Mike Teavee

Thanks… I don’t do Facebook but good to know that guys can switch over if they want to 👍🏻

Just curious (I don't have one) but could somebody switch from a 20 year Thai Elite Visa to an LTR (assuming they meet all of the LTR requirements obviously)>

Do you know anybody who's done that? Normally if people want to change Visas they exit without a re-entry permit & their old Visa is voided but obviously with the Elite Visa you'll just come back on the same visa.

By far the easiest route (In one of my guys case he married an Australian of Chinese heritage who had naturalised as Singaporean). In 12 years I dated 2 "Native" Singaporeans & never again!

I regret not pulling the trigger on the 20 year 1Million THB Elite Visa before the prices went up but nowadays if you're >50 & have a company in Dubai then why not go for the LTR Wealthy Pensioner Visa & if you're <50 why not go for a DTV? Edit: Actually now I think about it, I'm lucky that I didn't go for the 20 year Elite Visa as I'd have been stuck with that visa for 20 years with no options to move to an LTR Visa or any other kind of new Visa that comes along.

How old is your friend? I know from guys who used to work for me that if you're applying for PR & >50 then you have very little chance. [Worked there for 12 years but decided against applying as it would cost me 1% extra tax on my salary & much though I love the place, I only want to live there if I'm working there]. Both have since married Singaporeans (One Native, one naturalised Australian/Chinese) & are now PRs.

There are 91 days remaining in 2024 so if you haven't already spent 79 days here then you'll not be Tax Resident & free to remit as much money as you like this year without worrying about Tax

For both questions it depends on whether you're Tax Resident & the source of the money. E.g. If you're just moving to Thailand now & haven't already spent 3 months here this year then you're not going to be Tax Resident & so can bring over what you like. If you've been living in Thailand for a while & are bringing the 800K over to switch over to a "Retirement" visa then you need to look at the source of the 800K to work out whether it's taxable or not

I thought the Bangkok Bank in NY & London were Commercial Banking only nowadays.

Another video from ExpatTax... Not a lot new in there but I did spot that for co-mingled accounts they use the FIFO (First In First Out) method. Edit: Also covers use of ATMs/Credit cards at 44:08 Edit2: And LTR holders requirements at 49:08 (Interesting that LTR holders follow the previous rules so are still liable for Tax if they bring the income into Thailand in the same year that it was earned).

Is that rental income from Thailand or does it apply to rental income from overseas? Doesn’t matter to me as I can show that the 235K I sent over came from UK dividends (though commingled with rental income the dividends I received just before remitting the money far exceeded 235K) but would be good to know for future reference.

Thanks, I suspected as much so kept my remittances below 235K but thought it wise to ask on the off chance I was missing out on being able to bring another 100K over.

I've deliberately kept my remittances to just below my TEDA (235K*) so am planning on filing an Online return next year to reclaim the withheld tax from money in my Thai Bank accounts (Approx. 7K). * Re: TEDA, apologies if this has been asked before but can I claim the 100K "Income Expenses" against Income that is derived from UK Dividends & Rental property?

Lol, not (& have never been) married but I do lecture the GF about money on a daily basis 🙂

Size isn't that important (or so the GF says 😛) but I couldn't live anywhere with her that didn't have at least 2 bathrooms! Aside from that, location is my main consideration... Couldn't live out in the sticks as I no longer drive (license expired 11 years ago) & don't like living in the middle of busy towns (Though On Nut wasn't too bad) but do need to be close to a major town for all the usual amenities, I found Wongamat meets my requirements as best they can be met in Thailand.

Love it & wish I could have (had the nuts to have? done that 😊

Agree.. .But you did it when you were young 🙂 I did it 1st time at 40 (got bored) 2nd time at 46 (Very happy retired but a mate wanted me to help out on a project in Singapore... I'd lived there for the previous 6 years & loved the place so I did another 7 years). 3rd time... (53) I walked... At 40 I had a final salary pension that would give me a life that I I felt I could be "Comfortable" with. My point was that other guys might not be so lucky.

Plan for a better retirement... why didn't they think about that? Unfortunately for a lot of people their retirement funds are more or less thrust upon them Don't hate on me, I (& you) are the lucky ones... But it really doesn't help guys who are impacted by the drop in Thai Baht...

For Bangkok Bank, International transfers will usually show up as "FTT" but you seem to be planning on using the 800K in the bank method & have had the 800K in the bank >2 months already so it doesn't matter whether the transactions show up as International or not. If the 800K was deposited recently and is not showing as FTT then print off your receipts from however you transferred the money & copies of your home bank account showing the source of the transactions. For future reference if you do use Wise & want them to show as International Transfer then use "Funds for Long Term Stay" as the reason or "Purchase of Property" if this reason isn't there (It disappeared for a few days recently but seems to be back now).

A friend of mine asked Maneerat to do his extension using the income method & they said they couldn't but I'd assumed this was because they had provided the finances for him to do the initial conversion from a Visa Exempt to a Non-IMM O & got him his 1st extension so he wouldn't be able to show the required 800K for 3 months after his 1st extension. However, in another thread (sorry I've no idea which) I posited that agents couldn't do your extension for you if you were using the income method & somebody replied that I was talking rubbish as a couple of their friends used agents to get their extensions using the 12 x 65K pm method. TBH, I've never read of anybody using the income method with an agent but accepted his point as I can see no reason why an agent couldn't at least hand hold you in getting all of the correct paperwork together, but maybe they can't do the final step and actually get the extension for you.

Apologies, Thai Elite is owned by Thailand Tourist Authority which is a government department, but I still maintain they're not as credible when it comes to tax matters as BOI.

The UK already has a similar remittance based Tax system for "The Rich" (Nom-Doms) which the Tories were planning to scrap & Labour said they would also scrap it. Recently a number of reports have cast doubts on the claims that it would raise £3Billion and have stated that it could cost the country £1Billion in lost taxes so it's likely to be watered down and not be a complete removal of Nom-Dom tax breaks https://news.sky.com/story/labours-plan-to-crack-down-on-non-doms-could-be-watered-down-amid-concerns-it-will-raise-no-money-13223264

100% agree with the bolded part (& I do use an Agent that I trust) but I wouldn't recommend anybody plan a retirement in Thailand if they don't meet the financial requirements as I can't see people getting away with it in 27 years time (when I turn 85) & the older you are, the harder it is to have a Plan B.

I do remember seeing a Video where it said Elite Holders were exempt from Tax if they stayed less than 180 days in Thailand during the calendar year (i.e. Exactly the same as any other kind of Visa holder!!!). I believe Thai Elite is a Private company so it's difficult to see Thailand granting them "Special Tax Considerations" whereas LTR is run by BOI who have a history of providing "Special Tax Considerations" even before the introduction of the LTR & have a Royal Decree confirming that LTR holders are exempt from income tax brought into the country. Edit: Would be good to get the name of the Webinar to see if it's the same one that I watched (I've watched so many YT videos on Thailand Tax they blur into one!!!).

Are you sure you're on an OA Visa only thread title says "Retirement Visa Obtained Inside Thailand" and you can't get an OA Visa inside Thailand. Doesn't matter for your question (Can extend up to last day of expiry to current permission to stay date & usually 45 days before that though an agent can help you get it 3 months in advance) but will matter to your requirements when extending in that you'll need to add Health Insurance on top of the normal Non-IMM O requirements.