probably drop to 70k if I moved off this island.
    At that rate theres enough till Im 90.

    I think Todd is on the right track but.
    Make your money where it really is good money. Buy your house with resale in mind , maintain it well but dont overcapitalize.
    Shop for fad products minimally.
    Then move when you can have 80k baht a month or so ( current rate ) for your remaining 30 years or so.
    Any 80 year old I know is no spendthrift...

  9. #9
    ประเทศไทยเพื่อน Founding Member Thai Dreamer ผู้เพ้อฝัน PatongBeachBoy's Avatar
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    My 10 year plan is..... To keep the current house that I'm in and try to get the mortgage below the $100,000 mark, using the equity in that house I then want to build a purpose built house... When I say purpose built I mean- A 6 bedroom house that has the ability to be divided into 2 separate dwellings, so a four bedroom double bathroom and a living area, and then a 2 bedroom single bathroom and smaller living area..... The plan would be to rent my current house out and the 4 bedroom section out leaving the 2 bedroom section for us to come and go (the old 3 months on/off scenario).... I can see myself still running the family business but gearing it so that it can be run remotely without my daily input.... I can't ever seeing myself living in LOS fulltime as I cant see my kids wanting to when they come of age, they are an important part of my life and just because they become adults doesn't mean that I stop be a part of their lives.
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    Uber Star Soi wanderer Thai Dreamer ผู้เพ้อฝัน Spot's Avatar
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    Quote Originally Posted by Sydney View Post
    I do a fair amount of wondering about, if i could actually live in LOS full time............one thing for sure is i don't think i would ever want to work there or run a business for that matter, so self-funded only for me.

    BTBH i don't think i could live there as a Expat....i know this will buck the trend...as i have heard many people calling it "Living the dream" , but Aussie life style i would miss just to much, and then there is my kids, even when they are having there own kids i would want to be around for that, and the water skiing and all the other things i love about living here.

    So for me it would be a balance of leave OZ in the winter and return Oct - April for the summer..............all self funded of coarse....555555555555
    Just my 2 Bahts worth, I was working in Qld and my new house soon became surrounded by those moving north in retirement to Buddhas waiting room..

    I had contacts through work and the kids school, but in the end the majority of my street became retirees from elswhere. What did they do?

    Usually the first thing was a security door on the front door, and the second would be to make regular appointments at the local medical clinic. These were generations who had holidayed in Qld and sworn they would retire there.

    The missing link that they didn't wake up to? Yep they had a great time on holiday because they were doing something. Retire thousand miles from old friends and family? What do they do?

    I'd love a dollar for everyday the campervan and the boat was left in the shed. Local home brew shop did a roaring trade....... There's only so many times you can go to the beach........

    Until we started neighbourhood watch the majority of them hadn't met most of the street....

    Would retiring in LOS be the same? What would i do? Hit the piss and party everday like there is no tommorrow?

    I have no answers, but suggest that retirement either at home or in LOS desrves some hard thinking on how you are going to fill your time.

    I intend time both in places, but will I be able to afford it? Will S earning an income affect my entitlements? With the age difference when I am ready to retire will S be able to earn a decent living back in LOS.

    There glad i could clear that up for you... (Now i'm even more confused.... 55555)

    Errr Next Question?
    Last edited by Spot; 22nd May 2012 at 14:25.
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    Uber Star Soi wanderer Thai Dreamer ผู้เพ้อฝัน Zablive's Avatar
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    Once you have qualified for an OZ pension you are free to claim it overseas without impediment or time restrictions in or out of OZ for life.
    However, living overseas means you won't get rent allowance and other allowances related to Telephone/internet, GST etc.
    True, the qualifying age will keep creeping higher.

    Currently you need to be resident in OZ for two years before your qualifying age - something to consider if moving to LOS before that age.
    If not, you will have to wait in OZ for two years to be granted the pension. There are also qualifying work periods and total time spent in OZ.
    Resident doesn't mean just having an OZ address - many factors can be used to determine just where you are "resident".

    You will also get a lower rate if you have reported a partner (married/de facto) who is not eligible for the OZ pension.

