JohnnyBD

Yes, tax exempt even for income earned and remitted in the same year. I have my email from the BOI LTR Visa Unit stating that all income is tax exempt, no matter the source or when it was earned, as long as it was remitted AFTER I obtained my LTR visa. You can get on the BOI website just like I did, and send them a message if you want to confirm. That's what I did. I got tired of reading everyone's opinions, conjecture & speculations.

People can say anything, that doesn't mean it's true. I have my email from the BOI LTR Visa Unit stating that all income is tax exempt, no matter the source or when it was earned, as long as it was remitted AFTER I obtained my LTR visa. You can get on the BOI website just like I did, and send them a message if you want to confirm. That's what I did. I got tired of reading everyone's opinions, conjecture & speculations.

No it's not, as long as you wait until after you get the LTR visa to remiit it. I have my email from the BOI LTR Visa Unit stating that all income is tax exempt, no matter the source or when it was earned, as long as it was remitted AFTER I obtained my LTR visa. You can get on the BOI website just like I did, and send them a message if you want to confirm. That's what I did. I got tired of reading everyone's opinions, conjecture & speculations.

Yes, they said any/all income remitted once you receive your LTR visa is tax exempt. It doesn't mattrer from what foreign source or when it was earned. The Royal Decree 743 states that even if the income was earned in previous year it is still tax exempt. The Decree doesn't state that if you remit monies earned in the same year, that you will have to pay taxes on them. Where are you getting that from?

You are correct. I just received an email from BOI LTR Visa Unit. They confirmed that any/all cash remitted into Thailand by a LTR-WP visa holder is exempt from income taxes. I specifically asked about all of the different sources of my foreign income, pension, dividends, interest, capital gains, etc., and they said it doesn't matter the source as long as it's cash being transferred. That's great news.

I googled it already and couldn't find what i wanted to know, so I emailed the LTR Visa Unit today. I want to know if all income and/or monies remitted to Thailand are tax exempt no matter the source. Specifically, stock dividends, bank interest, company pension, IRA monies, capital gains, etc. I know the qualifications and meet the requirements.

This thread has changed from a tax information thread into a tax evasion thread.

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.