Rolo89

A tiny % worldwide fall under the wealthy citizen, or wealthy 50+ but globally there is a significant amount that have made Thailand their residence because of the tax breaks promised. Tax free abroad income won't last forever, but probably still has quite a few years left and there's a lot of expensive condos to sell that no one will buy without thailand offering these tax breaks to the rich.

Wealthy foreigners will as the LTR visa guarantees tax exemptions by royal decree

They're very quickly running out of money with their emptying of the coffers. Changes incoming.

Well, my post wasn't about foreigners. I think the Thai government's mind is on money. Whether that's wealthy Thai or foreigners is kind of irrelevant; they just want a source to shake for more.

What a non story. From the very start of these apps vouchers were used a lot and the drivers get reimbursed later. Nothing has changed with how these apps work.

I think Thailand is so desperate for money that they'll do it and hope for the best, even if lots of reports suggest overall tax take will be reduced.

Well great for you at the moment, but this suituation can change and if taxes in Thailand end up being more Thailand could charge the difference.

This is just silly and unhelpful. Worldwide tax will come in as Thailand each year aligns itself with other countries, it's a matter of when. Thailand isn't HK or SP with their financial systems who aren't looking to reform tax. It's better to be aware and make plans. Very unlikely to come in for Jan 2025. But quite likely to come in within 10 years.

I think like most countries tax the onus is on you to count the days and report to them. In theory systems should automatically flag up people they think haven't paid and if anything they want to trip you up to charge fines and high interest.

Well it's not impossible. But it's very difficult now and it used to be very easy. If you don't have a HKID but have connections to HK and are a high net individual it's possible. But even that can take a while. Buisness HK account is a whole lot more difficult.

HK don't really allow this anymore after their laundering of drugs money and those fines. If you have a HKID it's easy to open a personal bank account, but not as a foreigner. The big banks wont even consider a business unless their turnover is at least half a million USD. Wasn't like this before all their fines. They closed my HK personal bank account.

I agree with you there. Not being a tax resident of anywhere presents some issues and the situation is ever changing. Like if I wanted a mortgage I'd have lots of difficulties. But that's not something I'm going to do - these new buildings in Bangkok are built so poorly. If it becomes too difficult being a tax resident of nowhere in the future then an easy fix is becoming a resident of a low tax country. There's a fair few options for that. It's not really hard to do business, my business entity is registered abroad and has no issues with banking.

Well yeah if the current Jersey bank account doesn't accept people who are a tax resident of nowhere then I'd switch to another account (I already have a few created in backup). Theres a whole world of banking and finance options outside of the couple of names on British high streets.

I'm not even sure what you're saying now. I must be a tax resident in Jersey and Thailand? As I've previously said I pay tax in Thailand, that's the place I'm a tax resident at the moment. But I might become a resident of nowhere if this is brought in.

It's been explained to you before, but this is due to the policies of one bank. Not every bank across the world has the same policies.

Lots of people living in EU countries had their bank accounts closed after brexit. They didn't want customers outside of the UK for the extra effort. They didn't care at all if you had a tax ID. Banks across the world don't act the same as UK banks. And UK banks don't all act the same either. Worst case scenario is they want to close your account so you get your money moved to another one. Always a good idea to have a couple of different bank accounts in different countries if you travel.

You've misread.

This. All their fines for laundering drug cartel money have made them pretty strict. They only really care about not being fined. I can't recall any cases of banks being fined for providing services to people that live across several different countries.

Well I wouldn't bank with hong kong and shanghai banking corp, but yes banks want a tax id but you can pay tax in a country without being a resident.

No issues with payments. CRS is about stopping tax evasion. If you don't qualify for tax residency anywhere then you don't qualify, that's avoiding tax rather than evading. Seemed unfair for my last tax return that it all went to thailand despite me spending 7 months there and 5 months in Japan. They should work on a way of making it fairer.

Exactly, for some countries you have to prove residency elsewhere in order to not be pulled into the tax of your citizenship. But the UK doesn't do this.

You don't have to be a tax resident of somewhere. It mainly causes issues with banking so it's a good idea to get tax residency somewhere. I get paid dividends from my UAE company into my Jersey personal bank account. Can't see why I'd need to get tax residency, neither of those countries cared about my thai tax status.

Bangkok is getting better, but public transport is still very limited and it's grown very slowly. Covers a decent length now with the lines they've built far out but still needs decades more to get a complete system. The sky train is expensive. I know people who get a grab bike to work in the morning even when they live on a direct sky train line into work because its the same price.

Well they'll go from getting a fair bit of tax from me to 0. Thailand isn't a paradise that people are desperate to live in for 365 days a year. UK citizens can easily be a tax resident of nowhere so I have little to gain to keep being a thai tax payer, other than a messy return

War is ugly. Neither side is perfect. But only one side is evil. Hamas.