Presnock

4 hours ago, Nali said:

Love you thanks ???? I am mainly worried about the timing since I really need to get to Korea for this job during December-Janurary so I really hope I can get it sorted by then

I have been told and read it too, if you have a US passport then it is free entry into Korea - have you checked to see if a Brit p/p can do the same?

No, I hear/read that the US economy is zooming right now while many other nations are hurting.  But, query any working class person in the US and they will tell you that life sucks if they don't just punch you as they too are pissed off about their financial status.  The only folks who are not being swamped by the

interest rates due to "inflation" are the really rich people.  But all the working stiffs are PISSED off.  I chat with folks back home and they all show me the

horror stories of trying to buy a house or car, credit card interest rates etc and gas prices zooming.  If you see any US news it will be about the workers

in just about every industry on strikes for higher wages and better benefits.  

I queried "greenbacktaxservice.com" that sent me an ad for doing my ex-pat taxes and FBAR but I do my own without any problems and they indicated that if I had any tax or FBAR questions, they would respond within 24 hours or so.  I asked about the double-taxation on US pensions and international agreement with

Thailand.  They answered the next day saying that even with the agreements, the resident country could still tax those pension funds but that then the US would lower the US tax dollar for dollar.  And on any earned funds, the US has a lower tax for overseas residents paying taxes to the US.  That is their website and you can just email them and ask your tax questions or FBAR questions if any too.  SO, it appears to me that if the Thai govt does insist on my paying any tax on my pension funds sent here then my US tax will make up for it.  But what I would probably do is use my US credit card more than I do now or plan to do so that I would be sending fewer US dollars here and that will cut the amount that they would normally get from me.  Their loss for my troubles.  For all, good luck with whatever the "next" scheme will be.  Whenever you exit the country, you'll give them an extra 300 baht!!!!  

On 10/8/2023 at 11:11 AM, DineshR said:

Hello,

 

( A long read.)

 

I am a resident of Thailand since I am in Thailand exceeding 180 days per year and hence subject to taxation on income earned abroad that is brought into Thailand. 

 

For my specific situation, I am fully retired and have no income from any type of employment either in Thailand or anywhere else in the world. But I do have income from investments such as interest and dividends. That said, my primary source of funds brought into Thailand is a combination of social security and annuities. I thought I would read up on the actual text of the US-Thai dual taxation treaty and see if I would be subject to tax as per that agreement for the type of funds that I bring into the country.

 

So here's a summary of what that agreement states in so far as it relates to my particular situation. Here's a link to the text of the full treaty - https://www.irs.gov/pub/irs-trty/thailand.pdf

 

Would appreciate your thoughts on this.

 

A. This Convention shall apply to persons who are residents of one or both of the Contracting States, except as otherwise provided in the Convention.

 

B. definition - the terms "a Contracting State" and "the other Contracting State" mean the United States or Thailand, as the context requires;

 

C. Residence definition

 

1. For the purposes of this Convention, the term "resident of a Contracting State" means any person who, under the laws of that State, is liable to tax therein by reason of his domicile, residence, citizenship, place of management, place of incorporation, or any other criterion of a similar nature. The term also includes that State and any political subdivision or local authority thereof. The term, however, does not include any person who is liable to tax in that State in respect only of income from sources in that State. For purposes of this paragraph, an individual who is not a resident of Thailand under this paragraph, and who is a United States citizen or an alien admitted to the United States for permanent residence (a "green card" holder) is a resident of the United States only if the individual has a substantial presence, permanent home or habitual abode in the United States. If such individual is a resident of Thailand under this paragraph, he shall be considered a resident of both Contracting States and his residence for purposes of the Convention shall be determined under paragraph 2.

 

2. Where by reason of the provisions of paragraph 1, an individual is a resident of both Contracting States, then his status shall be determined as follows: a) he shall be deemed to be a resident of the State in which he has a permanent home available to him; if he has a permanent home available to him in both States, he shall be deemed to be a resident of the State with which his personal and economic relations are closer (center of vital interests); b) if the State in which he has his center of vital interests cannot be determined, or if he does not have a permanent home available to him in either State, he shall be deemed to be a resident of the State in which he has an habitual abode; c) if he has an habitual abode in both States or in neither of them, he shall be deemed to be a resident of the State of which he is a national; d) if he is a national of both States or of neither of them, the competent authorities of the Contracting States shall settle the question by mutual agreement.

