Naam

4 hours ago, sfokevin said:

What type of joint account?... I thought Immigration would not accept joint accounts for the deposit method... 

not sure but i think that applies Expat/Thai couples. my wife is not Thai.

5 hours ago, White Christmas13 said:

yes I check every day on the net and it tells me 22.6 but not at the exchange

go and wind up your grandmother

31 minutes ago, White Christmas13 said:

33 minutes ago, Naam said:

quoted by the tooth fairy? 

no by several money exchange and the bank

https://www.superrichthailand.com/#!/en/exchange

AUD Australia

100 - 5

22.35

22.45

11 hours ago, Mike Teavee said:

12 hours ago, Naam said:

living "comfortably" is a matter of personal perception. with double the income (minus taxes) i'd would live like (what i consider) a pauper anywhere in central or western Europe. horses for courses.

I am curious Naam as I know you're very financially astute, which method do you use for extending your Visa?

THB 800k for me (joint bank account) and THB 800k for my wife (separate account). until two years ago my wife was "piggy-backing" on my extension. but then i found out that she has exactly 7 days to leave the country (in case something happens to me) and apply again for a "retirement visa" which Thai Immigration call "extension of stay in their infinite wisdom".

if the underlying of your question is "why would somebody financially astute waste yield opportunities?" my answer is "we have a multiple amount of cash lazying around on half a dozen bank account in different countries yielding zero interest. therefore THB 1.6mm more or less doesn't make any difference.

in this context i would like to add that i am aware of the difficulties some expats face because they are financially not liquid enough to meet the "800k", especially combined with the new restrictions. there's no need for blame or to pick on them.

but to those who claim "i can make more by..." and "i don't trust Thai banks" i say "gimme a break!"

11 hours ago, White Christmas13 said:

well you lucky getting 25 baht I have been quoted today 19.4 baht

quoted by the tooth fairy? 

Quote

Mike Teavee said:

Disagree... my income is > 400,000 THB per month (I'm still working in Singapore) but I only move money when I think the FX rate is good (Last time I moved any was in Nov/Dec)

2 hours ago, onera1961 said:

I wonder with that kind of income why do you like to retire in Thailand? Is the lure of cheap sex with young girls overpowers the consequences of inhaling smogs and smelling stinky sois or you have a family in Thailand? I have less income and live comfortably in Europe and US. 

living "comfortably" is a matter of personal perception. with double the income (minus taxes) i'd would live like (what i consider) a pauper anywhere in central or western Europe. horses for courses.

12 hours ago, Doronazl said:

question is, if and when i relocate and be asked for tax returns for those funds, what i do then ?, i feel the letter wouldnt suffice

all Asian banks are aware of the Thai tax situation. anywhere else you can provide a dozen internet links explaining "not taxed because not transferred the same year".

15 hours ago, Litlos said:

Well water is our only supply.  So basically for the household usage and perhaps to raise to raise the ph of the water for the garden as the low ph is causing some problems with plants.  My friend in Australia has a filter assembly set up in the line between his well and the storage tank, basically a granulated carbon filter and he adds some pellets on top every month or so.

I work away a month at a time so need something simple so as not to confuse the wife.

 

Cheers

 

using the powdered soda ash i suggested means a more complicated setup as it dissolves very fast especially when the water is used in the bathrooms. unfortunately i can't suggest a simple solution which (i believe) could have very unpleasant results.

by the way, our well water has a constant pH of 5.1 which we use for irrigation and which all our plants and lawn like.

1 hour ago, Doronazl said:

7 hours ago, wordchild said:

Whisper it quietly K Nam,

As you say, be a resident in Thailand but keep your assets (and income) offshore from Thailand, in a safe, stable  jurisdiction, where there  no tax liability for non residents. Probably better to pick a non EU country (for long term security)  eg Sing, but there are others

Only bring funds into Thailand during the first couple of business days of each year (to avoid any risk of a future challenge). Then sit back  and enjoy a tax free life, completely legally.

One of the worlds best kept tax secrets!   Who needs to live in Monaco?  

The other benefit of Sing is there is no inheritance tax. Not really much help for US citizens or those who have retained UK domicile, but for others a nice bonus, (at least for your kids!) 

if you read the law, that is incorrect, thats why i started the post m8.

the legistlation specifically says that those funds will be taxes upon bringing them into thailand, no matter what year.

this has been hashed through umpteen times. important is that the practice levying taxes differs from legislation. this practice has several reasons. one of them is because any implementation would extremely reduce the repatriation of funds by Thais or any investment foreigners (not necessarily residents) are planning. imagine if any big ticket item (e.g. a house, a condo or a car would be slapped with 35% income tax) because the money was brought to Thailand from abroad.

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ballpoint

Finally, if I was a tax resident of my home country, (and many other Western ones), then I would need to declare all income earned anywhere in the world, whether or not I remitted it back to that country.  The tax authorities would look at my total declared income, (earned within and without my country of residence), how much tax I had already paid on that income, and whether or not they have a tax treaty with the country of origin, before presenting me with a bill.  For that reason I choose not to have any assets at all in my home country, not even a bank account.  Things may be different for Germany...

things are more or less the same in Germany. living there as a German citizen means i'm taxed on worldwide income and gains. living outside Germany i'm also taxed on proceeds generated in Germany. however, i'm not taxed on proceeds generated abroad even if the asset is held in a German bank.

