oldcpu

Did you ask if you could provide your ID information by email or by Line or Whatsapp? (ie image of passport and image of visa and of permission to stay stamp)? Ask then ask them to unfreeze you account with that info, and promise to show up at the bank ASAP with you passport when you return. I opened my account visa exempt in 2016 !! with Bangkok Bank. i was advised then that i should show up at the bank with my long term visa as soon as I obtained such. So in 2019 when I moved to Thailand on a type-OA i went to the bank, and they copied passport page, visa page and permission to stay page. When I obtained a new passport, I did the same with new passport. When I changed to Type-O visa I did the same. And finally when i switched to LTR visa, I did the same. The Bangkok Bank branch manager (?) at the Phuket town branch of Bangkok Bank made it clear they wanted the latest version of my passport and appropriate Visa. .

This is a quote from one of the news articles in this thread as to what someone hopes to implement? or is it intended to reflect what someone states is in place today? Despite all the talk, to the best of my knowledge, Thailand is STILL a remitted taxation system and hence in regards to any liability on international earnings, that money is only taxable by Thailand if it is brought into Thailand AND only if it was also earned AFTER 31-Dec-2023. Any money earned before that, in any tax year before (when one was a resident to Thailand) is still considered savings when remitted into Thailand per Thai ministerial documents POR.161.162 and not taxable (and IMHO not to be included in a Thailand tax calculation). Further DTAs come into play here as well. Apologies if I am missing the point of the post, but it can be easy to be lead to wrong conclusions if one does not know all the details.

When my Thai wife applied for me to get (and did not get) a Thai TN, the Phuket branch of the Thai RD phone my wife and asked why I wanted a TIN? In the course of the discussion with the Phuket RD official, she asked to confirm the LTR visa meant remitted foreign income was exempt, in the view of that RD official. The Phuket RD official noted they never heard of an LTR visa. Frankly, that IMHO says a lot. Senior RD officials (and also BoI) have noted the LTR is tax exempt remitted foreign income to Thailand , but if the local RD branch (who process the tax forms) never heard of an LTR visa then they will apply the tax law as they see fit , ignoring the LTR visa benefits. If one is then taxed, like you were, one is then into Tax Appeal territory - and good luck with that !! Imagine the 'face saving' on the RD side, that one will encounter, if one tries to push an appeal. In hindsight, I am happy I did not (yet) get the Thai TIN. Thailand is welcome to the 15% withholding tax on my Thai bond and very low % Thai bank interest. Thai tax law says I don't have to file a tax return for that bank interest (as i already paid 15% tax on such) and per LTR visa (per senior Thai tax officials and BoI statements) remitted income to Thailand not taxable for LTR visa holder. Reading your post, made me realize i was fortunate the local official decided not to activate my yellow-book/pink-ID number to be a tax ID. They never heard of an LTR, they appeared to have minimal interest in learning about it, and submitting a tax return to them is simply fraught with the possibility of them making mistakes where the odds of a successful appeal are likely very low (and likely not worth the effort).

I don't know about problems but from a taxation perspective with a Thailand based brokerage, I believe: any capital gains from stocks traded on a Thailand exchange are tax free for a Thailand resident, but any capital gains from stocks traded on a foreign exchange (sch a the UK) are NOT tax free in Thailand, if you remit those capital gains to Thailand. ... However if you leave the capital gains outside of Thailand they are not taxable by Thailand. ...And since you are not a UK resident, they are not taxable by the UK, although some timing constraints apply. Something like, if you are a UK citizen who was a UK resident for at least four of the seven tax years before becoming non-resident and you return to the UK within five years, any gains made while you were abroad might become taxable in the UK in the year you return. The above begs the question, how can one with a Thai brokerage, trade stocks in a UK exchange, make a capital gain from such (as registered in the Thai brokerage) and leave the money outside of Thailand? The capital gains are already in the Thailand based brokerage as they were traded there. i believe the answer is the Capital Gain is treated as still being outside of Thailand until it is withdrawn from the brokerage (caution I could be wrong here). Then likely something called a "first-in, first-out" accounting needs to be applied here to assess your Thailand tax aspects on the capital gain for when you take money out of your Thai brokerage to a Thai bank. But I am not a tax expert. The above was from an internet search. You may wish to research more and familiarize yourself with this.