    As for what to do in retirement?
    Believe me there aren't enough hours in the day.
    Last edited by Zablive; 25th May 2012 at 12:35.
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    Foundation Member Uber Star Norabunga's Avatar
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    Quote Originally Posted by Zablive View Post
    Once you have qualified for an OZ pension you are free to claim it overseas without impediment or time restrictions in or out of OZ for life.
    Do you know that is 'fact'. i.e. personal experience?


    Quote Originally Posted by Zablive View Post
    Currently you need to be resident in OZ for two years before your qualifying age - something to consider if moving to LOS before that age.
    If not, you will have to wait in OZ for two years to be granted the pension.
    Is that the two years immediately before qualifying?
    I'm 58 ATM and intend retiring to LOS at age 60, living off superannuation and rent from my house in Aus. Will return to Aus at or before age 66 to claim the pension so need to know when to return.

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    Uber Star Soi wanderer Thai Dreamer ผู้เพ้อฝัน Zablive's Avatar
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    Personal experience for 5 years (Yes I'm that old 555!).
    Also confirmed by a Centrelink International rep who gave a seminar last year in Karon.
    Her words: "Once you have qualified for the OAP, providing your financial circumstances don't change, you are gold."

    My best advice is to contact Centrelink International Affairs in Hobart - they have a toll-free number - they have always been very helpful! (compared to some local offices).
    Every situation is different for eligibility - but I see no change to the basic rules in the last Budget for example.
    It should be part of anyone's retirement planning if they have been bitten by the LOS bug.
    Last edited by Zablive; 25th May 2012 at 14:09.
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    เมืองเชียงราย Thai Dreamer ผู้เพ้อฝัน Rivo's Avatar
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    Good input Zab, thanks for confirming
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    Uber Star Soi wanderer Thai Dreamer ผู้เพ้อฝัน Zablive's Avatar
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    From the Centrelink International website:

    Special rules if you have recently returned to live in Australia

    If you are a former Australian resident who returns to Australia to live and is granted or transferred to an Australian Age or Disability Support Pension or Bereavement Allowance you cannot be paid that pension outside Australia during the 2 years after re-establishing permanent residence unless special arrangements under an international social security agreement apply.

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    Foundation Member Uber Star Norabunga's Avatar
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    Hmm. looks like I'll have to maintain residency from age 64 - 66 (spend 6 months and 1 day in Aus per year), then nick off to LOS after sorting out a pension.

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    Foundation Member Uber Star Norabunga's Avatar
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    Zab (or any one else) Do you have any investments in Aus and are they taxed at the resident rate? I'm a bit worried That the interest on my meagre savings might be taxed at the non-resident rate of 29%

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    The artist formally known as Wabbits Thai Dreamer ผู้เพ้อฝัน wabbits's Avatar
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    I believe that id you are a Kiwi you can receive your pension where ever you are and do not have to return to the country so to speak.
    I wonder if you could ex OZ on your Kiwi passport while maintaining residency here???
    .

  19. #19
    Uber Star Soi wanderer Thai Dreamer ผู้เพ้อฝัน Zablive's Avatar
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    Quote Originally Posted by Norabunga View Post
    Zab (or any one else) Do you have any investments in Aus and are they taxed at the resident rate? I'm a bit worried That the interest on my meagre savings might be taxed at the non-resident rate of 29%
    I don't have anything in OZ except memories so I can't help you.
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    Uber Star Soi wanderer Thai Dreamer ผู้เพ้อฝัน Zablive's Avatar
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    Quote Originally Posted by Norabunga View Post
    Hmm. looks like I'll have to maintain residency from age 64 - 66 (spend 6 months and 1 day in Aus per year), then nick off to LOS after sorting out a pension.
    Just be careful to not raise any red flags and be aware that if you are receiving any benefits that the Immigration computers are directly linked to Centrelink (and Medicare) - so they'll always know if you are in or out of OZ.

    Time in OZ is not the only factor - they will look at ownership of car/motorbike, condo/house, where your wife/partner and kids live, bank accounts, offshore investments etc. to determine "where you are resident".

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