JohnnyBD

Made $2,400 USD xfer via SWIFT (no outgoing fee with Chase Bank due to my relationship) to Bangkok Bank minus .0025 incoming fee of $6.00 = $2,394 converted at 34.14 = 81,731 THB. Most US banks charge an outgoing wire fee of $35 to $75 USD, which would make Wise a better choice. I just use SWIFT since I pay no outgoing fees. Wise was 81,614

What changed since you posted you wanted a divorce on 10-21-2023? https://aseannow.com/topic/1309955-divorce-yesno/

That's really interesting. I would love to hear JimGant's take on that point.

Dear Drjack54, No insults intended, but I always wondered how many people % wise live in Thailand on ST visas doing border runs or flights in & out, and for what reasons. Maybe under 50 who don't qualify for retirement, or not married to a Thai so don't qualify for marriage. One guy told me he's been here 8 years on every different ST visa while doing border bounces, etc., but he just received the 5-yr DTV on a company he just made up. ST = short-term

Thanks for the excellent analysis and summary. 😊

UOB charges 500b incoming wire fee regardless of amount wired SCB charges 300b min., 500b max incoming wire fee depending on amount at .0025 x amount Bangkok Bank charges 200b min., 500b max incoming wire fee at .0025 x amount

https://finance.yahoo.com/quote/SCB.BK/

You missed the part about the agent putting the 800k in his bank account temporarily for his 1-year extension.

Thanks for explaining.

Thanks for explaining.

Forgive me for going off topic, but can you explain how agents get the 1-year extensions without the 800k in the bank. I would really like to know how that works. Thanks.

Thanks for the very detailed explanation. So, all US citizens are required to report and pay taxes on Traditional IRA taxable distributions on their US tax returns if they exceed their deductions, subject to credit for taxes paid in Thailand. Someone seemed to suggest that one could notify the IRS that they are a Thai tax resident and then would not have to report those distributions on their US tax return. That doesn't seem correct.

Jim, could you pleasd comment on how Traditional IRA distributions will be reported to each country. For example; Case 1: John, a US citizen, takes a $30k IRA distribution in 2024, and remits it to Thailand in 2024. John reports it on IRS 1040 tax return as normal, but he also files 1116 and claims a credit for taxes paid in Thailand, thereby reducing his US tax bill. Cases 2: John, a US citizen, takes a $12k IRA distribution in 2024, and remits it to Thailand in 2024. John reports it on IRS 1040 tax return as normal, but he cannot claim a credit even though he filed a Thai tax return, because he didn't pay any taxes in Thailand due to his deductions and allowances. Would this be how it would work?

Your statement is incorrect. I've been a Thai tax resident for the past 8 years and I am required to file, report and pay taxes on my Tradional IRA distributions in the US. PwC does my tax returns, so I'm sure they know better than you what the rules are.

Were you working? A tourist? On what type of visa? What nationality? I believe Americans can stay up to 180 days visa free with no tax clearance. Also, why cut my sentence to make it look like I suggested a tax clearance is needed when I clearly stated none is required in Thailand.

For those suggesting that Thai tax residents, in the future, may need to show a tax clearance certificate before traveling aboard, you do realize it would also apply to Thai citizens as well. This is not only a foreigner issue. I don't believe this will ever happen because it would gridlock the airports and border crossings. IMO it would be more likely that the tax issue would be addressed at IM when one went to renew their visa or extension. As of today, we have not had any firsthand reports of IM requiring a tax clearance certificate.

I agree the annual renewal would be the most likely time to ensure a foreigner is paying any income taxes due, and not by checkng every foreigner leaving the country, some who may not be required to file and who owe no taxes.

So, not all foreigners are required to get a tax certificate. Only those who have a tax liability or income generated from work in Thailand. Is that correct?

The system you are referring to was most probably for foreigners who were employed in Thailand, and NOT for retired expats. Many countries have a similar system where the employer gets an exit visa and tax clearance certificate for the employee when their employment ends. As to your conjecture about IM stopping foreigners from leaving the country unless they have a tax clearance certificate or TRD setting up a desk at the airport, I will speculate just the opposite of you, that it will never happen. We just have to wait and see who's right.

This form is not required for expat Retirees, but I bet some will start posting that it is, now that they have seen it. There's plenty of false information being posted on these tax threads.

Just a word of caution. If you change your address at Fidelity to a non-US address, Fidelity may put restrictions on your account. I changed my address to Thailand a few years ago and Fidelity restricted my account, so I changed back to my US address.

It appears the OP's accountant made a ruling that his pension was non-assessable and did not declare it on his tax return. If that is the case, TRD would not have been aware of his pension.

If you leave Thailand and re-enter before the 1-year LTR reporting date, does the 1-year reporting clock reset when you re-enter? For example, my paper states I should do my 1-year reporting in July 2025, but I left the country and will re-enter on Feb 22, 2025. Will the 1-year clock reset to Feb 22, 2026 even though airport IM does not give me a new paper, or should I go report in July 2025?

When a LTR visaholder re-enters Thailand, will airport IM staple a new piece of paper which shows a new 1-year notification reporting date from the date of re-entry?

Thanks. One more question. Will they give me a new paper stapled in my passport with a new report date of 1- year from re-entry?