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FYI, unless you're willing to live like a bum Thailand isn't a cheap place to live. My rent is 75% of what I paid for a Nob Hill apartment and my car payment is
by mbenjaminsmith 15y ago
FYI, unless you're willing to live like a bum Thailand isn't a cheap place to live. My rent is 75% of what I paid for a Nob Hill apartment and my car payment is 100% more expensive (import duties). If you're willing to live like a bum you've got tons of options, including moving out to Nowhere USA. My parents spend part of their year in Tucson, AZ. I've seen ok homes for sale there for under 100k. The used car market is incredible as is the case in most of the US. You'd have to deal with chain restaurants and strip malls but at the fraction of the cost of most urban centers.
I would recommend setting up your company offshore. It's not as complicated as people make it out to be (unless they're selling their services) and I know plenty of long-term expats who have done so without issue. Chances are if you're asking this question here you're not going to be on anyone's radar with your company.
The US does want you to: 1) File taxes regardless of residence. If you're declaring personal income you're exempt up to 95k or so but even if you make under that you're expected to file. Having said that I don't know anyone who does or anyone who has ever had an issue. I talked to the IRS once about it (I was young and wasn't making over the limit and hadn't filed taxes for years) and they suggested to get up to speed to just file back reports and ask for the exemption as normal. 2) I guess now you're supposed to declare any foreign bank account with more than 10k in it. I've never heard of this being enforced in any way.
As far as I know probably your easiest route it to move to HK. They seem to have the most lax immigration policies and it's easy to set up a company there. Rent is like central SF (same size/price ratio). If you're not selling products in HK you're not liable for taxes (standard tax haven stuff).
Or just setup your company there and live somewhere else. If you do that though you're going to have to deal with immigration somehow because you'll permanently be a tourist. If you're a tourist in most of these destinations you're looking at moving in and out of the country 3 - 4 times a year or more. Between my first and second company I was living here and fell into a sort of immigration limbo, having to live as a tourist for quite a while. I assure you that going in and out of the country to keep your paperwork current gets old really fast.
This was assuming you're a US citizen. If not ignore the US-specific info.
- MortenK 15y ago"FYI, unless you're willing to live like a bum Thailand isn't a cheap place to live." This is only if you live in Bangkok or maybe Hua Hin. Most other places will have you live exceedingly well for 1000 USD pr. Month all included. Cars though are indeed extremely expensive, better to get a motor bike / scooter or a motor cycle.
- mbenjaminsmith 15y agoI can't agree with you there. Outside of Bangkok I don't think you could live exceedingly well for any amount. I know people who have built homes in Chiang Mai that are impressive, but they're still living in Chiang Mai. There's just not a lot going on up there. Maybe if you had something nice on the water in Phuket you could have a good life. But that's not something most non-wealthy or non-retired people will be looking at. I like living here because although my condo costs a significant percentage of what I paid in SF, it's also 3x bigger. Cars are a lot more expensive but they also hold their resale value much better than in the US. I also never have to cook a meal, wash my car or clean my place. That means I can spend 100% of my time working if I choose to. The value of that can't be stressed enough if you're an obsessive workaholic (like I would imagine a lot of people here are). Compared to the US, having access to good, low cost health and dental is also great. My wife needed major surgery a while ago and even with her generic coverage-as-a-perk corporate health plan I think we paid 500$ out of pocket for the procedure. This was for a minimally invasive procedure at a private hospital. I can't imagine what it would have cost in the US without additional coverage.