
JohnnyBD
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Everything posted by JohnnyBD
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Has anyone switched from a Non-O visa extension based on marriage to a LTR-WP visa? If so, were you required to go cancel your extension at Immigration before going to your LTR visa issuance appointment at the Chamchuri Square office, or did the Immigration office at Chamchuri Square take care of everything for you? Thanks for your reply...
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I am waiting approval of my LTR-WP visa and I'm not concerned at all about what may happen in the future if Thailand taxed residents based on worldwide income. Why, because, 50k for a visa is small change to begin with, and I will just less than 180 days in country if they taxed residents on worldwide income. Even though I'm pension rich, like someone said earlier, I am also investment income rich too, so you are not an outlier as much as you think. A worldwide income tax would also hit me very hard if I was a tax resident. Bur, I'm not one to panic. I will deal with whatever comes. Have a good day too.
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How to get 1 year Thai visa?
JohnnyBD replied to droopy swingers's topic in Thai Visas, Residency, and Work Permits
We were all newbies in Thailand at one time. I hope he doesn't end up losing everything he has, like many before him. -
No, not at all. The person has emailed BOI 2 or 3 times asking if unremitted income would still be tax free for LTR visa holders if Thailand passes a worldwide income tax law in 2025. BOI would not answer him, because they do not know if any new tax laws will be passed in 2025. You just have to read back through the posts. He is trying to get BOI to put it in writing that unremitted income will be tax exempt if a new worldwide tax law is passed before he buys a LTR visa because he doesn't want to spend 50k for a LTR visa, and then have the laws change which would require him to report his worldwide income and pay taxes on it. That's what I understand anyway. Under the current law, all unremitted income is tax exempt for everyone, and remitted income is tax exempt for LTR-WP visa holders as per Royal Decree 743.
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I think you are wasting your time asking BOI to comment on future tax policy or asking them to guarantee you that future foreign unremitted income will be tax exempt if you buy the LTR visa. If you want a 10-year LTR visa, you will probably just have to buy one based on the current rules, and then hope for the best like everyone else. Good luck...
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Just curious how you know the vast majority on this forum and outside are pension rich, and not asset/capital gains rich. If they passed a worldwide income tax law, I would be paying about $25k to $30k to Thailand in taxes, maybe more. I didn't bother to figure it. And, that would be after my Social Security DTA and other deductions. if I loss my tax exempt status, I would just stay less than 180 days per year, so I'm not a tax resident. I'm pretty sure many others who worked long enough to have earned $80k plus in pensions, also have other income streams like me.
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I understand what you are asking them, but I wouldn't expect them to answer you because they don't know whether a new tax law on worldwide income will be passed or not. Yes, BOI answered, that under the current rules, all remitted income is tax exempt once I obtained my LTR-WP visa. That's all I expected them to say. We already know, that under the current rules, all unremitted income is tax exempt for everyone, so I didn't need to ask BOI about that. It didn't matter to me whether a new worldwide tax law was passed or not because I wanted the LTR-WP visa for the convenience of not having to renew my extension each year and of not hvaing to do 90-day reports. If they pass a new law and I lose my tax exempt status, no problem, I will just stay less than 180 days every year, so I'm not a tax resident.
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I am in the process of purchasing a condo, and my contract shows two ways for me to pay for my condo as a foreigner. One option is, I wire the money directly to the Developer's account, and they will convert it to THB, and get the FET Foreign Exchange Transaction form from their bank and submit it to the Thai Land Office. The form is still known by some as Thor Tor 3 Form. Seond option is, I wire the money to my Thai bank USD account, then convert it to THB, then pay the Developer in THB. I am then reponsible for getting the FET form from my bank to give to the Developer to submit to the Thai Land Office. This part worries me, because the wire has to state that the money is for the purchase of "the exact name of my condo unit". You can check Siam Legal's website on "Ways to Transfer Money to Thailand for purchase of Condo". They have a pretty good write up. I'm not sure if I am allowed to provide the link.
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A Visit to the Tax Office
JohnnyBD replied to NoDisplayName's topic in Jobs, Economy, Banking, Business, Investments
I believe the TRD has stated that all pre-2024 income (ex., 2023 income remitted in 2024) is tax exempt. Any assessable income that was remitted in same year it was derived (ex., 2023 income remitted in 2023) was always taxable. Going forward, both the previous year's income (ex., 2024 income remitted in 2025) and the same year's income will be taxable. -
If he did, it didn't have anything to do with taxes, but only to confirm that his income was legitimate.
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Your point seems to be that we can determine whether we are remitting just the principal or capital gains, and I agree that we should be able to make that decision. I hope that's the case. I was just pointing out that if I did remit the principal & capital gains, I get to choose the cost basis method, not TRD.
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There's about 6 acceptable cost basis methods in the US for stock sales as per the IRS. The average cost, lowest cost, highest cost, FIFO, LIFO and specified shares. I believe Fidelity uses the FIFO as default, but you can select the cost basis method you want as your default. I set my default as highest cost. But, I can still select the specific shares to sell when I place my sell order. My Fidelity tax forms show the capital gains based on which cost method I used, so that's what I would use to determine my assessable income if remitted.
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Just to be clear. It's a 5-year Certificate of Deposit with a US bank. The monthly interest is paid directly to my US brokerage account, and then it's transferred to my US checking account the same day it posts each month. I spend the interest in the US and do not remit it to Thailand. So, when the CD matures in 2028, I will get back the original money I invested in 2023. Is the original money I get back considered pre-2024 money?