Derek B

18 hours ago, Jonathan Fairfield said:

REMINDER: British Embassy has now stopped issuing income letters

 

 

Should now be a reassignment of personnel or a head count reduction at the UK Embassy in Thailand.

16 hours ago, darksidedog said:

“However, the foreigner applying for the visa (or permit-to-stay) will still have to prove that they have the funds to stay in the country, such as by showing bank statements that prove the foreigner has B800,000 in a Thai bank account,” he said.
Read more at https://www.thephuketnews.com/income-statement-letters-from-embassies-no-longer-required-confirms-phuket-immigration-69438.php#IZF5tP7cSx8GQ7b0.99

So is that the only option? What about the 65,000 a month? Is that no longer an option? It seems that if we want to stay we have to put money into banks that many of us dont fully trust. I feel somewhat betrayed by the Embassies. You can guarantee they will not be there in our corner if/when our cash has vanished.

I hope immigration can come up with much firmer details on what is and isn't acceptable before crunch time comes, as I can already hear the squeals of pain and outrage.

Why does it have to be a Thai bank I wonder?

However all these Embassies have been doing it in the past and now have suddenly lost the ability to.

The 800,000 baht for 3 months prior to applying is what needs justification.

5 hours ago, Will27 said:

I don't think the OAP meets the financial requirements anyway.

 

I'd suggest most of the Aussies would have more than just the pension.

6 hours ago, TSF said:

Looks like all farang living in Thailand on annual extensions will now need to have the 400K & 800K THB in a Thai bank account in order to continue living in Thailand. Now, just wait and see if next year they'll double the required sums. I've been expecting it for a couple years now, but it'll happen because they want you gone.

They need us - we spend money that goes straight into families in local communities - without us alot of poor people are going to get a nasty surprise.

cc FYI

https://www.gov.uk/guidance/notarial-and-documentary-services-guide-for-thailand

21 hours ago, bluesofa said:

They deliberately miss out the details about how you need to visit many banks (often the same bank but different branch) in order to maybe get lucky and be 'allowed' to open a bank account. Each branch makes up its own rules - we all know that from experience.

Totally agree.

21 hours ago, colinneil said:

British embassy are a total waste of space.

 

I tend to agree from past experiences. GOV.UK and Home Office in particular are too bogged down in bureaucracy of their own making. Most embassies do have a mission statement but they remain self serving departments at heart.

I got robbed in Egypt in 1981 ran out of cash but still had my passport - UK Embassy just said to contact a family member to wire out funds - in 1981 that was not so readily achievable.

Last year I tried to get local Thai gf a visitor visa (ha ha ha) and did not use an agency to write a long winded fake account of our relationship. Upon receipt of application we received an outright rejection stating what I had offered as support etc etc was highly unprobable and that our cohabitation as per my amended condo agreement looked falsified which it did but was not. The point being any uncertainty on this and several other issues was not followed up with a single email or phone call there was simply not the will to validate the detail in the application. I think there are guidelines issued to BKK Embassy examining officers which have not been made public - a hidden agenda so to speak.

A bit off point - As with most things relating to membership of the EU after all these years there remains no common approach to Embassy/Consulate assistance. 

On 7/10/2018 at 9:12 AM, arithai12 said:

-if your pension is not taxed at the origin, but rather you have declared that you are subject to Thai taxation, then:

a) if you transfer the money in the same year in which you earn it, then you are subject to pay tax in Thailand

b) otherwise, tax free in Thailand

Some countries of origin will require not just your word for it, but some proof such as e.g. a Thai Tax number, whether you use it or not.

Now, in case a) above, it is your choice and initiative to go and declare your pension income and pay tax on it. 

For b) to work I would have to have a deposit account somewhere to first receive the pension funds into and then maintain a balance equivalent to one full years pension payments year in year out.

With regards to para a) generally speaking pensions are regarded as taxable income however the rate of tax applied maybe zero % for retirees (as it is in Portugal for the first 10 years) whereas earnings from employment, capital gains & rentals are a different scenario.

So my question now is if you bring your monthly or quarterly non-UK based pension income into Thailand as soon as it becomes payable will you be subject to Thai tax at 7% or perhaps 0% if you obtain a Thai tax ID number?

On 7/10/2018 at 9:35 AM, NanLaew said:

I know that getting a Thai tax ID isn't too difficult and also know it doesn't mean that you are obligated to pay or even file a Thai tax return.

I heard otherwise and will now have to check again...I hope your right.

On 7/11/2018 at 9:35 AM, OJAS said:

In the case of private sector occupational pensions and the State Pension, it is, in theory, possible to be taxed in Thailand. However, the jolly old taxman in HMRC would, I gather, still be entitled to go after you tax-wise for the difference between the UK (20%) and Thailand (7%??) standard rates.

 

I believe this is the case.

On 7/9/2018 at 4:56 PM, Jingthing said:

NO.

It is an important question though.

I've been looking at other nations as retirement destinations and many of them DO tax on worldwide income and some of them even tax on global assets!

Another big advantage for Thailand. 

Please elaborate - which nations do what? Thanks.

5 hours ago, NanLaew said:

That's correct. However,  a growing number of non-working and retired expats have been forced to get a Thai tax ID because the banks in their home domicile and elsewhere outside Thailand are legally bound to comply with FATCA.

 

I know that getting a Thai tax ID isn't too difficult and also know it doesn't mean that you are obligated to pay or even file a Thai tax return. It is a rather unwelcome intrusion into one's personal affairs if one just wants a quiet life. Maybe there are a few 'retirees' involved in nefarious or illegal businesses here and in their homelands who have a serious desire to stay below the radar but they generally have enough of a wedge to fend off the seriously tax inquisitive. The average retired taxi driver from Gosport with a relatively small pot to p!ss in has to jump through ALL the hoops or risk being unable to keep his savings and pension in his foreign bank when they close the account.

 

Succinct, factual and correct.

My UK banks are always asking where I am Tax resident. I now think it best to declare that to be Thailand. What is the best way to get a Thai Tax ID number?