I decided to retire here the first time I came to visit in 2016. Did a marine conservation program on Koh Tao and absolutely loved it. Retired in 2021 (just before I turned 40) and moved out here shortly after. Thailand is amazing and has everything!
Hi Parker, really enjoy your video. Chris and yourself has been doing a lot of moving/ retiring to Thailand. Ever thought of doing a Senior home/assisted living video?!? There isn’t much video about this subject. People who plans to retire in Thailand needs to plan with their parents too. Maybe your audiences, like myself would like to bring our parents over. The cost of senior home is crazy expensive in America. The cost to Hiring a full time helper/ caregiver is almost impossible. Hope you will consider this. Thanks!
@@JBW-Phuket Yes! I been checking out "Sunshine International" in Hua Hin for myself, I'm 66 and in good health but you never know... I just don't understand the Visa's in Thailand.. The US is too expensive.🙏
Great idea. I read something years ago about a man who was in a nursing home in Chiang Mai. I think he was paying around 50,000 baht a month. But his money ran out, so he was deported back to America and put into a nursing home there.
I have so much in common with this guy, and I pray my life evolves in a similar way as this guy. Kudos to him - nice to see good things happen for good people!
I first came here to party....but I had no choice in it....the boys brought me across the border from Malaysia on January 8th 1984......I did have a party....I was 20 years old an my eyes were wide open. 2006 I moved here and haven't been happier :)
Adam, another great interview. JR....looking good Brother! Jazzed to know another celeb in Thai....great interview man. Hope to see ya soon and keep Si Racha funky.
Great video Adam. You and your Uncle put out some great stuff. I believe JR is incorrect about Roth IRAs. At 13:25 he says people that have Roth IRAs don't pay tax and this is not true. Contributions to Roth IRAs are made with after tax dollars. You pay taxes on the contribution before it goes into the Roth and that is why it is tax free on distribution. You pay tax on the front end instead of the back end; like a traditional IRA. This it why five years ago I converted all my traditional IRAs into Roth IRAs. It was just a huge tax bill for that year. But now, everything is tax free coming out. So, what I am hoping is, if I can take my distributions from my Roth and have them deposited directly to a Thai bank account the way JR is doing. Doing this should prove that the taxes have already been paid and, I am hoping, avoid any Thai taxation. But I still have to confirm this part.
JR - I've programmed in many of the languages you've developed and invented like Scheme, Java and also worked on programming in Fortran and C for a number of years. Glad you are now enjoying the fruits of your labour. Enjoy Thailand - a beautiful country.
I programmed in Fortran and COBOL in college, but most of my work experience was in assembly language and C. Late in my career I did Salesforce Apex programming.
Thank you for this video. Great information especially in regards to income tax in Thailand. We just retired in Thailand after being in the US for 50 years.
Chris recommended you- and I like the direction of your non-budget interviewees. Some of us aren’t looking to live ‘cheap’. Please can you interview retired western women too as this really is a ‘Silent Pool’ on UA-cam.
It's interesting how many of us want to retire and be able to walk from our home onto the sand and into the sea. I lived in Jomtien for 2 years.. Never went on the beach 555....I did get a nice breeze and nice views. I'm giving Chiang Mai a try soon... Great interview
Love the format of your videos..Keep up the great work..Spent 45 days in Jomtien recently and will return for 60 days in February..Loved the beach town atmosphere with Pattaya so close by..
Nice interview, Adam. And thanks to JR for sharing. Reminds me much of my own thinking .. love Thailand, chill pace, etc. I'm also an American and love the Bay Area, where JR used to live and work. And based on JR's tie-dye t-shirts, I'm assuming he'll know what I mean when I say .. "Jerry lives!" :)
Hey Now! We are everywhere. I designed that shirt for the staff at the NPO known as The Heart. I printed over a hundred and gave them out at Christmas and then for years after that.
Sriracha in Chonburi province is known for its delicious, sweet pineapple. Also, tons of Japanese businessmen have Japanese-only 'clubs' in Sriracha which cater to their needs for female companionship. Probably the least interesting place for a Westerner to retire to.
