JohnnyBD

9 hours ago, gravity101 said:

Interesting to know what your home country is. My home country would try and tax the hell out of my ww income I believe. 

My home country is the US. I am required to file and pay taxes in the US on my income regardless of where I live.

8 hours ago, Ben Zioner said:

The document of reference, when this happens, will be RD 743, so their will either rescind it altogether, amend it, or reinterpret it.

 

If it was the latter, LTR/HSP. holders would pay 17% IT on their earnings in Thailand while their overseas income would become assessable in Thailand. While the wording regarding other categories is somewhat more reassuring, especially for people who live off pensions exclusively.

Bottom line, if I lose my LTR tax exemption for any reason, I will just stay less than 180 days per year going forward. I have a Thai wife here, so I will split my time between my home country and here. I do not want to deal with having to file tax returns in two countries. I hope they don't change anything.

13 hours ago, stat said:

Sorry Johnny you are wrong. If you are on an LTR visum and you remit income your income is free (hopefully). If you are on any other visa in TH it is not.

Sorry, my mistake. I didn't word my previous post correctly. I do agree that if worldwide income taxation ever becomes law, it's not clear if LTR visa holders will keep their tax exempt status (me included). I am confident we have tax exempt status right now on all income (remitted & unremitted), but if we lose our tax exempt status in the future, then taxation will be determined by tax residency (180 days in country), and NOT by which visa one is on. That's what I meant before.

On 9/16/2024 at 10:55 PM, JohnnyBD said:

On 9/16/2024 at 4:26 AM, gravity101 said:

Fellow LTR friends. What's your thoughts on the global income tax and the LTR visa?

Tax on ww foreign income for tax residents may eventually come to pass, but it hasn't yet. If that day ever comes, and LTR-WP visa holders are not exempt, then I will simply stay less than 180 days per year in Thailand. Not a problem for me.

21 hours ago, JohnnyBD said:

The type of visa you're on has nothing to do with the ww foreign income taxation issue. If one doesn't want to pay for a 10 year LTR visa, that person can stay on a yearly retirement or marriage extension, or they can use one of the short-term visa options. Each visa type has it's own associated costs, so each person can weigh the cost benefits, and decide what's best for their own situation. The LTR-WP visa is best for me, regardless of what happens with the ww taxation issue.

1 hour ago, stat said:

Sorry Johnny you are wrong. If you are on an LTR visum and you remit income your income is free (hopefully). If you are on any other visa in TH it is not. There is not really a need for a visum if you intend to stay under 180 days so I assume you are a tax resident anyway if we are talking visa. So here is an example that the visum type determines your tax bill (if 180 days plus in TH).

You misunderstood my comments. I was discussing ww taxation which you brought up, not current law.

See part of your previous post that started this whole discussion about ww income taxation below: 

23 hours ago, stat said:

unremitted income SHOULD ww income taxation come into place

I am a LTR-WP visa holder and know very well that my remitted income as well as my unremitted income is tax exempt under the current law.

12 hours ago, JohnnyBD said:

Tax on ww foreign income for tax residents may eventually come to pass, but it hasn't yet. If that day ever comes, and LTR-P visa holders are not exempt, then I will simply stay less than 180 days per year in Thailand. Not a problem for me.

If they ever pass a new law taxing tax resident's ww income, hopefully they will exempt LTR-WP visa holders, but I wouldn't bet on it, that is why I will just stay less that 180 days in country. I don't need to move to another country like some. I will just spend more time in my home country visiting my loved ones. If they do pass a new law, then LTR visa holders will probably be in the same boat as all the other visa types.

18 hours ago, gravity101 said:

Fellow LTR friends. What's your thoughts on the global income tax and the LTR visa?

Tax on ww foreign income for tax residents may eventually come to pass, but it hasn't yet. If that day ever comes, and LTR-P visa holders are not exempt, then I will simply stay less than 180 days per year in Thailand. Not a problem for me.

2 hours ago, TallGuyJohninBKK said:

 

Last time I checked, for their regular consumer checking accounts, Chase U.S. wasn't refunding foreign bank ATM fees and WERE charging foreign currency fees.

 

But they did used to offer those kinds of perks for certain of their very high balance accounts or ones with other relationship elements.

 

Has something changed in that regard with Chase more recently?

It all depends on one's relationship level. I am Chase Private Client level, so all my outgoing SWIFT wire xfers are free (no fees), and Chase also refunds the 220B ATM transaction fees whenever I withdraw cash using my Chase debit card.

19 hours ago, stat said:

Great post, thanks! Which bank would you recommend for USD holdings in TH and what rate do the TH banks pay on USD? Thanks!

The interest rates on my FCD USD accts at my Thai banks are listed below. Thai banks pay very little in interest. You can lock up the money for up to 12 mths and get a slightly better interest rate, but then you may miss out on any FX opportunities. That is why I keep the minimum required amount in each Thai USD acct. I currently get 4.95% APY on my USD with Fidelity Investments, and it only takes 1 day to move the USD to my Thai USD accts, so it's much better for me to leave my USD in the US until I'm ready to convert to THB. As everyone else says, "to each his own".

