NoDisplayName

They don't need to rent out the condos. It gets ueber cold in Beijing and Heilongjiang. Chinese snowbirds can lock up their condos for 8 months or so, use them for winter escapes. As to reporting their rental income for illegal daily AirBnB.......haha!

Where's the difficulty. We have to go to the bank prior to applying for an extension, update passbook, get statements stamped by the bank. Same with taxes. Prior to applying for extension, get an official copy of tax return showing any taxes due, plus a simple receipt of any payment stamped by the tax office. This is the easy part. All of this is available now. The difficult part is how to integrate foreign bank and tax records into the Thai tax system.

No western retirees buying condos? So what? 1.5 billion Chinese with visa-free stays don't care about your tax residency rules. They can come and go as they please, and are willing to buy everything in sight. Note: China does NOT tax worldwide income. "All you condo belong us!"

That's just it. They DID make it work, but decided at some point not to enforce it. That means the legislation and bureaucracy for exit checks is already in place, and merely needs to be reactivated. An anecdote? One officer says don't worry about it. It's extra work for him. The officer did NOT say no you can't have one. Big difference. I have a TIN from a few years ago, used to request refund of interest tax withheld. Easy to get in Bangkapi, took fifteen minutes with minimal documentation. No changes needed to get TIN's for all long-term visa holders. No major changes needed at immigration. Just add another box to the checklist. Passport, TM30, bank statement, bankbook, tax return. Only difficult part will be revising the tax forms to add blocks for all the juicy new chunks of freshly assessable income. Make it all in-person, no on-line filing. Piece of cake. If there's anything the Thai's can handle, it's creating more paperwork.

Simple answer........they don't want to.....now. It was in effect, it operated for some time. There are posters on this forum that relate having to get exit clearance in the past. Perhaps it didn't bring in the revenue they thought it would. Who knows. Putting in the tax provisions for visa extensions is a simple enough task even for this government.

Not necessarily that much additional bureaucracy needed. And it all doesn't need to be put in place at once. Step one is to pass the legislation, make it law, make it public knowledge. With that they've established that we potentially owe taxes. It's up to US to request TIN's and file taxes within the specified time. Step two is to notify visa extension applicants that their visa extensions will depend on providing a stamped copy of their tax return to prove compliance, similar to providing bank statements showing total balance and maintaining the minimum balance, or copies of passport entry/exit stamps to prove < 180 days in country. Step three can come the following year, setting up the clearance desks in airports, requiring a stamped copy of tax return or copies of passport entry/exit stamps to permit exit. Step four: profit.

In MY opinion, the worst case scenario will be a SUCCESSFUL attempt.

Just these two items are fully 'taxable' in the US, but result in a zero tax liability. (Ignore IRA contributions or spouse/child exemptions and other deductions and credits for simplicity.} All of those above would NOT be deducted from assessable income by Thai tax authorities. Just the first two items would result in a ฿365,000 tax due to Thailand. And then you have to factor in that Thailand does not allow offsetting capital gains with capital losses, so the final bill could be much, much higher. So an update to my plan.........we can keep the Isaaaan homestead for 6 months of the year, then spend 4 months in Cambodia. Another month vacationing in Laos or China, and I'll take a month to travel independently while hunny-bunny can visit her relatives. If I'm looking at a potential $10-12K ANNUAL tax bill, how many years of that would it take to purchase a decent little condo in Cambodia? If I plan it right, won't need to bother with 'retirement' visa here. 60 days at a land border with a 30-day extension, twice a year, solves that problem. End of 90-day reports to my probation officer!

Waiting until final passage and approval to become concerned is what would be unwise. If the changes are made this year, they can become effective as soon as Jan 01, 2025, with first batch of new taxes due March 2026. This means to avoid the 180 day tax residence trap, plans must be in place to bug out before June 27, 2025. Have you plans and options prepared. More than one, as there's no telling what more surprises could be in store for us. Do it now.

You see, the system was originally set up.....and maintained..... for those with money and power to keep their money and power. Stock and bond interest and dividend tax is kept low......for Thai stocks and Thai bonds and Thai dividends. But that's not where the real money is. Capital gains..........again for Thai stocks..............is zero. So those with massive wealth can create more massive wealth by manipulating the market and through insider trading. Any income from overseas can be hidden in family business front organizations or shell corporations for effectively zero tax. "If you want your ill-gotten booty, you can keep your ill-gotten booty"

Other tax residency doesn't matter to the IRS. Americans are taxed on worldwide income regardless of physical location. Only difference comes with foreign earned income. With no foreign salary, we pay the same tax no matter where we sleep at night. I list my Thai address on my 1040 for mailing purposes, could just as easily use a US address. I'll always have a tax home in Uncle Sam's gentle arms. I object to paying out to another government on already taxed income, with.............nothing................in return.

