JohnnyBD

Just my opinion, but it seems like your missus would be considered as having remitted the money to her Thai account, and therefore she may have some tax liability depending on what type of income it is (assessable or non-assessable), when it was earned (pre-2024 is exempt, but 2024 income is taxable), and how much assessable income is remitted (over the deductions and allowances).

Mike, could you give your opinion on whether pre-2024 income has to be remitted by Dec 31, 2024 to be exempt, or can it be remitted in 2025 and still be exempt. Thank you. The article below was on Pattaya Mail today. By Victor Wong July 11, 2024 Key Provisions of Order No. P. 161/2566, Foreign Income Reporting Starting January 1, 2024, all residents in Thailand must report income from abroad when it is brought into the country. This includes income from work, investments, and assets located outside Thailand. However, any income earned before this date can be transferred to Thailand tax-free if done by December 31, 2024. ---- ---- Exemption for Pre-2024 Income The amendment explicitly states that income earned before January 1, 2024, is exempt from these new provisions if transferred to Thailand by the end of 2024. This provides a grace period for taxpayers to adjust to the new rules. New tax rules for foreign-sourced income - Pattaya Mail

Mr. Stat, I want to apologize to you and everyone else for the way I responded to one of your posts on Tuesday. I know it's no excuse, but I was at a Thai house party with lots of people drinking, including myself, and I was wrong to respond the way I did. I know everyone is trying to interpret the rules and figure out how it affects their situation. I am fortunate in that I have pre-2024 monies I can remit for several years until things become clearer. Best of luck with your situation.

Royal Decree Issued under the Revenue Code Governing Reduction of Tax Rates and Exemption of Taxes (No. 743) 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. Royal Decree issued under the Revenue Code No.743 (EN).pdf (boi.go.th)

I don't need to read it. You are wrong. Read my previous post. End of conversation with you

You are wrong. Please quit posting false information. You injected your own opinion that basically that LTR-WP visa holders have to file a tax return and that is absolutely false.

Just to add, I brought the original marriage certificate & registration, the insurance certificate & policy, and the wife's house book, but they didn't ask to see any of those. The updated Kor2 only cost 10B at the Amphur. The BOI rep told me that for the 1-year reporting, if I leave the country the 1-year clock will start over upon my return, so for me I will probably never need to do a 1-year report. I'm happy...

The 4 docs downloaded from BOI account (2 of them 2-sided). My passport, copy of passport bio page, visa stamp pages, last entry stamp page (all signed) my original TM47 90-day report, copy of marriage Kor3 certificate (2-sided), copy of updated marriage registration Kor2 (2-sided), I made color copies, but they didn't ask me to sign them. Wife's ID card signed by her. That's it. Thanks

Many thanks to Jim, Pib, Ben & Traveler for all the advice. I just received my LTR-WP visa, and it was a very easy and pleasant experience. Now I can relax...

No I can't live on 60k per year. I never go over the 60k thereshold from bank interest, and I haven't gone over the 60k thereshold with remittances either because I have enough in savings to live on. Also, my Social Security is non-assessable income, so I don't need to get a TIN or file a tax return.

US Social Security is deemed to be non-assessable income when remitted to Thailand and as such is not required to be reported. It is not about hiding income from the Thai authorities, it is simply not required to be reported.

The rule here is that once you remit 60k THB of assessable income, then you are supposed to get a TIN and file a tax return, even if no taxes are owed. Thai banks pay very little interest, so I never go over the 60,000 THB threshold and do not need a TIN or tax return.

So, some soothsayer in TRD is going to magically determine what interest rates I should be paying on my next ATM withdrawal, then it's communicate to the bank and then to the ATM in hyper speed, and the machine spits out money less taxes. Sounds like science fiction to me.

Yea, I think it would take a Herculean effort to determine if those 7MM people who changed money were tax residents or not, and if they should have filed a tax return. So, that effort may never happen,

Thanks for the reply. I thought they might have reporting requirements since they made a copy of my passport.

Does anyone know if the money changers report transactions to TRD? Last time I changed money, I think they made a copy of my passport.

Why are you quoting my post? I use the 400k in bank method, so I don't need to remit 65k per month. My Social Security exceeds 65k per month anyway, so if I did remit it, I wouldn't need a TIN anyway.

My understanding is, if one remits only NON assessable Social Security monies, then no TIN number or tax return is required. You self-assess if you have assessable income above the 60k threshold, and if you do not, then no TIN and no tax return.

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...

I agree with you, that's why it's a waste of my time to check this thread everyday. Take care and thanks.

You may be right. There's a real possibility that all LTR-WP visa holders may be grandfathered in if a worldwide tax law is passed, especially since BOI advertised and promoted them as being tax exempt.

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.

We were all newbies in Thailand at one time. I hope he doesn't end up losing everything he has, like many before him.

That is what I've been telling this person. BOI is not going to comment publicly on future tax policy. Not raining here in Phrom Phong.

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.