 

Per the definition above - someone like me is considered a resident of both contracting parties (last line of para 1) but it is modified by para 2 as my permanent home is in Thailand and hence I am deemed a resident of Thailand per this treaty.

 

D. What's taxable -

 

1. Dividends paid by a company which is a resident of a Contracting State to a resident of the other Contracting State may be taxed in that other State.

 

2. Interest arising in a Contracting State and paid to a resident of the other Contracting State may be taxed in that other State.

 

3. Pensions and Social Security Payments

 

a. Subject to the provisions of paragraph 2 of Article 21 (Government Service), pensions and other similar remuneration paid to a resident of a Contracting State in consideration of past employment shall be taxable only in that State.

 

The reference to Government service states that a US Government/State/Locality pension is not taxable in Thailand, unless the US citizen is also a Thai citizen - then, it's only taxable in Thailand - my read. See the full text in my link.

 

b. Notwithstanding the provisions of paragraph (a) above, social security benefits and other similar public pensions paid by a Contracting State to a resident of the other Contracting State or a citizen of the United States shall be taxable only in the first-mentioned State.

 

c. Annuities derived and beneficially owned by a resident of a Contracting State shall be taxable only in that State. The term “annuities” as used in this paragraph means a stated sum paid periodically at stated times during a specified number of years, under an obligation to make the payments in return for adequate and full consideration (other than services rendered).

 

My read - Dividends and interest are taxable in Thailand but pensions (with the exception of government pensions paid to a Thai citizen), social security and annuities are NOT taxable in Thailand. 

 

Would appreciate your thoughts on this. I think the issue of where one is a resident, in so far as the treaty is concerned, is critical in terms of defining tax liability but the text is somewhat ambiguous.

 

TIA.

 

I was told that even though the US has a taxation agreement with a foreign country, that country may still tax pensions but if does, the US will lower the US tax dollar for dollar.  However, I have no real idea what the Thai govt will do but am interested too as I only have my US govt pension monies forwarded here.

 

 

 

 

 

 

 

 

Not only the burning of fields, mushroom hunters, etc in Thailand, surrounding countries of Asia also burn

big time - right now Singapore and Malaysia are complaining to Indonesia about their smoke causing very

heavy smog in their country.   I have been living off and on in Thailand since the 70's and during the "burning" season there is always smog.  In BKK previous to going unleaded gasoline locally the smog seemed to be heavier but after

the mid-90's, it did improve but now weather patterns seem to be affecting the smog areas more.  NASA also has

a satellite showing fires burning and during the burning season, south and south asian countries are almost all 

RED.  A good quality mask is a must as are air purifiers.  Some international schools also have air purifiers and have

had them for years if one has kids in school.  Hard to escape without leaving the region for a few months of some

relief but smog in BKK is hard to avoid.  One can also buy a cheap 2.5micron monitor from Lazada/shopee and they

are more accurate for one's immediate area.

3 hours ago, Nali said:

This has terrified me further, I have partial memories of changing my birth certificate at age 11 since someone at the hospital spelt the name wrong and at one point, was told I was too "black" to be my mothers daughter and I looked nothing like her because I had spent 2 months in the heat of Pattaya without sun screen and was housed on the doorstep of the beach. It took 2 months for them to believe I was Thai and the kid of my parents, I don't want to go through this again as they were racist and colourist towards me but since I have no family now, it will be harder for me to prove I'm real.

yes, the very first thing my wife had to do to get started was to have relatives that were still around when she was

born and they had to go with her back to her original birth province.  Fortunately one uncle is still a police colonel so that helped but other relatives too had to go.  Then she got lucky at her new school when the family moved to the

big city and someone there changed her birth number.  An older teacher had to go through boxes of student

registrations to find my wife's original / changed number as nothing was computerized.  Yes, a very long and difficult 6-7 months of going to every level of government bureaucracy to change everything.  

On 10/8/2023 at 10:32 AM, FaltuMora said:

I'm a 63-year old US citizen and I earn 180K USD annually, including 1099 MISC, withdrawals from 401K/IRA (Roth withdrawal is not taxed in the US), dividends, capital gains, interests etc. All incomes are from US and I pay US taxes based on my 180K incomes after various applicable personal and business deductions. 