First check if your country has a Double Taxation Agreement (DTA) with the Kingdom of Thailand, if they do, then you don't have to worry about this, because DTA prevents the same income from being taxed twice. Australia has DTA with Thailand, and age pension is exempted from taxation according to Australian Treaty Series 1989 No 36 with Kingdom of Thailand. Google the treaty online. Article 18 in the treaty says Pensions and annuities 1. Subject to the provisions of Article 19, pensions and annuities paid to a resident of one of the Contracting States shall be taxable only in that State. 2. The term "annuity" means a stated sum payable periodically at stated times during life or during a specified or ascertainable period of time under an obligation to make the payments in return for adequate and full consideration in money or money's worth. Don't waste your time and money listening to the expert, because they are here to confuse you and make money from you.
That's a fair take. For the majority of those considering relocating here more than 180 days per year though, I still think it's worth a one off meeting with a legitimate Tax Attorney (not a UA-camr) to understand the exact ins and outs of the Double Taxation between Thailand and said Country. For sure, it's possible to understand the specifics of a DTA on your own, but I generally like to avoid any potential blind spots and look around as many corners as possible. Even if I think I have a strong understanding of something. Your statement is fair though. Cheers.
Sun Microsystems, jeez, he is one of the java boomers in James Gosling's team 😂 Much respect to his planning before moving in, we engineers are always the same 😂
Thanks for making this video. I am working here in Thailand and deal daily with Financial/Tax Issues. Social Security/ disability / Federal Retirement will NOT be taxed in Thailand due to the US / Thailand Tax Treaty . Private non federal pension will be taxes in Thailand however may not be subject to taxation in the US. Funds held in a 401k / IRA are not subject to US Taxes also only taxable in Thailand. They have started the tax clock from January 1 and important to speak to someone about your specific situation. If you lived in Thailand for the previous tax years and have taken a distribution from your private pension and paid taxes you can probably amend your taxes and get that tax money back from the IRS.
To correct this nice guy. The Roth IRA is Not Tax Free. The money placed in a Roth is Post Tax aka You Already paid taxes. The gains are the only part that’s not taxed so just state the amount taken out is principle and not gains
With his Social Security and his wife's income, he doesn't even need to withdraw money from his IRA. So self-insurance makes sense for him. I have a similar insurance plan to what he has. Just covers major expenses like hospital stays and surgeries. But everything else I self pay.
@@kayflip2233 That's where the weirdness comes in and it's part of the reason the new Thai tax law doesn't make a lot of sense. Hopefully the existing tax treaty will cover it but nobody knows.
With Roth IRAs you pay taxes on the money before it goes in so it is tax free (at least in the US) when it is distributed. The key is proving the distributed funds came from a Roth IRA. Hopefully, you can get Roth distributions deposited directly into a Thai bank. You might have to find a US bank with Thai branches so this can be done. This should prove that taxes have already been paid. But still trying to confirm this. JR mentioned the bank he used for a direct deposit into a Thai bank.
@@WAWZDAT I’m not sure whether or not Thailand is obligated by their DTA with the USA to recognize the tax-advantaged status of Roth IRAs. Just because capital gains and withdrawals are tax-free from Roth accounts in the USA, that doesn’t mean Thailand recognizes that status. For example, the USA also exempts the first $500k of capital gains on the sale of a principal residence (for a married couple), but Thailand does not, which means that while only gains over $500k are taxable on the sale of a home in the US, 100% of gains are taxable in Thailand.
Not true if your partner has a will declaring you as the recipient. You have to liquidate the land within a certain period of time (1 year I think), but will not lose the value to her family. Also you can own the house built on your Thai partners land with an agreement created at the time of transfer. Consult a Thai Lawyer instead of relying upon You Tube attorneys, 555
Not when you look at things on a year round basis. Northern Thailand can be cooler in the winter months (November through February) but is also scorching hot in the the Thai summer (March through June)
If Thailand starts to tax diff forms of income derived in the West and ignore parts of the DTA then their tourism will collapse cuz future and current foreigners will take their money to neighboring countries and just spend 1/2 the year there. People are already leaving as we speak. Just wait and see what happens to their condo sales!
Agreed. The devil is in the details and it's key that those considering relocating here more than 180 days per year understand what the Double Taxation Agreement looks like between Thailand and their Home Country or the Country that their income is sourced in.
He worked at Sun Microsystems. It turned out to basically be a failed company and scam. That company caused investors to lose big. He profited from investors' money.
