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Thaindrew

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Posts posted by Thaindrew

  1. 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

     

  2. 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.

  3. 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?

  4. 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. 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.

  6. 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

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  7. 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

    • Heart-broken 1
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  8. 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

    • Like 1
  9. 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

  10. 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.

     

  11. 7 minutes ago, kwilco said:

    Sounds like you think they take the whole lot after that!!!

     

    that's the level up to which you don't pay tax....they take nothing - the next level how much?

     

    150,001 to 300,000 - 5%

    300,001 to 500,000 - 10%

    500,001 to 750,000 - 15%

    750,001 to 1,000,000 - 20%

     

    Still very low.

    based on bringing in 780,000 a year, which is what a person on a retirement visa has to bring in officially, so reasonable that RD set that as a minimum, then tax is 71,000 a year, less than 10% but its still a nice chunk of money.

     

    • Heart-broken 1
  12. 5 minutes ago, Dogmatix said:

    No but the burden might be on the taxpayer to produce documentary evidence on the source of the income and to show it was already taxed in a DTA country. Also what if Thailand just assesses a tax demand which could happen years after the remittance and tells you to reclaim tax paid in the country of origin?  The Thai system will be out of kilter with other countries that deal with tax on a prior year basis because the RD is now saying it can tax overseas income that arose years ago which would probably make it impossible to reclaim tax.

    I can see them potential saying that you haven't declared enough money to live so how are you living as a way of taxing you above what you have declared as bringing in. That's fraught with danger given the way other government office like immigration deal with things.

     

    I suppose as a minimum you'd have to bring in and declare at least 65000 baht x 12 a year as living expenses to match what they insist people on retirement visas bring in (ignoring agents in the whole process for now). But what would the tax be on 780,000 Baht, not small for sure !

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  13. 3 minutes ago, BobBKK said:

    The original article does not mention pensions but 3 categories?

    three groups: individuals involved in foreign stock market trading via overseas brokerages, cryptocurrency traders, and Thais who have previously utilised a tax loophole to bring foreign income into the country tax-free after holding it in an offshore account for over a year."

    yep thats an article from a news site, its not an official translation of the re interpretation of the law by the RD

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