Presnock

On 5/1/2024 at 3:45 PM, Ben Zioner said:

I don't think that's right, BOI know when a tax return should be available. For instance when you apply while living in your home country, or a US citizen. In my case, where I applied after living 7 years in Thailand and as a non US citizen, they understood that I couldn't show a tax return. 

How did you avoid paying US taxes - as a US citizen you can't escape paying their taxes no matter where you reside?  Just wondering

6 hours ago, stat said:

So what is the internal rate of return for your pension AFTER costs, which actuarial tables did you use? Did you buy a 30 year CDS option to cover the risk that the insurance company goes bankrupt?

 

Those pensions never make any sense to a person that is attached to his money like I am. 😉Why should I pay a company for a sub par performance result?

 

BTW if you move to another country they will likely tax your self created pension. But to each their own .

smart thinking for sure - just like in the US, many companies have or used to have pension programs for their employees.  Thing is a lot of companies go bankrupt due to many reasons and what happens to those employee pension funds.  The US govt does have a program to take on those pensions but not at the same monetary level - sometimes less than half that originally promised.  And in today's world it is becoming more and more difficult in my opinion to "trust" govt, businesses, individuals, et al.  Good luck, I do truly hope that everyone reading this is more optimistic than I am.

9 hours ago, SingAPorn said:

After all the hassle and red tape asking for extra documents, let's assume one gets the LTR P visa retiree.

 

But despite the 10 yr LTR stamp given on passport, it seems that the length of stay is to the discretion of the immigration boy on arrival who is free to put what he feels is an acceptable period of stay per trip. Read of reports in AN from LTR visa holders  being asked to produce this or that document on arrival at the airport and given duration of stay only during the validity say of the health insurance produced. (that is for those who did have it). What if one only wants to say say 4 to 5 months per yer and already has a return ticket date reserved, Obviously more cost as one will have to keep the ticket open to change dates if on arrival the immigration fellow makes a fuss and puts some absurd period of stay stamp.

 

 

At the end of the day it's not worth the hassle for the winter birds as one remains at the mercy of the immigration staff on arrival at BKK airport. Not to mention that the process to get the visa is a long journey of hassles, extra documentation, fuss made on details...totally absurd as most of the candidates for retirement own property and do bring in money and spend in Thailand. Better of to spend elsewhere.

 

For the winter birds, far better to either go elsewhere in Asia or to choose another type of visa. LTR makes one feel that one may be above the hassle, but ultimately it's just a huge amount they take and not worth it.

As for the LTR you can check with immigratioon or better yet whereever you got that LTR  be it the Board of Investment or wherever, but I believe that it is necessary that one meet the requirements obtain the LTR throughout the period of the LTR (ie 5 or 10 consecutive years that you must meet the financial and health insurance rerquirements)  that was the impression I received when I was stamped in March 2024.

On 4/25/2024 at 2:32 PM, White Rabbit said:

 

That makes sense to me. Another type of visa would collide of course and not "re-newing" the visa after the first 5year have expired would make the existing LTR visa void. No surprises or opaque moments here. One could read into the wording that there's the usual competition between gov agencies going on (immi and BOI in this case but it really is a worldwide phenomenon) but I once was told by a wise woman not to assume... and she was right as usual. 

I blv maintaining the requirements for the original LTR (income, health insurance coverage) will be checked and if you do not then the LTR may be cancelled!

On 4/24/2024 at 11:12 PM, Schorsch0815 said:

 

I entered Thailand with a  Non-O Retiree visa (60 days I think) two years ago and I have had two annual extension of stay since. 
 

It’s my understanding that the extension of stay doesn’t affect the visa. So the visa itself is expired, it is just the basis on which the extension of stay was/is granted. Hence there is no visa that can be cancelled. 
 

My LTR got approved today. In the email BOI informs:

 

: If you are currently on a Thai visa category which needs to be cancelled before receiving LTR such as Non-B, Non-IB, Non-F, Smart Visa, Non-O (except for Non-O Retirement visa, Thai Spouse, Guardian), please terminate the current visa while asking the immigration officer to allow extra days of permission to stay after the cancellation or arrange for the visa cancellation on the same day as the appointment date at the immigration office where you got your current visa from. 
 

 

So it’s my understanding that Non-O retirement and / or extension of stay don’t need cancellation. 
 