JR worked so many years earning a high income at Sun Microsystems and now cannot even afford a house on Jomtien beach??!! Where did all his money go to?? That goes to show the spend thrift nature of Americans!!
Do you think you'd like the Thailand quiet life?
Most definitely!
My wife and I moved here to Chiang Mai sight unseen. No regrets! Retired cop, so I was looking for quite.
I decided to retire here the first time I came to visit in 2016. Did a marine conservation program on Koh Tao and absolutely loved it. Retired in 2021 (just before I turned 40) and moved out here shortly after. Thailand is amazing and has everything!
The comparison of Thai vs US health care is so true, the Thai doctors want to understand the patient and the problem
I’m Thai, and now love my historic home here in West Virginia! I love snow and rain and Appalachia hollers and mountains.
West Virginia is the real America. It's a great place to live.
@@BobbyDon8Jesco White the dancing outlaw.
Hi Parker, really enjoy your video. Chris and yourself has been doing a lot of moving/ retiring to Thailand. Ever thought of doing a Senior home/assisted living video?!? There isn’t much video about this subject. People who plans to retire in Thailand needs to plan with their parents too. Maybe your audiences, like myself would like to bring our parents over. The cost of senior home is crazy expensive in America. The cost to Hiring a full time helper/ caregiver is almost impossible. Hope you will consider this. Thanks!
I think that’s going to be big business in TH. There are places but the information is scarce.
@@JBW-Phuket Yes! I been checking out "Sunshine International" in Hua Hin for myself, I'm 66 and in good health but you never know...
I just don't understand the Visa's in Thailand..
The US is too expensive.🙏
@@BK-57.At your age, the most practical visa is a retirement one though it comes with conditions mostly financial.
Great idea. I read something years ago about a man who was in a nursing home in Chiang Mai. I think he was paying around 50,000 baht a month. But his money ran out, so he was deported back to America and put into a nursing home there.
I love JR aka Santa 🎅. So pleased you have got him on your channel Adam.
That man is living the Dream! Peace & Quiet, beach vibes and beautiful scenery ❤
I have so much in common with this guy, and I pray my life evolves in a similar way as this guy. Kudos to him - nice to see good things happen for good people!
I first came here to party....but I had no choice in it....the boys brought me across the border from Malaysia on January 8th 1984......I did have a party....I was 20 years old an my eyes were wide open.
2006 I moved here and haven't been happier :)
Same for me my first visit. It was a blast. So smart to travel while young.
Ah that was the year I was born. 1984 must have been something
Adam, another great interview. JR....looking good Brother! Jazzed to know another celeb in Thai....great interview man. Hope to see ya soon and keep Si Racha funky.
Thumbs up 👍 Parker & JR
Great to see you, JR.
Thanks for doing this interview with JR!
Great video Adam. You and your Uncle put out some great stuff.
I believe JR is incorrect about Roth IRAs. At 13:25 he says people that have Roth IRAs don't pay tax and this is not true. Contributions to Roth IRAs are made with after tax dollars. You pay taxes on the contribution before it goes into the Roth and that is why it is tax free on distribution. You pay tax on the front end instead of the back end; like a traditional IRA.
This it why five years ago I converted all my traditional IRAs into Roth IRAs. It was just a huge tax bill for that year. But now, everything is tax free coming out.
So, what I am hoping is, if I can take my distributions from my Roth and have them deposited directly to a Thai bank account the way JR is doing. Doing this should prove that the taxes have already been paid and, I am hoping, avoid any Thai taxation. But I still have to confirm this part.
JR - I've programmed in many of the languages you've developed and invented like Scheme, Java and also worked on programming in Fortran and C for a number of years. Glad you are now enjoying the fruits of your labour. Enjoy Thailand - a beautiful country.
I programmed in Fortran and COBOL in college, but most of my work experience was in assembly language and C. Late in my career I did Salesforce Apex programming.
Glad to see he is living the dream in retirement. He def has a nice setup. Love the Channel Adam and keep up the great work !!!
Thank you for this video. Great information especially in regards to income tax in Thailand. We just retired in Thailand after being in the US for 50 years.
You did it again Adam! Keep it up. These interviews are great!
