JohnnyBD

Probably because most foreigners living here do not qualify for a LTR visa. I'm very content with my LTR-WP visa.

I would file in Thailand before Mar 31, then file in US before Apr 15, and claim the tax credit using form 1116, instead of waiting until 2026. Your choice I guess. I'm not sure of the proper way to do it.

From what I understand, if you pay income taxes of 10k THB in Thailand on assessable monies remitted, you should be able to get a credit for that amount on your US tax return by filing IRS form 1116 (foreign tax credit). Who told you your income taxes in Thailand would be zero if you paid income taxes in the US? That doesn't sound right.

I just meant it was good news for Mr. Stat, since he didn't realize he could use realized capital gains, dividends & interest to qualify. I qualified with my pension income only. I didn't need to use my other income streams. I think it may be difficult to convince BOI that realized cap gains are stable passive income.

Good news. It was in red below the list of requirements. Retirees aged 50 years and older who have an annual pension or stable passive income Minimum unearned or passive income* of USD 80,000 / year at the time of application (Note that earned income and salaries WILL NOT be considered for the personal income requirement for wealthy pensioners In the case that unearned or passive income is lower than USD 80,000 but not lower than USD 40000, the applicant is required to make additional investments of USD 250,000 combined in Thai government bonds OR direct investment in companies registered in Thailand OR Thai property Insured under a health insurance covering a minimum of USD 50,000 OR currently receiving social security benefits in Thailand OR deposit and maintain at least USD 100,000 in bank account balance under the applicant’s name for no less than 12 months * unearned or passive income includes, but are not limited to pension, rental, realized capital gain, dividend, and interest payments

Sorry, the TT rates I quoted above were today's rates at 12:45 pm, not Friday.

It appears Citi is converting your wire transfer to THB at the 33.3667 rate as per your post. Citi wouldn't show an exchange rate for a Thai bank if they were sending USD. The Thai bank would convert it to THB at the current TT rates when they receive the funds. The last posted TT rate on Friday at Bangkok Bank was 34.19, at SCB it was 34.15 and UOB was 34.15. I use Chase and have the option of sending USD or THB to my Thai banks. If I select to send USD, no where does it show an exchange rate. If I select to send THB, then Chase shows me an exchange rate and it's always less favorable.

How would a US citizen who paid income taxes in the US, get a tax credit from the IRS if they had to pay taxes in Thailand on the same income? For example, a US citizen (Thai tax resident) remits 2MM THB to Thailand (all assessable monies), and pays income taxes in Thailand on that 2MM THB. I can't see the IRS just giving a dollar-for-dollar tax credit for taxes paid in Thailand without knowing the make-up of those monies, whether they were previously taxed in the US, or not taxed in the US, and from what tax year those remitted monies were derived. For example, if they were non-taxed monies from a Roth IRA, why would the IRS give a tax credit if those monies were not taxed in the US. I would think the IRS would want to know the make-up of the remitted monies and in what year they were derived. Sounds pretty complicated to me.

I'm not concerned at all. I only had to submit my US Gov't Social Security and company pension to qualify for my LTR-WP visa. I did not submit any other financials such as; my banking, brokerage or retirement accts. I didn't lay all my cards on the table, just those that do not matter. If they ever do start taxing based on WW income and LTR-WP visa holders or not protected, I will simply stay less than 180 days in-country. I do not need to worry about relocating to another country part-year, because I have a place to stay in my home country, and can enjoy spending more time with my loved ones there.

It wouldn't be a waste of time and money for me, because my Non-O would have cost me more over 10 years than what the LTR-WP is costing me. (see my previous post on 1/15/2025 at 11:58 on cost savings & other benefits)

Not a problem for me. I only had to disclose my US Social Security which is non-assessable, and my company pension which I do not remit. I didn't disclose any of my other investments. Also, if WW taxation ever becomes law and LTR-WP visa holders are not protected, then I will simply stay less than 180 days in country.

Kasikorn deducts the yearly debit card fees from me and my wife's accounts automatically. Not sure why they wouldn't be doing the same for you.

Maybe for some, it's not having to worry about paying Thai income taxes on remitted monies, or the convenience of not having to do 90-day reports & yearly renewals, or the cost savings (I was paying 5,700B yearly, 1,900 + 3,800 MRE permit with my Non-O plus the cost of bank statements, passport pics, taxis and the time to go to IM, so the 50k for 10 years is only 5,000B per year, plus the 800k can now stay in my home country bank earning 4.1% interest instead of .1% in my Thai bank, that's a savings of 32k per year. Like you said it may not be for you, but it definitely was worth it to me and many others. Good luck...

On my individual THB accts,15% tax is withheld on all the interest that's paid. There is no tax free amount. On our joint accts, no tax is withheld, and on the wife's individual THB accts no tax is withheld.

I find it's better just to go into the onsite sales office rather than use the online real estate sites with freelance agents. That way it avoids having to pay an extra commission.