oldcpu

I believe most of us who obtained the LTR visa don't care re 'the numbers'. Especially for those of us who had a non-O/OA visa in the past, we are very happy with our LTR visa . And we hope that Thailand carries on with the Visa so that we have the option to go for the same Visa after the 10-years are up.. My experience in reading posts contrary to the LTR visa on this forum, is the detractors in the most part (but not always) are those who either did not qualify for the visa, or who qualified but did not get the visa because their finances were not structured in a manner acceptable to BoI. But as noted, those who have the LTR are in the most part very happy with it. .

I suspect they are only following policy directed from above (ie from Central HQ in Bangkok). Banks can be very political in their upper management, and any branch manager who goes against central bank policy does so at their own risk. The BoI website is quite clear in recommending the Endorsement Notification be provided. When the SCB bank branch manager 1st told me I needed a letter to open the account (where we would accept my old non-immigrant visa but not the LTR-WP 10-year visa (with its 5-year permission to stay), my wife and I politely asked, what letter? We stated we never heard of such. He actually had a copy of one on his phone !! I immediately recognized it for what it was. Unfortunately only a few months prior I had cleared my copy of such off my phone. So in Arnold fashion we simply smiled and said "I'll be back" .... lol ! Not quite - but I can't blame the branch manager for following bank policy. and I now do have the SCB savings account. .

I opened an SCB savings account a couple of days ago, and applied for the SCB planet card. (I am on an LTR-WP visa). Purportedly if one uses the card in one-year (calendar year ?? ) to purchase/withdraw >20,000 THB equivalent in foreign currency equivalent, one will receive one dragon pass (or equivalent ??? ) which is good for airport lounge access.

This post is about my (successfully) opening an SCB savings account on an LTR-WP visa. A few days ago, my Thai wife suggested I open an SCB Bank account, so to get a "Planet" debit card, which has some benefits that we would likely use (I think it was obtaining a "Dragon pass" (for airport lounge access) if one uses the debit card for more than 20,000 THB transactions in a foreign currency). Most likely we will need to spend >20,000 THB in a different currency, so i went a long with her idea. The thing is, this was suggested to me by my wife at the last minute during a visit to a mall with the bank in the mall. I happened to have my passport with me, and my yellow book (proving residency also) , and Thai driver's license so I said, ok, why not. They wanted to see Yellow Book, and Driver's License and obviously my passport (with LTR visa stamp inside), but they would not let me open a saving account because I did not have my LTR notification letter of endorsement with me. I have various Thai bank accounts (most opened before on a Type-O visa) so it never occurred to me to check the BoI web site, which clearly states, to open a Thai bank account, one must show that LTR notification letter of endorsement. So i went back to the bank a day letter, this time with the stamped BoI Notification Letter of Endorsement (and passport, yellow book, driver's license) and successfully opened a savings account with SCB. I also had online access to the account setup on my smartphone, and an application for the Planet Card initiated, where the card should show up in a week or so. Hence for other's on the LTR visa like me, don't be lazy like I was, but check BoI webpage, before trying to do things like opening a bank account.

I find that puzzling and i wonder if the agent is incorrect. My understanding is income from a Canadian Registered Retirement Income Fund (RRIF) does qualify as part of the $80k US$ equivalent income, and I had always understood a Canadian RRIF is partly equivalent to a US 401k in concept. In the case of a Canadian RRIF, one is REQUIRED to withdraw a minimum amount of money every year from age-71 onward. Hence that RRIF income IS assured income, Canadian tax is paid on that RRIF income and it is reported as income on a Canadian tax return. If I understand correctly - your agent is saying US 401k holders are not treated the same? You may wish to consider checking on that.