Chris recommended you- and I like the direction of your non-budget interviewees. Some of us aren’t looking to live ‘cheap’. Please can you interview retired western women too as this really is a ‘Silent Pool’ on UA-cam.
Great interview! What a nice, decent gentleman just sharing his experiences.
Thank you for the information. We will come next to Thailand and we will be very happy.
It's interesting how many of us want to retire and be able to walk from our home onto the sand and into the sea. I lived in Jomtien for 2 years.. Never went on the beach 555....I did get a nice breeze and nice views. I'm giving Chiang Mai a try soon...
Great interview
I lived at Metro Condotel for a year, walked out into the ocean often. Nice sunsets. CM is cool. Enjoy!
Love the format of your videos..Keep up the great work..Spent 45 days in Jomtien recently and will return for 60 days in February..Loved the beach town atmosphere with Pattaya so close by..
Cheers!
Normally สวนสุขภาพ literally Healthy Park is small with no big trees. Here there are some really big trees.
I'm a American check out Phuket there are more than 15 beachs I have been coming here 20 years big island lots to do.
Another great video Adam. Thank you for sharing.
Really nice real life stories, and prime time TV quality interviewer!
Nice interview, Adam. And thanks to JR for sharing. Reminds me much of my own thinking .. love Thailand, chill pace, etc. I'm also an American and love the Bay Area, where JR used to live and work. And based on JR's tie-dye t-shirts, I'm assuming he'll know what I mean when I say .. "Jerry lives!" :)
Hey Now! We are everywhere. I designed that shirt for the staff at the NPO known as The Heart. I printed over a hundred and gave them out at Christmas and then for years after that.
@@jrx101 Very nice! :)
Good to see ya doing you own thing Adam, I am enjoying your interviews. Perhaps I will be one your interviews someday.
Love itt adamm!!
You need a video editor bro ?
I can do a sample video 👊🏽
Sriracha in Chonburi province is known for its delicious, sweet pineapple. Also, tons of Japanese businessmen have Japanese-only 'clubs' in Sriracha which cater to their needs for female companionship. Probably the least interesting place for a Westerner to retire to.
Peaceful retirement. Well deserved. 🎉
Great job Adam! Love these...how about doing one that starts before they move or right when they arrive?
How can you be chill in a hot country ? If you want a chill life, move to the Arctic islands . Nice and chilly there. You will be nice and chill.
Great interview! 👍
Another great interview, Adam! Please keep them coming!
First check if your country has a Double Taxation Agreement (DTA) with the Kingdom of Thailand, if they do, then you don't have to worry about this, because DTA prevents the same income from being taxed twice.
Australia has DTA with Thailand, and age pension is exempted from taxation according to Australian Treaty Series 1989 No 36 with Kingdom of Thailand. Google the treaty online.
Article 18 in the treaty says
Pensions and annuities
1. Subject to the provisions of Article 19, pensions and annuities paid to a resident of one of the Contracting States shall be taxable only in that State.
2. The term "annuity" means a stated sum payable periodically at stated times during life or during a specified or ascertainable period of time under an obligation to make the payments in return for adequate and full consideration in money or money's worth.
Don't waste your time and money listening to the expert, because they are here to confuse you and make money from you.
That's a fair take. For the majority of those considering relocating here more than 180 days per year though, I still think it's worth a one off meeting with a legitimate Tax Attorney (not a UA-camr) to understand the exact ins and outs of the Double Taxation between Thailand and said Country. For sure, it's possible to understand the specifics of a DTA on your own, but I generally like to avoid any potential blind spots and look around as many corners as possible. Even if I think I have a strong understanding of something. Your statement is fair though. Cheers.
@@adamparker21 I agree. I would like to have tax attorneys from both countries show me statues saying I am exempt.
simple life make this guy happiest retiree
Sun Microsystems, jeez, he is one of the java boomers in James Gosling's team 😂 Much respect to his planning before moving in, we engineers are always the same 😂
Thanks for making this video. I am working here in Thailand and deal daily with Financial/Tax Issues. Social Security/ disability / Federal Retirement will NOT be taxed in Thailand due to the US / Thailand Tax Treaty . Private non federal pension will be taxes in Thailand however may not be subject to taxation in the US. Funds held in a 401k / IRA are not subject to US Taxes also only taxable in Thailand. They have started the tax clock from January 1 and important to speak to someone about your specific situation. If you lived in Thailand for the previous tax years and have taken a distribution from your private pension and paid taxes you can probably amend your taxes and get that tax money back from the IRS.
