Moving Abroad

NSG666

Johnjdc said:

herebeme said:

You just need to use a relative’s or friend’s address, and set everything to electronic statements. You can keep your house too you know, just rent it out. 

I strongly advise you keep your current account open until you are fully set up in Thailand. I don’t know anything about financial system there, but setting up accounts when you move abroad can take some time, as can building your credit rating, and you’ll want access to cash and credit from your UK accounts in the meantime. You definitely don’t want to be going through the airport with a suitcase full of cash!

You do need to let HMRC know though. 

I cannot possible tell you everything you need to know, especially as I know nothing about moving to Thailand. You need to find an UK expat in Thailand forum and start reading, or googling. 

Apologies for hijacking this thread but it reminded me of something that I often remember and think "that's can't be true can it?" and as far as I can tell it is. I might be relevant to me at some point in the coming years.

As I understand it

1) You lose your UK tax status by becoming resident somewhere else, not by failing to be resident in the UK

2) You become resident somewhere else either by spending 185 days or whatever their, or whatever their tax laws say

3) Therefore if I spent eight months in Italy, I'd not be a UK resident for that tax year - creating e.g. ISA problems

4) But if I spent four months in Italy, then four months in Australia, then four months on a manned mission to Mars, my UK tax status would be retained and HMRC would treat it no differently to if I'd gone on a round the world cruise?

Is that right?

You really ought to start your own thread but:

Don't confuse residency with tax residency (although the term residency is often used when referring to either)

1. You can be tax resident in more than one country
2. Yes sort of - you could be considered a tax resident elsewhere from day one in some circumstances
3. No - you could be tax resident in both. See Statutory Residency Test UK
4. You can be a tax resident of more than one country but not less than one country. In order to give up tax residency in the UK you need to prove tax residency elsewhere. (although I stand to be corrected on the first sentence)

NSG666

Some UK banks allow you to keep your account open with them and use it as normal when you move abroad and others do not. You need to open the account while being a UK resident though.

E.G. Barclays will not allow it but HSBC and First Direct do allow you to keep them and use your overseas address. You can keep ISAs but not add more to them.

As someone else has suggested, try and find a facebook page for UK immigrants in Thailand as there is often a wealth of info to be learned from them but do always check what you read as it is not always 100% correct.

notavailable

NSG666 said:

Some UK banks allow you to keep your account open with them and use it as normal when you move abroad and others do not. You need to open the account while being a UK resident though.

E.G. Barclays will not allow it but HSBC and First Direct do allow you to keep them and use your overseas address. You can keep ISAs but not add more to them.

As someone else has suggested, try and find a facebook page for UK immigrants in Thailand as there is often a wealth of info to be learned from them but do always check what you read as it is not always 100% correct.

Thank you that was very helpful advice.

I have an account with HSBC and Nationwide

notavailable

fifeken said:

As already mentioned, keep the money in the UK for now.

Other things you may already be aware of or already planning:

Keep all your UK accounts open (open more if possible as some may end up being closed if they know your real circumstances) and use a friend or relative's address for correspondence.

Open accounts with no fees for overseas transactions if you don't already have them (credit and debit card accounts).

Open a Wise account for money transfers.  Open a Xendpay, XE or similar account as back up to Wise.

Get a cheap UK SIM (Lebara is often mentioned) to receive OTPs for online banking if you're not intending to keep any current UK mobile package you have.

One for your conscience, but if you tell HMRC you are moving your state pension will be frozen - no annual increases.

Money brought into Thailand is only taxable there if brought in during the calendar year it was earned.  In practice for most people this will never be checked but we don't know what you'll be doing which might attract attention.

What visa status do you plan to arrive/stay in Thailand on?

Thank you, that's great advice.

I was planning to get a Non immigrant O visa for retirement.

Brie

Potentially an investment bank based in the Channel Islands or IoM?