Interesting. And it pretty much helps make the point that many Double Tax Agreements (DTA) are different. There are many different tax outcomes here dependent on the country associated with the DTA. i suspect a separate thread would be useful for each of the countries with the largest % of expats (who are Thai tax residents) to help inform of the tax implications. In the case of Canada-Thailand (which obviously is different from Thailand-DTA-with-other-countries) I tried to populate such a thread (that someone else started) here: (my posts only come later in that thread).

Articles dated 5 June 2024 and 8 Sep 2024. Both a bit old news now .. and so far? .. Nothing newer to date. .. In fact after those articles there were other news sources suggesting Thailand might drop all taxation on any remitted income to Thailand for some TBD time frame. That IMHO was speculation. So too does this read to be Thai Examiner speculation with some click bait thrown in.

Further to this , my understanding is Krungsri plan to close their browser online website (ie close their browser based internet banking) - unless one has a business account. Hence one will be forced to use the Krungrsi mobile phone app if one does not have a business account. And then likely you will need to call to the local shop (or mall) where there is a counter/shop that supports the sim your have (DTAC or AIS or other). That is where you should be able to get the 'letter' you need from the phone company..

I went for 1 year extensions in 2020, 2021, and 2022 at Phuket Immigration. I never added any extra money into my fixed account with 800k THB. But for me if i went to the Bank Counter the same day I was go to immigration, the bank teller could force an extra line into the Bank Book (with unchanged amount from previous months old line) showing the identical amount but the current day date. That was with Bangkok Bank and i believe also Krungsri bank. So I did not have to deposit money to have the bank book have the current date showing. Also, thinking about this, in one of those 3 years when they saw my 800k in the bank in a fixed deposit account (with no regular transactions nor any transactions on the days prior to going to the immigration office, only a current day stamp (and some old interest stamps)), the IO asked, where do I get the money for my day to day living.? i use another bank account for that (which happens to have > 800k THB - but i think the amount in that second bank book irrelevant) and I also had that second bank book updated and with me, and I showed that second bankbook to the IO. It had many many many transactions. They looked at the 2nd bank book, handed it back to me, but did not ask for copies or anything. They then accepted my 800k fixed deposit from the first account (with bank certification letter and all the appropriate copies) where that 800k has been there since early-2019 (with interest being the only transactions). The 1 year extension on the non-immigrant visa (type-O or OA at the time - i can't recall which at that time) was accepted. I note that was only for one of the three years i went for the 1 year extension. This question (where does my money come from for my expenses) was not asked in the other 2 years. I think it was just the IO being curious, and using their discretionary powers. .

Who? Someone who has lots and lots of money who does not see the 50-million THB as an investment. Someone who also loves the country of Thailand and who really like the condo they plan to purchase (I assume foreign freehold condo) . Yes - if not a foreign freehold property, someone can setup a Thai company and have that company buy Thai property, but this can be shady at best and Thai politicians every now and then claim they will shut that loop hole down.

I urge caution for anyone who reads that. Vietnam has worldwide taxation. NOT remitted taxation. My understanding is the case of Vietnam, one is generally considered a tax resident if in Vietname for 183 days or more in a calendar year (and not being able to prove tax residency in another country). Vietnam taxes world wide income. So if one meets the criteria to be a Vietnamese tax resident, one may be subject to personal income tax (PIT) on all one's income, regardless of whether it is earned inside or outside of Vietnam. This includes income from wages, salaries, investments, and other sources. This depends on the Double Tax Agreement (DTA) between Vietnam and the country from where one's income is sourced. Vietnam has a progressive Tax Rates: Tax residents are taxed at progressive rates, ranging from 5% to 35% on their employment income. As inferred, Vietnam has DTAs with many countries to prevent individuals from being taxed on the same income twice. If one has paid taxes on foreign income in another country, one may be able to receive a tax credit in Vietnam to offset their tax liability, but the deduction cannot exceed the tax amount payable on that income in Vietnam. Ergo it's important to check if your home country has a DTA with Vietnam. If one live in Vietnam, but does not meet the criteria for tax residency, one is considered a non-resident. However non-residents are taxed on their Vietnam-sourced income at a flat rate of 20%. They are not eligible for Vietnam personal deductions in such a case.

Can your friend produce a bank statement proving they had the 50-million THB in cash in the UK on 31-Dec-2024? If they can, then it should not be taxed by Thailand when brought into Thailand. Two Thailand ministerial directives (POR.161/162) together basically state any money that was savings before 1-Jan-2024 is not taxable if brought into Thailand. However it gets complicated if the money was not in cash on 31-Dec-2023 as it is not clear in my mind, if the money remitted will be treated by Thailand as 'savings' if not in cash on that date .