If anyone here has different information please let me know. I would hate to make the trip to Bangkok twice …

 

 

just talk with the BOI and when you go in for ltr stamps, they will have the immigration office within the BOI cancel your retirement O - mine was done that way in March 2024

On 4/20/2024 at 6:42 AM, Richard007 said:

Hello everyone, I have read all 100 pages of this very interesting thread, so thanks to all of the contributors!

 

I just applied this week for the LTR WP visa.  I assume that all of my documents look good to BOI, since my status changed from “Pending” to “Consideration by Government Agencies” less than two days after submitting my application and I did not receive any requests for more documents / information.

 

To those of you who have received LTR WP approval recently (within the last 6 months), how long did it take you to go from “Consideration by Government Agencies” (Step 4) to visa approval (Step 8)?  Also, please note if your process was delayed at any point by requests for additional documents that you then had to gather and submit.  This information will be very helpful to us "newbies".  Thank you!

 

while under consideration by Govt agencies, they might request additional documentation - as mine did totatl time 3 wqeeks from start to finish with stamps.  BOI veryu helpful

On 4/19/2024 at 11:26 PM, JohnnyBD said:

I'm thinking about applying for a LTR visa for Pensioners and have a few questions. Any advice & information would be greatly appreciated.

 

1. What is the approximate yearly cost of the health insurance policy in order to qualify for LTR visa?

2. Are you required to purchase the health insurance policy before you apply for LTR visa, or afterwards?

3. Does BOI have a recommended list of health insurers? Does anyone have any recommendations?

 

Thank you...

YOu have to be able to show that you have a health insurance policy guaranteeing 50K USD of hospitalization locally if needed or as stgated on the requirements, have a 100K usd acct for 12 months I think to be able to pay for any health issues.

On 4/19/2024 at 11:26 PM, JohnnyBD said:

I'm thinking about applying for a LTR visa for Pensioners and have a few questions. Any advice & information would be greatly appreciated.

 

1. What is the approximate yearly cost of the health insurance policy in order to qualify for LTR visa?

2. Are you required to purchase the health insurance policy before you apply for LTR visa, or afterwards?

3. Does BOI have a recommended list of health insurers? Does anyone have any recommendations?

 

Thank you...

WHat is your nationality..I am US so That is what I am experienced in and the BOIU LTR  got my stamps in March 2024

Take the chair to a reupholstry shop and explain why you find it uncomfortable like it currently is and he could probably change the seating to better fit your body size.

8 hours ago, Mike Lister said:

Let's find out who is planning to do what:

Well I changed to a BOI LTR, know the current DTA with the US and my govt pension so unless it becomes a regulation that as a tax resident we MUST obtain a TIN then I will do nothing but if necessary, I will get a tax number.. I will not have any tax on remitted funds unless they get rid of the DTA and the LTR as it stands now.  I like it here and plan to stay but I have moved from country to country more than 15 times in my life so if it becomes necessary, I will leave but truly don't think that this issue will affect that many of us ex-pats when all is said and done and then just like the drug issue - the govt could come out with all kinds of new regulations and then cancel all of them.

On 4/20/2024 at 3:40 PM, Mike Lister said:

I have amended para 59 above to reflect latest emerging information between members and TRD personel.

 

NON-RESIDENT INCOME

 

59) Income that was earned and remitted in a year when a person was Thai tax resident is assessable under Thai tax rules. There is now a growing body of opinion from TRD sources to suggest that overseas income earned whilst Thai tax resident but remitted to Thailand whilst not, is free of Thai tax. Some care should be exercised before considering this option, readers may wish to obtain professional tax advice to confirm this point, before using this approach.

Under the wealthy pensioner LTR, funds remitted into Thailand from working outside of Thailand are exempt, but since an LTR holder can work legally in Thailand, those funds are taxable though I am not familiar with the rate.  That is explained if one googles BOI LTR visa and work permit and taxes.

9 minutes ago, mfd101 said:

In my (extremely limited) experience of 'Thai massage' in Thailand (twice) it's not my idea of a pleasant experience.

 

Painful. Never again.

Yes, if one says a Thai massage, they can be very painful if one hsn't had one before.  One must tell the "person" doing the massge to be gentle.

7 hours ago, JonnyF said:

 

Beat me to it.

 

But not only Macron, it's also the rest of his liberal chums in the EU, stifling Europe's ability to compete with ever increasing rules and regulations.

 

Their failing federalist project and inability to protect their borders will cause Europe tremendous damage. These things go in cycles and the heyday of the West is over, the rise of the East is well underway. 

Yeah, he expresses the threats to Europe and what must be changed to thwart that threat but as the leader of France he did the opposite it seems to me.

