SHA 2 BKK

I guess no one knows the answer yet but will LTR Visa holders, who are Thai Tax Residents, have to lodge a Tax Return for foreign funds remitted (earned in the previous year) even though such remittances will remain Tax Free because of the Visa Status? Personally I can’t see why one would need to be lodged as no tax would be due. I have emailed the BOI and will revert if answered but there may be a forum member who can answer more quickly! Safe weekend all.

Righto cobber - you sound like you would make a good politician! Good luck to you.

10 year LTR Visa and no foreign remittance tax! “…the benefit is probably not so great”. Would love to hear your reasoning matey.

Saw this on a Reddit Sub Forum. Very much of interest to LTR VIsa holders given the discussions on overseas remittances. It comes from an AM-Cham meeting specifically to discuss the RD’s announcement on taxing overseas remittance. “ Just listened in on the AMCHAM presentation. Key takeaways - As of Jan 1, 2024 -You are a Tax resident in Thailand regardless of your Visa status if you stay here 180 days or more. Always been the case, but not enforced. Stay less than 180 days, you can transfer as much money as you want into the country - no need to declare or file thai tax. - Any transfers into the country will need to be declared. To avoid double taxation, you will need to file taxes in Thailand yearly and claim exemption. - Thai Elite Visa does not help. The only visa classes that will allow tax free transfers the 4 categories of LTR. https://www.belaws.com/thailand/ltr-visa-tax-benefits/ - under theses visas you will need to work anyway, but income tax is capped at 17%, transfers into Thailand, are tax free. - They will be monitoring foreign credit card and debit card transactions in Thailand and will tie into the global system. How they will do that is anyone's guess.”

Yes. Anything can be reversed and I guess using your analogy everyone one of us who has spent some years living in Thailand and are tax residents but have relied on the previous interpretations of the tax laws to bring money into Thailand (earned in the previous year) could theoretically be at risk as laws are changed (or interpreted) retrospectively. There could also be a Royal Decree putting all Rangas (Aussies will know what that means) on the rack. Personally I can’t see both happening. Stay safe.

I (think) I am fortunate I got an LTR Visa last year. One of its attractions (apart from not doing those stupid 90 reports) was the ability to bring in income and not be taxed on it. My Australian Pension qualified me for the Visa (when my Elite ran out) and the LTR process was dead easy and quick. I know not all will qualify for this Visa but I did ask the BOI about about the Royal Decree (743 from memory) which promulgated the LTR in relation to foreign sourced income. For me their response was quite positive and I have included it below for reference. “Dear X Thank you for your inquiry. On the note of the recent Revenue Department announcement on the new conditions for oversea income that generate from business/ asset or work abroad to be subject for personal income tax. We would like to address that for the LTR tax benefits: the revenue department has already announced a royal decree to exempt the LTR- Wealthy Global/ Wealthy Pension/ Work from Thailand from paying the income tax derived from oversea business/ work and assets. Therefore the change in conditions will not effect the exemption of the LTR mentioned group. Therefore, we can assure you that the incentive of the LTR visa is still the same. We also believe the revenue department will shortly give an official clarification also as it is their main responsibility and we will work with them to get the procedure for future assistance i.e. to address when you wire in the money that it is from the work remotely (same as in LTR application)- the revenue can cross check with us if they want, don't worry. If you have any further inquiry or find any obstacles, please let us know so we can address the issue with revenue department on your behalf. Kind regards, LTR Visa Unit