chiang mai

Free of Thai tax, not Thai assessable.

Savings don't have to be from years gone by, only pre 31/12/23, according to POR 162

Both my BBL and UOB debit cards have preset limits that were agreed when the account was opened, these can be changed on request.

I wouldn't worry too much about this, it looks like a classic case of misinterpretation by the writer.

Your debit card has preset limits which would need to be changed to accomodate a large withdrawal if not already set high. FWIW mione are st at 50k baht but are occasionally/temporarily changed as the need arises.

You cannot file without a Thai TIN, it's just not possible.

Tax assessable funds that you sent to Thailand in 2024.

Thailand doesn't see the Trust, all it sees is income that you've remitted. You need to determine if that income is assessable to Thai tax or not, Look at the Thai /USA DTA and also at excluded income under TRD rules.

I absolutely understand that because I have done similar. My wife of 20+ years owns the house we share together, which was always intended to be hers after I depart for greener pastures. If you are comfortable and confidant in your relationship and you wont be damaged if the absolute worst case happens, ignore the naysayers and doom-mongers, most of whom are ant-Thai anyway. All the best

Vietnam operates a crawling peg to USD, the AI explanation is broadly correct: "A crawling peg is a system that allows a currency with a fixed exchange rate to fluctuate within a range of rates. It's a method for controlling the value of a currency in relation to other currencies by making small, regular changes over time. The purpose of a crawling peg is to provide stability and control currency moves, especially when there's a threat of devaluation. This can happen due to factors like inflation or economic instability. Some central banks use a formula to trigger a change when certain conditions are met, while others frequently change the exchange rate to discourage speculation. A crawling peg is a flexible exchange rate system that falls between the extremes of a fixed rate and a floating rate". The key point here is that whilst Thailand is managing the Baht based on economic and trade factors such as exports and tourism, Vietnam is managing their currency based on its relationship to USD, not quite the same thing and not an apples for apples comparison.

I never suggested that anyone should hold off from buying property, where did I say that? I don't think that buying property in Thailand in your 70's is a great idea, especially when you have good levels of cash to support yourself as the poster does, Renting allows for far greater flexibility.

I can't sensibly respond to sweeping generalisations about things I am alleged to have said in the past because most such things tend to be distortions in other peoples minds. If you give me a quoted link I can explain what I said and why. I'm pretty certain that anything I have written has the TRD Code as its basis.

Lots of questions there so Ill just address one aspect and leave the rest to others: With those sorts of amounts, you may want to think about holding multiple currencies in multiple territories. I think it would be a mistake and risky to hold only Baht and to hold it all in Thailand. I would also think long and hard about whether you really need to buy a home here instead of renting. Good luck in what you decide to do.

Colonised! The population is 70 mill., 1% is 700k, total foreign population is 4 mill so that's 5.8% at best and 90% of those are from neighbouring countries....how do you colonise a population of 70 mill with 200k or so westerners!

Using those numbers, 500k before it's due

He's talking about listers introduction to Thai tax in the other thread.

Huh! 190k over age 65 60k personal allowance 150k zero rated 100k pension income expense Sorry, am using hone for this, power cut at home.

I have declared rental income here in the past. Remitted rental income has a Standard deduction which is not limited to just Thai property. Even if I didn't take the SD, the income still falls within TEDA. I'm satisfying the tax rules of the UK and Thailand, without invoking the DTA.

50% of remitted pension income, max 100k

Plus 100 k pension in come expense, plus 46k rental income expense.

On $30k it can easily be zero, that equates to 85k Baht a month which provides a good standard of retirement living.

"very few farang have a Thai credit card, for well known reasons". I don't know how many farangs have Thai credit cards and I doubt forum members know either. I also don't know why they don't obtain one since it's not that difficult, even without tying up a credit limit amount of savings. My bank asked me if I wanted one after ten years with them and no funds are tied up, I'm sure I can't be the only one.

For example, I rent out a one bedroom retirement flat that I own outright, for 600 Pounds a month. The agent charges me a fee, I pay the Service Charge and I pay Landlords insurance, book keeping fees and any misc costs towards repair. That broadly leaves me with two thirds of my gross rent as profit but for Thai tax purposes I declare 600 Pounds a month, pro rata for however how many months rental income I chose to remit. Recently I remitted 6 months rental income or 3,600 Pounds. When I declare that income I will take the standard deduction of 30%, about the same amount as my actual costs. That leaves my with 2,700 as profit which falls nicely within my TEDA. How people declare mortgage interest, I have no idea, I'm not sure that you can. Meanwhile, when I file my UK return I will declare the full year rental income of 6k Pounds and take actual costs that are equal to around 30% of the income value, the profit from which falls within my UK Personal Allowance.

The Thai system ignores the UK personal Allowance and requires taxpayers to use the Thai system, which for under age 65 year olds, is paltry. After age 65 years, the allowances are comparably to the UK Personal Allowance. Rental income must be declared gross here, before any deductions. The option then exists to take a standard deduction against Thai tax, equal to 30% of gross rental income, or, itemise all the expense but provided you have all the receipts. By way of example, I'm over 65 years and the Thai deductions are nearly exactly what my UK Personal Allowance would be, plus, the 30% standard deduction on rental income, exactly covers my uk expenses. Horses for courses, in my case.

Do you have stats on the losses and the ages the people involved. It seems improbable to me that bot would knee jerk for only a handful of victims.