JohnnyBD

Yes, 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 that original money I invested in 2023 still considered pre-2024 money if I remit it in 2028?

You make a good point. What if you sold a pre-2024 security in your home country in 2024, reported & paid taxes on any gains in your home country, then invested in another security. Then, in 2026, you sold that security, had no gains or a loss, and then remitted those monies to Thailand. Is it assessable income or not?

I have a real life question: I have a 5-year CD that I bought in the US in 2023. It pays interest monthly. The interest is transferred to my US checking account when it posts each month for use. I report and pay taxes on the interest each tax year. When the CD matures in 2028, under the current Thai tax rules, if I remit the CD money to Thailand, can I classify it as pre-2024? If you think the CD money becomes assessable income, do you have any TRD guidance to support your opinion?

I have a real life test question: I have a 5-year CD that I bought in 2023 in the US. It pays interest monthly. The interest is transferred to my US checking account when it posts each month for use. I report and pay taxes on the interest each tax year. When the CD matures in 2028, under the current Thai tax rules, if I remit the CD money to Thailand, can I classify it as pre-2024? If you think the CD money becomes assessable income, do you have any TRD guidance to support your opinion?

You really don't lose the flexibility of the $100k in bank. If you need to withdraw it, you can buy the insurance at that time. No need to pay for the insurance unless you decide to withdraw it.

I read where there is a minimum amount needed, it's called "substantial earnings" test to qualify for credits. And, I believe it increases every year, so you have to be above that amount to earn the credits. Can probably google it without calling SSA. Just a suggestion.

Some may do what you say, but many will just file and pay their taxes. I want to spend more time with my loved ones anyway, so I will just spend 5 mths in the US, 5 mths in Thailand and spend the rest of the time traveling with my wife outside of Thailand. It's not a problem for me. I know others who live here, but work outside of Thailand, and are here for less than 180 days, so it's not a problem for them either. I feel badly for those who don't have those options, it really sucks.

I just opened an acct with SCB about 10 days ago in Bangkok at the Phrom Phong branch. I'm an American. No problems.

I have Thai bank cards, but sometimes use my USA Chase Bank card to keep from using all of my THB here. The exchange rates are very good and Chase reimburses me for the 220B fee, so there's no downside to using it. It saves me from having to make SWIFT wire transfers which have incoming wire fees at my Thai banks.

BOI probably blocked you after you sent your second request.

I had Citibank TH accts since 2016. Citi didn't charge an incoming wire fee when I wired money from the US. I could also convert my USD in Citi to my THB acct online, day or night. UOB bought Citibank TH, and they converted all my accts to UOB in April. Now, when I wire money from the US, UOB charges me a 500B incoming wire fee, and I have to go into the bank to convert my USD to THB. It's very inconvenient now. I have to go into the bank, get a ticket and wait 30 min to an hour just to make a conversion. It was so easy before, watching the currency rates and then making a conversion online.

Thanks for the info. UOB said in the future, they may offer online conversions from their FCD accts to their THB accts, but they do not allow it now. I guess if I want the convenience of converting my USD to THB online, I will need to open new accounts with BBL, since it appears BBL is the only Thai bank that offers online conversions.

Can anyone with a Bangkok Bank USD FCD account, confirm whether you can convert USD in your FCD account to your THB account online? Or, do you have to go into the bank to convert? Citibank TH allowed me to convert online, but they were taken over by UOB, and UOB does not allow online conversations. I have to go into the bank. I have SCB & KBank accts, and they do not allow online conversations either.

I don't blame BOI for not answering. They probably don't know anymore than we do, because no legislation on that issue has been passed or even been introduced. Currently, unremitted overseas income is tax free. And, remitted income by a LTR-WP visa holder is tax free, as per BOI and Royal Decree 743. If anything changes, I'm sure we will all find out as soon as it happens.

If one can meet the requirements, the LTR visa could be less expensive for some. You could leave your 800k in your home country earning ~ 5% interest at current rates, which would more than cover the cost of the LTR required insurance. And, the 50k for 10 years would be less than the 1,900 extension + 3,800 MRE permit + 300 bank letter/certificates some are currently paying. You also have the beneifts of no 90-day reporting and no annual visits to IM if you leave the country at least once a year, because the 1-year reporting clock starts over. Then, there's the income tax on remittances benefits, which could be a very big deal. It's up to each person to decide what's best for themselves, it's that simple. Some like Leo, some like Singha. I like Sapporo, but my wife loves Guinness. 😉

My agent went transfer the stamps to my new passport recently and he said IM told him they haven't heard anything from TRD about the new tax rules. My guess is that Mario is just fearmongering to drum up some business for his IM lawyer.

Yes, BOI only accepts the $100k in a bank savings account to self-insure, that's why I bought the insurance this time. When I turn 70 in a few years, I plan to switch to the $100k in bank savings method. I like to keep a small amount of cash available just in case of emergency or in case something happens to me. My wife would have some money to spend while they are dividing up my estate.

No one said their cash was just sitting around earning nothing. I'm earning 5.40% in short-term CDs with my cash in Fidelity, and that $100k plus is a very small percentage of my total investment portfolio. I don't see the need to have every single dollar invested in stocks. I prefer to have a small amount of cash available just in case I need it. Like you said, to each his own. Good luck...

I will keep buying the insurance until I reach age 70 at which time the cost jumps up substantially. Right now that $100k is earning 5.40% in short-term CDs. As for investing it in stocks, it represents a very small part of my total investment portfolio, so I like to keep a little cash available in case I need it.

It is my understanding, that the $100k has to be in a bank savings account, not in a brokerage firm. I will need to move my cash from Fidelity to my bank.

I agree and know that. I was thinking that he could get an agent to handle it, and coordinate getting his under consideration stamp on his first day back in country, and then go get the final stamp and MRE permit before he leaves again. I know it can be done, becuase my last one was done in less than 4 weeks. An agent could tell him if it's workable or not. His worse case, is he has to fly out without the final stamp and he's no worse off than before. At least he still had the 90-day Non-O.

He may have a home visit, but I never did. I think an agent/agency could definitely handle this for him. But, if you think not, then I defer to you.

An agent can go back and get the final stamp when the under consideration period is done. My agent goes for me and also gets my MRE permit at same time. I only make one trip to CW, to take pic with the wife, in & out in 20 min and I'm done.

How about put the 400k in the bank, get a Non-O 90-day visa, then in 2 months when you're back in Thailand and the money is seasoned, get your 1-yr marriage extension. I assume you were married in Thailand and have the docs from Amphur already. If not, can go to a transalation company and they can arrange appointment at Amphur and take care of all marriage docs. You have to go to IM to get your pic taken with the wife and to get your "under consideration" stamp, but an agent can go get your final stamp & MRE permit, but by then you may be back. In your case, it would be helpful to get an agent/agency to help you.

Thanks. 😉