chiang mai

For the benefit of those aged 50+. I did a lot of my tax planning over twenty years ago, just before I moved to Thailand and whilst I was still earning income from work. Looking back, three of the things I got right were firstly, to bring over a large amount of money and invest in THB when exchange and interest rates were much better. Funds I exchanged at 70+ baht per Pound have now nearly doubled in value so this was an excellent move, if you can overcome your fear of Thai banks etc. If anyone wanted to trawl back through my mid year 2000 posts you can see where I proposed this as a good idea, whilst most other members were horrified or laughing and thought I was nuts! I remain Baht positive for the medium and longer term so this is still a viable proportion, I think. The tax aspect here is that it put my savings outside the UK where I was no longer tax resident. The second thing I got right was to buy our home and not rent accomodation, that's a strategy that has more than paid for itself already, even if I lose everything tomorrow. But to do this, you need to overcome your fear of the property market and ownership here. This move freed up income to divert to number three below. It also put the house into my wife's name , which helps with UK Inheritance Tax. The third thing is that I funded my wifes business, which has produced a very healthy tax efficient revenue stream that will continue long after I am gone. This has meant I have not had to fund my wife or her family expenses for over a decade and that I can focus on other things. Once again, to do this you need to overcome some fears. From a tax perspective, my wife and I have separate financial affairs which means she can earn the same income as me every year and also not pay tax. The last thing was that I used my UK SIPP for my investments, in previous year I have opened two more. This has meant I have been able to grow significant amounts that remain tax free (currently) and are very tax efficient. Since I don't drawdown those SIPP's, my exposure to IHT is minimised. Eventually those funds will be transferred to my wife under inheritance tax rules which are also tax efficient. The common theme here is to a) overcome your fear of incorporating Thailand into your financial planning and not remain financially isolated overseas, and b) act early with a view to the longer term and what your future position will be in 10, 15 or 20 years hence.

You seem to think that the Thai tax issues affect only wealthy individuals and ignore the vulnerable, average and aged expat pensioner retiree who has no experience of managing or filing tax returns. My interest lies in trying to help the average and below average member, many of whom are deeply scared and confused by all things foreign tax related. My past tax, finance and Big 4 work experience, combined with the fact I have lived in Thailand full time for over 20 years, may be of help to some of that group. Those things are why I mostly ignore the never ending debates about CRS and foreign DTA's. I have no interest in the tax affairs of people like you and others who talk in terms of buying 1,000 Apple and being concerned at the tax implications when you sell, or the large dividend payments given to you by your parents. If you can afford to buy 1,000 Apple you can also afford to put your hand in your pocket and spend 20k at Ernst and Young and get the best Thai tax advice that money can buy. So exactly why you even bother to log onto this thread, especially given that you live full time over 8,500 kms away. is extraordinary, to say the least! If there are members of AN who risk millions in tax as a result of CRS, they must be some of the cheapest rich people on the planet, in order to have such wealth yet seek tax advice from a social networking forum! I am personally aware of at least two AN members who talked in terms of self harm and required support and intervention, such was their fear of what might happen to their paltry income in retirement here as a result of the tax changes. Meanwhile, you talk about the millions at risk overseas by wealthy expat, dear Lord, we're not even on the same planet, let alone the same subject. I will be very happy if you wish to add me to your ignore list, that way my contributions won't interfere with your enjoyment.

But your number is not the average of all tourists, is it.

I'm looking for a lie detector app I can use for when I'm asking questions locally, does anyone have any leads? 🙂

The information we received about the further release of water from Chiang Dao this evening is not accurate, please disregard. My apologies, my normally reliable and trusted source was confused about what they were told.

I don't know, really I don't. I think there may be compounding issues. One is the sheer volume, another is the limited paths available for the release, a third is the location of the main reservoir directly North of Chiang Mai and not that far away (50kms). I do know they have been releasing water into the irrigations klongs for months previously because we see it as it crosses our garden. So they were aware of a building problem, weeks/months ago.

The default is that any interest income paid on any interest bearing savings account, will be taxed at 15% at source, except: Interest on fixed deposits, which must be reclaimed via a tax return. Interest of accounts (at the banks discretion) where the account holder has registered their TIN with the bank. Deposits of pensions etc are not interest bearing or savings accounts, unless they are paid into one of those accounts and interest is actually paid, in which case, the interest is on the account, not on a particular deposit.

