Can I afford to retire in Bali with £400,000 at 47 years-old as a single guy?

TheGent

Also, which broker platform would be best to use out there to access this money when needed, to mitigate against taxes & fees? Not easy finding this information. Would it be best to keep my existing U.K. bank account and use Transferwise to access £10,000 funds from there in Bali, or open a Bali bank account to benefit on their interest rate? Or, do both? Am I right in thinking current account interests rates are around 3.5-4.0% currently? Thanks in advance.

TheGent

Thank you. Yes. You can’t look too far ahead right now. What I definitely do need atm is to relocate. I need a fresh start. Committing to a few months / six months would be the initial plan, see how I feel, whether I settle for longer remains to be seen. With this in mind which visa do you think would be best?

mugwump

TheGent wrote Thank you. Yes. You can’t look too far ahead right now. What I definitely do need atm is to relocate. I need a fresh start. Committing to a few months / six months would be the initial plan, see how I feel, whether I settle for longer remains to be seen. With this in mind which visa do you think would be best?

You can’t obtain a retirement visa till age 55, and neither a bank account without that or a visa to work. The latter is a subject in itself and as has been suggested needs to be discussed with an agent.

mugwump

TheGent wrote Also, which broker platform would be best to use out there to access this money when needed, to mitigate against taxes & fees? Not easy finding this information. Would it be best to keep my existing U.K. bank account and use Transferwise to access £10,000 funds from there in Bali, or open a Bali bank account to benefit on their interest rate? Or, do both? Am I right in thinking current account interests rates are around 3.5-4.0% currently? Thanks in advance.

Having lived here for 19 years have a bit of experience, but of course it all has to do with your lifestyle which is too subjective to answer. Having established that will offer the information that most costs of living in Bali is certainly less than that of the West, as it has to accommodate to locals. Your post reveals some financial sophistication which is frequently lacking with many enthusiasts, so with little more to go on will suggest your coming here on a trial basis for at least six months in accordance with your needs. That will reveal more to you than any sage counsel gleaned here beforehand. You will only be able to open a bank account here after acquiring some residency via a visa to either permit you to work or being retired. Good luck.

PERtoDPS

Hi Gent: [SIZE=4][B][FONT=arial]"Can I afford to retire in Bali with £400,000 at 47 years-old as a single guy?" [/FONT] [FONT=arial]- perhaps if the women don't get their hands on you.[/FONT][/B][/SIZE] [FONT=arial][SIZE=4][B]On a serious note, your budget is [/B]suffice[/SIZE][B][SIZE=4] but like someone else said depends the desired lifestyle is the serious answer. Things are much cheaper here but if you're used to the 9-5 working structure of the western world it can be [/SIZE][/B][SIZE=4]considerably[/SIZE][B][SIZE=4] harder to get money coming here.[/SIZE] [SIZE=4]If the six month visit first is the plan (and that sounds like the smart thing to do), talk to an agent about making a social visa or business visa, if you want a few recommendations PM, as I think they prefer if we don't spam up the forums. Now the border is currently locked, you'll have to wait until it's not to make either of those visas is how I understand it. 8 Feb tentative date, but it's been postponed a few times already.[/SIZE][/B][/FONT]

Juggler

If you are recommended to certain banks you can open an account without a Kitas as long as you pass the attitude test.

Markit

Juggler wrote If you are recommended to certain banks you can open an account without a Kitas as long as you pass the attitude test.

What the hell is an "attitude test"? "I'm a white guy so give me a bank account, pronto!" "I have more money than any 5 of your normal customers so I should get a bank account"? Or - "if you are lucky I may, just may, accept the offer of a bank account"...

sayangku

Using the 4% rule - that is 16,000 quid a year. So, yes and no. Yes - because that will be a decent income in Bali apart from... No - because as you age any level of health insurance will eat that up very quickly. So, you could take the risk and not insure/ get shitty insurance. But one accident/ serious illness and you are screwed.

Juggler

Markit wrote What the hell is an "attitude test"? "I'm a white guy so give me a bank account, pronto!" "I have more money than any 5 of your normal customers so I should get a bank account"? Or - "if you are lucky I may, just may, accept the offer of a bank account"...

FAILED

sayangku

You can take cash out using a UK debit card from IDO ATM, but obviously hefty fees. For transferwise, yes, you need a local bank account. They have got stricter over time on only allowing people with proper residency documentation open an account but as above, some report that some banks will ignore this sometimes. You could transfer your UK funds to HSBC/ Lloyds/ whoever in a Channel Islands offshore account (e.g. https://www.expat.hsbc.com/ ) which are devised for 'expats'. Or just keep your UK address? They will want to know where you plan to be tax resident though I think. Have you checked the various 'digital nomad' sites for advise on how they do it?

sayangku

Just to note - there is nothing legally to stop you just bringing in 10,000 in cash - but it must be declared to customs - then finding the best exchange rate you can. Bit of a security nightmare though!

TheGent

My priority is getting the right investment platform where my money is managed most effectively whilst living out there, mitigating against currency conversion fees & tax when I need access to it. The problem with my existing broker is, they freeze your account if you no longer have a U.K. address. You still have the investment, but, you’re unable to sell any holdings, or deposit any more funds. I will look to have around £10k in a U.K. bank account initially and use Transferwise to access this, but then do I need a local bank to access the cash that has been transferred using Transferwise? I’m unclear how that works exactly as I’m not familiar with Transferwise. So much conflicting information out there and finding the right investment platform is proving difficult.

mugwump

TheGent wrote My priority is getting the right investment platform where my money is managed most effectively whilst living out there, mitigating against currency conversion fees & tax when I need access to it. The problem with my existing broker is, they freeze your account if you no longer have a U.K. address. You still have the investment, but, you’re unable to sell any holdings, or deposit any more funds. I will look to have around £10k in a U.K. bank account initially and use Transferwise to access this, but then do I need a local bank to access the cash that has been transferred using Transferwise? I’m unclear how that works exactly as I’m not familiar with Transferwise. So much conflicting information out there and finding the right investment platform is proving difficult.

Tried to warn you about the sage counsel. Now you are more confused than ever. You are entirely trying to anticipate way too much in advance. What good is all this bullshit financial planning when you may come here and hate it? If you have a Citibank credit card with reasonably substantial limits you can get a credit card for Costco in U.K. and pay no ATM fees. With that and cash for cash transactions you are in business. Beyond that you will be beginning to sound like “Henny Penny”. Get an agent, learn your options and stop fretting. This is not going to happen soon.