ronnie50

Agree. There's also sense that Thailand is sort of a Wild West - where you can really do whatever you want. What we see daily on the Thai news channels of the fighting and the drunken disrespect kind of proves it. How many of these people would behave that way in other countries while on a holiday? Even Benidorm, Ibiza and some of the other downmarket 'sun spots' get passed out drunks, etc., but brawls and the kind of behavior we've been seeing here are much less common. They'd get arrested and face real consequences in other places. For some reason these idiots think there are no consequences here - maybe they're right?

The Thai-Chin families driving around in Benz's usually bury it in the garden.... so I'm told. Imagine all that burried treaasure 🙃

I seem to recall the banks had no facility to do the face recognition for foreigners (because they could only enter Thai ID numbers, not passports into their facial recognition system). Maybe they worked it out. Dunno.

Thanks. You probably know this, but when updating PP number with the various and sundry who need it (e.g. everyone in Thailand it seems), be sure to have your old PPs with you as well - or at least a copy.

I see nothing in the article that refers to 'uncertainty' for existing retiree bank accounts. Did I miss something?

Nope. But we know our Thai banks (directed by BOT) are checking our phone apps connecting to our accounts to ensure they match. Seems logical as we can only use phone apps now to make transactions, aside from going into a branch. When they disconitnued web access, I asked my bank (SCB) what would happen if I lost my phone while abroad? No answer. Then again, ask yourself this: what happens if I lose my CC or ATM that is equipped for just 'tapping'? Again few answers about liability.

Wow, am I the only one frustrated with this weirdo flag waving US-Israeli right wing stuff? Ok, so I've lived here probably longer than some (cannot use the word m...ds as is forum rules), but I well-know this entire web board is what it is, and is controled by some forces with a 'conservative' bent from years ago. Anyway, I'm not going to fight it. They will shout down anything against their view - and there is no way to counter the weirdness. F-it, because it is what it is. Anyway, this is interesting and from a legitimate news source from our region (ABC). Flame away big shots.

If the changes he has in mind continue with taxing only remittances, then you're right - no incentive. But if he plans to tax them (and us) on all global income each tax year, then there might be fewer benefits to leaving their cash overseas. But who knows for sure. Need to wait and see.

Your post prompted me to check with my mobile operator (TRUE), and while they have the correct name exactly as the bank, the passport numbers and DOB at TRUE don't match. I'll be over to one of their shops tomorrow to update that.

True Japan is much cheaper these days. I was there recently. But there's no way Japan is welcoming to foreigners. They are respectful to everyone as that's part of their culture, but try entering a Japanese bar or one of the millions of entertainment venues. Most foreigners are not welcome at all and often refused entry outright.

The whole thing smells of the Thai oligarch class and another pre-agreed fix. You can "bet big" that the owners of these places were agreed some time ago. Where will the oversight come from? How will the tax revenue be spent and on whom? How will the casinos be audited? By foreign external auditing houses, or locally? Most likely the target audience is the Chinese tourist with some reasonable spending power.

Agree that Thailand's motivation for many of these recent actions (banks, TRD, etc.) is OECD. For those unaware about the OECD Global Tax Deal - it is here in a 2023 announcment https://www.oecd.org/en/about/news/press-releases/2023/07/138-countries-and-jurisdictions-agree-historic-milestone-to-implement-global-tax-deal.html It is primarily intended to create a level income tax playing field for multinational coprorations (15%) to stablize things and avoid these guys looking for a tax haven race to the bottom. It's been an uphill climb though and Trump has signed an Exec Order to pull out of it a few weeks ago. Here: https://www.whitehouse.gov/presidential-actions/2025/01/the-organization-for-economic-co-operation-and-development-oecd-global-tax-deal-global-tax-deal/ However, personal income tax in OECD member countries is also an OECD priority area of concern too. See here https://www.oecd.org/en/data/indicators/tax-on-personal-income.html Again all relavent to Thailand too. Hope this is helpful. R.

Okay, thanks for the quick reply and advice. Regarding branch forwarding statement to Head Office, that's only Bangkok Bank that has a longer process, right? I have SCB and I think you and one other said SCB can do both on the spot while waiting?

Since the news was just confirmed today about issues with the banks and foreign accounts, this question might be premature, but given the ever-present possibility of an overly anxious branch manager, would @DrJack54 think it might be wisest to get the extension letter and statement from my own branch (as opposed to just any one)? And, in addition to the letter, is the statement also good if obtained more than a few days before the IMM1 CW retirement extension appointment (up to one week)? By the way, I know the banking issue is 'only' about foreigners opening 'new' accounts, but the branch managers tend to interpret these things pretty broadly and that's why I wonder if attending my own branch would be a safer bet (as I now have only the 90 day O visa). Any thoughts?

That's my concern too. The 2023 announcement was just a stepping stone IMO - first shoe to drop kind of thing. While the RTG needs more revenue, I do actually think this is also about their aspirations for joining OECD, by trying to show that Thailand is on its way to standard global income tax processes for all residents. I think that's why Portugal and others have been changing their rules - due to external pressures on them (e.g. not just from OECD).

Not just US, other countries have similar DTA exclusions for national government employee pension exclusions. Seems to be quite common in the DTAs with Thailand. Of course it only relates to pension income, not other income. Anyway, for now, the tax free exemption on all income is in place for Wealthy Penioner.

I still think all this is part of Thailand's actions to get OECD membership.

I think it also depends on annual passive income (if BOI arragned LTR for 'wealthy' retiree category). But I do wonder how long that category will get to remain tax free if, later this year, the TRD/Finance Ministry announces a shift to taxation on global income and not remittances. Although it had been published in the Royal Gazette, there's nothing stopping any government from amending the rules.

Let's just hope they don't start messing around with our established bank accounts.

Well, on one hand they don't really want foreign riff-raff here on such low incomes anyway. That's why they came up with the 800k rule in the first place (farang riff raff in Thai is know as farang kee nok - farang bird sh!t). Then they eased the rule to the 400k plus income. They do of course (as you say) want foreign currency even if it's not huge. On the other hand, in many countries, including my own, a foreign tourist usually can't open a bank account. And in many western countries it's difficult to remain in those countries longer than that of a tourist,

Remember a lot of what is going on right now (Thai Gov) is in support of their bid to become an OECD member. With that in mind, it wouldn't be a surprise that the Bank of Thailand is tightening rules on proof of account ownership and deposits, with an eye on money laundering, etc. Why they didn't clamp down long ago on the dodgy agent's scam must have meant people in high places were making a cut from it. But now it's become a smallish obstacle to bigger aspirations. The newish BOT rules have been drip feeding in for a couple of years now. Thai ID cards for transfers over 50k, face ID, etc.. I mean you can't even use your Big C points for a discount without showing your passport at the cashier, and I'm sure that's not Big C's rule! Then there's the whole tax thing that's been discussed ad nauseam.

You're lucky you are no longer a US government employee, or so it would seem from the daily news. I guess you and many others are hoping Musk and Co. don't try to also raid the US government employee pension fund anytime soon.

Thanks, yes helpful explaining the FIFO principle. So if this turns out to be what the TRD agree with going forward, and 'if' I had $100,000 in a foreign account as of 31 Dec 2023, then conceivably I could bring in 10 or 20,000 each tax year for the next 10 or 5 years and it would be non-assessible, is that right (or until the 100k saved prior to 31/12/2023 is depelted in the foreign account)?

Ok absolutely clear now. Txs

Ah, OK, I get it now. So just before going up the escalator. Txs.