newnative

Yes, your Thai tax man should only be interested in what comes into Thailand. And, again, his first question should be to anyone, not just you, how much of that money coming into Thailand is shielded DTA and how much is not.

It seems like if it is a 'great' tax office their first question to you should have been how much, if any, is this 480,000 baht shielded DTA income, not subject to Thai taxes.

Thank you for your kind comments, although I think not always as polite as I should be--I will try to work harder on that. I always look forward to Peterw42's take, and others, on real estate as well, and other topics. I find there are many posters, Sheryl comes to mind, and the late Ubonjoe, who take the time out of their lives to explain and provide information that I'm sometimes in need of, living in Thailand as a foreigner. I, for one, am quite thankful to have this Forum to call upon. An added, enjoyable bonus is the often lively, far and wide, sometimes wildly off-topic discussions on just about anything and everything. Fun.

But, my understanding, only liable on money sent to Thailand, where it now becomes assessable for taxes. Not sent to Thailand, not assessable, no tax owed in Thailand. Hope this interpretation is correct.

It's my understanding that I can, indeed, generate off-shore tax-free money while being a tax resident of Thailand--staying over 180 days--for tax purposes. For example, I earn $10,000 a year in stock dividends that are earned in the USA, and sent to my USA bank. I am under the impression that this money only becomes 'assessable' for tax if it is remitted to Thailand. Otherwise, Thailand can't touch it and collect taxes on it. Is this incorrect?

Thanks!

It is my understanding--so far--that only taxable income brought into Thailand is considered 'accessible' income, meaning income that can be got at by Thailand and subject to possible Thai taxes. Taxable, accessible income would be income sent to Thailand and not shielded by dual taxation agreements. So, if I brought in USA social security money, or Virginia state government pension money, both shielded by the USA dual tax agreement, the money is not considered 'accessible' income and not subject to Thai tax. There seems to be some uncertainty regarding pensions but I think state, not 'private', 'government' pensions are covered. Could be wrong, but that's my thinking at this point. One option I might consider is directly depositing my SS in a Thai bank, which now goes into my American bank. This would establish a verifiable paper trail of specific, shielded money. Other income that I might bring in, such as dividend income, is 'accessible' for tax and I could be liable to pay that tax. There seems to be several ways around that. I could transfer the money in and designate it as a 'gift' to my Thai partner. Apparently 10MB a year is allowed for that. Could be one option I would consider if that is actually the case and allowed--and the paperwork is not too onerous. There seems to be a number of deductions to use, should I decide to declare the taxable income brought in. It looks like I can deduct 190,000 baht right off the top since I am over 65. With the remaining amount, there seems to be another 150,000 baht deduction to lop off and that leaves you with a sum to be taxed on a sliding scale. Possibly some other deductions, as well, that I have not looked into. Once everything is figured in, the tax might be too much, depending on how much is brought in. But, I'm still liking the 'gift' thing. Each year I earn approximately $11,000 in dividend income on stock I own, plus some interest income. It is my understanding that this money can be subject to tax. But, it is my further understanding that this money only becomes eligible for tax if it is remitted to Thailand, where it now becomes 'accessible'. Left in the US, it is my current understanding that I would never be responsible to pay any Thai tax on it. It remains inaccessible for Thai tax purposes. If this is, indeed the case, i will not be sending any of this money to Thailand. I am one of the fortunate ones with a large chunk of cash already here in Thailand. I could theoretically probably live off this money for the rest of my life--or a good part of it--without bringing in any money from abroad. Left unanswered is whether the revenue department would come knocking on my door demanding an explanation on how I am supporting myself with no money coming in from broad--possibly with a deep dive into my finances; questioning when and where the money originally came from--and what type of money it was--interest, pension, social security, savings, etc. A lot of concerns like this are still up in the air. Anyway, that's where I am at this point with my thinking, some 94 pages in on this thread. I welcome any corrections or misconceptions on my part that I have made--I am definitely still learning. I am still in the dark on what paperwork that might start to be required--whatever methods, schemes one chooses for their types of income and remittances. I imagine to be determined at a later point.

