oldcpu

I think this is mostly the case for the Type-OA non-immigrant Visa (where the Health Insurance must be from the Thai branch of a health insurance company) but not the case for the LTR visa Health insurance requirements.

I have an LTR visa. While I went the self health insurance route (to satisfy BoI), in my case I also obtain excellent subsidized Global Health Insurance from Europe (from a European organisation based in Germany) as part of my pension. Combining both my 'voluntary medical insurance' and my 'Long Care Insurance', I pay about 240-euros per/month out of my pension for insurance. Further the organization where I used to work (as part of my pension) also contributes about 200-euros per month for insurance. Currently this is via Cigna Europe. That adds up to the equivalent of about $480 US/month equivalent payment for the Insurance, where my age is 70 and my wife age 57. This global insurance coverage is unlimited and it is very very good - for it covers both myself and my wife. My insurance, while exceeding the Thai requirements, was not accepted even though unlimited. The insurance company documentation proof I provided did not meet the format/structure requested by Thailand. I did not realize that if I would get a letter from the Insurance company stating they exceeded the $50K US$ equivalent insurance coverage, that such a letter would be accepted by BoI. Hence I went the Self Health Insurance route ($100k US$ equivalent savings cash in a bank savings account). So I am currently happy with the LTR - and as an additional note, I wish that the Type-OA Visa requirements for Self Health Insurance would be as flexible as BoI is with the LTR visa Health Insurance acceptance.

Two of my good friends (both retired and 10 years older than myself) at present time always use an agent. They would agree with the "Use an Agent" items 3, 4, 5, 6, 8, and 9. I note also they are very well off, so money is not an issue for them. Its all above board for them (ie 100% legal) and they in essence give the agent limited power of attorney to handle their retirement extensions on their Type-O non-immigrant visas. I prefer not to use an agent. I am not sure why - possibly I prefer to be in control of my own details? Hence I suspect the "not use an agent" #3, and #9 applied to me (that is before I changed to the LTR visa - now its all a mute point). Also at this stage of my aging life, re-investing the 800k (to make even more money than I already have) is not important to me - as earning more money simply means more tax paperwork to file - where likely I will never spend that additional money (above and beyond my current savings - where I am not likely to spend my current savings). I think everyone is different here - and its best to go with the approach one prefers based on one's own situation.

Add to the "Not Use an Agent" 9. You are retired, you have lots of time, and would rather spend the money (saved by not spending the money on agent) on a good dinner with friends.

I note a big change in the BoI web page on the statistics for the LTR Visa for 31-May-2024. Instead of reporting "Statistics of LTR Visa Qualifications - Endorsement Applies for each Category" they are now reporting "Statistics of LTR Visa - Qualifications Approve". What does that mean precisely? I don't know. Is an error in the BoI web page? or has the baseline changed in how they are reporting LTR visa statistics? As a result, I note there is a MASSIVE monthly reduction in the numbers for LTR Visa 'total applications' in all category per the current page - presumably due to the baseline (as to how this is reported) has changed, or maybe they just made a mistake. Possibly I missed something already reported on this forum?

Further to Liquorice's excellent post, .... if one is already in Thailand, there are Bangkok based translation services that to do all the 'leg work' (needed to be done in Bangkok) in regards to in part helping to get one's Canadian marriage (to a Thai ) registered in Thailand. I married my Thai wife in Canada back in 2001. In December 2020 (during COVID days), while I remained in Phuket, I had a Bangkok based translation service do the "leg work" for me in Bangkok. From Phuket, I couriered to them (in Bangkok) the marriage documents (together with limited power of attorney to do the marriage recording paperwork - they provided the legal forms) ... and they took the marriage certificate to Canadian Embassy in Bangkok to have the marriage certificate certified, they (translation service) provided the official translation, and they (translation service) took the resultant documents to the Thailand Foreign Affairs in Bangkok to have the resulting documents legalized (?)/certified(?). They then couriered all the documents back to me in Phuket, and my wife and I went to the local Amphoe in Phuket, and had our marriage registered, and I received the Khor Ror 22 (KR.22) which was needed by Phuket immigration for a one-year extension of my permission to stay in Thailand. I note some ( most (?)) district immigration in Thailand may require the KR.22 to be updated yearly, to continue to prove one's marriage status, each time one goes for the annual renewal on one's permission to stay. I found paying the translation service to do the leg work in Bangkok, saved me having to fly to Bangkok, stay in accommodations there, and do all the leg work (embassy, translation office, foreign affairs) myself. I have never used an agent, but in this case, having the translation service do this, made it a lot easier for me (especially given this was during COVID times).