Thanks Ken; You've confirmed my thoughts.
To correct this nice guy. The Roth IRA is Not Tax Free. The money placed in a Roth is Post Tax aka You Already paid taxes. The gains are the only part that’s not taxed so just state the amount taken out is principle and not gains
Great interview Adam!
With his Social Security and his wife's income, he doesn't even need to withdraw money from his IRA. So self-insurance makes sense for him. I have a similar insurance plan to what he has. Just covers major expenses like hospital stays and surgeries. But everything else I self pay.
I honestly would get bored rather quickly with his lifestyle. I am soo bad with free time...
It’s not clear to me that withdrawals from a Roth IRA would be considered tax-free in Thailand despite being tax-free in the US…
Nah, he earned the cash in the US.
@@kayflip2233 Thailand doesn’t care if you’re bringing it into their country.
@@kayflip2233 That's where the weirdness comes in and it's part of the reason the new Thai tax law doesn't make a lot of sense. Hopefully the existing tax treaty will cover it but nobody knows.
With Roth IRAs you pay taxes on the money before it goes in so it is tax free (at least in the US) when it is distributed. The key is proving the distributed funds came from a Roth IRA. Hopefully, you can get Roth distributions deposited directly into a Thai bank. You might have to find a US bank with Thai branches so this can be done. This should prove that taxes have already been paid. But still trying to confirm this. JR mentioned the bank he used for a direct deposit into a Thai bank.
@@WAWZDAT I’m not sure whether or not Thailand is obligated by their DTA with the USA to recognize the tax-advantaged status of Roth IRAs. Just because capital gains and withdrawals are tax-free from Roth accounts in the USA, that doesn’t mean Thailand recognizes that status. For example, the USA also exempts the first $500k of capital gains on the sale of a principal residence (for a married couple), but Thailand does not, which means that while only gains over $500k are taxable on the sale of a home in the US, 100% of gains are taxable in Thailand.
JR is certainly Jerry Garciaest, cool Dude……
Welcome to Thailand
This park is amazing! Which park is it?
Surasak Montri Public Park
@@adamparker21 Thank you!
Why is he referring to his walk in miles? In Thailand we use kilometres. He's been here long enough to know that. Anyway, interesting video.
Weird thing to focus on... He's American, you don't forget 60 years of your life.
That's wonderful to trust your Thai spouse...however if they die, you're at the mercy of their family if they let you stay on their new land.
Not true if your partner has a will declaring you as the recipient. You have to liquidate the land within a certain period of time (1 year I think), but will not lose the value to her family. Also you can own the house built on your Thai partners land with an agreement created at the time of transfer. Consult a Thai Lawyer instead of relying upon You Tube attorneys, 555
I'm 69 but still know how to dress properly. 😂
Is there any cool area / location in Thai that is NOT hot?
Not when you look at things on a year round basis. Northern Thailand can be cooler in the winter months (November through February) but is also scorching hot in the the Thai summer (March through June)
Chiang Mai? I found chiang Maib temperature to be the most comfortable
Be careful what you wish for.
Is Chris your dad, Adam?
Uncle and nephew.
Its not the tax money they want its the jobs for the thai accountants that will make the money
If Thailand starts to tax diff forms of income derived in the West and ignore parts of the DTA then their tourism will collapse cuz future and current foreigners will take their money to neighboring countries and just spend 1/2 the year there. People are already leaving as we speak. Just wait and see what happens to their condo sales!
Agreed. The devil is in the details and it's key that those considering relocating here more than 180 days per year understand what the Double Taxation Agreement looks like between Thailand and their Home Country or the Country that their income is sourced in.
He worked at Sun Microsystems. It turned out to basically be a failed company and scam. That company caused investors to lose big. He profited from investors' money.
Yes, it is sad that they were the only high tech company in Silicon Valley to IPO and then fail.🤣
Feel ya JR, after the wife takes half your lifes savings you gotta learn to down shift
JR worked so many years earning a high income at Sun Microsystems and now cannot even afford a house on Jomtien beach??!! Where did all his money go to?? That goes to show the spend thrift nature of Americans!!