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JohnnyBD
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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.
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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.
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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.
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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.
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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.
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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...
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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.
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Foreign currency accounts
JohnnyBD replied to JohnnyBD's topic in Jobs, Economy, Banking, Business, Investments
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.
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Foreign currency accounts
JohnnyBD replied to JohnnyBD's topic in Jobs, Economy, Banking, Business, Investments
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. -
Foreign currency accounts
JohnnyBD replied to JohnnyBD's topic in Jobs, Economy, Banking, Business, Investments
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.
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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...
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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...
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I copied and posted the exact email from the Law firm (Company) that was sent to me. I xx'd out the first name, but left International, so you can probably figure out who it is. Did BOI respond to you in writing, by email or was it by word of mouth? Not doubting what you say, but it would be nice to see their official response. I am very hopeful that what you wrote is the rule, then I won't have any worries. Thanks...