Yes, you are right - a foreign freehold condo is a good way to show you meet the $250k US$ equivalent investment in Thailand (about 8.345 THB as I type this). When I went for my LTR about 2 years ago, I could only meet the $40 K US$ equivalent ( to day I meet the $80k - but that did not matter in 2023 from what I understand - although when I reprove finances in 2028 it should matter). so I used one half of my condo purchase value from year 2016. Although it was only 15-million (of which 50% in my Thai wife's name). So since I could only claim a 7.5million investment in a condo, I managed to buy 2 million in Thai government bonds (the exchange rate was different in 2023 so 1-million was not enough then). That made my investment 9.5-million THB, which together with the > $40k US$ equivalent, qualified me for the LTR-WP. EDIT: I note my condo was worth 19-million THB based on resale values in the neighborhood when I applied in 2023 for LTR-WP visa (it is worth 22-million THB now), but BoI only want the purchase value, not current value - and purchase value was only 15-million THB. Since I now can show (via tax returns from Canada) that I exceed the $80k US$ equivalent, in 2028 I won't buy any more bonds (to replace the $2-million I purchased) but rather will simply use the $80k. I appreciate some who are just short of meeting the requirements (when applying) will be frustrated, .... but I assume it is called a LTR-WP (wealthy pensioner) for a reason. I also had issues proving self-health insurance (2 accounts with necessary amount in cash rejected as I could trade equities with those accounts). So in the end I did some minor restructuring and proved the $100k US$ equivalent elsewhere for self health insurance (another account - money actually in Euros). As it turns out, I did not know how to properly get a letter from my European Insurance company (CIgna) with precise wording to avoid having to go the self health insurance route. ... Hence in 2028 I won't have to maintain the $100k US$ equivalent, as I will then show the properly worded letter from Cigna Europe, to use that as my insurance, and I will exceed the $80k US$ threshold annual pension income (so I need not keep 2-million in THB). Some would be shocked at such need - but I re-iterate, this is a "wealthy" pensioner LTR visa. Emphasis on 'wealthy'. Restructuring one's money, IF one has the money, is not always a big thing. Its a matter of priorities. Does one want the LTR, or does one want to keep their money structured as it is. Fortunately in Thailand, there are many OTHER visas than the LTR. The LTR is not the only visa to think of. There are visas for many different financial situations.

Its getting better IMHO. My first two entries to Phuket international on the LTR-WP stirred up some interest, as the IO at the airport called over other IOs to look at my passport. This was the 'Thai citizen line' (Phuket at that time had no dedicated fast track line) so I went through the Thai line as it was MUCH shorter than the foreigner line. My Thai wife noted she overheard the IO talking in Thai - most had never seen an LTR visa before. My last entry to Phuket (less than a month ago) and there was a huge sign at the Thai citizen line, noting it was also a Fast Track/Priority line and in the smaller print it had an entry notating it was also for LTR visa holders (in addition to being for Thai citizens). I mostly breezed through the line this time, with the IO having no issue with my LTR visa , and nor did the IO call over other IOs to look at the Visa. I note the foreigner lines were all painfully long on all occasions. The LTR visa is getting better known now.

For the $100k in health insurance, I used the equivalent $100k US$ (but in Euros) that i have in cash in a Thai foreign exchange account (euros). I previously tried two different Canadian accounts (which had the equivalent $100k US cash) but the accounts allowed stock trading so those were rejected by BoI. The $100K US$ equivalent needs to be cash in an account anywhere in the world where one can not trade stocks. I do NOT believe one can use Thai government bonds for health insurance, but you can check with BoI. Since I went for the $40K / year income LTR-WP visa approach (which requires $250K US$ equivalent investment in Thailand) I ended up buying 2-million THB in Thai bonds to make up part of that $250k US$ equivalent.

Bank policies can also be slow in trickling down to individual banks at times as well. Further I believe not all bank branches (nor their branch managers) may be up to date on policy. When the 10-year LTR visa first came out, my wife was chatting to the local branch manager at a Krungsri bank, and she noted that branch had not yet been authorized by Krungsri HQ in Bangkok to open an account for a foreigner on an LTR visa. In the same mall, UOB, SCB and KBank all had the same policy (not to open an account for LTR visa holders). Less than 6 months later, thou, the policy changed. LTR visa holders now can open accounts in those banks. I suspect a non-Bangkok branch may need to check with HQ in Bangkok at times, to confirm they have the current policy implementation. Politely convincing a branch manager (to check with Bangkok when one has been refused to allow an account to open) may not be the easiest thing to do - given the cultural need to save face. I may try to open a new account in SCB in the coming days. My wife noted with an SCB account, one can then apply for a SCB planet visa 'debit' card. There is currently a promotion that if one then uses that card to purchase more than 20,000 THB equivalent in foreign currency items (ie when one is traveling abroad), as a perk (for that 20,000) one is given 'one free dragon pass' ... where one dragon pass gives one a single free airport lounge access (for any airport lounge that honors dragon pass). Such a pass is typically ~1300 THB equivalent to ~1700 THB equivalent value. Purportedly (according to my wife) this SCB planet card gives one the spot foreign exchange rate, although i am skeptical if that is true.

