chiang mai

No I am not saying that. Income earned in a year when the person is not tax resident is not taxable in Thailand in that year, because Thailand operate a remittance based taxation system. That same income becomes Thai taxable, in a subsequent year, assuming the person is That tax resident in the year of remittance.. To avoid Thai tax, the income must be both earned and remitted, in a year when the person is not tax resident here.

I have to back track on my recent posts on the subject of foreign currency accounts, I think I may have intermingled two different scenarios' in what is a complex and confusing picture. Resident Foreign Currency Account Funds arriving in the account are assessable when they are deposited into the account. This is because the account is nothing more than a facility to hold a range of currencies, without any special tax treatment. Non-resident Foreign Currency Account This type of account not only holds a range of currencies but also shares some of the characteristics of an offshore account in that a) the funds are no0t assessable to Thai tax B) the funds can be freely transferred out of Thailand, without regard to BOT normal funds transfer rules. The funds in this account are only considered to be "fully onshore" for tax purposes, once they are converted to THB and withdrawn. Issues arise when a non-resident becomes resident and the bank is unaware. My apologies for my error and incomplete explanation.

I think that Answer 5 in misleading. It states the money is not taxable because the person is not resident in the year it is earned, but it doesn't mention the year the money is remitted and Thailand operates a remittance based tax system. If the money is both earned and remitted in the same year, it is free of Thai tax. But if it is earned in a year of non residency but remitted in a year when the person is tax resident, the funds are taxable. That is my interpretation and understanding of things.

No I don't but I can dig around. First and foremost, an offshore bank is located physically offshore, which means it operates in a different tax regime, case in point UK vs IOM and CI. Thailand doesn't have any offshore locales that enjoy a different tax regime to that onshore. It used to be that in Thailand there was two kinds of bank accounts, resident and non-resident. When I first moved here over 20 years ago, HSBC suggested I open a non-resident account because of the tax implications and the ease of moving funds in and out of the country. That distinction of non-resident account is as close as you can get here to having an offshore account except it's onshore, but with different tax treatment. The following link is dated but explains the concepts and approach here. https://www.juslaws.com/articles/money-transfer-regulations-tax-and-fees

Yes, they make their imported oil, much more expensive, on purpose........not!

When you convert it to THB. Foreign Currency Act's in Thailand have similarities to offshore accounts but are in fact very much onshore. What makes them unique here is the tax treatment, by agreement with the TRD

I didn't read what Expat Tax said on the issue, I'm happy to be corrected if somebody knows differently and for certain. I think being not resident during sale and remittance is the goal also.

Living the dream/good life then!

It might be a yellow tabien bahn, after all, she is Chinese

TT is internationally known as Telegraphic Transfer. The money exchange booths are unlikely to have much foreign currency on hand, like the bank branches, they need to order it, based on the amount involved. Banks and exchange companies don't like to hold foreign currency because of the exchange rate risk over time.

RW's so cheap he thinks a quarterback is a money saving offer.

It's been discussed numerous times and hasn't satisfactorily concluded. Post 31/12/23 income that is remitted to Thailand may never be regarded as savings. Income minus taxes and expenditure doesn't appear as a concept anywhere in Thai tax, as far as I can see. Perhaps it does for domestic income, on which Thai tax is paid, but remitted funds from overseas, I'm sceptical. I might elect to not declare post 12/23 savings but if TRD were to ask the source of those funds, would they buy that it wasn't income, especially if the rate of tax on the original income was higher here. Dunno, it's one of those known, unknowns.

Forget the North then!

Chiang Mai is a very large province, the cost of things in the center and in certain areas can be higher than the norm. But go 20kms out and everything becomes reasonably priced and you still have easy inexpensive access to the center, if you want it (after a while you wont). Is 20 kms out of the center of CM cheaper than in the farang areas of Pattaya? I would say almost certainly yes.

Use government hospitals, they are no frills but the standard of care is good and they are not expensive.

Shop in the Thai markets, they're cheaper and usually better quality

Big fish, small pond syndrome.

Stop Press: The North has sontaews, grab taxi's and buses.

Not difficult to do. I transfer 3k every month to our utilities account and that covers water, electric, Netflix, cooking gas, mobile. A tank of diesel costs me 2k, that gives me 1k kms a month. Food? Whatever the grocery bill turns out to be. Toys? I have enough. Alcohol.bars/women....no interest. 20k might leave me a little bored but it';s doable, sure it is.

Nana Bakery is not just a good loaf, its excellent bread and pastries, for my money it beats anything else in the North, by a wide margin.

You can check/request this information by establishing an HMRC tax account via the International Gateway, easy and straight forward gives instant access to documents and numbers.

Isn't this a valuation issue? I agree the income was earned prior to 31/12/23 hence Por162 applies. But without knowing the value on that date it's not possible to separate assessable and non-assessable funds.

Earned and remitted whilst not Thai tax resident.....no issues. Earned whilst not Thai tax resident but remitted when you are....Thai assessable. Earned whilst Thai tax resident but remitted when you are.....Thai assessable. Remittance is the key issue, until such time as worldwide income is adopted.

I'm certain that ******* beats any and all of those hands down, their olive bread is magnificent. Censored in light of the following post.

@Sheryl may know and will almost certainly respond