ukrules

I'm typing this from my apartment in Phnom Penh, Cambodia right now. At the moment I live in both Thailand and Cambodia and I must say, I'm quite liking it down here but the law in Cambodia says they will also tax worldwide income for residents, the key is to keep the days below the threshold for the years in which you make the big bucks.

This global taxation would make them one of only a small handful of countries which do the same. I can't see the government voting for it, this is a massive deal and makes the 'previous years income' thing look like a rounding error.

That's simply incorrect, almost all countries use a remittance based tax system. A notable exception is the US

People with foreign investments who make any profit would be taxed even if they don't send the money to Thailand. This is a massive red flag.

They were talking about this some time ago as a future goal which I took to mean years away. Many more people will make Thailand a second home and relocate based on the 180 day rule if this is ever made law. Edit: Assuming it's about personal income tax, which I am because no corporation would ever allow themselves to have a base in Thailand and pay tax on anything other than profit generated inside the country alone, if that.

I'm reading things about a Bitcoin ETF being approved in Thailand on Twitter This is something I've been watching out for since the US approved theirs months back. The 'news' so far reported by many on Twitter is 'Thailands SEC approves first Bitcoin spot ETF', a company named 'One Asset Management' has apparently been approved for managing this fund. Is income from ETF products taxable in any way, I wonder if this type of fund falls under the general exemption for other SEC traded products? Link : https://coingape.com/breaking-thailand-sec-approves-first-spot-bitcoin-etf/ Seems it's not quite a retail ETF though, but due to recent changes in the law I'm sure there will be more companies coming along to launch their own funds.

Even then there's still a very easy way to avoid any tax liability, less than 180 days per year is a very easy thing to do for even someone with a moderate wealth I'm in my Phnom Penh apartment right now, and I quite like it down here so far, going to keep it until the end of 2025 at least. I still have my place in Hua Hin so I'll just come and go and keep an eye on the days. Not hard, probably going to cost me $10-15k a year to do.

Yeah, they'll decide on the day of the audit and let you know if it's savings or not. If you think they made a mistake and it involves tens of millions of Baht then maybe you can appeal it and it might be worth the fees to do so.

What happened to the 10 year statute of limitations?

He paid his hooker, what's her problem? I guess this money ran out and she wanted more. When he told her to go <deleted> herself she went on the rampage. Nothing like a greedy whore hey, they just want more, kind of like a blackmailer. Was she charged with blackmail / extortion yet?

Nonsense Many people don't spend 180 days a year in the country and what if your extension is in December just before the end of the tax year - how they gonna get around that?

Surely this is illegal, as a business operator you can't offload all your liability onto the staff. What if there was an armed robbery? Make the staff pay?

I saw part of this happen while on my way to Phnom Penh last week. Sitting there waiting for my delayed flight I first heard the sirens - lots of them. When we got onto the 'shuttle bus' that took us to the plane an hour or two later (was early + a delay) we drove right past a load of parked up ambulances, they all had their lights flashing which was odd. I didn't give it a second thought at the time but I guess they were real busy working this situation. Didn't notice if they were next to a plane or somewhere else, it was a little odd to see so many ambulances 'in action' on the aircraft side of the airport though. When I read about this incident a little later after checking into my hotel it made more sense.

Nonsense, if the very worst of the Brits were in Thailand there would be several Thai corpses left in that road after the incident.

Yep, it's called attempted murder everywhere else in the world.

Remember that entire car park that burned down at Luton airport destroying both the car park and every vehicle in it? They say it was definitely a diesel car, so lets think back to when we previously noticed an entire car park and 1400 cars all being destroyed at the same time. Because being a normal diesel car this must happen on a fairly regular basis right? https://www.bbc.com/news/uk-england-beds-bucks-herts-68627759

We're getting either a 6 month or 12 month Cambodia visa after we both received online E-Type visas that can be converted inside Cambodia. I'll do the conversion next week I think. When I do remit it will be a large amount as we are likely going to buy a place to live in but I'm not ready just yet. Also I will send enough into Thailand to last me for years to come without remitting anything, or perhaps a minimum amount so I don't need to deal with this or repeat it for a long time. You never know though, we might really like it in Cambodia compared to Hua Hin, but they also have a 180+ day system and it's far worse, apparently their law says they can tax worldwide income - but I believe it's not something that anyone has ever paid. For the time being I would like to remain unregistered and continue to have no TIN and the only way I can see this happening and being legal is to make the move now. Then I'll sit back and watch how it all unfolds There are some potentially interesting events unfolding with the PM this week and with this place you never know how things will turn out.

Yep, this is the way. I always said only one thing would make me leave this place and that's if they attempt to tax me on my earnings. By voiding the 'memo' made in the 1980s that allowed previous year/years income to be sent in tax free they have opened up a hornets nest. Anyway, later today, Tuesday 21 May, I fly to Phnom Penh and will be busy looking for somewhere to live for the next few weeks. The Mrs is coming with me and will stay for the duration which I expect to be this year and next year, so we will both be non resident for at least 2024 and 2025. Then I will reevaluate the situation. I expect to make considerable funds during the next year or two so I can either sit here like an idiot and allow them to take 35% of most of it or make arrangements and save millions of Baht. So I'm off....I will be beck though - I'll keep the number of days to around 175 and they will get nothing.

Yeah, what if the normal cardio vascular / heart failure patients had already died of covid? I'm sure it explains that, right?

Damn, that is quick, they made me wait more than 12 weeks last time. Good job I renewed it with much more than the usual 6 months leeway remaining at the end. Of course they were on strike, covid was a thing, etc all at the same time I needed a new passport.

The horror 🤣

Lol, this is going to backfire massively when the mass unemployment hits. They must have liked the Covid lock down period over there - less work for the civil servive masters who run the country. They will be broke of course but who cares right? 😁

Nope, the fee was the same regardless of whether I had a full chanote in my name or not. He entered the address and the Mrs name into a computer, clicked print and 2 minutes later it was a signed rental contract, simple as that. His fee was in my opinion fully justified merely by going to Bangkok twice on my behalf, now maybe he had more than one passport application to process at the same time but I don't care, good on him. People have to make a living somehow. I know it would have cost me far more to go to Bangkok and do it myself as I'm not making any round trip to Bangkok in one day so we're talking nice hotel fees, someone to drive me to Bangkok in comfort - twice - would have cost me multiples of what the agent charged. So it was cheap and well worth it.

This proof of address is also complete nonsense. You know what we did (my agent and me) - we made a rental contract from my 'wife' (I'm not actually married but have lived with so long I may as well be) - aka 'common law wife' in some countries. The rental contract for where I live is in her name, so we had a new standard boilerplate contract printed out with her renting the house to me in my name and that was acceptable as proof of address. What a load of <deleted>. Such arrangements are pure nonsense yet required due to bureaucratic overkill.

I must admit I'm partial to a schnitzel once or twice a week but I mostly eat what would be considered 'international' food and I hardly ever eat anything Thai, except for the occasional curry. I've also been here for 15 years and not changed one bit during that time.