JohnnyBD

3 hours ago, 4myr said:

I am keeping a spreadsheet about the Thai tax rules. The status as of now as I see it

 

 

Nice spreadsheet. I was just wondering why you say under the column File remitted income?, that for a TR regarding Savings pre-2024 or Income pre-2024 you have Yes, when those monies are not assessable and we are not required to report them. Am I misunderstanding your column title?

1 hour ago, UWEB said:

I have THB and FCD with Bangkok Bank, no problems to make a Transfer online.

Thank you. Does Bangkok Bank charge 500B incoming wire fee like UOB, SCB, and others? Citibank didn't charge incoming fees, so I could make as many wire xfers as I wanted. Now, I'm going to make larger, but less xfers.

All went well for me. Was able to set up the app and online. The only complaint I have, is I cannot convert USD in my FCD acct to my THB acct online. I went to main office at Sukhumvit, and they said cannot, that i have to go in to the bank each time I want to convert. I was able to convert online with Citi. Also, Citi didn't charge me any wire fees. UOB charged me a 500B incoming wire fee. I won't be making as many wire transfers as I used to make. At least my US bank doesn't charge me a wire fee due to my relationship level.

54 minutes ago, gamb00ler said:

I ended up getting two accounts with no further problem due to no work permit.

Thanks for the advice. Did you end up getting a FCD foreign currency account? If so, do you have to go to the bank to convert your FC to THB? I was converting mine online at Citibank, but UOB took over and now they say I have to go to the bank to convert it.

1 hour ago, CANSIAM said:

I'm in the same situation, you will have to go to the bank now ( any UOB ) to transfer from your FCD to Thai Baht account, also I'm waiting for a new PIN from headquarters for my Citi/UOB debit card - doesn't work, annoying. Glad I'm with SCB as well.........cannot have a FCD with SCB without a work permit and it's come to the branch as well for FCD transfers to Thai baht account. 

Thanks. That saves me a trip to SCB. I hope Kasikorn will allow online conversions. I will try to open FCD with Kasikorn since me & wife already have THB accts there. If successful, we will close our accts with UOB. Too many accts to report each year to FBAR.

Does anyone know if SCB or Kasikorn allows you to convert the USD that's in your Thai bank FCD account to your THB acct online, without having to go into the bank, or without having to phone them? I was with Citibank, and I could always convert online, but my accounts were transferred to UOB last week, and they said I would have to come into the bank each time, or do it by phone. UOB doesn't allow online currency conversions. Thanks. 

1 hour ago, 4myr said:

Case: In 2024 I am tax resident, and I earn 2M baht.

In 2025, I am not tax resident, and I transfer the 2M baht, which was earned in 2024.

 

Q1 - do I need to file tax for 2025?

Answers: CC 1161 - yes | CC 1111 - no | expat filing service - no | Prachuap office - no

So, CC 1161 said yes, but CC 1111 said no. Also, the expat filing service said no, and Prachuap said no.

So, that really clears that issue up, NOT.

1 hour ago, JimGant said:

Exposed to back audits for the past decade? How many new agents will be required just to determine which farangs were here for over 180 days, and in which years? 

Jim, I'm with you... I guess every expat who's been living here sometime during the past 10 years, and who's not filed a tax return, will be getting a visit or call from the TRD police because the PWC booklet says it's possible. This is exactly why I quit reading this thread every day. Just because it says so in a booklet, doesn't mean it will ever happen, so why put it out there and make people worry. I'm so glad that none of this affects me. I have enough money here, to live on this year without having to remit any, and next year I will happily become a non-tax resident. Good luck to you...

I'm thinking about applying for a LTR visa for Pensioners and have a few questions. Any advice & information would be greatly appreciated.

1. What is the approximate yearly cost of the health insurance policy in order to qualify for LTR visa?

2. Are you required to purchase the health insurance policy before you apply for LTR visa, or afterwards?

3. Does BOI have a recommended list of health insurers? Does anyone have any recommendations?

Thank you...

19 minutes ago, 4myr said:

From the FAQ of TRD case #1.

 

As I understand it, income remitted is only assessable income, in case both conditions apply:

 

[1] the income remitted was earned in a year that the person was tax resident

[2] at the time the money is remitted, the person is also tax resident

 

In case one of the 2 does not apply, that income remitted is not assessable income.

That's great news for me. I don't need to switch to a LTR visa . Thanks... Your report is greatly appreciated.

10 minutes ago, stat said:

There are several types of LTR where you do not need 80K passive income.

I wonder, if someone borrowed $100,000 USD and remitted it to Thailand, would that be non-assessable income? If one could prove it with loan documents? What do you think?

