Travel & Holidays Retiring Overseas

May be. As I said, I have no ideas
A quick search gave me this : STUNNING VILLA 5 BEDROOMS YEARLY - Kibarer Property
Again, you are on the ground. You know better.

 

Any tips to avoid or minimise the impact of losing tax residency status?

I plan to live off passive income (Australian sourced) but the non residency tax rates and lack of tax free threshold is painful.

 

It is easier to remain tax resident than it is to become non-resident (I think).
Maintain a permanent place of residence and dont 'establish' a permanent place of residence overseas. This could be a permanent room in your parents/childrens house.

Test this
Residency status - leaving Australia | Australian Taxation Office

And speak to a prefesional before leaving.

Blacky

 

I've run that test previously and the only scenario I could get it to work is if I slow travel (e.g. move to a different city every few months). As soon as I base myself in one place then I lose tax residency.

Luckily there's a double tax agreement in place so the tax on dividends isn't as bad. So might be a case of biting the bullet.

 

Maintain a PPOR in Aus. Could just be a permanent room in your parents/childrens house.
I know guys who have lost their ability to be non-resident due to this, so presumably it would work both ways. Not certain though.

Blacky

 

I guess it's a matter of where you prefer to live.
I'm pretty sure I could live on $500/week in Australia if I retired.

 

Australia is also better placed to treat people with chicken little syndrome and assist in dealing with their fears of the unknown

 

Thanks Blacky! Not quite ready to do it now but am hoping to try it for 3 months down the track
(max). I know - thats an extended holiday, not a relocation. A relocation isnt possible for us at this stage and not sure we'd want to anyway. But I can def do 3 months - just have to find the right window.[/QUOTE]

 

It would be easy for me.

 

Mary Holm: $15,000 makes for frugal Thai living

For some reason I missed the article headlined "Retiring Abroad on $15k per year" when it first appeared on April 2, so I hope I'm not too late in replying with some inside information, as they say.

I am a New Zealand citizen and have been living in Thailand for almost 10 years, so I think I've got a good handle on the cost of living here.

The writer of the letter would be living very frugally on $15,000 a year. I would say more existing than living.

Continues........

 

I am in Thailand ATM and walked passed a hotel last night offering rooms for 3500b per month. That is about $130

 

cheap as chips, but could you live in Thailand, just curious. I could not

 

Yep.

 

so will you do it???

 

I have a house in Thailand and have been living on and off for many years. I like to alternate between Thailand and Australia

 

It seems doable I think. I was on the Mr Money Mustache blog the other day and did his calculation for retirement income. For us, it came to about 30-35k/year assuming no mortgage and living in PPOR. That was with a decent allocation for entertainment, eating out, etc expenses too.

Or we could rent out our house and use the income to live in eastern/southern Europe for less

 

Life change: Meet the Australians reinventing retirement

3. The overseas retirees: Nando and Jo Farello

The loss of both parents just four weeks apart prompted Nando Farello, 57, and his wife Jo to rethink their hectic life in Melbourne.

It was 2013, and both been working long hours for the public service. "Life is too short, so we made a huge decision. We were so caught up with everyday working, and all of a sudden we wondered what we were doing it all for."

The couple saw a financial adviser and crunched the numbers, realising it was far cheaper to live overseas than to stay in Melbourne.

read more ...

 

A lot easier for DINKs without the pull of grandchildren I think