UOB pays me .10% APY (annual percentage yield)

SCB pays me  .05% APY

BBL pays me  .05% APY

21 minutes ago, KannikaP said:

No link to the article in your OP.

Just type in Bangkok Post worldwide income on Google search. It was published yesterday, 6 Sep 2024

Hopefully, it will never come to pass, but if it does, I will simply stay less than 180 days in Thailand, and more time visiting my children in my home country.

PUBLISHED : 6 Sep 2024

20 hours ago, atpeace said:

Is the requirement based on living in the USA or being a citizen while living in the USA for 5 years? 

A non-US citizen Thai spouse can qualify for SS spousal and survivor benefits baseed on their US citizen spouse's record after living in the US for 5 years. The Thai spouse does not have to be a US citizen.

7 minutes ago, newnative said:

    I have been following the discussion regarding SS and spouse benefits.  I wonder if anybody knows the answer to my situation.  I am an American citizen, age 72, legally married, in the US, to a Thai citizen, age 58, since 2016.  We live in Thailand full-time.  Thai spouse has a SS number but no SS work credits.   Would he qualify for spouse benefits when he turns 62 and survival benefits after I pass away?   We do not plan to live in the US for 5 years.   Thanks in advance if anyone has any information on this type of marriage situation.  

I am in the same situation as you. I am a US citizen, receiving SS, and have been married to a Thai citizen since 2017. My Thai spouse cannot collect SS spousal benefits or survivor benefits unless she lives in the US for 5 years or more. I confirmed this with the SSA when I applied for my SS beneift.

28 minutes ago, Thailand J said:

I do it the simpler way.

I have my SSA benefit deposited into my Schwab account.

Use my Schwab ATM card at any ATM . No fees after rebate.

👍 I do the same, but with my SS being deposited in my US Chase Bank acct. I then use my Chase ATM card to withdraw from any ATM. Chase refunds the 220B ATM fee also. That's as simple & easy as it gets.

3 hours ago, JimGant said:

Well, sure -- that's how most of us do it. SWIFT dollars sent will be converted to baht , at your bank, using their TT rate. WISE uses a more favorable FX rate than TT, but has more fees. Anyway, your method vs those I mentioned, will probably have timing as the determining factor as to what's best. All on the same day -- haven't a clue, but your method certainly adds a new twist to sending money to Thailand.

That's good to know. I've been here 8 years, and I wasn't aware that it is common practice to send USD via SWIFT directly to one's THB acct, and that the Thai bank will automatically convert it to THB upon receiving it at the TT rates. I have accts with UOB (was Citi), Kasikorn, SCB & Bangkok Bank, and none of them ever explained I could do that. I will go ask them to make sure, and set up some xfers to test it. If all is good, then I don't see the need to keep all my USD accts. The only bank that allows me to do online conversions is Bangkok Bank, so I will keep it. The rest I can close. I learn something new every day. Thanks...

25 minutes ago, JimGant said:

Yes, at any point in time.  But, a week, month, year after you establish that dollar account, those dollars may be worth less than what's available in your US bank for conversion to baht. You can't pretend having a USD account somehow mitigates against an FX loss, unless you've somehow placed yourself in an emergency-need-baht situation. Again, as I said, having a contingency account in baht is certainly not inferior to having one in USD.

 

Or, maybe I'm missing your point. Are you saying you send dollars to your USD account, then, using that as a conduit, make an immediate conversion to baht, thus appreciating the superior conversion rate doing this in-country conversion realizes?

I only send USD when I need it, and then immediately convert it to THB, thereby getting the better in-country conversion rate. I leave only the minimum required balance in my USD accts in Thailand. I always wondered if one could send USD directly to their THB accts. Maybe the banks would convert it automatically. I didn't want to try that. How do you send your USD to Thailand?

58 minutes ago, JimGant said:

You mean, it's a surplus fund, sitting there for a contingency, that would require baht? Why not, then, keep a surplus fund in baht, that can be assessed immediately, not almost immediately. There's no interest advantage. Makes no cents, er, sense.

 

As far as FX speculation, yeah, maybe a couple of days journey across the ocean by dollars, to catch a low point in the baht, may miss the absolute low point by a day or two. But, that couple day's journey might also realize an even lower point -- as speculation can be tricky.

 

Anyway, as you say, to each his own. Right now, my wife is briefed on how to go online and transfer my Thai account assets to her account, when I croak. Not sure she could do that with a USD account..... (please, let's not reopen the discussion about a bird in the hand vs probate).

