KhunHeineken

As I have said, TIT, and anything is possible. For all we know, there could be another military coup next week. Thailand is unstable, and foreigners have no rights. I have often said, the 1 year retirement visa / extension is nothing more than a 12 month tourist visa. It gives you no more rights than someone on a 30 day visa exemption stamp. If the Thai government says jump, foreigners ask how high. They will give you a tax bill, pay it, or no extension. Try to leave Thailand without paying it, and it will flag up at the airport. This is not scaremongering. We have seen it for tourists who have trashed hotel rooms and head to the airport. They are detained until they pay for the damage.

You have to produce a bank document for the 800k to immigration. What's stopping the TRD demanding you show them a bank document showing the total of deposits in your bank account/s for the calendar year, and based on those totals, minus some allowances, is what you pay in tax in order for them to give you the document you need for your extension? I know everyone wants to go on about what's "assessable" income, savings etc etc blah blah. They will not care because they haven't got a clue. They will throw a figure at you, based on bank deposits. Pay it, or no extension. They know foreigners will pay. It will be messy, possibly unjust for some, and some tax evasion for others, but they will make money out of it, whereas, they never did before, and that's all they care about, the extra money coming in. TIT.

Probably a greedy Minister decided to finally milk the cash cow that's been in the paddock for all these years.

Well said. Those thinking of purchasing property here should reconsider their position. You may only get to live in it for 179 days of the year, or, pay a lot of tax and receive absolutely zero back in public services for the money.

My opinion on it is a foreigner will need to make contact with the TRD between 1st Jan and 31st March for paper returns, and the 8th April for online returns. You will have to declare your income / remittances. You will then pay your tax bill, if you have one, and then the TRD will issue a document. You will need this document for your annual extension. I envisage you will also need this document to leave Thailand if one has been here for more than 180 days in the calendar year. I have posted airports and boarders may have a "tax desk" similar to the "overstay desk" where you will have to pay before you can leave, but this is for another thread. You don't produce a document from the TRD, no extension granted. You don't seek an extension because you are leaving Thailand, you may be directed to the tax desk at the airport because immigration will know you are a resident of Thailand for tax purposes. You may not pay the right amount of tax, but they will make you pay something, and that's all this is about. Just another earner for them. I also expect "agents" will offer to deal with the TRD as well.

I agree. They'll bring something in that turns a baht, even if it's an absolute mess and causes chaos. They'll tweak it by making up the rules as they go along, but to totally back flip on it would mean walking away from a lot of money, and losing a lot of "face." In my opinion, something's coming around the corner. Best be prepared for it with some options.

Good to see you have a Plan B. If the tax forces you to become a non resident of Thailand for tax purposes, what countries have you considered for the other 6 months of the year?

So, the pig farm was such a great investment you didn't bother getting a work permit. Yes, back on topic. A foreigner should never use the words "investment" and "Thailand" the same sentence. Eg. your pig farm.

If that's the case, why the need to "liquidate?" Your word, not mine. If it's not much, leave it here. Walk away. Right? As for the rest of your post, no, I am not lying. It's in your posts.

I have a feeling we will see Thailand, a developing nation, try to emulate the established tax systems of developed western nations, in too quicker time, and there will be chaos. That said, in my opinion, foreigners will have to pay something. It may not be the correct amount of tax, but foreigners will have to pay some tax. That's Thailand. Time will tell.

Some call pig and rice farms in Issan an "investment." No need to look at the Fed and China.

As another member suggests, surely you would have made more investing that money in Thailand.

The IP address is not the issue. I can VPN back to my own house in Australia. It's where the transfers are going, and who to. Also, possibly for Australians in the near future, in a similar way to Thailand, immigration will know an Australian is outside of Australia for 183 days and inform the Australian Tax Office. As discussed in the Australia forum, those chances are on their way.

I agree. 110%. Many folks also said it was scaremongering, despite the obvious connection the TRD needed, through immigration records, to prove that an individual had been inside Thailand for more than 180 days in a calendar year, thus, becomes a resident of Thailand for tax purposes. So how does Thai government "herd" foreigners towards the TRD like sheep, in the same way they do immigration for an annual extension. Simple, you'll need a document from them. It's the simplest and easiest route for the Thai government to take, and a nice earner, legitimate or otherwise, for doing absolutely no chasing of foreigners. I'm not suggesting everyone will have to pay the correct amount of tax, but I would say everyone will have to pay "something" if you know what I mean. The more that comes to light, the more we learn that the scaremongering is becoming factual. Start planning for it, if you haven't already.

