Help,I need some serious saving/investing advice

Dieselhere

Hi all
This is embarassing but im about to tell you all my business and would appreiciate any advice.
Basically ive got a small mortgage of £40,000 on my house that is now worth £190,000-£200,000,ive had it for about 14 years. Ive had it rented for the last five years as ive been staying in Asia :j living it up off of the rent money. I now want to sell the property and pay off the mortgage and bank/save or invest at least 100k,I obviously want to pay as LITTLE tax as possible and am hoping to carry on living in Thailand off of the interest of My money,will this be possible as i can live on £500-£800 a month easy there
Ive checked in this forum but cant find anything right up to date to help me so "Help" what would you do with 100k?? (off shore maybe?)

PBA

If you're going to be resident in Thailand then it would pretty much have to be offshore, as you generally can't open an account/investment with a British bank as a non British resident. Interest would be paid tax free to you, but you would be resident in Thailand for tax purposes so would have to declare your income and pay tax over there.

Conrad

Buy good yielding property in Thailand.

Dieselhere

Thanks for the replies
Im still going to be a Uk resident and will be returning here every 15 months to get a visa and do some visiting.
I do intend to buy a small place for myself over there but I really dont want to invest a lot over there as once your money is in Thailand its near impossible to take it out.
Any advice on interest rates I would get off shore??

dunstonh

So, you will be living here for more than 6 months a year or not?

Are you looking at investments or savings?

Dieselhere

No Im only here about a month a year

I think savings would be safer dont you?

dealornodeal_3

Dieselhere wrote:

Hi all
This is embarassing but im about to tell you all my business and would appreiciate any advice.
Basically ive got a small mortgage of £40,000 on my house that is now worth £190,000-£200,000,ive had it for about 14 years. Ive had it rented for the last five years as ive been staying in Asia :j living it up off of the rent money. I now want to sell the property and pay off the mortgage and bank/save or invest at least 100k,I obviously want to pay as LITTLE tax as possible and am hoping to carry on living in Thailand off of the interest of My money,will this be possible as i can live on £500-£800 a month easy there
Ive checked in this forum but cant find anything right up to date to help me so "Help" what would you do with 100k?? (off shore maybe?)

Hi Dieselhere, its amazing isnt it, because your circumstances near enough resembles mine. Although I am retired, and in addition have to live off my savings as well as my pension!

I have considered various savings with banks, ICICI, Icesaver, Alliance & Leicester, and ING. I Will probably plump for ING, and Im aware they pay a lower interest than the others. I would have most likely gone for A&L but the small print has put me off(see thread on A&L AND 5.38%).

Also it is difficult to live on £500 - £800, and that is without a mortgage, and for 2 people in the UK. to live comfortably I would say £1100 per month?

Dieselhere

Yes with 2 people it must be a struggle

lets hope someone gives us some usefull information that We desparatly need

I see the ICICI bank in Singapore are offering a high interest rate,thats not much use to you though I guess

EdInvestor

It's a bit difficult to arrange this on a UK basis, because while you say you are a UK resident you are not in fact, and UK banks will not allow you to open accounts if you are non resident.

The UK offshore banks in IoM/Channel Is offer highish interest rate accounts ( some examples here) and the interest is tax free -always bearing in mind you may have to pay Thai tax on it.

Singapore banks as mentioned may be worth a look.

If you are allowed to open an account in Thailand and interest rates there are high, it may be worth keeping a smallish amount (say a year's expenses) in that. But as no doubt you're aware, the rates are usually high because there is currency risk, so don't keep any money in Thailand in excess of what you know you will spend, in case there is a devaluation.

I agree with your caution about investing in Thai property.

Dieselhere

Excellent,Ok thanks so far all but keep it coming.

benood

I think you will be faced with a CGT bill on the sale of the UK property as it's not your main residence - you might want to take advice on that in particular as it may be possible to avoid tax with foward planning.