Thaindrew

15 minutes ago, RichardColeman said:

Surely the logic of this nuts idea would be that ALL foreign ATM charges are now going to have to include thai income tax at X%, since it is basically the transfer of money from abroad and would need taxing at the same rate as bank transfers - TAT will shoot this down before any opposition does

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.  

3 hours ago, foreverlomsak said:

In the Thai Enquirer story the mentions 35% tax, however the papers only ever quote the highest rate. Thai Personal Income Tax has a progressive rate table similar in style to the UK.

Starting from Total Income, you have various allowances and deductibles to produce the Taxable Amount.

The first 150,000 is exempt

150,000 to 300,000 is 5%

300,000 to 500,000 is 10%

500,000 to 750,000 is 15%

an so on until the final rate at 35% on incomes above 4,000,000 Baht see attached

Personal Income Tax | The Revenue Department (English Site) (rd.go.th)

For somebody who is taking in exactly 65,000 each month for Immigration purposes, the annual tax bill, worst case no rebate for double taxation and no allowances & deductibles, would be 71,000 not the 273,000 implied by the Thai Enquirer story of 35% tax on all income.

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.

3 hours ago, Dogmatix said:

Of all the groups affected the real estate developers will have the most impact on Srettha for obvious reasons.  He is not going to care about expats because there are already exemptions for Elite and LTR visas and these are the only retirees they want.  The Thai stock traders are one of the target groups.  So they won't get any quarter.  

 

I can see an exemption for funds remitted by foreigners to buy condos or long leases transferred at the Land Department in the name of the foreign, i.e. not Thai wives' names.  There would be follow up to ensure the property was purchased and might be a minimum holding period of say 5 years like the LTFs and RMFs where you have to pay the tax saved, if you sell early, to prevent people bringing in a boatload of cash for a luxury condo and then flipping, paying only about 5% in tax instead 30-35%  This would take some time to draft and legislate.  So it might come after the new rule has taken effect puttin the market in limbo for a year or two. 

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.

2 hours ago, John Drake said:

This guy has already reversed his campaign promises and laughed them off saying it doesn't matter. Could do the same thing with this tax policy too.

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

On 9/21/2023 at 10:20 AM, JimTripper said:

A lease on record for a certificate of residence? That has the rent in it right there. Did you pay tax on it?

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

11 minutes ago, Hakuna Matata said:

Much more "quality tourists" are expected this year from China and Kazakhstan with the new visa free arrival.

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

10 minutes ago, RafPinto said:

No again:

 

You do not have to be retired. Can be done from age 50.

Can be retirement income or rental income, dividends etc.

 

Plus you have the option of income of 40K$ plus investing  250$ in real estate here. Either a condo or house on a 30 year lease for the land.

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

4 minutes ago, RafPinto said:

Wrong: if you go for the "wealthy pensioner visa: either 80k$ a year or 40k$ a year but must have for example a property here for at least 250k$

Can also be a house if you have a "30year lease on it"

$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.

8 minutes ago, RafPinto said:

You can't see the benefits?

A lump sum for a 10 year visa at 50,000Baht including multi re-entry permits.

 

Against:

10x1900 Baht visa renewal = 19000Baht

10x1000 Baht re-entry = 10000Baht (presuming it is a 1 re-entry permit only).

10x500 Baht taxi to and from airport (my case)= 5000Baht

Bank fee for statements: let's say 200x10=2000

Total expenses= 36000Baht

 

Interest at 1% on 800k= 8000Baht

8000x10=80,000Baht

TOTAL=80.000-36000 Baht expenses

44.000BAHT PLUS

 

LTR:

One off payment of 50,000Baht

Withdraw your 800k

 

Invested at 8%= 64000x10= 640000 baht

 

 

 

Against:

LTR: 50000-10(64000)= 590000 BAHT plus in your bank

 

LTR against one year visa:

590000-44000= 546000

 

I am not even talking about multi-entry fee.
Not talking of cost to visit your bank yearly for the paperwork.
Not talking about using an agent.

Not talking about 3 monthly reports.
Not talking about taking passport pictures 

 

and and and

 

For me, It was a no brainer to apply for the LTR.

 

 

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?

6 minutes ago, Neeranam said:

I can't see the benefit of getting one of these visas. Just leave 800k in a bank and pay 1900 baht a year, or pay the agents 15,000 baht a year. I know the latter is usually illegal, but nobody seems to care. 

 

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. 

5 minutes ago, Dogmatix said:

Specially for chinese buyers, the most significant, who have just started coming back.  Their tax treaty is only for companies and most of the money they bring in for money laundering anyway. 

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.

12 minutes ago, Mike Teavee said:

It's actually the other way round... if the money was part of a "Taxed Pension" then I don't believe the Thai govt can take any as I would already have paid tax under the UK/Thai DTA (Double Taxation Agreement), it's the fact that it is tax free in the UK that is concerning me. 

 

Bitcoin etc... seem to be one of the main areas that the Thai govt is looking to start taxing gains from so is probably the last thing you should do in this scenario... But that aside, the point is to bring in >$250,000 investment to support my LTR Visa application so needs to be "Out in the Open".  

 

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

28 minutes ago, Jenkins9039 said:

Crickets from them on the subject

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

7 hours ago, LikeItHot said:

It says it would apply to tax residents which most of you are not.  If you are not working and earning and filing tax returns here this does not apply to you.  

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

10 minutes ago, DavisH said:

30-40K baht or thereabouts. 

71000 baht actually 

1 minute ago, Thorgal said:

You're a tax-non-resident if your stay is below 180 days and you've earned money on a Thai bank account and from a Thai registered company. Then also you have to pay Thai income tax...

 

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

3 minutes ago, StayinThailand2much said:

That would be anyone with a 1-year Non-Immigrant Visa extension, possibly even Elite Visa holders, etc.

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

1 minute ago, StayinThailand2much said:

That would be anyone with a 1-year Non-Immigrant Visa extension, possibly even Elite Visa holders, etc.

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.