I have decided to live in Thailand most of the year from 2024. I have four mia nois in their 20s in Thailand but they are registered as my US companies independent contractors in the US. Their official job is posting at least ten canned messages per day in social media and unofficial job is to sleep with me at least once a week in their birthday suit for my carnal pleasure. They are paid a fixed salary of 40K Baht/month and a capital one business credit card in their name with a limit of 200 USD. They are directly paid from my US bank to their account in Thailand. Besides that I also bring 2K USD/month for my own expenses to Thailand. I'm bringing only 24K USD per year to Thailand. Rest are not sent to my bank account in Thailand. 

How much tax do I have to pay in taxes Thailand from 2024?

Well the US IRS will lower your tax bill dollar for dollar on your unearned monies that are taxed in Thailand plus the US govt gives you a lower tax amount earned if your residence is overseas.  Check with greenbacktaxservices.com  They will provide you with answers free of charge re taxes and ex-pat.

On 10/8/2023 at 1:25 AM, Nali said:

I am in need of help and advice

 

I am a dual citizen (Thai-British) but was born in Thailand, so my birth certificate is Thai, and the only thing that isn't Thai on my documents is my British passport. I live in England currently. I changed my full name via a change of name deed in June/July of this year (in the UK), which legally means I have my new name, and I am trying to change my documents to have a valid ID. I am changing my British passport first because 1. I cannot afford to go to Thailand 2. My Thai passport was only used once when my parents corrected the name on my birth certificate over 10 years ago, and 3. It is easier since I am in the UK and don't speak or read Thai.

 

The problem is, they refuse to proceed as I don't have an up-to-date Thai passport with my new name on it and they want it but I don't have one. I don't know the process to change the name on my passport because I think it means I have to change my birth certificate too, but I don't know how to do that. There is no information online or on the Thai embassy website. I have no contact with either of my parents as they are not good people to me, the side of the family that is Thai doesn't see me as their family because I am half Thai so do not care, I have no Thai friends or contacts in Thailand as my mother did the best she could to separate my Thai heritage by not teaching me the language and not letting me near other Thai people.

 

I don't know what I am supposed to do as nobody is here to help me, I've tried asking people on online forums, but they ignored my questions. I keep reading different information but nothing specifically about my issue as everything pertains to underaged children, I am in my early 20s with no contact with Thai or English parent and only lived in Thailand as a baby before they moved to England, so I have no Thai home address (I don't know where they lived when I was a baby), no Thai contacts to do this for me on my behalf, and I don't have any passports as I sent my current valid British passport to be renewed and the expired Thai passport that I had as a child to the passport office to renew the British passport but they won't give any of these documents back.

 

The only thing I have is my change of name deed stating that I have changed my previous name to my current name.

 

I am really stressed about this situation as I am supposed to move to Korea at the end of the year to start a new job and new life away from the UK but they won't give me the passport. I have to send a letter explaining why I can't get a Thai passport in my new name but I don't know the process to change the name of my documents so I can't write the letter.

 

How do I change the name on my Thai birth certificate, renew the Thai passport with my new name, and get a new ID card? Is it possible to do it without travelling to Thailand? If the passport office don't accept my letter, I will have to change my Thai passport/birth certifiate before being allowed to change my name on my British passport.

 

Please, if anyone has any advice or can offer help I would really appreciate it~

got married, late planned a trip to US as daughter would go to college.  When we applied for visa, wife needed a copy of birth certificate here - found out someone when her family moved when she was 11 years old, changed her birth number.  Thus she could continue using that new number on all her documents (but really illegal) so she opted to correct that.  Talk about bureaucracy!!!! took 6 months or more...have to start at the bottom and work one's way

to the top.  Seemed that every level had never heard of and the main office in BKK had to advise each level until

the provincial level and then they said that they saw such activity every day!  having to get mooban chiefs, local

chiefs at every level to come and confirm what she was doing.  She had a headache daily from this.  Since you are

in the UK, it would seem to me to be impossible but... good luck in any case!