For the OP - congrats. Re airport fast track, a week ago I returned to Phuket Thailand from a visit to Australia. It used to be there was no 'fast track' line in Phuket International airport terminal at immigration, and at that time I would simply go to the Thai citizen line (which would have the shortest line). That worked ok. But on this last visit they had a big sign at the entrance to the Thai citizen line noting it was the Thai line, and the sign noted it was also the fast track line, and they even in smaller print an entry noting it was also the line for LTR visa holders. - - - Re: the OP's question, it has been answered. The staff at the BoI office will politely guide one through the process for their Type-O visa to be cancelled 'on the spot' practically, and also guide one through the remainder of the process. I was favourably impressed by how this was handled by BoI.

I recently returned to my home in Thailand from a visit to Australia. While in Australia I mostly used my Wise "visa" debit card (successfully), I did also on occasion use my Krungsri Exclusive "visa" credit card. Also , a few years earlier, I successfully used my Bangkok Bank "visa" credit card in Northern Ireland.

In a number of countries when outside of Thailand it is possible to get a 90 day type O for reason of retirement. One in such a case can in cases prove their finances from their bank account from outside of Thailand.

There was a time when opening a bank account with a visa exempt was possible (ie 9 years ago). I did so in 2016 at a Bangkok Bank branch in Phuket town (although it wasn't easy, as UOB, SCB, K-Bank and Krungsri all refused then to let me open a bank account when Visa exempt). . However times have changed, as have bank policies. The Bangkok bank branch where I opened my account in 2016 have a big sign that they will no longer open bank accounts for those who are Visa exempt. They will thou open a Bank Account for those on a Type-O, Type-OA and some other longer term Visas. To the best of my knowledge, this (not allowing account to be open if Visa exempt in Thailand) is bank policy across all of Thailand, and it is not Thai law. I have read on this forum that there are agents who will facilitate the opening of a bank account when Visa exempt (for some nominal fee). Your 'mates' best approach may be to find such an agent and have them help to ope an account. or alternatively exit Thailand back to their home country, obtain a Type-O visa, and return to Thailand, and open an account then as soon as they arrive in Thailand. Possibly, given travel expenses to leave and re-enter Thailand, an agent approach may be the least expensive approach, if your mate can find such an agent.

Further, in the mean time, we have Royal Decree 18 which clearly states that some foreign income is tax exempt in accordance with some agreements on Double Taxation (DTAs). The interpretation here by many is by saying 'tax exempt' in that Royal Decree it also means exempt for Thailand tax calculation purposes, which basically equates to not being assessable income for Thailand. Of course this also depends on the wording of the relevant DTAs as to whether the foreign income is tax exempt in Thailand. Many DTAs do not make the foreign income tax exempt.

I think Krungsri also has that exchange rate policy ( of a 2% to 2.5% fee embedded ( hidden) inside the exchange rate they give with conversions via US$) when using one of their credit cards outside of Thailand. When I am outside of Thailand I use my Wise debit card, where I have already prepositioned money in the local currency. At least this way I know in advance the exchange rate I will be getting ( albeit obviously there is guess work as to currency movement after one pre converts the money in wise to the foreign currency).

Not available for new customers for Krungsri. I don't track SCB. The Krungsri notification states: "Krungsri would like to inform you that the Bank will stop accepting new customer registrations for Krungsri Online service starting April 22, 2025. Existing customers can continue to use the service as usual."