The main reason I have USD accts in Thailand is the exchange rates at my Thai banks are much better than sending THB from my Chase Bank acct in the US. I just checked what a $1,000 USD wire xfer would be if I asked Chase to convert to THB and their exchange rate was 33.1653 THB to 1 USD.  The current spot rate is 34.20, UOB is 34.07, SCB is 34.07, and Bangkok Bank is 34.03. So, it's cheaper by about 900b to send $1,000 USD to my USD accts in Thailand, and then convert to THB once here. If I send $10,000 USD, I will save even more. I prefer wiring money from Chase instead of using other money transfer companies. Also, Chase doesn't change me any outgoing wire fees.

2 hours ago, statman78 said:

If I understand you correctly, since I am a US citizen living in Thailand my US Social Security benefits will not be taxed in Thailand.  This has always been my understanding and was confirmed by my tax accountant located in Bangkok.  However, when I pass away and my Thai wife gets survivor benefits does this mean she would be taxed?

Just curious. Did your Thai wife live in the US for a total of 5 years or more? When I started my SS in 2023, I asked the SSA, and they told me my Thai wife would need to live in the US for a cumulative total of 5 years before she would qualify for SS spousal or survivor benefits. I'm just wondering if the rules changed or whether what they told me was incorrect?

18 hours ago, Srikcir said:

BOI claim is backed up by a Royal Promulgation. That should satisfy TRD.

I agree. The Royal Decree rules, and TRD is not obligated to issue any public statements on the issue or respond to any foreigners asking for one. If one doesn't keep up his/her LTR requirements, then he/she will probably get their visa cancelled when they go back for their extension in 5 years, just like those on retirement or marriage extensions who do not keep up their requirements.

4 hours ago, Renegade Sea Monkey said:

I do admit that I'm anxious about putting my passport in the mail and would rather make an in-person visit to the Embassy, but I understand that this is the way it is done now. 

You can still do in person at the US embassy in Bangkok. I did mine in person in Arpil. I made appt online, printed appt confirmation, downloaded DS-82 editable pdf form, filled it out, printed it, made passport pics, then went to appt. They have Thai post office at the embassy to buy return envelope so they can mail your passports back to you. They would not allow me to pick up. It took 4 weeks.

On 7/28/2024 at 6:12 AM, 1tent42 said:

I redacted my social security, bank, brokerage and pension account numbers when I submitted my documents and they were accepted just fine.

It appears that everyone's sensitive information in the US was hacked in April, and has been listed for sale on the Dark web.

2.9 billion records stolen in Social Security data hack, USDoD claims (usatoday.com)

On 8/14/2024 at 5:28 PM, Everyman said:

 

You haven’t notice that Thais never seem to have change? This is completely reasonable solution to a real problem. Surely you’ve seen “farangs” try to pay for the 10 baht bus ride with a 1000 baht note? Which is better, that, or what I am doing? 

I understand it may be easier for you to just stop by an ATM to get small money several times a day or week, but it's much easier for me and less hassle to just stop at my bank once a month to get 20k, and change it for 20s, 50s, 100s, & 500s, then I'm good for a month. That's much less hassle for me.

2 hours ago, advancebooking said:

Whats your fav bank?

Citibank TH was my favorite. They didn't charge me any incoming wire fees, and I could convert USD in USD acct to THB acct online 24/7 without having to go into the bank. My Citi accts were transferred to UOB TH in April.

UOB TH is ok, all accts show up in app & online banking, but I cannot convert USD acct to THB acct online anymore. I have to go into bank to convert USD to THB acct, and the incoming wire fees are higher than other Thai banks, Bt500.

SCB is ok, but only 1 acct shows up in app. Joint acct & USD acct does not show up in app, and there's no online banking anymore. So, I have to keep track of Joint acct & USD acct balances with bank books. Also, have to go into bank to convert USD to THB acct, at least the incoming wire fees are less, min. Bt300 to Bt500 max.

I just recently opened accts with Bangkok Bank, and it will be my favorite once I get the USD acct set up on the app & online banking. I should be able to convert USD to THB acct online during bank hours without having to go into the bank, and the incoming wire fees are a little less, min. Bt200 to Bt500 max.

4 hours ago, 1tent42 said:

Can't you just wire money directly from your overseas bank account to your Thai bank whenever you need the money?

Yes, that is exactly what I am doing. I am wiring USD from my US Chase bank to my Thai bank's FCD USD acct. I can then convert the USD immediately or whenever I choose.

3 hours ago, 1tent42 said:

Can you please explain why one would want a USD account in a local bank?

 

Can't you just wire money directly from your overseas bank account to your Thai bank whenever you need the money?

 

 

I'm not understanding the benefit of a local bank account in USD.

 

I want and have a USD FCD foreign currency account so I can receive USD sent from my US Chase Bank acct. I can let the USD sit until I'm ready to convert it. I can choose the option to send THB if i want to send directly to my THB acct, but there's a sizable conversion cost, so it's better for me to send USD. Chase doesn't charge me any wire fees. That's the reason I have a USD FCD acct in Thailand.