On 10/7/2023 at 12:47 PM, soalbundy said:

Yesterday I received my confirmation of income from the German consulate, the letter addressed not only the IO but also the inland revenue although I hadn't mentioned anything about taxation to them. The paragraph for the inland revenue stated that they assume that Mr xxxx wil be exempted from taxation due to the double taxation treaty between Germany and Thailand. So Germany goes the extra mile for their pensioners, I doubt that Brexit Britain will do the same for hers.

for alll the ex-pats concerned with this coming tax on our monies - last week I received an email from Greenback

expat tax company...([email protected]) who advertized their ex-pat tax services.  They asked if I

had any questions about taxation here - of course I did and asked about the double taxation international agreements.  I was surprised at the answer. They also gave me an answer about the FBAR which I had been doing

without need at over the past couple of years but now that too is changed.  Anyway, I learned that US citizens can

be forced to pay taxes to a country with an agreement and that dollar for dollar paid to this country can then be

deducted from my US tax payments.  I do not know if they also provide any infor for other countries but one can

always email them and ask.  Good luck to all!

18 hours ago, retarius said:

I am thinking seriously about moving away from Thailand. We have a home elsewhere where I can spend 90 days at a time, and will spend more time there, next year. I'm also considering buying somewhere in Europe, Portugal probably. My aims to spend more than 180 days out of Thailand to avoid ruinous taxes on my savings and income. 

I have a US passport, but frankly the state of the place and the people leave me cold, so it is not somewhere I would consider until it changes track. 

might want to check Portugal about taxes...saw an article yesterday about that!

14 hours ago, 1happykamper said:

I would like to do my non o this way BUT... all deposits must be marked international transfers.. I've heard "stories" that sometimes they are not... So one payment can screw up everything. 

 

Also I would prefer to direct deposit my usa SS income direct to a Thailand bank... But that's sorta complicated to? Yes? It used to be only Bangkok Bank could be used by the government.. Is that Still the same situation? 

I hae heard thatit may be possible but I really do not know for sure.  I know that my wife will want to do that in case of my demise.  Good luck, maybe someone else can advise all the info on that...might need to contact SS and ask

21 hours ago, atpeace said:

Thanks but I was wondering if it could be done in 2 transfers.  63k and 10k for example.  I have searched for hours for an answer with no luck.   There has to be people that have two pensions sent to Thailand,   Maybe not...

from all that I read, the bank statements show how much "monthly" is transferred and includes multiple deposits.  BUT, the only problem I have heard of is whenever the deposits do not meet at LEAST 65K but, TIT and while I have been retired here for almost 20 years, I am not an expert by any means.

I use the 65K monthly monetary extension each year.  From everything that I have read including numerous questions and answers on this forum, If I were you I would make sure that every month you transfer at least 65K into your Thai bank from abroad.  Sending exactly 65K each month can be hazardous unless you check it out every month to ensure that there is at least 65K transferred into your account.  Good luck.

2 hours ago, CMBob said:

My guess is the answer is (and has been) "yes" to this question....and government is already getting 15% being withheld from bank interest; however, given there is an exemption of 150,000 baht per year, likely you can file a Thai income tax return to retrieve the 15% withheld (unless your total income here is over the 150k threshold).

As concerns the new tax law, I'm doubtful it will affect anybody who is from a country which already has a Tax Convention agreement with Thailand.  Even though you are below the threshold for taxes in your home country, it is income technically taxable in your home country and shouldn't be taxable here.

The new law, in my view, mainly eliminates the loophole where a Thai earns income outside of Thailand but elects to wait until the following year to transfer it back to Thailand (which under prior law made it non-taxable here in Thailand).  Even for those people, assuming they pay taxes on their income in the country where they work, I'd guess there are deductions here for taxes already paid (i.e., I'm doubtful anybody is going to be double-taxed on the same income).

But, as a lot of people have said, the devil will be in the details which have not been adequately explained in any news article I've read.

I too agree we should wait until we see the official announcement of implementation of this law.  But if one makes any money via interest on savings or income from outside Thailand, then unless the persoin can show officially that they are required to pay in one of the countries with tax agreement with Thailand then one might have to pay taxes on that income even though it might not meet the taxable criteria in one's home country.  WE just have to wait to see what they really think that they are going to get from the long-stayers. Hopefully they will realize it is an effort in futility if they have to work with all the foreing governments.

Just now, Presnock said:

Great response!  Last updated almost 2 years ago but most likely still accurate.  It would seem to me that they would

be creating more problems instead of making more money but that doesn't stop them from trying to squeeze every cent out of the farangs who spend money here the entire time they live here!