Just to clarify, this response is UK specific .. .although it is likely also true for income from many other countries dependent on their DTA with Thailand. There are exceptions. Case in point ... The Canada-Thai DTA, for all Canadian pensions (CPP, OAS, RRSPs, RRIF, government employee pensions, military pensions, company pensions, insurance pensions ...etc) , provides Canada (and only Canada) exclusive taxation rights on such and no taxation rights to Thailand on any Canadian pensions - even if remitted to Thailand. As you note, the DTA can be very important here.

I do not have answers to those specific questions, but one thing to consider , when (as a Thailand tax resident) is the Double Tax Agreement between Thailand and the country where one would otherwise keep their money (if kept outside of Thailand). And also consider Thai tax law. ... and consider foreign country tax law if applicable. Capital Gains: I read tax residents of Thailand do not pay capital gains tax on profits from trading equities listed on the Stock Exchange of Thailand (SET), provided the trades are made through the Thailand exchange. But I also believe, for a tax resident of Thailand, the capital gains from trading foreign stocks on a US stock exchange may taxable in Thailand, but only taxable if the income is remitted into Thailand (unless one is on an LTR visa category that exempts one from such taxation). In the case of Canada brokerage, for a tax resident of Thailand, per the Thai-Canada DTA, I believe the capital gains on profits of equities in the Canadian brokerage ARE taxable in Thailand (but not in Canada). Again, i believe the capital gains are only taxable in this case if the capital gains are remitted into Thailand (unless one is on an LTR visa category that exempts one from such taxation). Other DTAs with different countries may be relevant here. Dividends: For a Thailand tax resident, any dividends received from a Thai-listed company are, I believe, subject to a 10% withholding tax. For Thai residents, you can choose to either accept this as a final tax or include the dividend income in one's annual personal Thai income tax filing and potentially receive a tax credit. If accepted as a final (10%) tax the money is not to be included in the Thailand tax calculation. That could be advantageous. If the dividends are from a foreign brokerage (ie a brokerage located outside of Thailand) then Double Tax Agreements come into play. For example, if a Thai tax resident has a Canadian brokerage (ie brokerage office in Canada), dividends from that brokerage account are taxed at 15% in Canada (per the Canada-Thai DTA) . However Thailand may also tax those dividends when remitted to Thailand (and hence one may need to obtain tax credits). Again, currently, there is an LTR visa category that exempts one from such taxation by Thailand. Other DTAs with different countries may be relevant here. Interest: In my experience as a tax resident to Thailand, Thailand banks can withhold 15% tax on one's interest for money in the bank. The tax resident can choose to either accept this as a final tax or include the interest income in your ones personal Thai income tax filing and potentially receive a tax credit. If accepted as a final (15%) tax the money is not to be included in the Thailand tax calculation. That could be advantageous. If the dividends are from a foreign bank (ie a bank located outside of Thailand) then Double Tax Agreements come into play (and obviously the tax law of the country where the money is located). My understanding in the case of Canada, for most cases for non-residents of Canada, Revenue Canada does not tax interest earned in Canadian banks. However when that interest is brought into Thailand, it may be taxable in Thailand. Again, currently, there is an LTR visa category that exempts one from such taxation by Thailand. Other DTAs with different countries may be relevant here. So what is my point? My point is just thinking one is better off with earning interest, or investing in equities for dividends or Capital gains outside of Thailand, is better, may or may not be the case. The Double Tax Agreements between different countries come into play - as does Thai tax law - and as does the foreign country tax law. Nominally this is complicated - at least I find it complicated - and just assuming one can do better with their money in or out of Thailand, without researching tax law and DTAs can lead one 'down the garden path' to be liable to pay tax that could have been managed better. One shoe does not fit all here, in my view. EDIT: Note I am not a tax advisor. i recommend forum members read up on this on their own to see how this affects them.

