FINANCE

Moving to Phuket is an exciting adventure, but managing your finances as an expat can be a challenge if you’re unfamiliar with local systems. Our comprehensive guide is designed to help you navigate everything from setting up a Thai bank account and managing currency transfers to understanding tax implications and securing the right insurance. Whether you’re relocating for work or to enjoy a laid-back island lifestyle, this page will provide you with all the tools and advice you need to get your finances in order and ensure a smooth transition to life in Thailand.

BANK ACCOUNTS

Thailand’s banking sector isn’t large, but it is well developed. The market is dominated by retail and commercial banks, many of which are home-grown. However, a few large foreign-owned banks such as CIMB and UOB have a significant presence in Thailand. All are overseen by the central bank, Bank of Thailand.

To open a bank account in Thailand, you’ll usually need the following:

Your passport
Certificate of residency
Proof of address in Thailand
Your work permit and a letter from your employer (if you’re working)

For more information and advice on opening a Thai bank account please click here.

CREDIT CARDS

Foreigners can apply for a credit card in Thailand. However, the requirements are different when compared to Thais. There are numerous benefits you can enjoy by having a Thai credit card, such as saving money on foreign currency surcharges. The three most popular banks for expats to apply for credit cards are K Bank, Bangkok Bank, and SCB.

For further information and advice on obtaining a credit card in Thailand please click here.

OFFSHORE SAVINGS

Having an offshore savings account while living in Thailand offers several key benefits, including tax efficiency, flexibility, and easy access to global currencies. It allows expats to save and manage their finances in a stable jurisdiction, often offering higher interest rates than local banks. Additionally, offshore accounts provide enhanced privacy and can make transferring funds between countries smoother, which is especially valuable for those with international financial commitments or planning to move to another country in the future.

For further information and advice on opening an offshore savings account please click here.

TAX EFFICIENT INVESTMENTS

Holding your investments in a tax-efficient jurisdiction like the Isle of Man, instead of investing directly in Thailand, offers significant advantages for expats. The Isle of Man provides a stable, internationally recognized financial environment with favorable tax policies, including no capital gains tax, inheritance tax, or wealth tax. This can enhance the long-term growth of your investments while reducing tax liabilities. Additionally, it offers better investor protection, regulatory oversight, and a broader range of global investment opportunities, making it an attractive option for expats seeking to optimise their financial portfolios.

For further information and advice on the most tax efficient investments for expats please click here.

PENSIONS

As an expat living in Thailand, securing your pension plans is crucial for long-term financial stability. When moving offshore, many companies don't offer workplace pensions, leaving it up to individuals to make their own private provisions. Establishing a personal pension plan ensures you're financially prepared for retirement. Additionally, consolidating your existing UK pensions into one manageable plan can help streamline your retirement savings, reduce fees, and provide a clearer strategy for growing your wealth while living abroad. Taking control of your pension early is key to maintaining financial security in the future.

For further information and advice on pension planning while living in Thailand please click here.

ESTATE PLANNING

Getting your estate planning in order is essential, especially if you have children, to ensure their financial security and avoid unforeseen complications. Many expats living in Thailand, particularly those who have left the UK, are often unaware of the significant Inheritance Tax (IHT) liabilities they could face. Without proper planning, you may unintentionally leave your estate exposed to a substantial tax burden, which could diminish the inheritance your loved ones receive. Taking proactive steps now to organize your estate can help protect your assets and avoid sleepwalking into a large tax bill.

For further information and advice on estate planning while living outside of your home country please click here.

INTERNATIONAL WILL WRITING

Having one or more wills in place is crucial, especially if you hold assets across multiple countries and tax jurisdictions. As an expat living in Thailand, international will writing ensures that your estate is properly managed and your assets are distributed according to your wishes, avoiding legal complications and potential delays. This is especially important if you have children, as a well-structured will helps safeguard their future. Without clear legal instructions, your estate may be subjected to varying laws in different countries, which could lead to unnecessary costs and complications for your loved ones.

For further information and advice on international will writing please click here.

LIFE INSURANCE

Having life and/or critical illness cover in place is essential for protecting your family and financial well-being, especially as an expat living in Thailand. Most expats will need international cover, which differs from any policies you might have had in your home country. It’s crucial to regularly review your coverage to ensure it still meets your needs as your circumstances change. Without the right protection, your dependents could face financial difficulties in the event of illness, injury, or death, so maintaining up-to-date coverage is key to securing their future.

For further information and advice on international life insurance please click here.

HEALTH INSURANCE

As an expat living in Phuket, having international health insurance or "medical cover" is crucial for ensuring access to quality healthcare both in Thailand and abroad. Local healthcare may not always meet the standards you are used to, and international cover provides the flexibility to seek treatment in other countries if necessary. Medical emergencies can be costly, especially if you need specialist care or evacuation. Having a comprehensive international policy safeguards you and your family from unexpected medical expenses, ensuring peace of mind while enjoying life in Phuket.

For further information and advice on international health insurance please click here.