WISE is registered in the UK. Thus, I'm pretty sure they have to record and report. Since 2017, not even the Swiss can offer banking secrecy anymore. https://www.swissinfo.ch/eng/business/tax-evasion_swiss-say-goodbye-to-banking-secrecy/42799134

Can't speak for other western countries, but I gather they would be similar to Australia. From the link in a previous post, which is from the Australian government. "an exchange of information with other jurisdictions under various arrangements." Also, this. "If we believe that the information or documents we need about your tax affairs are located outside Australia, we can issue you with an offshore information notice." As an Australian, It reads to me that if you earn in Australia, then Australia will inform Thailand, and if you earn in Thailand, then Thailand will inform Australia. All a DTA will do will do is stop the same money getting taxed twice, but it will be taxed, either in one jurisdiction, or a percentage combination in both countries.

Windows 12 being released before the End of Life of Windows 11, and Windows 10, for that matter. Looks like Windows 11 was similar to Vista, terrible. Just one of many articles. https://www.techopedia.com/windows-12-release-date-latest-news-leaks-prices#:~:text=Estimated Launch%3A July-October 2024&text=Based on the company's previous,with Microsoft's traditional launch windows.

Sure. I get that. The whole thing has basically "yet to be seen." If it eventuates, in the way/s that have been discussed, what possible "solutions" do you see arising. legitimate, or otherwise?

Posted a similar link in a thread, on the Australia forum, for the OP. https://www.ato.gov.au/about-ato/commitments-and-reporting/in-detail/privacy-and-information-gathering/our-approach-to-information-gathering/gathering-offshore-information It sets it out very clearly.

Around 30% say they will leave for 6 months in order not to be a tax resident of Thailand. I have a couple of questions for around the other 30% who believe they will be able to reside here in the same fashion, yet still not pay any tax. How do you propose to avoid paying the tax, on a long term basis, and how will you deal with any possible punitive measures to force you to pay something? (when I say "something" it may not be the correct amount, but "something" over zero baht)

'If you fail to plan, you are planning to fail." I had a Plan B even before I moved here permanently. This may cause many to start considering a Plan B. Probably something they should have already had.

If / When the west concedes their "hegemony" is over, it will be World War 3. Probably manufactured by the west, to wipe the debt slate clean. There will probably be some "false flag" operation/s to kick it off. Question is, who's going to be in the "coalition of the willing" and who's going to be in the new and expanded "axis of evil." Remember these terms? Countries like Thailand will have to pick a side. They chose the US during the Vietnam war. Remember "The Domino Theory" BS? Thailand might do what Thailand has always done in history and do a deal to keep its sovereignty. The trouble for Thailand will be, this means they must make a bet on the outcome of the war. Bet on the wrong side, and Thailand loses out on the spoils of war, and actually becomes the spoils of war. The "system" in Thailand where you buy military promotions and political power, rather than earn it through education, hard work, and policy, will probably see poor decisions made at crucial times in the future, so in my opinion, when the the time comes, and it will come, Thailand will be up for grabs, and a strategic country for occupation to wage war against China. It's probably why the US let it go, so the west will just take it in the future, rather than pay for it on an ongoing basis.

Let's hope it's his own bank account here, otherwise, it could all end up just another sad story for him, like so many others that came before him.

I just mentioned in another post, if your 12 million baht "invested in Thailand" is mainly in property, in a tourist area, then who is going to be the market you are selling to, and how much competition will there be for the those prepared to stay, or move to Thailand, at any cost as to their tax liability, and also throw in a decent offer for your property? There's already an oversupply in property here. This will kill the market. You may not need to sell during a fire sale, but fire sale offers may be all you, and many others, will ever get.

There goes the property market in the tourist areas, for both sales and rents. It's not just about those already here, but also the next generation of retiree / expat coming through. Why would they buy a property they will only live in for 179 days of the year?