Every. Single. Year. Already discussed it with wifey. If this goes through we 'bug out'. Sell the Isaan house, buy a condo in Rayong and a condo in Siem Reap. We can spend four months in each, a month in Vietnam or Laos and a month in China. Or any combination thereof.

I manage my investments to stay just under the taxable limit, following the IRS rules. I am retired with no salary. I collect about $15K in bond interest and dividends, and take about $45K in capital gains from stock sales, sometimes dumping some under-performers and using losses to reduce gains. Using the 0% capital gains rules, I can sell and then repurchase stocks to reset the cost basis, taking the profits now (tax-free) and reducing the future gains. That activity with a $0 US tax bill will result in about $60K assessable income and a $10,000 tax bill from Thailand.

That is incorrect. You may offset UNLIMITED capital losses against capital gains in any given year. If there are MORE losses than gains, then up to $3000 may be used to offset other income. The excess over $3K can be carried forward. If I sell my shares of Apple and make $20,000, then sell my shares of Peloton and lose $20,000, these offset on Schedule D and I have $0 income from these transactions, and owe $0 tax. Thailand only sees, and taxes, the sale of Apple shares, taking 20-35% of $20,000.

Don't forget your calculation of capital gains/losses won't apply to Thai taxes as it does to your US taxes. You can't offset $10K in gains with $10K in losses. You pay tax on the gains, the losses are simply lost. I ran the numbers and my $0 tax bill in the US will incur a tax due of approximately $10K in Thailand. That's before considering capital losses applied to gains in the US.

A googles got me to the www.thaiembassy.com with OOPS! NOT a Thai embassy FAQ page. Disregard! This website is managed by Siam Legal International - a law firm in Thailand

I believe Cambodia is also moving this year to tax global income for tax residents. So far, all I've found is pending legislation to tax global salary. Nothing about passive income. I could see having "retirement" visas in both countries. Spend five months each in Thailand and Cambodia. A month each in China and Vietnam as tourist. I'm already taxed by the US on interstellar, and probably multidimensional income, and don't consent to paying an extra $10,000+ per year to pay for luxury watches and aircraft carriers. I've already got ten supercarrier fleets (and more under construction!) to support!

You could buy an elite visa for 100-150K baht per year and not pay income tax.

Was that the 'free' south that cancelled elections and refused to carry out international accords when they realized 'their guy' wasn't going to win? Wasn't that the illegitimate autocrat ruler that killed or imprisoned the opposition? Why, yes. Yes, I do see the similarities. Perfect example of why we shouldn't meddle in foreign nations' internal affair and initiate regime-changes. Let's hope the US regime doesn't send in the troops after the inevitable Tonkin Bay false flag. I don't want my country to be responsible for the deaths of another million civilians. Do we need to wait for the Orthodox Catholic monk to self-immolate protesting persecution by the 'free' regime in the streets of keeeeeeeeeve?

That's a relief, albeit temporarily. I was under the impression that if approved, it would take effect in January 2025, with tax returns due March 2025......meaning 2024 income would be assessable. So it's the assessability that begins Jan 2025, with first tax return and payment of worldwide income March 2026. That gives us until end of next June to effectively "bug out." Does this mean that the pending rule change on taxing remitted funds will be in effect for about a year until the global income supersedes it?

Start January 1st, 2025? So anyone that's been here from the beginning of the year thru June 29, 2024 (day 181) will owe tax due March 2025. You have 3 weeks to make your escape.

What are the odds it will be approved and announced on the 181st day of the year?

There's good news and bad news. No, wait......it's all bad. Assume the first sentence is now incorrect, as the remittance system goes away. The second sentence is a killer. If you sell stocks or mutual funds for a $50K gain, and you offset this with a $50K loss to lower your US tax bill, you'll still be liable for tax on $50K assessable income in Thailand. This will add another couple thousand dollars to my annual Thai tax bill! Amazing!

Hmmmm................... $0 tax due in the US following IRS policies, but assessable income would result in approximately $10,000 tax bill in Thailand. Every..........year.

Then the foreign account holder must file a tax return to claim a refund the following year.