On 4/16/2024 at 12:47 PM, hcvc said:

A plea for help from someone who has already been through the process of obtaining a BOI LTR Visa for Wealthy Pensioners - would you please explain to me what it means to show evidence your current visa has been canceled.

 

In case the applicant choses to have LTR visa issued at One Stop Center for Visa and Work Permit (OSS) in Bangkok, the applicant will be required to update latest travel information and upload passport pages with all Thai stamps (The file must be scanned both left and right pages per one sheet AND ALL SHEETS MERGED IN ONE PDF FILE), particularly biodata page, current visa which has been cancelled with the remaining permission to stay sufficient to receive LTR Visa*

 

For further information about current visa termination, please contact the immigration office where you got the current visa.

 

As per instructions from the BOI my wife contacted our local immigration office. The immigration office said they were not familiar with / had never done a LTR Visa for Wealthy Pensioners.

 

I would be grateful for your guidance

Just got my LTR in March - Yes, I was on a retirement O visa and the BOI when you go to get your LTR stamps, you can also get the immigration officer there at the BOI to cancel you current visa.  No problem and only takes a couple of minutes maximum.  Easy and they are very helpful!

On 4/11/2024 at 5:33 PM, oldcpu said:

 

Each person's situation is different.  I am age-70 and I obtain subsidized health insurance (as part of my pension) from Europe, that while it exceeds the LTR Health Insurance requirements, the Insurance company does not provide their information in a format that the BoI folks want to see.  So I have gone with the $100K US$ in the bank equivalent as 'self health insurance proof'.

 

Still, I have no intention of giving up my superior health insurance from Europe.  As you note if at our age one's health insurance policy is discontinued, it be very difficult to get appropriate health insurance again.  Keeping $100k US cash equivalent (and keeping my superior health insurance) is not an issue for me.

 

My recommendation, if it is not a big financial issue to maintain the $100k US$ equivalent cash, and not an issue to keep separate health insurance, then keep both. 

 

But it reads to me this is a financial issue for you - so you need to choose which you wish to go with.  Your guess is likely just as good as anyone else's guess.

My insurance company didn't provide a sentence in the benefits package for overseas  only stating that hospitalization is covered in full so I wrote a note to the company explaining why I needed a letter specificallly indicating that the company would pay hospitalization of at least 50K USD - the company has done this before and it was no problem at all getting that letter and BOI was happy.

On 4/11/2024 at 3:44 PM, Ben Zioner said:

I like that 17% figure, without any "schadenfreude". IMHO a fair income tax system would be one where where tax would kick in, at a lower rate of 3% to 5% of total income and no one would pay more than 15% to 20%. I think  I'd be ok I think if they taxed my foreign income at 17%.

You must be earning that taxed money in Thailand as you don't have to pay tax on any overseas funds that you remit into Thailand with the LTR.

On 4/11/2024 at 2:36 PM, HerewardtheWake said:

US$100,000 deposit in lieu of Health Insurance- Visit to Chamchuri Square BoI office

 

I wanted to discontinue my  Pacific Cross LTR visa health insurance and use the 100,000 deposit method. I went to the BoI office with: 1. Balance Letter of Charles Schwab bank checking account  which says my average balance for the last 12 months was over $100,00; 2. Account statements for the last 12 months each of which showed over $100,000 each month.

 

A soft spoken young man with a pleasant manner met me. I showed him the Balance Letter and the monthly statement. He had a cursory look at the Balance Letter but did not examine the monthly statements.

 

I explained to him that each time I arrive on my LTR visa, Immigration  asks me for proof of health insurance. Since I now I want to change to the $100,000 deposit method, can BoI give me a statement that they have approved my bank deposit method and exempted me from having to carry insurance? Or, at least a notation on the LTR visa  passport page to that effect?

 

He went back and forth to consult with his supervisor. The final word was that BoI has no policy of giving such a statement. Because it is superfluous and not necessary, according to BoI.

 

He said Immigration is not supposed to ask for health insurance proof for LTR visas. If it happens again, he said, ask them to call BoI. But he agreed with me that such a call would be impractical and went back to the supervisor.

 

He then gave a Thai version and English translation of the LTR Qualifications, Conditions, Criteria, and Conditions for LTR. He underlined Section 2.2.3 which states that: --- a deposit balance of at least USD 100,000 in a bank account in Thailand or abroad retained for least 12 months as of the date of application.

 

If Immigration asks me for proof of health insurance, show them the document, he said. 

