JohnnyBD

Just so you know, the question was asked and answered by BOI just this week on whether LTR-P visa holders need to file a tax return. BOI's answer was NO, we do not need to file a tax return if we had no Thai-sourced income. I am quite satisfied with BOI's answer, and if anything changes, I'm sure BOI will let us know if we need to file a "nil" tax return. On 7/15/2024 at 9:15 AM, Incorrigible1 said: For what it is worth, today I went to One Stop to get a residence certificate (LTR proved to be valuable in getting expedited, courteous service). After finishing I stopped by BOI and met with one of the representatives. In answer to my question, he told me that any income earned outside of Thailand is exempt and that if I had no income generated in Thailand, I did not have to file a tax return.

These appear to be the TRD rules that apply to LTR visa tax exemption. I haven't found any other TRD documents which have additional rules on tax exemption. Clause 2 A foreigner categorised as High-Skilled Professional, Wealthy Global Citizen, Wealthy Pensioner, or Work-from-Thailand Professional who is eligible for income tax reduction or exemption under Section 3, Section 4, or Section 5 of the Royal Decree issued under the Revenue Code governing reduction of tax rates and exemption of taxes (No. 743) B.E. 2565 (2022), as the case may be, must meet the following qualifications: (1) Be granted a Long-Term Resident Visa under immigration law, as the case may be; (2) Meets qualifications for and complies with rules and conditions on Long-Term Resident Visa as prescribed by the Office of the Board of Investment.

The following TRD document is on the BOI website. I hope it's enough (along with the Royal Decree 743) to convince you that the tax exmption for LTR visa holders is valid. I'm convinced. Notification of the Director-General of the Revenue Department Regarding Income Tax (No. 427) Re: Prescribing rules, procedures, and conditions on income tax reduction and exemption for long-term resident ----- By virtue of Section 3 and Section 6 of the Royal Decree issued under the Revenue Code governing reduction of tax rates and exemption of taxes (No. 743) B.E. 2565 (2022), the Director-General of the Revenue Department prescribes rules, procedures, and conditions on income tax reduction and exemption for long-term resident as follows: ----- Clause 2 A foreigner categorised as High-Skilled Professional, Wealthy Global Citizen, Wealthy Pensioner, or Work-from-Thailand Professional who is eligible for income tax reduction or exemption under Section 3, Section 4, or Section 5 of the Royal Decree issued under the Revenue Code governing reduction of tax rates and exemption of taxes (No. 743) B.E. 2565 (2022), as the case may be, must meet the following qualifications: (1) Be granted a Long-Term Resident Visa under immigration law, as the case may be; (2) Meets qualifications for and complies with rules and conditions on Long-Term Resident Visa as prescribed by the Office of the Board of Investment. Notification of Income Tax No.427 (EN).pdf (boi.go.th) Royal Decree issued under the Revenue Code No.743 (EN).pdf (boi.go.th)

All I can tell you is, I have it in writing from BOI, and was told just last week at the BOI office again, that all the monies I remit going forward are tax exempt. The BOI website has the Royal Decree 743 and Revenue Dept. Director-General's Notification on Tax No. 427 posted on it, which supports this. Right now, the rule is all monies remitted by LTR-WP visa holders are tax exempt. That is not in question. I'm sure if the rules ever change, BOI will notify everyone since we are in their database. I'm not worried at all. I don't know what else to tell you.

I do not understand why some, who do not have LTR visas, keep posting that LTR visa holders can lose their tax exempt status for no reason at all. I was at BOI just last week, and was told as long as I continue to meet the requirements; insurance, $100k in bank, $80k pension income, etc., then all the monies I remit from overseas, will be tax exempt. The tax exempt benefits are posted on BOI's website for all to see, (Royal Decree 743 and Director-General's Notification on Tax No. 427). Take care.

Thanks for the post. I was told the same thing last week when I went to my LTR-WP visa issuance appointment. They also told me the 1-year reporting clock starts over again after I return from an overseas trip, so I will never need to do 1-year report.

By Paul Ashburn, Partner HLB Thailand April 25, 2024 Approximately a year before the Revenue Department announced the changes to foreign income taxation, Thailand launched a long-term resident visa (LTR visa) programme to enhance the country’s attractiveness as a regional hub for living and doing business for ‘high-potential’ foreigners. One of the benefits granted to an LTR visa holder is an exemption from income tax on foreign income brought into Thailand, pursuant to Royal Decree No. 743 issued under the Revenue Code. The exemption applies to income from an employment or from business carried on abroad, or from a property situated abroad, that has been brought into Thailand. There are three categories of LTR visa holders eligible for the exemption: Wealthy global citizens; Wealthy pensioners; and Work-from-Thailand professionals. Foreign nationals holding an LTR visa in one of these categories are not affected by the change of the Revenue Department’s interpretation of the law.

