Klonko

Beyond Putin, it may be worthwhile to diversify banking relationships geographically. Not only wars, also restrictions on capital transfer or holding assets such as gold have happened in the past and could happen again. I looked into dividing my assets between Switzerland and Singapore. I would never consider Thailand. Unfortunately, the Singapore banks could not offer the same investment opportunities to me. Domiciled in Thailand, considered a country with increased risk from a compliance point of view, it is not easy to maintain offshore banking relationships. My alternative is now to build up physical gold in Singapore in the longer term.

Apparently I identify as Thai woman😉

As long as Thailand does only tax remitted income, there will be possibilities to avoid or minimise Thai tax payable and Thailand will remain a tax efficient domicile. In this respect, I am relaxed which detailed rules will be established hopefully before 2025, though I am structuring my remittances for a worst case scenario. Thailand switching to a global income tax in the more distant future with no adaptations to the effective tax rates could be a game changer. While retirees in the low income bracket would probably still not pack and flee because the combination of low living costs, decent infrastructure and moderate taxes remains in place, Thailand would not be attractive to wealthy people anymore. But given that Thailand seems to be interested in wealthy people, I anticipate that a global tax system would not apply the existing marginal 35% tax rate to global income. Other countries applying the global tax system and competing for wealthier foreigners have found ways to offer attractive tax solutions for this clientele.

Do you have evidence that the midnight rule is also applied in Thailand? As the ≥ 180 days rule is unique to Thailand, I would not be surprised for Thai RD to apply another method to calculate tax residence. There was once a post saying that Thai RD has come to fewer days residence than Thai immigration, but it may have been local Thai RD practice. I wonder if flying over a country at midnight constitutes one day presence in this country.

Art.6 I "Income derived by a resident of a Contracting State from immovable property situated in the other Contracting State may be taxed in that other State." stipulates that Switzerland can tax persons domiciled in Tailand on real estate situated in Switzerland. It does not say that Thailand cannot tax respective income.

In the case of Swiss real estate income, respective remittances to Thailand constitute assessable income in Thailand. For tax credits, you have prove to Thai RD that taxes have been paid, but respective requirements are not known, e.g. certified translation of relevant documents. Probably Swiss taxes must have been assessed, which may take place 1-2 years after Thai taxes are due. You have to pay full taxes first and can only file a tax reclaim with considerable delay. DTA theoretically work but may not be practical.

DHL picked up at my house.

No inheritance tax for spouse.

Gift to non spouses up to THB 10m annually. Medical costs not for yourself. I think it is wise to limit gifts to the spouse to ≤ 50% of joint current expenses. In addition, you can gift for investments in her name e.g. cars. Good to have a spouse you can fully trust into.

Unless it is a gift up to THB 20m annually.

Comfortable at 35-40 °C (95-104 °F)?

If funds, which are not constituting assessable income under Thai tax law, are held in segregated accounts, such accounts may still earn interest which constitutes assessable income under Thai tax law if remitted to Thailand, unless Thai RD unexpectedly applies FIFO-accounting. While the interest probably does not result in Thai tax payable, the obligation to file tax returns in Thailand remains in place, possibly requiring certified translation of relevant documents. To get rid of the filing obligation, segregated accounts must not generate any income. However, even if only non assessable income is remitted to Thailand, Thai RD may start an inquiry into the remittances and certified translation of the relevant documents may need to be provided. As of now, the only way to minimise any hassle with Thai RD is to transfer funds to Thailand while not being tax resident. My hope for generally excluding foreign retirement pensions from assessable income is limited.

After 3 years deliberation, I have bought a Honda Goldwing for long distance two up touring in Thailand. Please refrain from comments such as too big for the Mae Hong Son loop. I have been riding Goldwing for years in Europe on small mountain roads. In Europe, I wear a 3/4 helmet with face shield and well vented GoreTex textile gear, which gets hot above 32 C°. In Thailand, I am looking for gear supporting comfortable 6 hours daily driving time. What is your experience with protective gear riding in hot humid weather in Thailand? The Goldwing fairing provides some wind protection and I wonder how much hot air is heating me up through mesh gear. Would breathable textile (no GoreTex) with no mesh be generally better? In any case, I would also wear a cooling long base layer. Most riders of large touring bikes in Thailand seem to wear full face or cross helmets. Apart from safety considerations, are full face helmets cooler in sunny hot weather?

Hardly use Plugshare but Apple Maps (CarPlay) which contains almost all CS stations.

Good luck explaining your tax return and account statements, possibly containing taxed and untaxed funds, from your home country to your local Thai RD officer.

I haven't seen any information with respect to the method (LIFO, FIFO, average) Thai RD will apply. May be even Thai RD does not know, or local RD officer will decide situatively.

Over 179 days.

We may have to wait a long time until such guidelines are issued, or practice is decided by local RD. Segregated accounts not containing any income or gain may help. It can be very difficulty to prove the non taxable source of funds with certified translation. This is one of the reasons I am not going the DTA route.

Chartering planes instead of buying first class tickets.

I beg to disagree. There is a lot of misinformation in this thread, but it is the only place with a wide discussion of possible issues which may need to be addressed. First I asked my tax lawyer for advice with respect to my personal situation, but the answer was too generic. Then I asked my tax lawyer very specific questions, which also have been raised in this thread, and got specific answers thereto. Based thereon, I structured a workable setup for my situation.

0.5-1.5% interest forsaken in my home currency over 3-5 years better than 10% tax rate in Thailand.

I worry more about cyber risk if I transfer this (non tax resident) year a few millions THB to Thailand.

AFAIK gains from property sale qualify as income under Thai tax law. I do wonder if it was possible to segregate the initial property investment amount in a separate account and transfer from such account as existing wealth in order to avoid DTA hassle.

The validity of my international Thai DP from 2023 is 3 years (Chonburi)