I used the 800k in the bank method. with a fixed deposit account, first with a Type-OA (1 year permission to stay extensions) and later with a Type-O visa, with no issues, when going for my 1 year extensions at Phuket immigration from 2020 to 2022 time frames. I also brought along records of my other bank accounts, so to be able to show where I had the money that i was using to pay for my living expenses, but Phuket immigration never asked for that. I'm now on an LTR visa since 2023, I no longer have to do this, so maybe the requirements have changed. I note on the Phuket immigration volunteers page: https://piv-phuket.com/retirement/ a recommendation: "Copy of last 12 months of transactions in bank book (make a small transaction prior to updating your bank book to show the transaction on the application date). " so possibly things have changed since year 2022. I never did that (small transaction prior to updating) myself. Rather I simply had the bank update my bank book best they could in accordance with the policy reported by the Phuket immigration volunteers: Signed and stamped bank letter showing the required funds (same day for Non-O; maximum 7 days old for 1 year extension) Signed and stamped bank statement showing the required funds (must show 12 months of transactions for the 1 year extension) Note 3 (same day for Non-O; maximum 7 days old for 1 year extension) Both bank papers for the 1 year extension ( bank Statement, Bank certificate) needs to have the same balance mentioned.

I believe savings with Krung Thai Bank (KTB) and Bangkok Bank (BBL) and Siam Commercial Bank (SCB) were well secured. No one with a savings account lost their money. Thai Farmers Bank (TFB), which was later renamed Kasikornbank (KBank) had major issues, but again, no one with a savings account lost their money. I believe Bank of Ayudhya (BAY) had issues, had to restructure and continue as a private bank. I don't know how those with savings managed there - although i also read no one with a savings account lost their money. Also First Bangkok City Bank and Union Bank of Bangkok (which were smaller banks) where ultimately merged into Krung Thai Bank. My understanding is the savings account depositors were all protected through this consolidation. I did thou, read that some banks could not immediately provide savings account depositors their funds, although ultimately they did provide such. However shareholders of bank stocks (bank equities) took a major hit. Subordinated Debt and Bonds took a major hit. Investment Funds and Other Products with the banks took a major hit. Today, the banks are more cautious than they were in the 1990s, and today they will only (today) guarantee a limited amount in a savings account. My own view is its best to research this oneself and not to believe any of the FUD on this topic without researching.

Is this new? Wise would not mail a replacement debit card to me here in Thailand. i had to have it sent to my German address and then a friend (who was visiting me here in Phuket from Germany) hand carried the card to me here in Phuket , after which i activated the card. .

Yes there have been many posts on this topic on this forum. Some like you have a TIN that is not the same number as their pink ID card/YTB. Some have a TIN that IS the same as their pink ID card/YTB. My wife was told by a Thai RD official that the pink-ID/YTB can be the same (if activated to be the TIN) ... and it can also be a different number. One forum member even was at a Thai tax office had their TIN from not being the same as their pink ID card/YTB to be changed to be the same as their pink ID card/YTB. As to why it was changed and who instigated the change, i do not recall what was stated. I think the different possibilities here is just another classic example of This Is Thailand. .

I can't answer your Thailand stock market or mutual fund investment querry. However the 1% interest you note is misleading?? ( or are you referring to only Thai baht ?). Thailand SCB bank currently gives 3.25% interest on Euros in a Foreign currency account and I think 4+% on USD in a foreign currency account held with their bank. Of course this is not in Thai baht and likely superior interest available outside of Thailand for foreign currencies. Also SCB could change their rates tomorrow to a lower amount. Note income earned in Thailand is subject to Thailand income tax if it exceeds a certain income threshold when combined with other assessable income. If one pays 15% withholding tax on Thailand interest in a Thailand bank, per Thailand tax law the interest income is then not considered assessable income for purpose of the Thailand tax calculation.

My Thai wife living in Thailand opened a Wise business account.

It used to be. Maybe still is? I obtained a secured Bangkok Bank credit when on a type -OA for reason of retirement in 2019, at age 65. I obtained a Krungsri Bank secured credit card when on a type O for reason of retirement, in 2022 at age 68. I still have both credit card at age 71. However banking regulations tend to change so what was true yesterday is not always true today.

I have 5 personal accounts with Bangkok Bank .. each one is a different type of account.. There must be more to this.

What does one mean by 'allocate' a Tax identification number? The Pink-ID/Yellow-book (it is the same number) does allocate a unique number, and that number can be a Tax Identification number (TIN) if the Thailand Revenue Department (RD) activates it. However if they do not activate it, then while it is allocated, it is not (yet) a TIN. This is easy to prove if one has a pink-ID and has not activated the number. Simply attempt to do an online Thai tax return. The pink-ID number will, if it is not activated to be a TIN, will be rejected. However if the pink-ID is activated as a TIN, then it will be accepted in the online Thai tax return form. At least that is what a Phuket based RD official told my Thai wife.