 

 

Just now, Presnock said:

Great response!  Last updated almost 2 years ago but most likely still accurate.  It would seem to me that they would

be creating more problems instead of making more money but that doesn't stop them from trying to squeeze every cent out of the farangs who spend money here the entire time they live here!

 

 

2 hours ago, kingstonkid said:

OP Wat until a formal annuncement.  There is absolutely no way legally they can tax you for 4 months with the other countries agreeing not to tax you for the same period.

 

Imagine a snowbird comes here for 4 months and then goes back to their home country.

 

Their announcement indicates that one must be here over 180 days a year to be taxed.  Some news indicated that the original decree indicates that countries with a tax agreement wouldn't double tax folks either nor would they tax retirement funds (unless they were coming from interest drawn on savings, IRA's or what ever) that are earned each year of retirement, so like the US, Social Security or government/military retirement funds would not be taxed.  But, =TIT and we have not yet seen the formal official annoncement so many folks are maybe wasting time even worrying about what might be.  We have nursery stories about killing the goose that laid the golden eggs.

On 9/26/2023 at 2:23 PM, foreverlomsak said:

Check in here

Double Tax Agreement (DTA) | The Revenue Department (English Site) (rd.go.th)

Great response!  Last updated almost 2 years ago but most likely still accurate.  It would seem to me that they would

be creating more problems instead of making more money but that doesn't stop them from trying to squeeze every cent out of the farangs who spend money here the entire time they live here!

2 hours ago, kingstonkid said:

OP Wat until a formal annuncement.  There is absolutely no way legally they can tax you for 4 months with the other countries agreeing not to tax you for the same period.

 

Imagine a snowbird comes here for 4 months and then goes back to their home country.

 

2 hours ago, kingstonkid said:

OP Wat until a formal annuncement.  There is absolutely no way legally they can tax you for 4 months with the other countries agreeing not to tax you for the same period.

 

Imagine a snowbird comes here for 4 months and then goes back to their home country.

 

On 9/25/2023 at 6:15 PM, Oliver Holzerfilled said:

You Americans have to make everything about yourselves.  Reminder, this topic is about a raid on a Thai senior policeman.

Yeah read today's healine too that he was chatting and laughing with the gambler at a party so that must make him guilty.  I was only comparing our senior folks with the locals.  Sorry you got upset, you must be one of the many hate-Americans here.  Too bad, your loss.

On 9/25/2023 at 2:56 PM, HappyExpat57 said:

Yeah, and the polls had Hilldog beating 45 before he became 45 by about 90%. So much for polls.

Yessir because so many people just voted not so much for Trump but to deny Hillary CLINTON an opportunity, now

we seem stuck between a rock and a hard place as they are both EVIL and we need new blood.  Among the hundreds of thousands of citizen eligible one would think that the parties could find an honest person to name as candidate!

On 9/25/2023 at 1:04 PM, brewsterbudgen said:

I never even realised I could use my Thai address for my UK Lloyds bank account!  I've always used a family member's address for correspondence.  

The reason for the new bank rules, comes not from any official finance office of home country but from the

judicial (justice in USA) office whatever they may call themselves and originally was set up to tackle the money laundering schemes or non filers I think that is what I read anyway when they did it.  I could use my daughter's US address but don't want to ever have a possible problem with the Justice Department so I joined the SDFCU bank in the US and have had no more problems.

21 hours ago, lordgrinz said:

I still have accounts with BOA, but I also have a house and mailing address in the USA. So for all practical purposes, they believe I live there, technically my brother does. I consider myself a guest here, not a resident of Thailand.

Yessir, Thailand doesn't consider you a resident either but they sure do want every penny they can get out of (us) you.

On 9/10/2023 at 1:33 PM, KhunLA said:

Wrong, that is for a total 'balance' amount of $10k in accounts.  Not if 10k or more has gone through the accounts, only if balance of accounts hit the 10k mark.

 

My 800+k DD for ret. visa does  not have to be reported.  Unless I leave it in there to hit that 10k mark, which I don't and make a withdrawal every 3rd or 4th month.

 

Only a few times have I needed to file FBAR, when using the lump sum amount for visa.

red the requirements for fbar filing...check your dictionary for the word "aggregate" as it means in English the total amount that passes through the account>  Just because you didn't file and haven't YET been caught, the 800K is over the 10K "aggregate" to start with.  Best to check with an expert who can understand written English.