Jim, please look at what hwas wrote in his post about what BOI told him. He said we are not grandfathered in. All income prior to getting a LTR does not qualify as tax exempt.

23 minutes ago, JimGant said:

Sure it does -- it grandfathers you into the old rules, so that you can remit all your 2024 income into Thailand on Jan 1 2025, without incurring a tax situation. That option's gone for non LTR visa holders. But, need to await further info from BoI.

1 hour ago, hwas said:

By email.  I also received the following by email

“We want to clarify that the tax exemption for overseas income will commence from the month you receive the LTR Visa onward, which typically falls within the next tax year. 

 

Any income earned in the period prior to holding the LTR Visa will not be considered for tax exemption.”

48 minutes ago, hwas said:

By email.  I also received the following by email

“We want to clarify that the tax exemption for overseas income will commence from the month you receive the LTR Visa onward, which typically falls within the next tax year. 

 

Any income earned in the period prior to holding the LTR Visa will not be considered for tax exemption.”

Thanks for posting. I was planning to wait and get my LTR in May 2025, but based on their response, any income I earn in 2024 & 2025 up until May 2025, and then remit to Thailand is not tax-exempt. That's bad news for me. I will need to make adjustments to my plans.

1 hour ago, hwas said:

Since you deleted the sender details, I assume that this response did not come from BOI.  Here is the response I received from BOI regarding this issue:  

If you hold LTR Visa and transfer the money from your oversea account into Thailand account, it will be considered as oversea income which will be exempted from Thai tax with LTR Visa benefit.

I copied and posted the exact email from the Law firm (Company) that was sent to me. I xx'd out the first name, but left International, so you can probably figure out who it is. Did BOI respond to you in writing, by email or was it by word of mouth? Not doubting what you say, but it would be nice to see their official response. I am very hopeful that what you wrote is the rule, then I won't have any worries. Thanks...

2 hours ago, Mike Lister said:

The second sentence, "For example, any earnings before 2024 (savings) remitted into Thailand in 2024 will not be subjected to income tax", confuses earnings and savings which is nothing short of amateurish.

I could see this statement as meaning, any earnings in 2023, becomes savings in 2024 and will not not be taxable if remitted by LTRs in 2024.  And, any earnings in 2024 then becomes savings if remitted in 2025. Mr. Dogmatix below seemed to have a pretty good explanation that makes sense. I'm just trying to figure out the rules as it applies to my situation, so I don't get hung out to dry next year.

49 minutes ago, Dogmatix said:

This company's advice is in line with Royal Decree 743 and spot on about foreign income being taxable, if remitted in the same year it arose.  The only part I would question is whether dividends earned in the prior tax year would be exempt, the decree is specific about what type of income is exempt and it doesn't include dividend income or capital gains from equities. It specifies exemption only for income "...from an employment, or from business carried on abroad, or from a property situated abroad, and brought into Thailand."  Interestingly pension income is not specifically exempted which may be a blow to LTR visa holders in the wealthy pension category, if interpreted literally by the RD.  However, it could be argued that an occupational private pension is income from an employment but a private pension set up by the pensioner which is not directly paid by the former employer would be a stretch.  This interpretation also cannot be applied to state pensions, although US SS is exempted in the US DTA. In addition there is no mention of interest income or any other investment income other than from property, e.g. gains from precious metals or crypto.  They could have just said LTR visa holders were exempt from tax on any assessible income under Section 40 from the prior year but that is not what they said.

16 minutes ago, Mike Lister said:

The letter above is very ambiguous and shows a lack of understanding regarding the rules. The first sentence, "LTR Visa holders are tax exempt from income remitted into Thailand as long it wasn't earned in the same year" implies the old rules governing remittances is still in effect, which it is not.

 

The second sentence, "For example, any earnings before 2024 (savings) remitted into Thailand in 2024 will not be subjected to income tax", confuses earnings and savings which is nothing short of amateurish.

 

The next sentence once again hints that the old rules are in effect when it says, " Pension and dividends earned in 2024 and remitted in the same year would be subjected to income tax". The implications are that if they were remitted in a di9fferent year, they would not be taxable, which is not true.

 

My last nitpick is with this, "Most people who hold the LTR will not have to pay tax as their savings are much more significant than their annual earnings", which is a gross assumption.

 

My overall impression of that letter is that it is unprofessional and incorrect, I would have to think long and hard what compelling reason existed for me to want to do business with them. Whether or not they know the rules is one thing, it seems they don't, at a minimum they can't write a professional business letter that is unambiguous.

