Tonyfarang

Exactly!

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I definitely agree! That's my approach too, and I've decided to move away immediately once they officially announce it. No looking back after that. I've spent a fortune here, and I've already paused any further expenses until the official announcement. In fact, I've started selling some of my belongings. Regardless of whether they implement it or not, I'm cautious about spending more. If they do proceed with it, I feel it's time for me to leave. If not, I'll stay but on a limited budget, always prepared for any future changes.

And to add here, I am adding this link of the recent "mistake" of Norway in an attempt to raise their wealth tax; the super wealthy left "at world record" : The Guardian - Super-rich abandoning Norway at record rate as wealth tax rises slightly. I am also sharing this graph, which says a lot, showing wealthy residents relocating fast to other countries where they are benefiting. It's a time when many countries are trying to attract wealthy residents, drawing in wealth and money. You see it everywhere: visas, programs, tax-free offers, etc., inviting people to join several countries. This is part of globalization—competition and challenges. Several countries offer residential visas, citizenship by investments, opportunities to buy land, permanent residencies, tax-free benefits, and more. It's the time when countries try to attract the right people and improve their economy. It's an amazing time for Thailand to think cleverly and attract the people who respect the country, bring their wealth in, invest, and have significant things to offer. We all love Thailand like nothing else, and that's why we are here. It is heartbreaking to consider leaving such a wonderful country that we deeply cherish and respect. It's so sad to even think about leaving. We hope for a solution that allows us to continue investing in and contributing to this beautiful country that we call home, hoping for the best.

Where are those Chinese? I'm looking for them also as due to this situation I've decide to leave too. I can't find to easily sale my condos even 20% less than what I bought them or what they were "booming" last year. As for the few agents I use, no Chinese in the horizon.. Mostly Russians which are still not aware yet of these news I assume 🙂and who awares says "We're moving back to Bali" 🙂🙂🙂

Unfortunattely, I really agree with you and is so sad... really sad... I'm feeling the same, while I had Thailand in my heart like no other country. Any suggestions where to move? I'm about to move to Malaysia or Phills, currently in contact with both, very easy processes to be honest, just open an account, desposit, done... Or buy a small house... Any suggestions please???

At present, the most pressing issue is yet another headache. I'm personally very weary from the constant stream of daily surprises and challenges. As a result, I am already selling my condos and prepare for an immediate move once this announcement is made official. No, this change can't be implemented right now, as many of us are already here and haven't agreed to such a scenario. It's likely they will enforce it starting in 2025, leaving it up to each individual to decide whether to stay or move on. Thailand has the potential to become an extraordinary destination for wealthy netizens, digital nomads, much like Costa Rica which is also in OECD but keeps the territorial taxation scheme, or even adopt programs like those in Malaysia (which announced very recently by the way); I believe that Phills too. However, at this specific juncture, many people, including myself, are halting all plans and considering moving elsewhere, instead of bringing money into Thailand. I was on the verge of buying a house and a new car. All those plans are now abandoned. I'm not proceeding with anything further. I'll prepare, wait, and when something announced I'm out. It's truly heartbreaking that such a wonderful country, one that we deeply love, some of us talking the language (including myself), respect, and invest in, is making people who bring significant capital into the country consider leaving. Instead of finding ways to engage and attract more investment, we're being pushed away.

Can't agree more.. I am preparing and looking for alternatives, i'm currently ready for Malaysia, any other options? Just waiting the day that they will announce it.

I see in here (vide below) that this is starting in 2024. How can be possible? It's already 159 days and no official announcment! How it's possible to implement (change the law for 2024)? And how one that does not accept all this thing can go if they announce it late? It's not the right way. They can announce that it starts from Jan 25 so people can make their plan and leave if it doesn't work for them. In the RD website, it's still the old info (only remitance). Therefore, if they decide to officially announce it in the next days, we might be already 183 days here and considered tax residends... Anyone has officially heard that it will be implemented for 2024? Please let me know. Thank you

Food for thought: The recent developments in Norway, as highlighted by The Guardian, offer a valuable lesson in economic strategy and policy implications. https://www.theguardian.com/world/2023/apr/10/super-rich-abandoning-norway-at-record-rate-as-wealth-tax-rises-slightly Increased wealth taxes have prompted an exodus of the super-rich from Norway. This trend is not only telling but also serves as a cautionary tale for other nations considering similar measures. It's crucial to learn from these examples to avoid repeating the same mistakes. Several countries, such as Malaysia and the Philippines, are actively positioning themselves as attractive destinations for affluent individuals by offering favorable tax regimes. This competition for wealthy residents is becoming increasingly fierce, and it presents a significant opportunity for countries like Thailand. Thailand has the potential to transform itself into a premier destination for high-net-worth individuals, much like Monaco in Europe. By fostering an environment that attracts and retains wealthy, high-quality residents with tax incentives, Thailand can stimulate its economy and drive substantial growth. In contrast, the current approach seems to attract low-budget, mostly short-term tourists and individuals who spend small amounts to live here or use cryptocurrencies for transactions, leading to economic losses as these funds don't fully enter the Thai economy. This influx of non-tax residents fails to stimulate the broader economy in the way that affluent, long-term residents do. Wealthy individuals contribute significantly by purchasing homes, condos, cars, and other high-value goods, and their potential departure would halt these vital economic activities. Furthermore, this strategy extends in foreigners taking jobs that should be reserved for Thai citizens, negatively impacting local job opportunities and economic stability. The loss of wealthy residents would result in a significant economic downturn, as Thailand would miss out on their substantial contributions. It is crucial to understand that the impact is far-reaching and extends beyond the immediate financial losses, affecting the overall economic health and future prosperity of the country. It is imperative for the government to shift its focus towards attracting serious, wealthy citizens who can contribute significantly to the economy, rather than catering to short-term, budget-conscious visitors. By doing so, Thailand can fully realize its potential as a leading economic hub in Asia. Food for thought, esteemed Policymakers. Let's work together to shape a prosperous future for Thailand.

