K2938

But then the proper thing to do would be to respond accordingly instead of just ignoring the question

If tax is very important to you and the LTR does not work, as it might well not, consider Malaysia. The MM2H visa there is more costly, but under the new MM2H rules just released a few days ago, foreign income remitted and unremitted is tax-free there.

If you fail in Bkk, try HK

Yes, you are wrong

Nobody knows, but since this would be such a fundamental change with the actual tax law required to be modified one might be inclined to expect that this would also kill the LTR remittance tax exemption. And then of course would be highly useful for the tax authorities that LTR visa holders have already disclosed all their income in their LTR application and probably disclosed so with a focus on maximising and not minising their income. We will see.

As you specifically asked: Applies to 2022 just as to 2023. Tax advisers said when the LTR visa came out that the remittance tax privilege of the LTR visa was really just clever marketing since at that time it applied to everybody anyway

Your argument appears to miss that prior to 2024 all income not submitted in the year it was earned was tax-free for anybody and that remittance taxation was mostly not really enforced against foreigners anyway.

Correct

1) The problem with relying on capital gains is also that at least once every few years markets fall. And so your gains might not really exist in a year of relevance. 2) The dividend yield on Western equities is generally in the area of 1.5%-2%, in the U.S. currently even lower. So for 80k USD income without capital gains you would need an equity portfolio value of at least 4-6 MM USD. Not sure if disclosing such big amounts necessarily increases your safety in Thailand. 3) Maybe think of the Thai Elite/Privilege visa instead if you feel uncomfortable with the disclosure requirements and have the money.

1) So your chance to write an accompanying note explaining everything in a very easy to understand way. 2) Do however not get your hopes up too high about capital gains. If they are significant, the BOI does not very much like them regardless of what is written on their website. But you can try and see what happens.

The BOI solely looks at income, not assets. So if you were a tech billionaire with stock worth billions, but without any current income, you would not make it. From an economic point of view this is of course not very sensible, but these are the rules. Period.

An agent will charge you several times more than the value he or she adds which is generally marginal.

All the scenario tables by the various international accountancy firms I have seen solely focus on whether the income was accrued while you are a tax resident in Thailand or not and do not at all focus on if at the time of remittance you are a Thai tax resident or not (see for example https://www.mazars.co.th/insights/doing-business-in-thailand/tax/revenue-department-s-guidance-on-foreign-income, same e.g. EY). So why should the latter be relevant? Do you have any reputable source saying this?

Well, these funds presumably continue to yield income after Jan 1, 2024 and then the interesting - and so far unanswered question - is how to delineate what is old and new if both old and new funds are in the same account/investment/etc.

There are people who say that is not true IF you were a tax resident of Thailand in the period mentioned (i.e. 1/1/2024 to getting the LTR visa). Who is right I have no idea and probably only the future will show.

Brokerage account is not acceptable any longer. Only was very eary on.

So what about if the person could pay the hospital bill and used his $100k USD deposit for this? Depending on how the BOI looks at this in the future, they might well say you failed the requirements as you did not maintain the $100k USD throughout the visa period, throughout the last two years before the 5 year check-up etc. So in the worst case, this $100k USD might well be untouchable.

How is the water situation in the apartment buildings in Hua Hin? Water trucks do not really help there.

If you can at all afford it, it is best NOT to terminate your health insurance. You have absolutely no assurance that the rules for the LTR visa will not be changed tomorrow or that the LTR visa might even be entirely terminated. Health insurance is therefore very important for you.

Was also very bad last year. Did anything change then?🤣😱🤣

As has been previously discussed in this thread at least in the past the BOI was not very excited about any significant amount of capital gains, especially when these were generated based on your decision vs. the decision of some external trustee. Please therefore kindly update us if you make any progress with this. Thank you.

EY presentation on tax changes for Thai Privilege: https://www.facebook.com/watch/live/?ref=watch_permalink&v=1149895986005482

I am glad you now agree that it appears to be very strange what Siam Legal is saying.

No, they are saying there is no taxation as long as one of the three conditions mentioned by them below is met, namely either not tax resident OR not remitted to Thailand OR foreign investment. So according to them a foreign investment on its own would be sufficient to avoid taxes.

Siam Legal appears to claim that investing in a foreign (non-Thai) investment fund or depositary receipt is tax-free even for Thai tax residents who bring the income back into Thailand: “However, there is an exemption from being subject to income tax in Thailand by meeting one of the following conditions: The individual must not reside in Thailand for 180 days or more in a particular tax calendar year. Invest on a foreign investment fund or Depositary Receipt. Does not bring an income from overseas into Thailand.“ (https://www.siam-legal.com/thailand-law/thailand-new-tax-on-foreign-income-an-overview/ ) This seems very strange and contrary to everything else written on this at least as far as I have seen. Any thoughts?