Jim P

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About Jim P

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  • Birthday 07/21/1962
  1. How old are you now Mitch? Here is my view for whats its worth as I haven't made the move myself but I have been a UK landlord in the past. I wouldn't split one 500k property into two smaller ones with a value of 250k each, thats going to cost you 25k just in stamp duty alone. Your maintenance bill will most likely be bigger and you will be paying agents 10-15% per property to have to have them fully managed.Of course your chances of getting a bad tenant have also increased. If you have to sell I think buying one rental and investing half might be a better solution, interest rates for investors cannot get any lower than they are now and as suggested by others there are numerous investment vehicles depending on your appetite for risk. Of course your incomes have to be taken into account too, whatever is over £11500 will be subject to at least 20% tax. For myself who is shortly to make the move the exchange rate has been a blow but Im hoping over the next few years for some recovery and maybe in 10 years to sell my place if interest rates are higher and invest a large portion of it for additional income. Whatever you do good luck, I know Im a little nervous because for me if I retire theirs no going back to my job.
  2. I think I will definitely need a vehicle, most likely a 4x4 as I intend taking trips around the country, I will not be getting on a bike, I have already got that T shirt! Cool, it sounds like me and the OP are in a position to go for it, I hope I haven't hijacked his thread but rather than start a new one I figured we both had the same aspirations and somewhat similar circumstances so I jumped on board here.
  3. Agree, I will only be looking at one bed places with a good kitchen and bathroom. Im hoping to negotiate 6 months rentals at a time to get the best deal.
  4. Thanks Grubster., yes that back up money is for unexpected things or to top up if i overspend at anytime. I figure it should last me in the region of 8 - 10 years. By that time Im 63-65 and can sell up in London that should keep me going and the state pension will be just around the corner by then and also my pension is indexed linked. I agree with the rental location, most likely a few miles away, the cheaper rental will make up for the taxi fares on nights out. But security worries me, the managed apartments with safes seem to be concentrated in the expensive areas. By the way Koh Samui is my initial destination, Lamai or Chewang, preferably Lamai. Sean I wont be in Bangkok, hence buying a car, If I was in Bangkok I sure wouldn't. I was saying my state pension kicks in 12 years but I currently have 14k indexed linked pension now and £1500 pm rental income (300k equity) and 75k in the bank. I hope to have more than 100,000 thb per month right now which if necessary I could top up. From what you have said I should be ok with that.
  5. Im hoping to retire to Thailand in the next year, I will be 55 years old. I have a property in London with a rental income of £1,500pm, there is a mortgage but its only £40pm (£300k of equity currently) a pension income of £14k pa and a lump sum of 100k. Before I leave I will have to pay off a few things which will leave me with 75k left of my lump sum, my only high ticket purchase in Thailand will be a vehicle, Im thinking in the region of 10k for that. Im hoping to rent in Thailand up to £500-600pm. I want to keep my place in London as it will be managed by family and a very reliable tenant. I will have the state pension kick in currently at 67 and although we dont like to think these things a sizeable inheritance is likely at sometime from my mother who is in her 80s now. I like to party and will probably find myself concentrated in more expensive expat areas. Im still worried this may not be enough, any thoughts? My youngest brother got ill a few years ago and within months was gone, its changed my life and made me realise how fragile it is. I dont want to hang out working until Im 60 and have regrets, which I can do if I so choose and have more money and more pension income.
  6. If you had explained it more clearly it doesn't sound so bad, so thanks for that, its well worth looking at if its yearly. I am doing research, that is why I am here trying to gleam information from those that are already wearing the t shirt. I have over a year before making the leap and Im also learning the language, we all started somewhere.
  7. Here are a couple of nice little keyboard tools I found. Im hoping they will help me in learning the language more than typing. http://gate2home.com/Thai-Keyboard/Translate#lang=en&t=มา https://www.branah.com/thai
  8. Excellent, thank you Oxx for the link and nong38 for suggesting this account.
  9. Never heard of this but it sounds expensive and inconvenient. Yes I would need regular access to the monthly pension and the rental income, occasionally maybe some of the lump sum for unforeseen circumstances such as medical. What I want to get away from is charges for a few thousand baht here and there at the cash point which I have found come out both ends when I have been on holiday. Maybe I can have both the pension and rental paid into a Thai bank account and keep my 800000k in a separate "Mee THai Die" account as suggested. I dont foresee any tax implications as I am paying tax on the pension and rental in the UK and not working in Thailand.
  10. Hi everyone Im planning my retirement to Thailand in 2018 from the UK, maybe sooner as I can retire in July of this year. I will have a final salary pension, a lump sum and rental income from my UK property. My question is what is the most cost effective method to have access to this money every month. I will be opening a Thai bank account with the relevant money deposited to obtain the retirement extension.
  11. Looking at that idea Jock, on the Thai Embassy website, I wouldn't qualify as my retirement is with a company pension not a state pension and the other criteria dont apply to myself. However for many others you may have a point. And i wont say Retirement Visa again :-) To visit Thai spouse, children, parents, voluntary job, retirement (with State Pension)
  12. Thanks Joe, I understand that.
  13. Ha yes Jock Im hearing you, its quite confusing people using different terms, websites giving different info such as this, below: Bank Account The retirement visa is valid for a year and can be renewed by presenting the same requirements during the initial application. Please note that the required amount of funds in your bank account must be at least 3 months old before your can renew your visa. Anyway I think once Im in Thailand I have plenty of time and will meet people who can spell it out for me. Whether its a piece of paper or a stamp is irrelevant, its still a visa, is it not? I dont really care about the terminology, its the process Im trying to get straight. Good point about the re entry permits, cheers.
  14. Thanks everyone. So heres the plan if I have understood everything. Retire July 2018, but prior to this ensure I have the required funds or proof of income in my UK bank account for at least 2 months prior. Get my medical and police clearance say one month before application. Fill out the form and present myself with the documents to the Thai Embassy in London to obtain the visa. Now the clock ticks and I have one year to enter Thailand. Fly to Bangkok where I can open a Thai bank account for a nominal sum . At sometime in the next few months deposit 800k or a combination with income to the value of 800k into this account. Go to the immigration dept at my destination, Koh Samui, and apply for my retirement extension presenting proof of my accomodation, bills etc. From that point on I can come and go as I wish so long as I report every 90 days? The visa is renewable every year with the proof of funds.
  15. Thanks Jock I have the advantage of time on my side to sort everything out and I live in London so can present myself in person for the O-A visa.