ukrules

To me it means if you were tax resident in 2024 and earned foreign sourced income but remitted zero and then became non resident in 2025 and even subsequent years and at some point remit some or all of it they will tax you in the year of remittance regardless of whether you are a tax resident during the year the year of remittance which would obviously be a future year. The liability is triggered based on residency at the time of making what I'm going to call 'the capital gain'. This is how I've been working it out - make a load of money in a year when you're tax resident then that money is always taxable when remitted - for the rest of your life, even if you're a non resident - because it was earned when you were a resident. I suspect PWC could have made this little memo a bit clearer by adding '...of remittance' onto the end of the statement. That foreign sourced income diagram with the check boxes clears this up nicely.

What kind of a moron drives around with a Rolls Royce and the plate '555' whilst being a complete fraudster? You'd think he would be keeping a low profile. These morons must have no brains between them.

Why? This was always a default interpretation as far as I was concerned.

I do believe they are talking about funds earned in previous years when non resident (less than 180 days) and remitted later while resident (tax resident). They did make this very clear before issuing the additional clarification which excluded income prior to Jan 1, 2024 - so based on that clarification I assumed the worst possible scenario - they will tax you if you're a resident when you remit anything earned on or after Jan 1, 2024. Simple really.

I was thinking more along the lines of permanent residents, I've seen them referred to as 'residents' elsewhere before but can't recall what it was related to, it was something official though.....

The usage of the word resident is a contentious issue as it could mean one of two things. I really do wonder if they mean tax resident, after all the subject of this linked page is tax.

Well this is the 'worst case' interpretation, it's what I have been assuming will happen - as in plan for the worst and hope for the best. The best case scenario would have been that you can earn in any year when you're non tax resident and then remit in a subsequent year when you are tax resident and not be subject to tax on the money earned in a non resident year. This 'worst case' scenario would simply require non residence in both the year when the investments were liquidated AND the year when they were remitted, could be the same year of course or over multiple years. I acted accordingly and left the country and plan to remain non resident for at least a few years. Assets have been liquidated but apart from a token amount they will not be remitted in 2024, but I won't be resident for years to come and the dust will have long settled on this matter by then. I definitely made the right decision for me in my circumstances to leave this year, I was going to wait until next year which would have been a big mistake.

I saw this video uploaded by someone who added some background music, a slightly different view The didn't have the best viewpoint but I think they got the best video landing.mp4

I read somewhere that an audit can take a few years to be completed, what happened in this instance? Was the person allowed to travel or forced to remain in Thailand and therefore forced to become a tax resident?

Really? The norm in the past has been Thais only for any kind of verified ID. I'm not a 'citizen' - can I still renew my license when the 5 years are up?

Yeah that name is a big red flag 🤣

It's a policy change therefore a political thing.

That is literally the title of this thread, the Revenue Department announced last year that they want to tax our foreign earnings without them being remitted and we've been here speculating about it ever since. They also said they will be writing a law which is odd as that's the job of government, not a tax collector - so they say a lot of things and I'm sure many people are ignoring them as it was likely driven by the former Prime Minister who is suddenly not Prime Minister any more. Locking in all current profits / capital gains prior to any change of the law is a good move to make in a non resident year so it remains non taxable forever.

I watched it live, it was glorious!

I print out calendars and write numbers on them, one calendar for each country, 6 months per side of A4. I count the day of departure and day of arrival as being present in both countries as I know that midnight rule is a thing in the UK but I'm pretty sure many other places don't use it - including Thailand. If you're there for a part of the day then they're going to count it - same as immigration and visa stamps.

On the subject of tax residency I would like to raise a point about when it is determined that you're non resident or resident. This is an example which pretty much matches my 2024 travel movements for the year. Lets say I stay in Thailand from Jan 1 for 177 days and then fly to Cambodia and stay there until late December. If I return to Thailand on December 29 I will be a tax resident in Thailand for the entire year but if I return on December 30 I won't be a tax resident in Thailand. Nobody is calling their bank on December 29 / 30 to tell them that they're not tax resident for the year and the whole thing resets to zero 3 days later. Come Jan 1, 2025 nobody really knows if they will be alive for the next 180 days let alone present in Thailand. They may have plans and intentions but those can change on a whim. If I got on a plane and flew to Thailand tomorrow and stayed for a couple of weeks I would become tax resident but I'm probably not going to do that, however it won't be determined 100% until the last few days in December Oh, my point : You might not know if you're a tax resident in Thailand until the last day or two of the year and then it resets on Jan 1 - so there's not really anything to report to anyone and nobody is going to call asking at that time. If they were to call you on Jan 1, then you're back in Thailand, nobody knows if they're resident until they've been in Thailand for the full 180 days.

Interesting as 1 million HKD is only about $130k USD I suspect that if you're willing to stick a bunch of money into some account somewhere they may ask some questions about where you are at the time of opening the account but that can change on a yearly basis and they're not auditing you every year.

If they ever bring in global taxation then offshore incorporation is the next step on our side of the equation.

Well you might have some issues with some banks, like HSBC, Chase, etc - never tried them as I hear bad things. Google 'offshorecoprtalk' and see what shows up. They talk about this kind of thing all day long

I use it for day to day spending while here in Cambodia but it has a purpose. Most of my money sits in trading accounts on US exchanges which aren't bank accounts and don't appear give a crap about tax id once you're a foreign national, then I simply send to Thailand right now whilst non resident. The UK doesn't come into it - but the source does and if that source is in the UK then you're paying anyway with no escape. That source could of course be pensions which many have or trading accounts for shares or crypto, etc - just keep it out of the UK with UK nationality.

Is there any specific reason why you need or want to use a UK based bank which has on of the most well known strict policies in the world due to their past misdeeds and promised to the US 'not to do it again'.

The whole point is to make your money outside the UK and any other country you frequent or this won't really work. I literally strolled into ABA in Phnom Penh and opened an account while having a 1 year business visa, they didn't even ask for my address here in Phnom Penh never mind a tax id. Shopping around for a different bank is worthwhile and more than one of them, there's loads of banks out there - outside of the UK. The origin / source country of the income / gain is very important

From the UK, open an account in Thailand, open an account in Cambodia, perhaps more than one. Get paid from say the US into your Thai account and stay less than 180 days. Not being a US tax resident or on a payroll and perhaps receiving payments as a contractor or trading Bitcoin, etc on a US exchange - zero ties to US - wire money wherever you want but you're not doing this with HSBC or any UK sourced income. Job done.

We're not talking about UK banks here, your bank accounts would generally be in other countries.

Some banks are perhaps more strict with their 'policies' than others, there's no law against it - it's just the bank policy. But they do know that many have gone 'full nomad' which simply means spreading your time between 2 or 3 countries over a year. HSBC always been a bit of a stickler since they got fined many billions of dollars for industrial scale money laundering