6 hours ago, ballpoint said:

#0 Normally I'd give up by now, but you're one of the good guys, and we appear to be arguing at cross purposes. 

 

#1 I made a simple statement saying that the fact you don't need to pay tax on foreign earnings in Thailand does not absolve you from paying tax in the source country. 

 

#2 Of course, if there is no tax liability in that country, then you don't have to pay anything, but that is according to the laws of that country, and not due to the fact that Thailand says you don't need to pay any taxes here.

#0

#1 the global debt market (e.g. government and corporate bonds)  comprises the biggest share of investment possibilities. any country that (except those with stupid governments) which issues debt is interested to sell that debt at competitive conditions, because it goes without saying that investors prefer to receive a return on their capital of X-% and not X-% minus tax at source and therefore laws are adjusted and no tax is deducted.

corporations have no influence on tax laws. they circumvent any existing or potential tax hurdles by establishing a separate corporation in an offshore jurisdiction (dozens rxist!) where the debt is emitted et voilà... problem solved. now all what it takes to earn tax free interest income and pocket capital gains is a tax residence in a friendly country such as the Land of Smiles.

#2 that is of course correct.

Thailand:

6 hours ago, wordchild said:

One of the worlds best kept tax secrets!   Who needs to live in Monaco?

9 hours ago, Litlos said:

Anyone have any experience in something simple, low maintenance and preferably low cost to raise the ph?

sodium carbonate, Na2CO3 - any poolshop, 40kg ~850 Baht, if not for pool then dosage is a bit tricky to handle. how is the treated water used??? perhaps i can assist you.

5 hours ago, OJAS said:

7 hours ago, Naam said:

incorrect information!

 

6 hours ago, ballpoint said:

Why do you say that?  Not having to pay Thailand taxes on overseas earned income does not mean that you don't need to pay taxes in the country that income was earned.  If that is incorrect then what you are saying is that, because you don't have to pay tax on it in Thailand, you don't have to pay tax on it anywhere.  Which definitely is incorrect.

It all depends on the terms of the double taxation treaty between Thailand and the country in which the overseas income was earned.

sorry OJAS, incorrect information too. in his case (working in Australia) a double tax agreement is irrelevant and work is taxed.

6 hours ago, ballpoint said:

Why do you say that?  Not having to pay Thailand taxes on overseas earned income does not mean that you don't need to pay taxes in the country that income was earned.  If that is incorrect then what you are saying is that, because you don't have to pay tax on it in Thailand, you don't have to pay tax on it anywhere.  Which definitely is incorrect.

Mate... you are making assumptions based on a "wealth of no idea on finance and taxes". let me give you "my" example being a German not resident in Germany, banking in Singapore and investing in sovereign as well as corporate bonds worldwide free of income tax. i could even bank in Germany and hold some of my assets (including German assets) without paying a single penny in taxes and that since i retired 30 years ago.

note: "tax free" does not apply to share/stocks who's dividends are taxed at source by most countries. 

45 minutes ago, ballpoint said:

All that Thailand cares about is whether you brought any money earned outside Thailand into the country the same tax year it was earned.  That doesn't absolve you from paying taxes on that money in the country where it was earned though, which is what you seem to be asking.  It may well be that some place you move to in future will want to see proof that appropriate tax has been paid on those earnings, in the country of origin, and the fact that you didn't have to declare them in Thailand won't be regarded as that proof.

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That doesn't absolve you from paying taxes on that money in the country where it was earned though

incorrect information!

4 hours ago, transam said:

Well I thought a couple of fish and loaves of bread fed thousands at a Jesus meeting..Was that not intervention...?

anybody can do the fish and bread trick. it's the water to wine trick that's difficult.

20 hours ago, Enki said:

Actually when I came to Thailand to meet my GF the first time (we obviously "met" via internet) I brought her a silver Thors hammer. She is wearing it every thursday/Thorsday (and she is a teacher in a christian private school, the christians obviously don't know what it is, quite funny)

do you think Buddhists, Muslims or Hindus know?

On 4/16/2019 at 6:13 PM, need to escape said:

I’ve lived here a long time and I don’t understand why anyone would want to live here. There’s nothing to make you want to spend more than 2 days here. 

then why did you live here a long time?

23 hours ago, steve73 said:

CPR can keep the blood circulating and the brain supplied with oxygen for quite some time,

only if CPR is carried out by Santa Claus or the Easter Bunny. CPR can fill lungs with air but the transfer of oxyden can only happen by blood circulation and that means heart pumping.

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Kelsall said:

Thaivisa is a social media forum on the internet, therefore people use abbreviations that all experienced internet users understand.  You can Google OTOH to find out what this common abbreviation means, unless you're a member of "the lazy typists brigade."

type "OTOH" instead of "on the other hand" and join lazy typist brigade! 

7 hours ago, freedomnow said:

It seems they targeted the nationalities with proof of funds requirements that have the largest expat communities ?

immigration rules (retirement) apply to all nationalities, exceptions some neighbouring countries. there's no such thing like targeting.

1 minute ago, Odysseus123 said:

You will just have to get over it.

encrypted pornography?

1 minute ago, Odysseus123 said:

Ummm..err..

 

What part of the English language-albeit modified by us Antipodeans-would you describe as a foreign language?

esky... drop bears... Bundy...