Just my opinion, but it seems like your missus would be considered as having remitted the money to her Thai account, and therefore she may have some tax liability depending on what type of income it is (assessable or non-assessable), when it was earned (pre-2024 is exempt, but 2024 income is taxable), and how much assessable income is remitted (over the deductions and allowances).

Mike, could you give your opinion on whether pre-2024 income has to be remitted by Dec 31, 2024 to be exempt, or can it be remitted in 2025 and still be exempt. Thank you. The article below was on Pattaya Mail today. By Victor Wong July 11, 2024 Key Provisions of Order No. P. 161/2566, Foreign Income Reporting Starting January 1, 2024, all residents in Thailand must report income from abroad when it is brought into the country. This includes income from work, investments, and assets located outside Thailand. However, any income earned before this date can be transferred to Thailand tax-free if done by December 31, 2024. ---- ---- Exemption for Pre-2024 Income The amendment explicitly states that income earned before January 1, 2024, is exempt from these new provisions if transferred to Thailand by the end of 2024. This provides a grace period for taxpayers to adjust to the new rules. New tax rules for foreign-sourced income - Pattaya Mail

Mr. Stat, I want to apologize to you and everyone else for the way I responded to one of your posts on Tuesday. I know it's no excuse, but I was at a Thai house party with lots of people drinking, including myself, and I was wrong to respond the way I did. I know everyone is trying to interpret the rules and figure out how it affects their situation. I am fortunate in that I have pre-2024 monies I can remit for several years until things become clearer. Best of luck with your situation.

Royal Decree Issued under the Revenue Code Governing Reduction of Tax Rates and Exemption of Taxes (No. 743) Section 5 Income tax under Part 2 of Chapter 3 in Title 2 of the Revenue Code shall be exempted for a foreigner categorised as Wealthy Global Citizen, Wealthy Pensioner, or Work-from-Thailand Professional who is granted a Long-Term Resident Visa under immigration law for assessable income under section 40 of the Revenue Code derived in the previous tax year from an employment, or from business carried on abroad, or from a property situated abroad, and brought into Thailand. Royal Decree issued under the Revenue Code No.743 (EN).pdf (boi.go.th)

I don't need to read it. You are wrong. Read my previous post. End of conversation with you

You are wrong. Please quit posting false information. You injected your own opinion that basically that LTR-WP visa holders have to file a tax return and that is absolutely false.

Just to add, I brought the original marriage certificate & registration, the insurance certificate & policy, and the wife's house book, but they didn't ask to see any of those. The updated Kor2 only cost 10B at the Amphur. The BOI rep told me that for the 1-year reporting, if I leave the country the 1-year clock will start over upon my return, so for me I will probably never need to do a 1-year report. I'm happy...

The 4 docs downloaded from BOI account (2 of them 2-sided). My passport, copy of passport bio page, visa stamp pages, last entry stamp page (all signed) my original TM47 90-day report, copy of marriage Kor3 certificate (2-sided), copy of updated marriage registration Kor2 (2-sided), I made color copies, but they didn't ask me to sign them. Wife's ID card signed by her. That's it. Thanks

Many thanks to Jim, Pib, Ben & Traveler for all the advice. I just received my LTR-WP visa, and it was a very easy and pleasant experience. Now I can relax...

No I can't live on 60k per year. I never go over the 60k thereshold from bank interest, and I haven't gone over the 60k thereshold with remittances either because I have enough in savings to live on. Also, my Social Security is non-assessable income, so I don't need to get a TIN or file a tax return.

US Social Security is deemed to be non-assessable income when remitted to Thailand and as such is not required to be reported. It is not about hiding income from the Thai authorities, it is simply not required to be reported.

The rule here is that once you remit 60k THB of assessable income, then you are supposed to get a TIN and file a tax return, even if no taxes are owed. Thai banks pay very little interest, so I never go over the 60,000 THB threshold and do not need a TIN or tax return.

So, some soothsayer in TRD is going to magically determine what interest rates I should be paying on my next ATM withdrawal, then it's communicate to the bank and then to the ATM in hyper speed, and the machine spits out money less taxes. Sounds like science fiction to me.

Yea, I think it would take a Herculean effort to determine if those 7MM people who changed money were tax residents or not, and if they should have filed a tax return. So, that effort may never happen,

Thanks for the reply. I thought they might have reporting requirements since they made a copy of my passport.

Does anyone know if the money changers report transactions to TRD? Last time I changed money, I think they made a copy of my passport.

Why are you quoting my post? I use the 400k in bank method, so I don't need to remit 65k per month. My Social Security exceeds 65k per month anyway, so if I did remit it, I wouldn't need a TIN anyway.

My understanding is, if one remits only NON assessable Social Security monies, then no TIN number or tax return is required. You self-assess if you have assessable income above the 60k threshold, and if you do not, then no TIN and no tax return.