ukrules

I wonder if he went back to the UK multiple times over the years.

This is not about a stolen passport, he assumed the identity of the real guy named 'Peter Smith', once he did that it would have been plain sailing for him unless the original guy noticed.

Had the real Peter Smith at any point attempted to get a passport back in the UK then his number would have been up immediately, perhaps this is how they got him as they were ready and waiting for him on arrival.

There's still one piece of the puzzle missing though - how did they know this particular guy was the same on who did a runner all those years ago?

Oh no, the horror.

7 minutes ago, Mike Lister said:

If it is possible, it means that all anyone has to do is to take a 186 days holiday outside Thailand and remit their income whilst away to escape all Thai tax!

Yes, the constant emphasis on 180 days to be liable for PIT by the RD themselves seems to indicate that no tax will be due on remittances but in my opinion and based on the few online seminars I've watched with either tax professionals or RD accountants / representatives you also need to be non resident in the year the profit was realised.

So if you sell your some or all of your foreign untaxed assets in 2024 and remit them in 2025 then you probably better be non resident in both 2024 and 2025 just in case, or do it all inside a single year whilst non resident.

But I may be wrong on that and you might only need to be non resident in the year the profit is realised - for example - sell 2 million dollars of shares in 2024 whilst being non resident, then dump all that in a new bank account showing no movement and it can be remitted in any subsequent year even if resident (over 180 days) without being taxed as it's savings from a year when you were not resident.

Some solid clarification on this is required, until that comes I'm out of her for 6 months a year until I've moved all the untaxed funds I need for the next X years.

An example was given in one of the videos where someone might sell a house and not pay any tax on it as it's your primary residence, the country was Canada but many other countries also tax at zero percent the sale of a primary residence. If you sold the property in January 2024, paid zero tax of course as that's completely normal, moved to Thailand in March 2024, sent eh money in April 2024 and remained in Thailand for more than 180 days - then you will be taxed on the difference between 0% and the Thai tax rate, being a house or apartment from a country where these things routinely cost $500k and up will result in a very significant tax bill, if you don't declare it then they may come looking at any point in the future - and that's the problem - people will get caught up in this in the future, perhaps 5 years down the road when they've spent most of it - and the interest and penalties will be massive.

48 minutes ago, stat said:

There is also the option of moving to the PH. Tax wise you are tax free there with your worldwide income. I cannot comment on quality of life in the phils, but taxwise it is a better solution compared to moving around as you can present your banks with a bona fide tax residency. Would love to hear from people that have made the move. I would rather not move around 3 times a year but I am a serious homebody 😉

I only intend to move back and forth a bit for this year and perhaps next year unless I get all my foreign business done this year - which is a possibility.

I've never been to PH but I've been to Cambodia a number of times and it seems like a good fit, it will do for six and a bit months I think.

This change in the rules comes at an unfortunate time for me as I had planned to use the previous year method to make my transfers into Thailand non taxable.

In fact I could just stay in Cambodia for 7 months, so long as I only remit into Thailand I suspect that won't be an issue. Maybe I'll get a local account in Cambodia for living expenses which I can wire in from the UK.

The end result is the same and I really don't care if I sit here in Hua Hin or in Phnom Penh for half a year, even if I split it into 2 or 3 trips throughout the rest of the year which is a possibility.
 

The importat thing is that if I send say $500k (not the actual amount, just an arbitrary signifcant sum of money) then I don't want to pay personal income tax on that - the money is completely untaxed anywhere else so it would be subject to full income tax if I were resident during the year of liquidation and remittance - which is easy to avoid and I would be regretting it if I didn't make the move now.

So I'm moving to avoid all doubt. Even if they reverse this decision I'm out of here for just over 6 months this year and maybe next year as well.

Maybe I'll really like it over there....you never know.

The decision has been made - I just need to find a nice apartment or house in Phnom Penh which I will secure in a little recon trip coming up soon.

My banks think I live in England, that's incorrect but not my problem as I'm not really ever going back. My Elite visa here is all set until 2040 as well.

4 hours ago, K2938 said:

EY presentation on tax changes for Thai Privilege:

 

https://www.facebook.com/watch/live/?ref=watch_permalink&v=1149895986005482

I watched that, was a complete waste of time.

One of the morons in the audience thought he could transfer in as much money as he wanted until he had stayed for 180 days in a given year and taxation only kicked in after he crossed the 180 day threshold and only for money received after the 180 days. What a genius 🙄

Anyway due to personal circumstances over the next couple of years I've decided that I will almost certainly move to Cambodia for just under 6 months of each year as I want to avoid becoming tax resident in Cambodia as well. They have a 182 day rule down there.

I'll then take a short holiday somewhere else for a couple of weeks to top up the number of days so I remain non resident anywhere, perhaps Malaysia or Vietnam or maybe I'll even head back over to Europe for a couple of weeks.

I do plan to remit a large sum of money during this period and I absolutely must be able to prove without any doubt for 10 years to come that I was non resident when it is 'earned' and remitted or I will get hit with a massive tax bill of millions of Baht so this is well worth it I think.

I think I'll pop down to Phnom Penh for a week later this month and rent an apartment or house with the intention of keeping it for about 2 years.

5 hours ago, Thaindrew said:

ATM withdrawals are reported as part of CRS to the country where you declare residency

Nonsense, complete and utter fantasy.

8 minutes ago, JGon said:

This definitely a Tax law thing

No it's not. These payment providers often do AML/KYC stuff and want to know how much your estimated annual transfers will be. If you put too much then they close your account or ask for more details.

So it's AML/KYC - nothing to do with any potential tax return you might need to do next year

Yeah they always last for 4 weeks, I bought a new car once and the lazy dealership took more than 4 weeks to submit the registration.....then it became my problem again and I had to get another one.

It's pathetic.

I wonder what would have happened if it was one of those hated foreigners?

No safety glass there, such incidents are so easily avoided.

Note to self - always use some kind of shattering type safety glass in the future.

How come it took them so long to catch this guy? Surely he renewed his passport every 10 years like everyone else?