JohnnyBD

This form is not required for expat Retirees, but I bet some will start posting that it is, now that they have seen it. There's plenty of false information being posted on these tax threads.

Just a word of caution. If you change your address at Fidelity to a non-US address, Fidelity may put restrictions on your account. I changed my address to Thailand a few years ago and Fidelity restricted my account, so I changed back to my US address.

It appears the OP's accountant made a ruling that his pension was non-assessable and did not declare it on his tax return. If that is the case, TRD would not have been aware of his pension.

If you leave Thailand and re-enter before the 1-year LTR reporting date, does the 1-year reporting clock reset when you re-enter? For example, my paper states I should do my 1-year reporting in July 2025, but I left the country and will re-enter on Feb 22, 2025. Will the 1-year clock reset to Feb 22, 2026 even though airport IM does not give me a new paper, or should I go report in July 2025?

When a LTR visaholder re-enters Thailand, will airport IM staple a new piece of paper which shows a new 1-year notification reporting date from the date of re-entry?

Thanks. One more question. Will they give me a new paper stapled in my passport with a new report date of 1- year from re-entry?

Just a question... If you get a stamp upon re-entry, you will reset the LTR 1-year reporting clock, correct? If you don't get a stamp, will the clock still be reset, even if you don't have a stamp to prove it when you go to IM? I will return in a few days, so I thought I needed to get a re-entry stamp stating my next report to IM would be in 1-year. This is my first overseas trip since I got my LTR, so it would be nice to know how it works.

I send USD via SWIFT wire transfer method directly from my US Chase Bank checking or savings accts to my Bangkok Bank USD acct. Chase Bank does not charge me an outgoing wire fee due to my relationship level. Bangkok Bank charges an incoming wire fee of .25% with a min. 200B and max 500B. I can hold the USD in my Bangkok Bank USD acct until I'm ready to convert it to my THB acct, which can be done online during working hours at the current TT rates. If I need money quickly, I just use my Chase Bank debit card at an ATM. The conversion rates seem to be pretty good. Yes, I login to my Chase Bank accts from Thailand and make the wire transfers.

Thanks for pointing that out. I see where that could be a problem if one is trying to prove how many days one stayed in-country. I still use the fast track/priority area and IM stamps my passport, so it's easy to prove my time in-country.

Your local immigration office can supply paperwork showing this information. Thai airport IM will stamp your passport when you leave and again when you return, the same as any other visa category. That's the proof of how many days one stayed in Thailand. Am I missing something?

Yes, it's that easy. It all magically disappeared when I received my LTR-WP visa. BOI informed me in writing that all my foreign income is tax exempt and I do not need to file a tax return. TRD & IM are two of the gov't agencies that had to sign off on my LTR visa. No more worries. Good luck to you.

Sure. All they will have to do is prove it to the TRD, or, no certificate for their extension. What's unworkable about It can be very difficult to prove a negative. No, I didn't remit any monies. Prove it. How? Go to every bank in the country to get a statement that you don't have an account with them. No, I didn't make any ATM withdrawals using a foreign bank debit or credi card. Prove it. How? That's unworkable. Luckily, I do not need to go to IM for another 5 years with my new LTR visa.

I'm not sure TRD will give you a credit against your Thai tax bill if you paid taxes on your income in your home country. For example, I will pay taxes in Apr 2025 on all of my US income for tax year 2024. If I remitted some of that income to Thailand in 2024 and I owe taxes to TRD (by Mar 31), then the US will give me a tax credit against my US tax bill (using form 1116) when I file my US tax return in Apr 2025. That is what I have been told by several others on this forum. If you find out different, please let us know.

Probably because most foreigners living here do not qualify for a LTR visa. I'm very content with my LTR-WP visa.

I would file in Thailand before Mar 31, then file in US before Apr 15, and claim the tax credit using form 1116, instead of waiting until 2026. Your choice I guess. I'm not sure of the proper way to do it.

From what I understand, if you pay income taxes of 10k THB in Thailand on assessable monies remitted, you should be able to get a credit for that amount on your US tax return by filing IRS form 1116 (foreign tax credit). Who told you your income taxes in Thailand would be zero if you paid income taxes in the US? That doesn't sound right.

I just meant it was good news for Mr. Stat, since he didn't realize he could use realized capital gains, dividends & interest to qualify. I qualified with my pension income only. I didn't need to use my other income streams. I think it may be difficult to convince BOI that realized cap gains are stable passive income.

Good news. It was in red below the list of requirements. Retirees aged 50 years and older who have an annual pension or stable passive income Minimum unearned or passive income* of USD 80,000 / year at the time of application (Note that earned income and salaries WILL NOT be considered for the personal income requirement for wealthy pensioners In the case that unearned or passive income is lower than USD 80,000 but not lower than USD 40000, the applicant is required to make additional investments of USD 250,000 combined in Thai government bonds OR direct investment in companies registered in Thailand OR Thai property Insured under a health insurance covering a minimum of USD 50,000 OR currently receiving social security benefits in Thailand OR deposit and maintain at least USD 100,000 in bank account balance under the applicant’s name for no less than 12 months * unearned or passive income includes, but are not limited to pension, rental, realized capital gain, dividend, and interest payments

Sorry, the TT rates I quoted above were today's rates at 12:45 pm, not Friday.

It appears Citi is converting your wire transfer to THB at the 33.3667 rate as per your post. Citi wouldn't show an exchange rate for a Thai bank if they were sending USD. The Thai bank would convert it to THB at the current TT rates when they receive the funds. The last posted TT rate on Friday at Bangkok Bank was 34.19, at SCB it was 34.15 and UOB was 34.15. I use Chase and have the option of sending USD or THB to my Thai banks. If I select to send USD, no where does it show an exchange rate. If I select to send THB, then Chase shows me an exchange rate and it's always less favorable.

How would a US citizen who paid income taxes in the US, get a tax credit from the IRS if they had to pay taxes in Thailand on the same income? For example, a US citizen (Thai tax resident) remits 2MM THB to Thailand (all assessable monies), and pays income taxes in Thailand on that 2MM THB. I can't see the IRS just giving a dollar-for-dollar tax credit for taxes paid in Thailand without knowing the make-up of those monies, whether they were previously taxed in the US, or not taxed in the US, and from what tax year those remitted monies were derived. For example, if they were non-taxed monies from a Roth IRA, why would the IRS give a tax credit if those monies were not taxed in the US. I would think the IRS would want to know the make-up of the remitted monies and in what year they were derived. Sounds pretty complicated to me.

I'm not concerned at all. I only had to submit my US Gov't Social Security and company pension to qualify for my LTR-WP visa. I did not submit any other financials such as; my banking, brokerage or retirement accts. I didn't lay all my cards on the table, just those that do not matter. If they ever do start taxing based on WW income and LTR-WP visa holders or not protected, I will simply stay less than 180 days in-country. I do not need to worry about relocating to another country part-year, because I have a place to stay in my home country, and can enjoy spending more time with my loved ones there.

It wouldn't be a waste of time and money for me, because my Non-O would have cost me more over 10 years than what the LTR-WP is costing me. (see my previous post on 1/15/2025 at 11:58 on cost savings & other benefits)

Not a problem for me. I only had to disclose my US Social Security which is non-assessable, and my company pension which I do not remit. I didn't disclose any of my other investments. Also, if WW taxation ever becomes law and LTR-WP visa holders are not protected, then I will simply stay less than 180 days in country.

Kasikorn deducts the yearly debit card fees from me and my wife's accounts automatically. Not sure why they wouldn't be doing the same for you.