Smug your middle name? 16,000 baht a month, minus 1,000 or 2,000 for condo fees, equals a net of 15,000 or 14,000 baht. (I couldn't tell from the post if the yearly 12,000 baht fees mentioned cover one or both condos.) I would guess he owns his own condo so no monthly outgo for rent for him each month, a big savings on the monthly budget. The condo fees cover condo project repairs and upkeep on the property, he would just need to be responsible for anything in the unit, some of which might be covered with the security deposit if the repairs are due to something the tenant did. In my experience renting condos, that was the case with most of the repairs--project or tenant responsible. In any case, he has some income coming in each month to supplement whatever monthly retirement he gets. 14 or 15,000 baht a month might not seem like much for some, but it certainly helps quite a bit if your monthly retirement is in the 40,000 to 70,000 baht range. When my partner and I first came to Thailand are monthly income just barely met the 65,000 baht a month immigration requirement--we would have greatly welcomed and extra 14 or 15k. I've been communicating with a retiree who only gets American social security, which gives him around 49,000 baht a month. He tells me he and his partner can live on that but they have nothing left at the end of the month for savings, emergencies, etc. Had they something similar to Peterw42's setup, that extra rent money could be banked each month to help build up a security nest egg. Obviously, there are lots of ways to invest your money--and many do multiple ways--but I think it all comes down to what you are comfortable with and what works for you, not some random, cynical commentating poster not in possession of all the particulars.

My reaction, too--what nonsense. I'm happy to tell anyone my hobbies, man, woman, or green Martian. Strange just the deflection.

Guess I was thrown off by his statement: 'Say I have 10 million baht in my retirement funds...'. In any case, I am not following his backstory, whatever it is. Wouldn't change anything I posted.

There are always lessons to be learned in real estate--and my partner and I have learned, sometimes the hard way, some of them. One lesson, never buy off-plan from an unknown developer, a small private developer, a developer with little or no track record, or a developer with unknown or possibly sketchy funding. We did--once. The project got built but, in hindsight, it very well might not have because it was the unknown, small developer's very first project, with unknown funding--checking off all of the 'no-no' boxes. We got lucky but it could have been an experience like yours. We have learned, if you can't find out much about a developer beforehand, walk away and look for something, hopefully, safer, such as a completed project. If we ever bought off-plan again, it would be with a large, well-financed, publicly-traded Thai company with a long, positive track record of completed projects, which we could go look at. Even when you think you've covered all your bases, a bad outcome can happen. We had a large foreign developer in Pattaya, with a number of completed projects, go belly-up during covid. It's anyone's guess where he is now; I believe somewhere out of the country. Also, Pattaya sports a half-completed highrise waterfront condo with 'issues' that has been sitting for 13 years waiting for a 'finish it or tear it down' decision--another project we might have bought into off-plan but it was, thankfully, too expensive for our budget at the time. (Timing can also be important.) I'm sorry to hear about your experience; it would be great if the publicity spurs some action with the Phuket developer.

I think there are a number of people in Pattaya, like Peterw42, who successfully own rental properties for income, both houses and condos. On Monday, we sold our house on the Darkside to an investor, who will rent it out. He also bought the house across the street from us, also to rent out. They are definitely out there--the last house we sold before the latest one also sold, to a Thai investor, as did a number of our condo sales, to both Thai and foreign investors. On this forum, you often hear more negative than positive comments, especially when it comes to real estate. Generally that's true for about anything--people are more likely to complain than praise something. Just human nature. Our buyer was driving a brand new BMW X7 so it seems he is doing ok but I doubt he has, or will ever, post here to share his positive real estate experiences. My partner and I have had several condos that we rented out. Never had trouble finding tenants, some good, some not so good--but all paid the rent. In the end, we decided we were impatient types, and we would rather take a big immediate profit selling them, rather than wait for years of rent to add up to the same amount of profit. So, we have been doing that--buy, fix-up, sell rather than rent it, and move on. Different strokes. The OP apparently has 10 MB lying around all day eating bon bons and watching Netflix. I think he needs to put some of it to work earning some money for him--he certainly doesn't need 10MB for his everyday living expenses for the next year or two--at 50,000 baht a month he only needs 1.2 MB to fund the next 2 years. In his shoes, I would be conservative and not put everything in one basket. He could certainly look for a rental along the lines of what Peterw42 mentioned, as one option. A good suggestion from another poster was buying dividend stocks that pay a healthy dividend--something my partner and I are also doing. I think he could safely buy a rental condo and put at least 3MB into dividend stocks and still have a healthy cash cushion. If he leaves 5MB in cash, he'll be safely funded for the next 8.3 years at 50,000 baht a month, not counting what dividend or rental income comes in during that period. If he does nothing, his 10MB runs out in 16.6 years, drawing the same 50,000 baht a month--likely drawing more a month down the road with inflation--and he could also be drawing more each month now, as well, reducing the funded years. The rental condo could, at some point, be his paid-off roof over his head--a big plus, I think, if he plans to be in Thailand long-term. Short-term, I would skip real estate. (One hard rule my partner and I had, we never bought a condo rental we wouldn't live in ourselves, if push came to shove--perhaps something to consider, as well, before any purchase.) There is some risk with stocks--be aware. With the rise in interest rates this year, some safer choices in the way of bonds, CDs, etc. are now out there as an option that, I believe, are paying interest in the 5% range. I don't know much about them but perhaps some other posters can enlighten us--or offer some other investment suggestions. My partner and I also now have some cash just lying around eating bon bons.

