JohnnyBD

I sent the following request to the BOI LTR Visa Unit. I am hoping they send me an email so I have something in writing before applying for my LTR visa. Dear LTR Visa Unit, Would you be so kind as to answer a couple of questions for me about the LTR Weathly Pensioner's visa. Thank you. 1. Are all foreign income and monies exempt from Thai income tax when remitted to Thailand? 2. I have US Social Security, a company pension, stock dividends, bank interest and IRA individual retirement account monies that I will be remitting to Thailand. Are all of those monies exempt from income tax when remitted to Thailand?

I am seriously thinking about getting a LTR visa, but would like to know if all income and/or monies remitted to Thailand is tax exempt. Some of the responses from BOI seem to be a little ambiguous as to what monies are tax exempt and if any are not. Would someone with a LTR visa be so kind as to please email the LTR Visa Unit or BOI and ask them if all monies remitted to Thailand is tax exempt, specifically, monies such as; company pension, annuities, stock dividends, bank interest, 401ks, IRAs, rental income, capital gains, etc. It would very nice if someone with authority would put it in writing to clear up what monies are tax exempt and what monies are not, if some are not.

The only problem I see with their reply is that is still a little ambiguous. It states that income under the 3 mentioned categories (employment, business or property situated abroad), will be exempt from tax when that income is remitted into Thailand if you already have the LTR visa. It was not specific enough to say all income and monies from all sources such as; company pension, annuities, stock dividends, bank interest, 401ks, IRAs, rental income, capital gains, etc. It would have been very nice if they would have just said all income and/or monies transferred into Thailand is exempt from taxes, period. But, no official seems to want to be that specific.

If you have time to share your thoughts on my question, I would appreciate it. Does foreign income (for example in 2024), but not remitted in 2024 or 2025, ever cease to be assessable income for a tax resident? Is there a statute of limitations on this? What if it was remitted in 2026, in 2028, or in 2030? Or, will it always be assessable income whenever it is remitted? What if those 2024 monies were remitted in a year when you were not a tax resident. I guess what I'm thinking is, if someone is not a tax resident and not required to file a tax return, why would TRD ever question them. Are they going to start questioning every non resident/tourist/visitor who remits money. Just thinking of different situations.

What if a LTR WP visa holder remitted 2025 income in 2025, would that be exempt also? Just trying to clarify the previous years income rule. I wouldn't want to make a big mistake. Thanks again for your reply.

Thanks for posting. Just to clarify, I assume "previous years income" means if I get a LTR WP in 2025, then 2024's income is exempt, and 2025, and future years too. Is that correct? Also, I don't see anything about company pensions, stock dividends, bank interest or capital gains from abroad in the decree. Maybe it's spelled out in more detail in Sec 40 of the Revenue Code. I will try to research Sec 40. If you get time, can you please elaborate on those different income streams, whether they are exempt also. Thanks for your reply.

When you get a LTR (wealthy pensioners) visa, are all monies remitted to Thailand exempt from income taxes, such as; pensions, dividends, interest & capital gains from investments? I read somewhere that only pensions and gains from property are exempt. Thanks.

I'm not sure which part you don't agree with, but to put that one sentence in the proper context, "no obligation to prove anything to Immigration" was meant as "no obligation to provide a Thai tax return to Immigration, if not a tax resident", and it was in response to the original poster. IM can check anyone's passport to verify if that person was a tax resident, but they are not currently requiring long-term visa holders to provide Thai tax returns. And, even if they started doing that, non-tax residents are not required to file a Thai tax return, so they would be under no obligation to provide one to IM. Until we hear first-hand from an official source, this is just speculation. I hope we can agree on that.

This is purely speculation, that Immigration will become the tax enforcer for TRD. No word from any official source on that ever happening. First, not everyone who gets a long-term visa is a tax resident, and if you are not a tax resident, you have no obligation to file a tax return, and no obligation to prove anything to Immigration. Second, even if you are a tax resident, if you remit less than the tax filing threshold, you are not required to file a tax return. So, until we hear first-hand from an official source, this is purely speculation and should be viewed as such, so as not to worry people.

Just your thoughts? Why is this issue getting so much attention in the media and on this forum, when the rule has always existed whereby a tax resident remitting foreign income over a certain level was supposed to file a tax return, but many never filed and TRD never enforced it. Why should those expats file a tax return now, just because of the media attention, when they never filed one before? What makes us think now, that TRD will enforce it. Just asking.

And, many many more never filed and it wasn't strictly enforced. My question still stands, what makes some think this will be strictly enforced now?

Just a question. If the rule was and always has been, that anyone remitting money in the same year earned, while being a tax resident, was required to file tax returns, then why wasn't this rule ever enforced before by TRD? I don't know anyone who's ever filed a tax return. What makes some think now, that just because TRD clarified a rule on previous year's income, that they will now strictly enforce tax filings with an army of auditors? Why has this become such a big deal in the digital media? Who will profit and has profited from advancing this issue? Maybe, this issue has been blown up unnecessarily. Just asking, because I am not convinced TRD will strictly enforce anything.

I will happily stay, and only remit non-assessable income. In 2025, when I need to remit big money to pay for condo and replenish THB accts, i will stay less than 180 days. I pay taxes on all my income in home country, so I'm not getting by tax-free. I will not file tax return in Thailand.

My poll answers: - I will not remit any monies in 2024, will use monies already in Thailand - I will keep 2024 monies in home country, and never remit to Thailand - I will not stay in Thailand for more than 179 days in 2025 (non-resident) - I will remit only pre-2024 & 2025 monies in 2025 to replenish THB accts - I will remit only Social Security in 2026 & future years when tax resident - I will not file a tax return, and will not pay income taxes in Thailand - I will continue to pay taxes on all of my income in my home country Good luck to everyone...

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?

I agree on giving the gov't as little information as possible or only what they request. Sometimes, too much information can make things worse. Also, many do not have the luxury of remitting only pre-2024 monies to live on. I'm fortunate to be able to do somewhat the same as you, in my case, keeping every year's income in separate accts, not remitting any monies this year while I'm a tax resident, keeping my 2024 income in my home country forever, and only remitting pre-2024 and 2025 income in 2025, when I'm not a tax resident. I'm sure many people are looking at ways to minimize their tax bills. I'm just trying to keep my stress level down and enjoy my remaining years. That's getting just a little bit harder. Good luck to all.

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.

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.

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.

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.

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...

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