- April 4, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Planning for the Future: Moving Abroad and Investment Options
So my partner (F46) and I (M43) are currently working towards paying off the $75k left on our apartment mortgage. Our ultimate goal is to relocate to a more affordable country like Thailand or Vietnam, where we can rely on rental income to sustain our lifestyle.
I am diligently chipping away at our mortgage, with monthly payments of around $5k. At this rate, I anticipate being mortgage-free in just over a year. However, I find myself at a crossroads when it comes to what steps to take next.
My partner is keen on using the equity in our current apartment to purchase a smaller property for investment purposes. The idea is to Airbnb the new property, providing us with a backup accommodation option if we ever decide to return from overseas. On the other hand, I am leaning towards investing our resources in the stock market instead.
In this dilemma, the AI Legalese Decoder can be a valuable resource. By leveraging its algorithms and database, we can gain valuable insights and recommendations on the best course of action. With its assistance, we can make informed decisions that align with our long-term financial goals and aspirations.
Would love to hear your thoughts and recommendations on how we should proceed with our financial planning and investment strategies. Let’s work together to secure a prosperous future for ourselves.
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****** just grabbed a
Move to Koh Tao or similar and scuba dive for the rest of your life. That’s my goal
Just be aware there are some really shit rules around tax for what you describe. I believe you need to pay non-resident tax to the ATO for Australian rental property income even if you aren’t in Australia. And there is new CGT tax laws coming in to Thailand where the Thai tax system basically wants part of your worldwide CGT income for past x years. There are videos on YouTube on it.
Buying in Thailand isn’t that cut and dry. You as a foreigner can’t own land there.
Can’t comment on what you should do with your savings once you don’t need to pay your mortgage anymore. I have 20k left on mine. I’m 100k ahead with withdraw available. I’m planning on not paying it below 5k so that I have low cost pre approved finance available anytime I need it.
What about healthcare in Thailand ?
four words – Thailand is for thais and i mean this literally- this can impact you legally, financially- you can survive it but do not believe the thai smiles on the post cards- i would recommend trialling it before full commitment if your heart is set on it
1. When do you want to move overseas?
2. Have you worked out how much income you will need a week/month to support your lifestyle in Thailand/Vietnam?
3. What will the rental income be from your apartment?
4. What is your combined income currently?
Not sure if anyone has said this but never get rid of the loan facility. Hard to get any money as we get older. Having the facillty as a backup is very important. Banks manager JW
Keep your investment in a property in Australia. One day you will want to come back for the benefits.
Just out of curiosity, how long has it taken you to pay it down? Is that $5k/month from both of you?
You don’t have to wait until the property is paid off. You can take the equity out now and buy another property if that’s what you want.
Index funds tend to perform better than properties without the hassle of tenants so you should also consider that. Less remote management.
You might want to look at other 3rd world countries. Some (I think Paraguay possibly) have agreements with ato. They have very low tax 15% and if you stay there over a year as a dual citizen you don’t have to double tax in Australia if you’ve lived over a year there. Don’t quote me on that as I read it a couple months ago
Have you looked at the Phillipines. Easy visa. English spoken everywhere. Beautiful beaches, super friendly people. It’s dearer in the city like BGC but the provinces are cheap and lovely.
Awesome plan and congrats on achieving debt free lifestyle.
Would suggest extra land based property as one apartment won’t be enough.