Sato

Do you refer specific to UK banks ? I do not know UK bank policy but general speaking there is no rule saying you cannot hold a Bank Account in a country where you are not resident or where you have no address. I have several Bank accounts on two Bank in Switzerland without having an address in Switzerland. I have my Thai Adress registered at both banks.

'the stamp temporär Stay in Thailand' does not mean at all you must have a permanent address in another country. That's just a Thai trick to be able to expel someone from the country at any time. If you live in a country for more than six months (but at the latest if you live there year-round), you are considered a resident there according to international standards. Swiss law requires you to deregister with the local municipality if you are out of the country for more than three months. You can no longer have health insurance and are no longer liable for taxes. If you no longer own a house or apartment, you also no longer have a registered address.

The Thai QR system is far superior to Apple Wallet because it's cheaper for merchants and makes Thailand independent of the US. Europe should develop similar systems to become independent from the US. The US can block all payment transactions at any time. Furthermore, the fees charged by US payment providers are exorbitant and offer little transparency for the customer.

First time I read that Bangkok Bank does not provide the 'Bank Account Verification Letter's.

Sure. But self-employment makes it much easier to avoid declaring income. Employees don't have that option. In European countries, self-employed individuals also don't declare some of their income, but the proportion of self-employed people is much lower. Furthermore, authorities in emerging economies are far less efficient, making it harder to monitor taxpayers' income, expenses, and assets.

Tax revenue is essential for a functioning state. 10% income tax is fair. 10-20% is too much. Anything over 20% is theft by the state from its citizens.

The fact that so few Thais pay taxes is primarily due to the fact that most Thais are self-employed and earn very little. As long as this remains the case, changes to the tax system or the method of tax collection will be completely ineffective.

Your link is a public relation to a Falang consultant ?

How CGT is calculated is unchained but what has changed is that savings (and that includes for me savings from capital gains till 1.1.2023 but for sure savings from Capital gains from before you moved to Thailand and become Thai tax holder). Anyway, thank's for you're link. I will read once I have time.

Any source ?

I assume the taxable amount will not be calculated based on the original acquisition price but based on Value as of December 31, 2023

Sure capital gains are taxable in Thailand when transfered to Thailand and gained after 1.1.2024. So, exactly same situation as with cash savings. Interest, dividends and capital gains since 1.1.2024 are taxable when broth to Thailand. The money of a cash account and the value of the equities and bonds as of 31.12.2023 not.

What makes you thinking equities are not considered as savings ? In many cases those equities will come from income from people when they still lived and worked in their home countries and paid income taxes on. If Thailand would now tax this money when brought to Thailand again then Thailand would clearly break the DTA (and their own tax law since the income comes from a year the person was not tax holder of Thailand).

Ultimately, it's up to Thailand to waive taxes. There likely won't be a DTA (Dual Tax Treaty) forcing Thailand to levy taxes on a specific income level. After all, Thailand generally refrained from taxing foreign income until 2023, despite DTAs. Ultimately, it will all depend on how the Thai authorities interpret Article 42.

The article does not specify 'only for Thai social security fund'. How Thai authorities will interpret this article is currently unknown. I'm afraid it could take years (and a court decision) until it will be crystal clear.

Yes their country and they can do what they want (and they do so). If I would have a proper residency permit and dual pricing wouldn’t exist I would be happy to pay tax. Until then there are under this tax regime (remittance) hundred’s of way's not to pay tax legally.

Regarding taxes: that's not our fault. The Thai authorities have (once again) passed a half-baked law. As it stands (remittance), the law is unenforceable and will never work. It's understandable that it has zero acceptance among foreigners. You can't make foreigners pay taxes while simultaneously denying them proper residency permits and discriminating against them at every turn.

That's correct.. Money that was transferred to thailand in the same year it was earned was taxable. But the Thai authorities didn't pursue it because it wouldn't have been worth their while. Otherwise, everyone would have simply transferred the money the following year. Regarding my statement that 'money from a Social Security fund is also exempt from tax under Thai tax law'. I did not refer to DTA's but to the Thai tax law itself. In article 42, 25 'Payments from social insurance fund are exempt from tax'.

I also remember that a Scandinavian forum member who reported that it was more advantageous for them to pay taxes in Thailand rather than in Scandinavia. Khunper states that he was contacted by the RD before 2024 regarding taxes on income from abroad transferred to Thailand. The initiative must have come from the Scandinavians itself, because before 2024 income from abroad transfered to thailand was not taxable. I and many acquaintances of mine also live in the Surat Thani (Phang Nga) RD division, and we were informed by the local RD department that we don't have to file a tax return if the money we transfer to Thailand is non-taxable income. Some of my acquaintances were even told that money from a Social Security fund is also exempt from tax under Thai tax law.

It depends on the Bank but for most Banks not. You could keep an address at a family member's address and simply not deregister with the local authorities, but then you would still be liable for taxes in Switzerland. At the same time, you would have to maintain your health insurance, which would be a significant advantage but would violate the health insurance company's regulations. If they discovered in the event of a claim that you had been away from Switzerland for more than three months, they would refuse payment. You can continue to pay into the old-age and social security system even if you are deregistered in Switzerland. You could also conceal your residence abroad from the bank. This wouldn't be illegal, but it would again violate the bank's policies. FATCA isn't the problem. As a US citizen (and as a Russian citizen), it's actually difficult to open an account with a Swiss bank, even if you're a resident of Switzerland, work there, and pay taxes. The reason is the tax dispute between the US government and Swiss banks, which resulted in Swiss banks having to pay billions to the US government. Since then, US customers have been considered too high a risk for the banks.

Withdrawal not necessary at Phang Nga immigration when with Bangkok Bank. Just update your Bank book (update also possible at the ATM). Bangkok banks system prints a line in your Bank book even without a withdrawal.

Phang Nga does require a 12 month Bank statement.

I believe US tax laws are unique in this regards. Most European countries differ significantly. In Switzerland, you must register with the municipality on the first day you take up residence, and from that day on, you are liable for taxes and must take out health insurance. As soon as you move away from Switzerland (but at the latest after being out of the country for more than three months), you must deregister with the municipality. From that day on, you are no longer liable for taxes in Switzerland (and therefore no longer pay taxes on, for example, your pension or retirement income). There is no law in Switzerland that obligates banks to allow Swiss citizens to have bank accounts with them. Banks are also free to close their customers' accounts at any time without giving a reason. If a bank suspects that a customer is no longer resident in Switzerland, they will request proof (e.g., a certificate of residence from the municipality where they are registered). My bank discovered that I no longer live in Switzerland (presumably because my pension fund money had been paid into my account). As a result, the bank froze all my accounts. I had great difficulty finding a bank where I could open an account. In all of Switzerland, this was only possible with a handful of banks.

I do not understand your question

Indeed. In addition, it is not a problem to bring in money to Thailand but it may be a problem to bring a larger amount of money out of Thailand. Larger transfers out of Thailand must be approved by the Bank of Thailand. Some Banks are not helpful in this process. However, it was before this chaos with Thai Banks has started when I brought a larger amount of money into Thailand. Furthermore, as a Swiss it is very difficult to keep a Swiss Bank as soon as you no longer live in Switzerland. Most Banks will close your account.