Krungsri online website is here: https://www.krungsri.com/en/personal ... in the upper right corner will be a 'sign in'. There is also a place in upper right corner where language can be changed to 'english'. However, they are about to stop that service for new users. I just went to their web site and i received this notification (copy & paste): Krungsri would like to inform you that the Bank will stop accepting new customer registrations for Krungsri Online service starting April 22, 2025. Existing customers can continue to use the service as usual. My Thai wife tells me SCB have also canceled their computer online access.

I wasn't my comment, and while I would not say they are 'talking nonsense', i do believe they are wrong. Not in Thailand, but in Canada I have had accountants in tax return filing company make a number of mistakes in my tax return for one taxation year. Revenue Canada immediately got back to me demanding I correct my tax return, and by the time I finished sorting the mess with the tax return filing company I ended paying even more money to both the tax return company and to Revenue Canada. After that sour experience, I always researched more and I did my own returns ever since. Once bitten - twice shy. The tax return companies #1 priority is to make money for the owner and the people who work for the company. They do so by advertising they will provide a service ( i.e. filing someone else's taxes for same person). But that does not guarantee that they will get such tax return correct, and if the tax return return is rejected, the rejection goes to the person whose tax is being filed. it does NOT go to the company that prepared the tax return. One then has to take up the problem with the tax filing company how they screwed up a tax return - and then refile one's tax return. Its IMHO an example of "Let the buyer beware". One is buying as service which may be EXCELLENT, or it may cause more TROUBLE than it is worth. .

I've looked through in reasonable detail the two DTAs that affect myself (Canada-Thai, and Germany-Thai) and I have read of no such 'equality' clause. The DTAs are to prevent double taxation. Best that I can read, they are not intended to treat everyone the same. Best wishes to anyone trying to get Thai RD to agree on such, but I would be (pleasantly) surprised if one were to succeed here in getting anything official to treat all the same in the example you note.

No. I believe former German residents are potentially required to pay Thai tax on any Germany sourced 'aged' pension (but I suspect NOT required to pay Thai tax if their German pension is a German government worker pension). Those in receipt of ANY Canadian sourced pensions, are only required to pay tax on those pensions in Canada, and NOT in Thailand.

Duplicate post

My experience is typically overseas trading companies want the Thai TIN if one is assessed to be a Thai tax resident. I am a Thai tax resident. The Canadian Bank of Montreal (BMO) froze my trading accounts with them until I could provide a Thai TIN (after which they required I close my accounts with them as I was no longer a Canadian tax resident). Subsequently, two Canadian mutual fund/stock trading companies, that would allow me (as a Canadian citizen, but non-resident to Canada) requested a Thai TIN for me to open up an account with them. I had previous applied for a Thai TIN in Thailand, and I was denied such as I was bringing no money into Thailand. I was thou told by the Thai RD official, then if and when i were to get a Thai TIN, it may be the same as my Pink-ID (which I have). The official advised my Pink-ID was not yet activated as a Thai TIN. So I provided the two Canadian trading companies my pink-ID # (in lieu of a tax ID) and in the comment field beside the foreign Tax-ID I typed that the Tax-ID was not yet active. They accepted that.

If you only spoke Russian or Chinese , you would have a much more difficult time in Phuket , than if you spoke English. Even the Chinese and Russians in Phuket, if they don't speak Thai, need to speak English to get by. That is the simple fact of the matter. There is so much massive disinformation and axe grinding spins on this topic of Russian and Chinese presence. Yes those nationalities are present, as are many many many other. Which (this massive disinformation re: Chinese & Russian's in Phuket) IMHO is simply GREAT - it will hopefully keep away more tourists, and keep away more expats, and keep the place less busy. its already far too busy with tourists.

After reading an earlier post of another user, I correct this to be: as a result of BREXIT, a new office was set up in Brussels, and all EEA customers needed to enter a new Customer Agreement with the European arm of the company (then called TransferWise Europe SA ( and now Wise Europe)).

I stand corrected. Rather, as a result of BREXIT, a new office was set up in Brussels, and all EEA customers needed to enter a new Customer Agreement with the European arm of the company (then called TransferWise Europe SA ( and now Wise Europe)). .