Mike Teavee

4 hours ago, ballpoint said:

When did BMW drivers get usurped? 
 

Please don’t say they’ve finally found the indicators & nobody warned me!

Not going to know how to drive around them (pun intended) anymore. 
 

7 minutes ago, stat said:

 

You are aware that they plan to tax your ww income in 2025? That is what is was refering to. In 2024 yes you are fine apparently, if you do not remit and/or receive gifts.

I am aware but that doesn't change the fact that if you have no tax to pay then you are not evading Tax by not filing a return & can only be penalised 2,000B for not filing the return. 

E.g. if you only had 210K of assessable income with the rest of your income covered by a DTA there would definitely be no tax to pay BUT you should file a return as you'd be over the 120K THB foreign income limit

23 minutes ago, OJAS said:

 

Kindly post a link to what Mario The "Wondrous" Swiss Blogger has actually said on YouTube, so as to enable us, if we wish, to judge for ourselves his utterances on this point.

https://www.youtube.com/@mariointhailand2705 (Seems to be in German)

1 hour ago, kiwikeith said:

Sounds like you can't extend it either, anyone know about extending it???? 

Nobody is getting the 60 days yet but when they do there should be no reason why you can't extend it once for 30 days.

12 hours ago, SGD said:

What would be the point of 2 x 180 day period within 5 years if not back to back or nearly back to back ? At most, you could argue 2 x winters which would be within 15/18 months.

 

So in 2024, you fancy 5 months and you buy this visa. Unless it is the cheapest way to remain for a single 180 day stay or you want between 6 and 12 months, then there is no logic to suggest you might, say in 2027, want another 180 day stay.

 

Poorly thought out as usual with no-one running the ideas past anyone with a western brain to see if they make sense.

It also doesn't make sense for them to allow people to bounce in & out of the country getting 180 days each time & effectively getting a Visa where they can live in Thailand for 5.5 years when they're charging people 900K for the same thing + a few rounds of golf. 

What makes the most sense is it's a Visa that allows you to spend up to 180 days in Thailand every year for 5 years with the option of extending this for another 180 days in year 6.

But This is Thailand & western logic just doesn't apply so who knows which way it will go 

3 hours ago, MangoKorat said:

The advice below from the respected PWC seems to state that I could avoid tax even if I was resident by not remitting it in the same year as a capital gain is made.

 

'Capital gains and investment income earned by a resident from sources outside Thailand are not taxable unless remitted to Thailand in the year of receipt.'

 

https://taxsummaries.pwc.com/thailand/individual/income-determination

 

The 'last reviewed' date on the report that's from is 13 February 2024 - I thought all that changed on 1st January 2024?

That must be referring to the pre-2024 rules as if it weren't then income from Bank Accounts, Dividends, Share sales, even rent from investment properties wouldn't be taxable. 

However, this post might be of interest to you re UK Property CGT... 

1 hour ago, KhunHeineken said:

Good to see you have a Plan B.

 

If the tax forces you to become a non resident of Thailand for tax purposes, what countries have you considered for the other 6 months of the year? 

Originally I thought of just bouncing around (2 months visiting family in UK & 1 month im Europe, Bali, Vietnam, Malaysia) but I quite like the idea of using the End/Start of Tax year to do a longer stay somewhere like Philippines or Cambodia (for ease of Visa) but ideally I’d like Penang or Vietnam. 

2 hours ago, alphason said:

When would Thailand count the gain from, (in UK its from when the law changed April 2015), gain from Jan 2024 when it became taxable in Thailand?

The videos I've seen from Expat Tax say that the gain is from the date you acquired the Asset, but I think in the case of property, as you'd be showing a UK CGT Tax Return (Needs to be completed within 60 days of selling the property so would normally be a separate return) effectively the value will be calculated as at April 2015.

1 hour ago, maake55555 said:

True, my retirement pay is sent to my Thai account, I understand that, but why did they stop ATM use??

Seems to be the US's way of making sure the recipient is still alive & it's not somebody else cashing in on the Social Security

In the UK they mail out "Life Certificates" every couple of years https://www.gov.uk/state-pension-if-you-retire-abroad/report-a-change-in-your-circumstances as a way of doing the same thing. 

1 hour ago, roobaa01 said:

So how would that play out if Thailand amending the law to global income . USA similar.

 

Wbr

Roobaa01

That's where your Country's DTA with Thailand would come in to prevent/reduce you being taxed on the same income twice. 

