JohnnyBD

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. 😉

I know. I feel badly for those who meet the requirements but their income is from different sources which BOI doesn't accept. Fortunately, I meet the pension only requirements. I would liked to have used the $100k (seasoned for 1 year), instead of having to buy the medical policy, but all of my cash was in a brokerage account, so I couldn't use it. Maybe I will move my cash now, and next year, ask them if it's ok to self-insure. I submitted my appl. 2 weeks ago and haven't heard anything yet. Just anxious to get it done, becuase my marriage extension is coming up in Sept.

With that high decline rate, I can only assume that many of those didn't really meet the requirements, and since it didn't cost anything to apply, they probably figured, why not roll the dice and give it a try. The only problem with that, is it clogs up the system and slows things down for those who do meet the requirements.

There is no new worldwide system in Thailand. That is just speculation at this point. Not to say it can't happen, but it has not happened yet.

I don't think they send you a tax bill. Like Mike said, when you file your tax return, you pay what you owe at that time.

Agreed. For those who have options, that's great. For those who don't, not so great. Many will be under the income threshold and not need to pay, and many will not even file. I will simply spend more time visiting my loved ones, and traveling more outside of Thailand with my wife so I stay less than 180 days in country.

I'm eagerly awaiting my approval letter. It's been 2 weeks since I submitted. Not sure how long it takes. I submitted everything they could possibly need, so I don't expect any additional docs request. I've been checking my BOI acct, and watching for some kind of notice, either by email or regular mail, but nothing yet.

Yes if would be marvelous... My Thai wife could go back with me to visit the kids & grandkids. We've been married for 7 years and she's never met my kids & grandkids in person.

He said he was married to a Thai. He can get a Non IMM O-visa and 1-year extension based on marriage when he comes on holiday. 400k in the bank, then he can take it back out after he gets his extension. I don't think Thailand offers a 175 day visa, just joking... If he doesn't want to do the paperwork himself, he can pay an agency.

I'm probably wasting my time, but if you are for real and you truly want to retire in Thailand, here's an option. You said you are married to a Thai. You can get a Non IMM O-visa and 1-year extension based on marriage when you come on holiday. 400k in the bank, then you can take it back out after you get your extension. I don't think Thailand offers a 175 day visa, just joking... If you don't want to do the paperwork yourself, just pay an agency, maybe 25k to 30k should cover it.