My experience is a small amount different. For a trading account, once the Canadian bank determined I was no longer a resident of Canada, the money was frozen. There was no one year notice. It was frozen immediately and I ended up contacting them to find out why. They insisted I provide a tax ID to unfreeze. After I provided the yellow-book/pink-ID # they then advised I could only sell equities and move equities to cash (but not purchase new equities). ... or I could close the account (transferring the money out). That is what i did. I transferred the money out (albeit it took me a while to find a Canadian institution that would let me transfer money to, with my being a non-resident to Canada - complicating this was my transferring a Canadian Registered Retirement Savings Plan (RRSP) - sort of a USA 401k equivalent). i managed to open a new account with another Canadian financial institution who were ok with me not being a Canadian resident (as long as i was a Canadian citizen), and I transferred my financial equities + cash there. To open the new account they also insisted i provide a Thai tax ID. They too accepted the Thai yellow-book/pink-ID #. I would have happily provided an active Thai tax ID to the Canadian financial institutions, if the Thai RD would have provided such to me when I applied. Instead the Thai RD turned down my TIN application (with a caveat from the Thai RD that my pink-ID# could be the TIN if and when they activated such). As I posted, since I had no Thai income and I was not bringing money into Thailand, I did not meet their criteria for requiring a Thai TIN. For the Phuket RD branch (and this may be true for other RD branches), one REALLY needs to let them know that the Thai TIN is absolutely necessary to unfreeze a foreign account. And emphasize that point to the Phuket RD, else in my experience, they will deny the TIN.

Further, i think it important to note that the tax ID required, to meet what I believe are CRS requirements, is to be the tax ID of one's country of tax residency. So if one has a tax ID from say Canada, Canada, but one is no longer a Canadian resident, but one is a Thai tax resident, and if one has sums of money in a Canadian financial institution, then Canadian financial institutions can, and do, ask for the tax ID of the country where one is now resident. The Canadian tax ID is insufficient for a Canadian financial institution for a tax resident of Thailand (who is not a tax resident of Canada). I did read that one of those CRS instances (for allowing not having a TIN) is where some jurisdictions use a "functional equivalent" to a TIN. If a country uses a functional equivalent, that number must be provided. I suspect that in part may be why the Canadian financial institutions accepted my yellow-book/pink-ID # (which RD of Thailand advised could be my tax ID if the Thai RD activated it) and even thou I advised those institutions it was not yet activated as a Tax-ID, the Canadian financial institutions still accepted it. Presumably the Canadian financial institutions decided a legally valid number (that could become a Thai tax ID) qualified as a functional equivalent, until activated as an active Thailand tax ID.

One possible note on caution in this regard - in trying to claim back tax on interest on money kept in Thai Bank account (where my understanding is that there is nominally a 15% withholding tax by the Thai bank). I think my caution not applicable to you - but it may be to others. I believe applying for such refund, does give the local RD a chance to scrutinize, or re-scrutinize one's Thailand tax situation. And given there are many different DTA with Thailand, the local RD likely do NOT know the ins and outs of each DTA and whether Thailand can assess and tax some foreign remitted income, but can not (due to specific DTA) assess and tax other foreign income. Hence if one does remit foreign income from outside of Thailand that was either pre-1-Jan-2024 savings, or not taxable due to one being on an LTR visa, or is simply not taxable as the specific source of that income may not be taxable by Thailand (due to specific DTA wording in the DTA with the income source country) ... there is STILL a risk in this case, that the local RD may not know all the ins and outs, and they may treat this non-taxable (by Thailand) and non-assessable income, as assessable, and mistakenly tax one on that income. Then to object to the local RD tax assessment one is then into appeal territory. Good luck on that. For those with minimal income - probably no concern. But for those with large remitted (but not taxable by Thailand) income this could be an expensive annoyance. A further note, income that is taxed at 15% with a withholding tax from one's Thailand bank account, is not to be considered in the assessment of one's Thailand tax threshold for filing a tax return, according to what i read in the Thailand tax law (unless, of course, one chooses to include it as assessable income to obtain the tax back). By paying 15% withholding tax on the associated Thailand bank interest, one has met their liability/obligation for that income, and it need not be reported further (although one can report such if one wants to try and obtain a refund). .... I see this going for a refund risks opening a pandora's box of local RD mistakes. In summary, one pays their money and one takes their chances. I have posted before my research into Thai tax law (on this 15% withholding tax not to be included in a Thai tax return if one does not want a refund) and I can post such again if any are curious.