SHA 2 BKK

Here is the relevant section of the Royal Decree (743) Section 5 Income tax under Part 2 of Chapter 3 in Title 2 of the Revenue Code shall be exempted for a foreigner categorised as Wealthy Global Citizen, Wealthy Pensioner, or Work- from-Thailand Professional who is granted a Long-Term Resident Visa under immigration law for assessable income under section 40 of the Revenue Code derived in the previous tax year from an employment, or from business carried on abroad, or from a property situated abroad, and brought into Thailand.

Sorry mate. “…. only exempt for income that does not come into Thailand”? Shouldn’t that be “only exempt for overseas income that does come into Thailand”? I know any Thai income will be taxed at at the usual rate in Thailand but the Pensioner LTR proclaims that overseas income can be brought in Tax Free as long as it’s the following Tax year (as per Royal Decree 743). Can you clarify matey?

THAI! Count your blessings cobber. My better half is from Singapore! Stone the bloody crows they are tough bloody work. Enough to drive a man to drink but it's Buddhist Lent and I promised to be good. Anyway I've been impressed with this LTR Visa - let's hope they don't change it.

Apart the missus keeping me on me toes it's very good to live here and have done so for 8 years. It's a good base to travel (In Australia half the trip is just getting out of the place). My kids go to International school here and we have seen much of Asia. Good luck for your travels mate.

Understand matey. I did my whole family online. Finished in two weeks! But I don’t want any work visa in Thailand. Retirement now and live off my pension and investments. Personally I’m kind of happy not to be in the Thai Tax system (yet)!

No. The Pension LTR is Tax Free on Foreign Remittances (as long as earned the previous year) Highly Skilled LTRs pay 17% tax on income earned in Thailand. I don’t think they can claim the tax free for Overseas Remittance. This is from the BOI to me. I wouldn’t use an agent personally. “ 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.”

Some bloke on the main “2024 Tax Thread” said the LTR was a hangover from the previous Government and a pet project of some out of favour ex Minister. The gist was there will be a new Royal Decree to get rid of the LTR Visa. Proper “chicken little thinking”. Anyway I will have to enough coin here by December to see me through the whole of next year and keep my dollars parked offshore to see how this plays out. Yes most Thais see Farngs as easy marks with lots of money but to get rid of the LTR will hurt their EEC project and certainly see me finding a new Tax Domicile post. TIT.

Don’t use an agent. Just go through BOI. Yes no 90 day report just annually if you don’t leave the country. I only stayed one year and that during COVID. 0% Tax on remittances from Overseas (as long as earned the year before) for three types of Visas. If you work in Thailand as a Highly Skilled LTR 17% Tax. Some “chicken littles” saying the Government is going to get rid of this Visa but I think after Farangs stop sending so much coin after January 1 they wont dare. Time will tell. Anyway it’s far better than the Elite Visa (I had one before this). No 90 reports. https://ltr.boi.go.th/

Because the LTR Pensioner Visa allows me to bring in income earned in the previous year tax free (as per currently everyone else - but this will change 1 January 2024 for non LTR Visa holders - thus this long thread). I figure I don’t and won’t have to lodge a Thai tax return if I continue with this method. I have asked BOI for their clarification and they have advised this will continue to be the case and the RD will make an announcement re. Though I am not holding my breath waiting! Some on here predict that this tax exemption will end for LTR Visa holders. If so I have enough savings from previous years to remit and not lodge a tax return as I gather savings are exempt. Time as always will tell.

Interesting take cobber. I've done 8 years in the LOS and yes know that laws and rules are changed at the drop of a hat. Though I'm a "glass half full" type of bloke and reckon they will keep this as is. Anyway always have Plan B in the back pocket. It won't mean a full bug out for me, family, cats and dogs. But appreciate your views. Let's see how this plays out.

Hi matey 1. Only money brought into Thailand not Global Income (not sure but I think only the Yanks do that) and that’s for Tax Paying Residents (over 180 days) 2. I’ve got one of the LTR Pensioner Visas. I asked about these changes. Posted this earlier but this was the response from the BOI LTR Team. They are pretty adamant there won’t be any change for this type of Visa. Though they don’t mention Pensions in particular which as you point out could be seen as passive income. Personally I get mine paid in Australia and bring it in only when needed - in the following tax year. It’s taxed in Australia and I would consider it savings after that. “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.”

Misty you know more than all than all of us combined! Changing LTR midstream - champion in my books. Yes 17% on Thai sourced income. But for we “poor” pensioners no tax reduction for income made in Thailand but zero tax on income remitted from the previous year? I reckon I close to the mark Krap????

That would be a bugger mate. Bloody crazy and more paperwork. Let see how this plays out but if that’s the case I will keep my coin out of Thailand. I do business in 7 countries. Some Third World. None charge a withholding tax on incoming credits. Interest yes but TIT!

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