gearbox

If you prove it is not an income you can, but it would be a pretty dumb thing to do financially. 500k in your country could generate quite a bit of income and be better protected as you are a citizen there. Everywhere in the world capital is not taxed, the income from the capital is taxed.

I don't know what card you use and what your home country bank.charges you, but for me the fees are comparable with Wise on 30k withdrawal from a Krungsri ATM. If you withdraw 2k the equivalent exchange rate impacted by the ATM and bank charges can become really bad indeed.

In Australia your banks etc won't provide CRS summaries unless you indicate you are a tax resident of a specific country. The Thai tax office won't get the income details of all Australians, only those who declared they are Thai tax residents.

From time to time Accor memberships are on good specials, if you get one with free nights it could be very good value for money to experience 5 star hotels. In the past I stayed in Sofitel Sukhumvit for around 4500 p/n, the rooms were going on Agoda 8-9k p/n. Wouldn't normally stay in such places, but was with my 5 star demanding gf... https://www.ozbargain.com.au/node/860308

This is quite possible in the west just by investing in a diversified managed fund. Plenty of people are financially illiterate there too.

I'm not investing in Thailand...she is investing. The investment options in my country are not available to her. She is a Thai national.

Howdy, I'm trying to help my gf to park funds available into some investment which would bring reliable regular income but doesn't require much knowledge and tinkering. She is very good with her business, but otherwise financially illiterate. I was thinking whether some kind of index fund similar to Vanguard but with Thai shares exists here. She is very scared of these types of investments telling me she has no idea what to do if one day I leave her😃 The other options are buy to let real estate or getting orchard farm developed in the are around (Surat Thani/Chumpon or around) but this would require more effort and time investment. Anything I'm missing that may generate steady 5% without too much fuss?

Worldwide income taxation is becoming pretty standard practice. Look at the governments, they up to the neck in debt. They would chase any money available, sometimes sacrificing future income in order to raise revenue.

That's a very good question, you won't know if you are tax resident unless you have spent 180+ days in the calendar year already. If someone asks me if I'm a tax resident if Thailand for fiscal year 2024 I would answer that I don't know, I've been outside Thailand for nearly 4 months already, and going away soon for nearly 2 months. I would know if I'm a tax resident somewhere around mid December. So if an Aussie bank in the meantime asks me if I'm a tax resident somewhere my answer would be no.

That probably is not very practical for many who are 75-80+ years old, or those with families with children.

The private super in pension phase is not taxable at all, this is valid for both income stream received and the earnings of the fund. I'm planning to start receiving super pension from July next year, and if the worldwide tax is implemented I'll get a hefty tax bill. The only sure way to avoid it is to stay less than 180 days in Thailand. In the DTA there is a breaker rule that if you are resident of both countries you pay tax where the income is generated, but I won't rely on the taxman in Nakhon Nowhere to interpret this properly. As it stands right now I'm a tax resident of both countries.

Even the tax office in your home country probably doesn't have detailed transaction information, and normally they don't care. All they need is how much interest you earned and any other type of income you got. Most of this info is also provided via CRS to countries where you are tax resident.

For the people who think they can do workarounds wrt CRS exchanges...it may work now but better be prepared for bad surprises in the future. In Australia the banks have been fined billions by the AML authorities. Nowadays they have become very cautious, if they have any slight suspicion that you are not supplying correct information, including the tax residency, your account would be suspended or even closed. This is especially true for non individual accounts - proprietary company, trust, self managed superannuation fund.

If they tax worldwide income they don't need to tax remittances. You either can remit your income or leave it outside. This is how it works in Australia.

The information the Thais need will be served to them on a plate from your country as part of the CRS data exchange...as long as you admit in your country you are a Thai tax resident.

I'm just following the lead from the OP which says "much like systems in Malaysia and Cambodia. "

I don't think the ETA would work this way. I just came from Malaysia where I had to submit something similar prior to immigration clearance. It can be done right before passport control, in fact there are big posters with QR code links to the web site. For accommodation you don't need to present any proof, any hotel will do. It is a nuisance but I noticed big crowds at the automatic gates and people were clearing immigration very quickly.

You mean the American toilet paper got cheaper? Have you had a look at your budget deficit? No wonder everyone is buying gold...looks like on its way to 3000.

The deep south was nice when I went through in June. I cycled Samui to Kuala Lumpur and went along the whole coast Donsak to Kuantan Malaysia. From end of April until end of September the monsoon is from west and it doesn't rain much, calm and swimmable sea, nice clean water, food and accommodation is cheap. There is warning for terrorism but I found the locals nice...nicer than the touristy areas like the gulf islands or the Andaman side.

I bet she currently declares every satang of the rental income in her tax return.

They need to present ID when exchanging your money, and these transactions are tracked. One day either the taxman or the money laundering authority may knock on your Thai's girlfriend door and ask where she got that foreign currency from.

Following the thread.. I'm also on retirement extension, but it is becoming a nuisance to be every year around the same time in Thailand to do another extension. It interferes with my travel plans. I'll look at the new 5 years visa when I have time, still 9 months until the next renewal.

You are still too young for ebike...

You can bring Thai baht cash directly, already converted.

Who says the world needs a leader? Nobody needs you self assigned leadership.