I agree. It surpised me too. I know he used before 2024 income as just an example, (because RD has already said pre-2024 income doesn't count for anyone), but when he talked about income in 2024 being taxable if remitted in 2024, that really surpised me. What's the point in getting a LTR visa if that's the case. That doesn't give LTRs any special privileges over non-LTRs. It just confirms to me that everyone is not on the same page, not even some of the agencies. I wonder what some of the LTR visa holders will think of this. Maybe these questions have already been answered by BOI on their website. I hope so...

If you have any questions or would like to retain our services, please do not hesitate to contact us.

2 hours ago, Ben Zioner said:

I going to visit BOI next week as I'll get a new passport and I'll ask them if they intend to get this clarified before the end of the year.

Hi Ben,

If you wouldn't mind posting what you find out from BOI, it would be greatly appreciated. I was planning to stay out of the country next year for 7 months to be safe, but I would prefer to get the LTR visa if the rules state that monies remitted (in my case, a combination of Social Security, pre-2024 monies and 2024 monies) are tax exempt. If I had to remit just non-assessable monies, I could do it, but it would be easier not to. Thanks again...

1 hour ago, JimGant said:

You didn't need to file a return?

Hi Jim,

I noticed on another thread, that it appears you may have the LTR visa. I have a question... 

Is it your understanding that once you get a LTR visa for Wealthy Pensioners, all of the money you remit to Thailand is tax exempt (no TIN, and no tax return need be filed), even if you're here for more than 180 days?, And, that you are tax exempt each year going forward as long as you have the LTR, not just the first year you get it?

I'm currently on marriage, but am thinking about switching to LTR because next year I need to bring over about 10MM baht to pay for condo and replenish my THB accounts that I am using this year to avoid bringing any money over.

Thanks for your reply...

18 hours ago, Ben Zioner said:

I dispute that, a lot less effort than a yearly extension. No need to print any document, 2 hours at home, a few emails, and 90 minutes at Chamchuri. But it is true that I didn't have to fiddle anything  and had all my docs in english. 

Hi Ben,

Just a question... Is it your understanding that once you get a LTR visa for Wealthy Pensioners, all of the money you remit to Thailand is tax exempt (no TIN, no tax return need be filed), even if you're here for more than 180 days?, And, that you are tax exempt each year going forward as long as you have the LTR, not just the first year you get it?

1 hour ago, JimGant said:

6 hours ago, Yumthai said:

Is there any country that taxes its non-residents on foreign-sourced remittances?

 Only the UK, that I can find.

Jim,

I read his comment as meaning "Is there any country that taxes non-resident non-citizens on foreign-sourced remittances?" In other words, does the UK tax Americans who are non-residents and who remit money into the UK from the US while there? I think the answer to that is probably, no. I don't know of any country that does that.

10 hours ago, Mike Lister said:

Can everyone say what are their three biggest/top three issues in the don't know/unclear category, please?

Will Roth IRA distributions be treated as assessable income? In my case, all contributions & conversions are pre-2024 and have already been taxed. The order of distributions as per the IRS is; contributions first, conversions 2nd & earnings last.

10 hours ago, Mike Lister said:

Can everyone say what are their three biggest/top three issues in the don't know/unclear category, please?

Yes, I have question. Under Royal Decree 743, it appears to indicate that LTR visa holders will NOT have to pay income tax on any assessable income remitted into Thailand in the following year after it was earned. I also could read this as applying to 2024 only, since all pre-2024 monies are not taxable as per TRD guidance. The Decree doesn't specifically state it's for every year going forward. What are your thoughts on this and do you know if there's any other guidance on this issue? I would not want to switch to a LTR visa, and then find out later it was just a 1-year tax exemption. Thanks...

Section 5 Income tax under Part 2 of Chapter 3 in Title 2 of the Revenue Code shall be exempted for a foreigner categorised as Wealthy Global Citizen, Wealthy Pensioner, or Work from-Thailand Professional who is granted a Long-Term Resident Visa under immigration law for assessable income under section 40 of the Revenue Code derived in the previous tax year from an employment, or from business carried on abroad, or from a property situated abroad, and brought into Thailand

4 hours ago, Mike Lister said:

19 hours ago, stat said:

Remember you can (maybe) never comeback to Thailand. In addition if you have an unforseen stop over in TH somewhere in the future you may be in trouble. I would rather ensure that you receive "gifts" in 2024. But up to you and yes the risk may be minimal.

Scaremongering. 

The scaremongering and over-the-top opinions being posted by some are just making me more anxious about this issue than I need to be, so I will stop reading for now and will check back with you in 2025 to see how things are shaking out.

Mike, I wanted to say thanks so much for all your hard work creating the Tax Guide and for responding to questions on this issue in a reasonable way. I saved a shortcut to your Tax Guide for future reference.

Thanks again and take care...