Understanding U.S. Taxes When Living Abroad
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Read moreThailand’s Phuket Island is an internationally famous beach destination and rightfully so. Beautiful sandy shores separated by rocky headlands grace the entire west coast of the island. The Andaman Sea is warm, clear, and inviting—certainly one of Phuket’s main attractions.
There are few parts of the world that offer retirees more reasons to stay than Phuket. There’s something here for nearly everybody. Phuket has some of the most beautiful beaches and coastlines to be found anywhere, world-class golfing, beautiful mountainous countryside, and nearly a dozen unique and welcoming towns, all with sizeable foreign populations. The weather is tropically warm and English is widely understood. A tremendous selection of restaurants, cinemas, water sports, and a pulsating nightlife offer endless opportunities for entertainment. Phuket has something for nearly every budget, too.
More than 100,000 foreign residents have chosen to make a life here. That’s over 20% of the island’s permanent population. Others have come to Phuket to invest in real estate. With the right property, it is still possible to reap an 8% to 10% per annum return on your investment.
If your idea of paradise includes a high-quality lifestyle, a reasonable cost of living, year-round tropical weather, and beautiful beaches, Phuket should be right on the top of your list. Rent, especially, is a global bargain. You can find a comfortable rental for as little as US$350 to US$400 per month, and most rentals come fully furnished.
Another factor in Phuket’s favor is the superb medical care, at a cost of 20% to 80% less than it would cost in the United States.
All costs considered, including groceries, utilities, entertainment, and your own motorbike for transportation, a retired couple could live here on a monthly budget of as little as US$1,000. For this very low cost, you’d be buying a full and fascinating lifestyle.
Expense | Monthly Cost | Notes |
---|---|---|
Rent | – | Not included here as too variable. |
HOA Fees | – | Not included here as too variable. |
Property Taxes | – | Not included here as too variable. |
Transportation | 600 | · One-way ticket local transport: 35 · Taxi start: 42 · Taxi 1 mile: 36 · Taxi 1 hour: 500 · Gasoline 1 gallon: 120 · VW Golf (new car): 1,100,000 · Toyota Sedan Comfort (new car): 887,500 |
Gas | 150 | For cooking. |
Electricity | 2,250 | – |
Water | – | Included with electricity. |
Cell phone | 480 | Prepaid cell phone plan for 30 days |
Cable TV | 1,413 | 60 Mbps, unlimited data, includes cable/DSL. |
Household help | 10,000 | 150 hourly rate. |
Entertainment | 12,000 | A couples’ cost for: · Eating out twice a week at a mid-range, local restaurant: 380. · Drinks twice a week at a nearby watering hole (cocktail: 213; beer: 105). · Movie theater trip twice a month: 200. |
Gym membership | 1,700 | – |
Groceries | 10,000 | Basic items for a couple. |
Medical | 315 | Basic clinic/GP visit. |
Total | THB 39,639 |
Expense | Monthly Cost | Notes |
---|---|---|
Rent | Unfurnished, two-bedroom apartment in a desirable part of town |
Expense | Monthly Cost | Notes |
---|---|---|
Rent | 12,861 | Basic, one-bedroom rental. |
Transportation | 35 | Local transport. |
Gas | 150 | For cooking. |
Utilities | 2,517 | Electricity, heating, cooling, water, garbage collection. |
Cell phone | 3 | 1 minute of prepaid. |
Internet | – | Pay-as-you-go cell phone data only (no home Wi-Fi). |
Cable TV | 200 | Most basic TV package. |
Entertainment | 3,000 | All local-brand items, shopping markets and local vendors along with grocery stores |
Groceries | 5,000 | 60 Mbps, unlimited data, includes cable/DSL. |
Total | THB 23,766 |
· A beer: 90 (domestic); 120 (imported)
· Glass of wine: 100
· Bottle of wine: 550
· A coffee: 30
· Cappuccino: 72
· Average cost of a meal out per person in your city:
Click here for currency conversion at today’s exchange rate.
What do the world’s only superpower, the United States, and a tiny African backwater, Eritrea, have in common? America and...
Read moreWhat do the world’s only superpower, the United States, and a tiny African backwater, Eritrea, have in common? America and...
Read moreWhat do the world’s only superpower, the United States, and a tiny African backwater, Eritrea, have in common? America and...
Read moreWhen you consider the kinds of culture shock you might experience when you move overseas, it's usually related to food, weather, or language. Most of us don't think about something like our concept of time being changed. Tick tock, tick tock... time is time, right? After two decades in Thailand, I realize that my concept of time bears little resemblance to that of my fellow countrymen living in America. Please understand, I'm not referring to the old expat clichés about...
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© 2008-2023 - Live and Invest Overseas - All Rights Reserved.
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