KhunHeineken

Got a new passport in 2023. I went and updated my passport ID with K Bank and my telco. Just strange how some got the email and others didn't, and what's more strange is, why is K Bank the only one doing it?

Do you deny such home exist in the US?

As a renter, this is not news to me. It's been happening for years. Due to the massive over supply, rents are so cheap here, and there's constant downward pressure on rental prices. As I have said in the past, the money that it would take to buy the condo I am living in, if I put it in a bank in my home country, which pays around 5%, the interest more than covers the rent, so why would I buy? You can't really own a property here anyway. I have the money invested that returns more than 5%, so the figures are skewed even more towards renting. When renting, no taxes or fees to pay, no repairs, upgrades or maintenance to pay, and the freedom to move at any time, should your condo building become a Chinese AirBnB, or for any other reason, like a nicer condo that is even cheaper. The figures show the whole "rent is dead money" argument has been debunked, and has been for years. I hope they keep building, and building, and building.

I just looked at it. 27% are dependent. Very strange.

Whilst I am sure your wife is "different" what if she takes that money before you die?

Do you have a link for this? I would be interested in the break down of the other 70%.

Sure, but my point being, they can raise it to whatever figure they like, at any time, AND, no grandfathering. They might want to clear out the the country of the ones that "aren't contributing to the economy anyways." Let's be honest, a western guy retires. He sells up back home, retires in Thailand, brings over a lump sum of money, buys a condo, a car, parties for while, and finds a Thai bride. Due to age, eventually, Thailand is not making much money out of him anymore. He has, effectively, past his use by date for the Thai government. They could try to grab some more from him, while he's still alive to do so, or be rid of him. Say they raised it to only 1,000,000 baht. How are all the pensioners living month to month going to find a quick 200,000 baht? Haven't they always been taking what they can get from farang?

Just to add to what the other member, topt, said, what about your visa / extension? Are you using the 800k baht method, the 65k baht per month method, or an agent? IF world wide income comes in, how does your "cunning plan" get around that?

I accept this, and for those that are "trapped" by the Thai government, due to emotional and financial attachments in Thailand, they have upped the price to remain in Thailand, without providing any added benefit for paying the extra money. Some will stay, and pay. Some will leave for 6 months, alone, and not pay. Some will leave for 6 months with the missus, and not pay. It all dependent how much one remits, thus, their lifestyle here, and whether they still believe Thailand is value for money. Everyone's circumstances and financial capacity is different. For example, I spoke to a friend last week who is going down the route of the condo is in the girl's name, but so is the mortgage. She leaves him, the bank takes the condo back. Sure, she could go back to the bar and try to replace him, but that's not so easy these days, and she's not so young anymore. He can pay for this condo easily, but it's all about keeping the girl honest. His remittances for mortgage payments will be taxed, making it more expensive, so, he's sitting back to see how this unfolds, but if this tax kicks off, he has told me he will have some big decisions to make. He's not the only one facing some big decisions.

I had been proactive even before this tax news broke. I was never going to move 800k baht into a bank account in a 3rd World Country. I use the agent method, and should they ever serious stop that, and I doubt they will, but say they did, then it's Danang for 3 months, Thailand for 3 months on a tourist visa, Danang for another 3 months, and then Thailand for another 3 months. Not much different to Thailand 179 days straight, and Danang for the rest of the year, straight. I can't see the 800k baht staying at 800k forever. It's been 800k for decades. So, when they do raise it, that might knock a few out of the game. As you say, one has to be "proactive" here, or as I say, have a Plan B. They can change the game at any time here. I believe the numbers have been crunched and most pensioners, from most countries, will have a little tax to pay, should they remit their whole pension. You say pensioners aren't contributing, maybe this is a way to force them to contribute, or be rid of them.

Strange. I also have a Westpac account. I didn't receive any correspondence like that. What I do get from them, every few years, is a request to update my tax residency status. Resident / Non Resident. I say I am a resident for tax purposes. I don't hear anything back about it for few years until they ask the same question. Australia is proposing to change its current 90 year old laws around tax residency to a time based and physical presence model, the same as Thailand, but for 183 days. This will take away ALL the loopholes, and non resident tax is 30% from $0 to $135,000. It's been well debated in the Australia forum, but basically, the aged pension is deemed to be an income, there is no tax free threshold in the non resident tax brackets, the aged pension is not covered by a DTA, if you are outside of Australia for 183 days you will be deemed a non resident for tax purposes, non resident tax start at 30% from zero dollars, there are no exemptions or means testing mentioned in the proposed changes. Put all of this together, and make of it what you will.

Name of Aussie bank????

I'd be looking closer to home then. No offense intended. I did ask, who has access to the card, and yes, that means while you are sleeping and not at home, since you do not carry it with you. As explained, the chances of a card generator "brute forcing" a 23 digit combination, twice, for the same person, in a short space of time is vert low odds.

As I have posted previously, I'm giving Thailand a chance this first time around. If none of this happens because of TiT, great, carry on as normal. If I have to pay a bit of tax, ok, I'll pay it. If I have to pay an mount of tax that I think is a rip off, and Thailand no longer represents a value for money retirement destination for me, then it's 179 days in Thailand, and the rest in Danang - Vietnam, where I have already chosen the condo building. Thailand is not the be all and end all for me. I show the Thailand the same amount of loyalty as it shows me - ZERO. Many here, mainly pensioners, will not have to pay much tax, but that new car or unforeseen medical operation may mean remitting a large lump sum to pay for such items. They will cost more, as the remitted funds will be taxed early the follow year, which could make such things a rip off. Yes, we can talk about assessabe income, pre 2024 savings, exemptions, blah blah blah, but they have us by the b*lls and they know it. Just how hard they will squeeze is yet to be seen, but I certainly have my Plan B in place, and I have no problem becoming a non tax resident of Thailand and they will not see a baht out of me in tax, VAT aside. Further to this, it just goes to show how unpredictable and unstable Thailand is, especially when that retirement visa / extension is nothing more than a 12 month tourist visa that can be revoked, at any time.

I can't speak for the member Ben Zioner, but I would not be surprised if the expats who stand to lose a considerable of money in tax, thus, forced out for 6 months of the year, start to adopt a similar negative attitude to Thailand as Ben Zioner. Can you blame them?

I never suggested it will stop tomorrow. What I alluded to is the Thai government now wants a cut of the pie. They have seen ZERO from this transfer of wealth in decades. Now they can basically tax the bar girls, indirectly, by taxing the funds flowing to them.

+1

If Soi Baukhao is for the elite only, then Walking Street must be for the fools only.

Yes, but everyone else is doing it, so what could possible go wrong?

Thanks for the update. I wonder what was K Bank's criteria for selecting customers for the mail out? Maybe they are doing it in stages, to ease the rush on staff.

I think most expats remit funds above the threshold. Most pensions from around the world are above the threshold.

Voiceover from 2008????

Getting more difficult to have a free consultation under Medicare. https://www.9news.com.au/national/gp-bulk-billing-cost-availability-data-cleanbill-blue-report/9998a21b-1e1d-43c3-b7cc-e8f8488c335f

Albo might get back in, but I would not be surprised to see a hung parliament. People seem to be turning away from the two major parties, giving minor parties the balance of power where deals have to be done. I hope to see in my lifetime a party other than Labor or Liberal in power, just to shake the b*stards up.

A scammer can't get lucky "brute forcing" a 16 digit card number, plus its expiry, plus its CVV, for the same person, in such a short space of time. Are you using this card in restaurants, hotels etc? Are you handing it to people? Who else has access to it? This is why a suggested that when you "hit" on that link, you maybe have downloaded some spyware.