 

That was the best BoI could do.

 

My dilemma is: at over 75, if I discontinue my Pacific Cross policy , and if at some point BoI changes the LTR health insurance rules, I will not be able to get health insurance.

 

So, is it best to continue carrying the health insurance policy?

 

Well for the next ten years you should be good to go with immigration if you have the LTR visa.  in 5 years/10 years just keep the 100,000 available or health needs

On 4/10/2024 at 3:23 PM, 1tent42 said:

I applied for the LTR visa and submitted my pension benefit letter that showed I have a pension of at least $80K a year.

 

BOI keeps asking me for my tax return and 1099s.  Is this normal?  I thought the pension benefit letter would be sufficient since I've exceeded the $80K minimum requirement for passive income.

Yes, they indicate that the 1099 can be used for other category but for wealthy pensioner I learned from a previous recipient that if you send your 1040's in they approve that immediately and then only the insurance question might remain.  I have a US govt sponsore insurance and the company wrote a nice letter to the BOI indicating that all was covered as they wanted.  SO within 3 weeks I was stamped!

44 minutes ago, Misty said:

 

I received my initial LTR e-visa from the Royal Thai Consulate in NY and had similar questions during the application process. In that case I had a one way ticket to Thailand in November 2022, and no return ticket, and asked the NY Consulate on FB messenger how to fill out the application. They responded very quickly: " Hi, Please fill out information as is stated on your ticket. In the case you have only one way ticket, please fill out the estimate intended departure date from Thailand."  In the end when the visa was granted the dates were Oct 22 - Oct 32 - so no relationship with my existing ticket.  So my best guess would be estimated dates should be fine.  And if you'd still like to get it straight from the Consulate, give FB messenger a try.  They've been really prompt at answering that type of message in the past.

 

 

The expiration date of the LTR will be 10 years from the date that is stamped in your passport by the BOI immigration officer.

On 3/28/2024 at 10:30 AM, Mike Lister said:

The DTA on US SSc is very specific, it may only be taxed by the US.

 

And currently there is no facility to declare exempt income such as US SSc, I try to declare mine every year and it gets ignored.

The wealthy pensioner LTR through the BOI exempts monies earned from overseas and remitted into Thailand.  However, since one can also work legally under the LTR, any work earning monies in Thailand will be taxed.  Clearly stated on the LTR benefits.

On 4/29/2024 at 2:44 PM, PremiumLane said:

 

So what is this cost? So, nothing to do with tax evasion of the rich and corporations that government doesn't have money? Cos that is huge, must be some poor people on boats - and guess who is tell you that? The same lot that dodge the taxes, so well done. 

 

Where did you read that guff about taking care of illegal immigrants first? What policy are you talking about and how is it being implemented? 

I read media about situations in the US (and the world) every day.  There have been numerous articles about the illegal immigrants invading from the south.  Once in they apply for asylum - that means they have to have an immigration court hear their "plea" but due to Trump's cut back in immigration judges, that means that those illegals coming in today can roam around the US (including with their families) whereever they want - most go to Democratic controlled cities where they can get "free housing, food, schooling, etc.  If one wants to see how these folks are affecting US citizens, one would have to follow the news as I do as it is open media.  Google "Denvier cuts hours of public employees in order to provide monies for illegal immigrants" and there are several articles cited about this very practice.  NYC and Calf both have also been providing much to the immigrants forcing hundreds of thousands of their citizens to flee those taxes by moving to Republican states (lower taxes).  Goolge can find those too if one is concerned about the accuracy of what I wrote.  It is all open source and being reported almost daily.

3 hours ago, SAFETY FIRST said:

She identifies as a Honda motorbike. 

 

re-read the article - that was the guy's name, not the girl's.  

The student demonstrations were blocking the further education of the paying students that were not participating in the demonstrations!  when a couple of thousand students were arrested around the US, the majority of the colleges were trying to continue teaching for the payment of tuitions as the end of the school year approaches.  One can demonstrate peacefully but those demonstrators were preventing the schools doing their jobs and impeding on the rights of the other students.  Now those arrested will probably beg Biden to forgive their college loans too.

4 hours ago, tweedledee2 said:

I believe you can apply for a TIN anytime after marriage without filing taxes. If the IRS hasn't changed the application process they require  "certified" copies and translations of Thai identification card, birth certificate and marriage registration. In my experience, it took 8 weeks after submission to receive the TIN. 

same with me - wife has no income but needed the TIN for 1040 joint filing, realtively quick response from the necessary office.