Exactly same here! Spent way more in less years.. Condos, condos, condos, motorbikes, cars etc... And now preparing to move immediatelly when they will officially announce it. Phils and Malaysia are giving tax exemptions right now, is anyone aware for more details please? I am looking for somewhere I can to and build a normal life, no stress, no "announcements" every day, no complicated visas, reporting etc etc. Someone where, as Andrew Henderson says (Nomad Capitalis) "Go where you treated best" . Please I would appreciate your suggestions & knowledge share.

Yes but they can buy land in their name, they have NHS - great insurance / health benefits / hospitals for free, free and great education for their kids, they are entitled to retirement / pension, they pay the same prices on everything that UK citizens pay everywhere, they are most on permanent visas, they don't have 90 day reportings, and in 5 years they can get passport! Happy?

I see many UFO's in the sky, coming to get the Aliens.... E.T. Go Home! 😛 🤣 🤣 🤣 🤣 🤣 🤣

Cambodia does not tax worldwide income? I read that they do https://taxsummaries.pwc.com/cambodia/individual/taxes-on-personal-income But I am reading about Phills tax exemption and Malaysia too. I am researching actively and I'd extremely appreciate your feedback too. Thank you!

In this case they can do it like in other countries - ONLY the Fully Domiciled (Citizen or Permanent Residents over x - big amount of years) pay tax on the worldwide income, income from investments, from anything across the world, dividends etc. The Non-Dom are just paying 0% on worldwide income when tax residents (over 183 days). A few countries are doing this to attract new people, especially wealthy. The "law of attraction" 😃

Totally Agree! Very dissapointing and makes me regret for all the investments and money I spent here assuming that will be my permanent home. And suddendly, preparing to pack and move because of unexpeted announcements. We all have to respect and obay to what the country we live in requires, but we all have the ability to choose. So for me, wanting to be fully respectful and have no headaches, the only way is just to stay here less than 180 days and that's it. 2024, plenty of countries are working hard to gather people, therefore -> money, by offering tax free - exeptions and many more things (social security, amazing healthcare, retirement etc) to attract people, cleverly attracting wealthy people. If one stays in a country, any country, they spend a lot. Buying a lot of things for the house (condo), cars, motorbikes, etc. moving the economy a lot. One that is staying 180 days in a country, will NOT spend even the 50% that he would spend in 365 days because he feels he is "termporarily" in this place. Plus, consider that one moving to another country can build a new life and never go back to the country even for 180 days.. We all hope that this will never happen because the real money will be away, and no country wants just the shoe-string budget visitors. IT's not the QUANTITY (number of visitors) guys!! IT's the QUALITY! Praying for the best!

YES! They can! IF you stay in a country as tax resident (over 183 days for Thailand), YES they can if they want. That raises the question if YOU want to keep staying in this status or you just find alternative, like a few (and first myself) are already looking for. You have to respect and obay the rules of the country you live in! If you don't like them, you know where is the airport, get a plain and go "where you're treated best" as the amazing Andrew saying...

Agree and I am already doing the same starting today. The worry here is are they going to implement this rule in 2024? Or starting 2025 so we can have time prepare everything and go ? Also, fairly talking, the aliens shoud have the opportunity to choose. So, yes, they can do whatever they like, any taxes they want, but we need to know it in a proper timeframe and say we are in to it, or we just don't want it and go.. Can't be implemented in June 2024 where a few of us are already 170 (jan to today) days in; can't move in 5 days, can't get new residency in 5 days etc. They can implement from 2025 would be fine, so we can know and prepare for other beautiful countries 🙂

Definetely... every day headache for me... But where to go and when? Go immediatelly? 3 weeks remaining for the 183 days. Are they going to implement it for 2024? I don't think they should, because we need to know if they implement it we need to know earler in order to leave. And what about the tax excempted visas? Nothing is clear. What to do ??

Exactly. The big concern here is shall leave right now? Because it's already Junr 5th; staying 3 weeks more will make tax residence, what if they decide to implement this law as some sites say in 2024? Any ideas and plans please?