Thaindrew

the implication is that we would be obligated to do a year end tax return if "tax resident", so earliest tax would have to be paid would be march 2025 for a 2024 declaration - so they won't be deducting money as its sent in but tax applied based on the tax return. The downsides of this are that they may not believe the tax return and apply "penalties" and damn it gives them more time to put a system in place as it doesn't need to be all in place on Jan 1.

this is where it will get interesting / complicated as in many instances that 65000 is not coming in as visa applications are submitted via agents who "deposit" 800,000.

I can see that their is tax exemptions for the LTR Visas (thats by Royal decree 743), I am yet to prove Thailand Elite Visas share the same benefit, so far they haven't managed to give me a Yes / No answer to that simple question.

well not in his campaign and he wasn't even on the ballet, only in Thailand

did the landlord pat tax or VAT on it .... the implications are never ending

about a zillion based on TAT's calculations I think, but less than a zillion departing

for a while its going to be the case that we will bring the minimum amount of money into Thailand as possible to live to minimise tax exposure based on the statement "the portion of income from foreign sources that is brought into Thailand". Over time how RD apply the rules will become more known in terms of offsets / allowances, how they deal with inbound funds for property purposes etc. At least, at this stage, they aren't proposing to tax all global income, otherwise there may way be an exodus

RETIREES AGED 50 YEARS AND OLDER WHO HAVE AN ANNUAL PENSION OR STABLE PASSIVE INCOME you have to be retired for the wealthy pensioner LTR and thats the only one you can do $40K plus $250K Global citizen need the $500K invested Work from Thailand LTR need to work for a company with turnover of $150M over 3 years thats limiting factor to many

$80K is a fairly hefty pension to be getting but not impossible for sure. But you also need to be retired for 2 years to apply as you need to show two years passive income at that level and I am about to retire.

its already sliding .....

LTR is a good option, but I find I can qualify for each of them apart from one sticking point in each ... like work for a company turning over $150M in 3 years ... or having $500K assets but you cannot include your villa as you cannot legally own the land ..... which version did you manage to get?

pensions are taxable in the UK but with a threshold, the problem is that the Thai threshold is much lower at 150,000 Baht so you could be assessed for tax in the Uk and pay little or even no tax in the UK, but that means that Thailand could claim the difference as you couldn't prove you've paid tax on all if it based on their threshold - its going to depend on if they use "assessed for tax" or "paid tax" in their considerations.

"gifts" to spouse are listed by the RD as tax free for up to 20M Baht, not clear if thats also changing under the new rules or if that tax free to the sender and the receiver

I am sure Thai Elite and LTR are scrambling to understand the impact on them and their existing members, and are grappling with the issue that there may be no new members if funds bought in to pay for or support these visas ends up taxed.

thats ok if you can prove you have paid tax on that 800k yes going forward, else you bring in to Thailand and the new rules suggest it could be taxed if you cannot prove you paid tax on it or bring it from a tax haven. Many Elite Visa Holders have been working in tax havens and so can prove they have been assessed for tax but not necessarily paid tax.

they can only "export" $50K each per year so not enough for property purchase so a lot does come in via a company such as a lawyer.

they have to make bringing money in to support visas exempt surely, 900k for Thai Elite Visa already includes 7% VAT, they couldn't / shouldn't find another way to tax that at income tax rates as its the end of the road for these expensive visas. LTR does currently state that overseas income is not taxed, Elite vaguely said the same ... but that was based on 2023 rules and they could be using the "earned in previous years" rule to get away with that claim. I have already asked Elite for clarification, LTR need to so the same as far as 2024 is concerned

the property market lobby must be working hard to push back against this being an implication of the new interpretation of the rules, it would kill the property market or kill the current level of pricing

yep, still waiting for a reply .....

the point is over 180 days you are tax resident, now they are not enforcing tax returns, but now they are clearly saying money coming into the country needs to be included in an assessment of tax, thats likely to mean if you are here over 180 days you need to do a tax return

71000 baht actually

the 180 day rule in the black and white line yes, sure to be some grey areas as well unearthed later I suppose as with the previous loop hole

or even tourists that stay a combined 180 days over several visits as happens, of course at 180 days its wrong to truly call them tourists but they are on standard tourist visas and extensions

LTR visa states tax exemption for overseas earnings but of course that was stated pre this redefining of the current tax law Thailand Elite are vague on the subject, but agents are claiming its a "tax free" visa - I have asked for official confirmation.

Thai Baht is also dropping ...