Thank you.

Thank you.

Off topic, I know but does anybody know when the new BYD Seal suv will arrive in Thailand? I know the sedan model is being introduced here now. Gorgeous styling, from the videos my partner and I have seen. We like the Atto 3 but want something a little bigger. Thanks!

The Sound of Music The Wizard of Oz Titanic Casablanca

According to Google, and several other sources, the high season in Thailand is November to March. One source put it nicely: Thailand has three distinct seasons: the high season, the hot season, and the rainy season. In most of Thailand, the high season lasts from November to early March, while the hot season is from March to May and the rainy season lasts from May to October.

Thanks. Good luck to you, too!

More lunacy from the raging lunatic.

Or, maybe just stay away altogether if it's such a 'horrible hole'.

Head & Shoulders Anti-Hairfall.

Not long ago, I posted on some thread that 70 is the absolute worst of the dreaded birthdays ending in zero. I think anybody who has reached 70 is well-aware of the limited time they have left--and we don't need reminding, thank you very much. Unless you have a terminal illness, nobody knows how many years they have left--and that includes the OP with his 'you-have-less-than-10-years'. Maybe, maybe not. My Mom lived to 101 and my Dad to 95. Mom had Alzheimer's but Dad was sharp as a tack and active right till the end. What that bodes for me is anyone's guess. However many years I have left, I want to make the most of them. I hated being robbed of two years of international travel by covid--and hope to make some of it up by trying to see more of the places I want to visit while I am still healthy and relatively spry. Facebook reminds me periodically that time is flying--and seemingly flying at a faster speed the older I get. The other day, it reminded me that it was 4 years ago that my partner and I started our renovation of the last condo we owned before moving on to houses. I would have guessed 2 or 3 years--I have a terrible sense of time and always guess low. Yesterday, we sold the second renovated house we have done and we moved into a new house that is just being finished--a project that has taken since February, when the foundation was laid. Being involved, for the first time, with a new house construction from start to finish has been interesting, fun, and--often--hard work and challenging. But, ultimately rewarding to see it all finally come together. However, I think we are both ready to hit the 'pause button' on these projects and hit 'fast forward' on more traveling and doing other things. One thing I am certain of is Thailand has provided me and my partner an interesting, rewarding, and enjoyable time since we arrived in 2010--which does not seem very long ago. It was a good decision for both of us to move here.

While an embassy can't interfere in legal cases, I think it has the right to get involved, if it so chooses. From the US Embassy website: If arrested or detained: visit you in detention, advocate for your rights under Thai law, ensure access to the prison’s healthcare system, and assist with communication with your family or loved one 'Advocate' is a rather broad term, perhaps intentionally. So, at least with an American, the Embassy can step in and 'advocate' on your behalf--which could involve 'advocating' a compromise. The French website says French consulates 'intervene' when a French citizen is arrested to insure their rights are respected. 'Intervene' is also not too specific but, in both instances, it seems like there is some leeway in what can be attempted to assist a citizen. Having said all that, after some dealings I've had with the American Embassy, I would expect the assistance to be the bare minimum. Although a case drawing wide publicity might, perhaps, spur a more helpful response.

I think if you read the more complete story--although, still sketchy--rather than the AN synopsis, you get a somewhat fuller picture and the police actions make more sense. There are two separate issues. First, the assault charge against the French woman. The woman slapped the Thai man, which she admits doing, and he filed an assault charge. With her confession, the police charged her with the assault and confiscated her passport to prevent her from leaving the country before the case is heard. Makes sense to me. Assaulting someone can have consequences. She will have the opportunity to explain her actions, and perhaps win her case, when it comes to trial. The second issue is the alleged assault on her son. There is no CCTV evidence and, apparently, no witnesses other than her son. So, essentially, it's one person's word, a foreigner, against another person's word, a Thai citizen. And, the son is no longer in Thailand to provide evidence or testimony. A prosecutor might very well decide to not go forward with such a lack of evidence. The action, or inaction, of the French Embassy is the mystery to me--although we may not have all the details. They have a French citizen in trouble and it seems they could be doing more in the way of support. An embassy representative might also be able to step in and perhaps negotiate a resolution where charges against the woman are dropped if she drops her charges and agrees to leave the country. She admits she has no job and no financial resources and, while it may not be the justice she wants, it may be the best she can hope for at this point.

At least someone is questioning his lengthy stay in the hospital and, hopefully, that will include looking into his accommodations there.