Learn to understand English next time! I wrote, "I'm not sure if", that means "I don't know if", Or, "I cannot be certain if"......clear!

https://www.facebook.com/

There's no relationship between Gift Tax Thailand and whether tax return is filed jointly.

https://sherrings.com/personal-tax-deductions-allowances-thailand.html

Try Salsa Kitchen next to Ruam Chok, excellent quality and value.

We're told another water release in scheduled from Chiang Dao for this evening.

Sounds like you paid tax on interest earned, that's a withholding tax that every pays on interest earned in Thailand. The tax was not on your pension.

If you have property in the UK that should be possible, it was for me at least, HSBC. I also file a UK tax return and have UK income so that may have helped but I imagine you do also.

Who took which tax from your pension and what percentage? Was it a Thai pension or overseas, which country? Do you work here?

That's the key issue, the number of workers from a country that live in the UK who need to access the UK social security system, UK subjects then are allowed reciprocal benefits that country. Thailand doesn't have anywhere like the same number of workers, at least, not officially! Estimates are 200k Phillipino's in UK and only 50k Thais.

Agreed, it's easily the worst we'v e seen in 20 years. Today, I'm taking a sledge to the wall over the klong in our garden, I never dreamed it could be a threat but last night the water was so high it was blocking flow and causing it to back up and threaten the house. I see lots of DIY in my future!

We gave up and went to bed at 11:30pm last night with the water only inches from our house. The sois all around us are flooded and the force of water coming down the klongs is like Niagra Falls! We're in Mae Rim, North of Chiang Mai and this is the first time this area has ever flooded in the memory that anyone here can remember. Our floods have now moved South to the City, our water levels here are receding slightly this morning but are still dangerously high. These latest floods were caused by releases of water from the Mae Tang Dam, we knew about them yesterday morning and were warned in advance, I'm not sure Chiang Mai was! If there's no more water releases for a few days, we'll be fine. If not, it's going to be a very difficult time for everyone.

The US jobs report came in hot, the USD DI jumped to 102.5 so USD strengthened. Expect a poorer THB exchange rate later today. https://www.marketwatch.com/investing/index/dxy

I was reading back over some old posts, yesterday was my 18th year anniversary in the forum so I was reflecting on if/how the discussions and issues have changed,,,,they haven't! Back in 2017, posters were talking about getting a tax ID, some afraid to do so for fear of being taxed, not being issued one by the local TRD office, whether inbound remittances were taxable.....fast forward, same issues, same questions! Another thread with a post from an old but now dearly departed friend, Nancy Lindley, who said that the TRD was auditing all expats requests for tax refunds that year. Nancy was a prominent figure in the Chiang Mai expat scene and chair of the Chiang Mai expat club. "It does appear that they're "auditing" any and all refund requests from foreigners this year. Wasn't the case in previous years. I wonder how many just decide to abandon their claim?" Interesting to look back at those discussions to see the difference between then and now...same old, same old.

I was just reading back over some of your earlier post of June where you were adamant that capital can be separated and remitted separately from gain, it tok pages before you finally went quiet on the subject, I suppose you're in that same mode yet again with the idea that foreigners can't use the 30% expense allowance for rental income. And subsequent to starting this post, I've now twigged what you're trying to say about tax guides. So now we really are done, I'm tired of being trolled by idiots on this game you dreamed up and have encouraged. Out

What is this guide you're talking about? And why are you trying to divert away from the issue of why the expense deduction may not exist for overseas income, ditto pension expenses? When I wrote what I did, I write the word "could: that doesn't mean that's what I do. If you see the spreadsheet I posted you'll se what I intend to do, which is remit partial gross rental income which includes any home country expense charges. I am however able to pass along those charges to a third party which in effect makes them part of the rental income, but I chose not to. Your agenda is not to find the correct answer or even a reasonable potential answer. Your agenda is simply to disprove any scenario that has been proposed.

Nobody needs the very best of any medical profession at this level, Thailand has lots of very skilled dentists. If you were having brain surgery, by all means go find the very best. Same with cataract surgeons, posters say they're looking for the best Opthamologist in Thailand to take care of their cataracts. Cataract surgery is 20 minutes, it's done millions of time a day around the world, often in less than ideal circumstances. Same with fillings, root canals and implants, goodness me!

Two of them have a practise here, including Dr Chadatip: https://www.indenteclinic.com/en/