Dan SG

Agree re times changing and not working in the future. If governments get their way all transactions will be on a blockchain and tax will be collected on a real time basis rather than through self-assessment / tax returns (I know it sounds futuristic but that's where things are heading rightly or wrongly). If you've had a property for 20 years and never declared you could find yourself in a difficult spot especially as the old guard in the tax office make way for new - or even there's no guard - its all automated and you suddenly get a demand for backdated taxes for 20 years......that just gets deducted from your central bank digital currency. Its scary I know!!

I can't comment from the perspective of a thai renting out, but I can say that as a foreigner trying to get a tax ID to declare the rental income I received was very difficult - i made a couple of attempts to get one through accountants and each time it got rejected. I literally had to plead with them to give me a tax ID so i could pay the small amount of tax due - i know this sounds quite incredible but is true. Most advisors and real estate agents I consulted with told me not to bother and that the tax department aren't interested in collecting a small amount of tax and most people don't bother (I was told a similar thing to the above that if there aren't a lot of transactions it won't raise any red flags) but I wasn't really comfortable with this and in the end I managed to get one. You can deduct your expenses but in practice I think there is a flat rate deduction that most people claim and will avoid having to substantiate your expenses. I use a thai accountant to prepare the return and I need to file an interim return that doesn't lead to any taxes payable and a final return after the year end. I hope that helps.

Been following this closely as own a couple of condos. I've read these article but have always been confused too but put to the back of my mind but starting to age a bit now so should really think about it. I guess the key questions is this: if the quota is not yet full, do you need to bring FX into Thailand to enable the property to transferred into beneficiaries name. While I haven't consulted a lawyer on this my take from all the articles i've read is: yes the beneficiary would need to otherwise they would have to sell in the year. What i've never been able to figure is this - can they then move the FX back out of Thailand (assuming they have it!)? And if they do, when they eventually sell can they move the sales proceeds back out of Thailand? I suspect the FX on one of the legs would effectively get trapped and would need to be moved in small portions out or spent in thailand or holidays back in Thailand!

Yes but that means you need to keep the funds idle in thailand while you own the property. It's different to bringing them in for a genuine purchase from a third party. Seems a crazy outcome and can't see how it would ever be worth brining funds into thailand just to inherit the property - better off just selling.

Yeah melatonin can make you feel groggy. 3 mg is too much. You just need a little bit - 0.3 - 05 mg and it does improve sleep.

Yeah but after Cov, you can't trust anyone who says stuff like we need to follow the data!

Can anyone recommend a clean, safe and reasonable clinic to get an NAD infusion drip treatment. I've heard incredible things about what this could do (anti aging , brain clarity, improved sleep) but want to go to the right clinic. If anyone has any recommendations to share and also willing to share their experience with the NAD+ - good or bad - that would be greatly appreciated!

It is if it was purchased as an investment and sold as a gain. A gain is also income - hence capital gains tax.

Yes this is what I've managed to establish too. If you qualify this is a massive perk in my opinion. Yes the threshold is high but potentially this means you can put your money into offshore accounts / bonds accrue gross and it not being taxed anywhere! Of course if your money is tied up in things like property you're still going to be taxed where the property is.....but personally I think the opportunity to receive gross is much better than earning net rental income.....especially if your in UK property like I am / was......absolute headache these days, all the power to the tenant....and leaches in the system - agents, tradesman, the council....you name it!

Hi, I need to do exactly this too - I see that you are in Phuket (I'm bkk based) but was there a special unit in Bangkok bank you spoke to....I can't seem to get hold of anyone that has any familiarity with how to purchase these bonds for foreigners.....I have a thai tax id which it seems could help the process.

Seems to be a few bad reviews on this place. I know you need to treat google reviews with a bit of skepticism but one in particular gets me a bit nervous. Does anyone else have any recommendations? Specifically for men and a subtle look (I'm a bit self conscious and the last thing I want is to look done / frozen!).

Debatable. I think this is only one clarification in a future circular away from being seen as remitted to Thailand. Yes, this is a very expensive way of funding day life here too. While I appreciate not everyone has the means but this is a definite advantage of the long term resident visa. You can put your money into offshore bonds / accounts, receive gross and bring into thailand without any tax in Thailand (or anywhere else assuming you remain Thai resident).

Can anyone recommend a good clinic in Bangkok that does botox for men or other injectables / fillers - preferably the less invasive type. Getting a bit wrinkly / haggard but want something subtle and a clinic that will listen rather than just do their own identikit treatment. Looking for somewhere mildly classy but not super high end / high so.

Don't mean to be bearer of bad news but that is bringing money into Thailand!

Yes that will be considered a gain in the year in which it is earned unless there is something under thai domestic tax which exempts the gain from the sale of a main residence (I don't know if there is or isn't). You're right that practically this rule is difficult to enforce / monitor but tax is always on a self-assessment basis, i.e. you need to determine and declare the right income and put it in a tax return; if you don't you always run the risk it could be discovered and you're liable for back taxes, interest and penalties. Like anything in life it's a risk / reward trade off.