11 hours ago, KhunHeineken said:

Around 30% say they will leave for 6 months in order not to be a tax resident of Thailand.

 

I have a couple of questions for around the other 30% who believe they will be able to reside here in the same fashion, yet still not pay any tax. 

 

How do you propose to avoid paying the tax, on a long term basis, and how will you deal with any possible punitive measures to force you to pay something?  (when I say "something" it may not be the correct amount, but "something" over zero baht)   

I plan on applying for the LTR in 2026 (when my pensions start) on the assumption that it would get a similar waiver for the Global Tax change as they did for the changes to the Remittance rules. 

If the LTR holders don't get this then I'll effectively revert to < 180 days in Thailand but will stagger it so that some years I can spend longer than 180 consecutive days here... E.g. if this were to come in next year I might spend...  

• Jan 2025 -June 2025 In Thailand 
• July 2025- June 2026 out of Thailand
• July 2026 - June 2027 in Thailand (last 179 days of 2026 + first 179 days of 2027)
• July 2027- June 2028 out of Thailand
• July 2028 - June 2029 in Thailand (last 179 days of 2028 + first 179 days of 2029)

This is an extreme example, I would probably do more like 8/9 & 3/4 month tranches but the point is I'd time it to take advantage of the fact that I can stay in Thailand longer than 180 days as long as I stagger it across calendar years 

23 hours ago, Sheryl said:

Wise rejected me as a client for no clear reason, years ago, so nto an option for me.

 For some reason my attempted first transfer (of equivalent to 800K baht, for visa purposes) was viewed as indicative of criminal activity leading to immediate suspension of my newly created account.  I found them impossible to deal with/communicate with.

 

This was Wise US, not UK.

 

I have my SS directly deposited to my Thai account, no fees involved and produces a clear paper trail showing source of the funds -- not just that from US, but from SS, which could prove very important in the future.

OT but a head's up Sheryl, seems the US is forcing Thai Banks to restrict US CItizens accounts that are receiving US Government cheques from being able to make withdrawals at ATMs...

I saw somebody post that they were experiencing this in a Bangkok Bank thread a couple of days back but this video explains that it's a directive from the US 

25 minutes ago, ChumpChange said:

That's interesting. I would want to test it first with a small amount because of the fact that how things work in actual practice can sometimes be different unfortunately. 

TBH That's the only part that we're 100% sure of as the Revenue Department issued an update after their 1st notice confirming everything that was "Savings" prior to 1.1.24 was not assessable income so remitting it does not need to be reported. 

What I'm less sure about is whether sending USD to a Foreign currency account in Thailand is considered as having remitted the money at that point or later on when/if you convert it to THB... Logically the money has been brought into Thailand & I'm sure that I read somewhere that the banks consider it converted at the rate when it's brought in but quick searches don't come back with anything concrete. 

41 minutes ago, JimGant said:

Nope. "May" by itself means there's a primary and a secondary tax authority. "May only" means there's only an exclusive taxation authority. In US treaties, because of the savings clause, where there's an exclusive ("may only") taxation clause, like for private pensions, this evaporates into a "may" situation. Thus, IRAs and private pensions, in this situation, have Thailand as primary taxation authority, but with the US having secondary taxation rights.

That's been my interpretation thus far hence I'm waiting for things to fully confirmed before bringing over Capital/Rental income but Sherrings have clearly stated that's the case on their site & in personal correspondence with @alphasonso it's looking "Hopeful" that their application of that article will be more positive for us. 

2 hours ago, ChumpChange said:

Regarding pre-2024 savings, if you can prove that you had (as an example) 500,000 dollars/euros/pounds in savings prior to 2024, then does that mean that you can bring in that amount in total, but split it between various transfers over the next 10-15 years and still have it be tax free?

Yes, anything that you already had as at end of 2023 can be remitted anytime you like with no tax implications, just be sure to keep records in case you’re ever asked for them. 
 

I don’t think you can use a Foreign Currency account for your retirement extension but @DrJack54might be able to confirm. 
 

1 hour ago, ChumpChange said:

I don't know how the new remittance tax applies regarding a lump sum of money being brought in to obtain a retirement visa. It's a good question.

There's not been anything to say that it wouldn't be assessable for tax (same with bringing money over to buy property/cars etc...) so if the monies didn't come from pre-2024 savings & weren't covered by your countries DTA with Thailand then it would be taxable.