I don't believe there is such a credible statement re the Thai Government removing the LTR tax benefit. My guess is at most you simply read someone else's speculation.

I have been using the Thai line ( when accompanied by my Thai wife ) at both Bangkok and Phuket airports immigration for over 10 years.

duplicate post - deleted

Hmm ... not precisely - there can be circumstances where this is not the case. Lets take Canada for example. If a person with a PR to Canada, soon after arriving in Canada, then marries a Canadian, but that Canadian then decides to move out of Canada (with their PR spouse) and that person with the Canadian PR for the next 30 years does not return to Canada - as long as that PR stays married to the Canadian, outside of Canada, the person with the Canadian PR status does NOT lose their Canadian permanent residency. Canada has decided once one has the PR, if they marry and stay with a Canadian citizen, then they keep their Canadian PR status, regardless where they live in the world. These generalizations about PR are exactly that - generalizations , and there can be exceptions and one really needs to check each country's circumstances.

This is IMHO true - one must have their finances structured in the way BoI want - but for those with the wealth, I do not believe it says the entire picture. If one was a tech billionaire worth billions, it stands to reason that some relatively small amount of those billions could be liquidated, and then structured in a way to provide the regular income in a form that met the BoI requirements. Quite possibly there would be a tax impact for the 'relatively small' (by billionaire standards) liquidation of stock, but still possibly doable. Sadly I am neither a tech billionaire nor tech millionaire, ... but still I note in my case, my health insurance from Europe is 'unlimited' but that was not acceptable to BoI ( I did not know that getting a letter from the insurance company with a specific $ number of coverage (exceeding the BoI requirement) could be used) so instead I went the $100k US$ self health insurance route. I had the prerequisite >$100K US$ equivalent in an account in Thailand (that could be used for self health insurance), but I had plans for that money, so I did not want to use it for self health insurance to satisfy BoI. So instead I tried pointing to different accounts overseas which had the amount, but because I could trade stocks in those accounts, they each were rejected. In the end, I came to the conclusion I was being too stubborn, I then used my Thai account for the prerequisite >$100k for self health insurance, and I then restructured the overseas money I had, in order to follow though with I had originally planned to use the money in Thailand for. OK - not ideal - but doable. So if one has the money, often a little restructuring will enable one to set up their finances to meet the BoI requirements. Yes - I would agree it would be nicer if such was not necessary - but likely for those with the money, there is a way forward, and I doubt that tech billionaires would not be able to find a way to do a small amount of restructuring.

Does it not thou, still get back to the issue that a tax return for one's income, is always submitted for income from the previous year. One does not submit a tax return in the same year for the income being earned. I don't speak Thai, but the draft translation I saw for RD743 stated (for LTR_WP) : "the Revenue Code shall be exempted for a foreigner categorised as Wealthy Global Citizen, Wealthy Pensioner, or Work-from-Thailand Professional who is granted a Long-Term Resident Visa under immigration law for assessable income under section 40 of the Revenue Code derived in the previous tax year from an employment, or from business carried on abroad, or from a property situated abroad, and brought into Thailand." Note the translation states 'income'. Nominally, when one is reporting on a tax return, it is for assessable income ... not savings ... and it is always income from the previous year, which, since tax returns are done annually, would be the very earliest in which one could submit a tax return. It is always the previous year. So I note your point, but its not so clear to me. Also this is just speculation based on a rather, shall I say, shoddy written Bangkok Post article. My suspicion is there is no issue here for LTR visa holders noted, but one needs to make their own judgement call on this as time goes by and various information is presented.

Deleted - posted to soon in error

I read the article, and I can't help but think the author of the article is mixing up business/company taxes and personal taxes. I note that because the article stated: " Ms Kulaya said the department plans to expand the tax base by requiring platforms with an income of 1 billion baht or more to report their sources of income." ... Serious ?? 1-billion baht income per year? How many individuals is that applicable to ? The remainder of the article may or may not be true - but its a mishmash , jumping back and forth between business requirements for tax and that for individuals, and not making it clear which may be applicable to which. Very poorly written article. Very poor. Also, it makes ZERO reference to the LTR visa, so is it even applicable here?

I note the same, in excess of 24 hours and sometimes a few days (for Wise transfers from Canada to Europe). Having typed that, I have also noted that for smaller amounts of money being transferred, Wise is cheaper than the traditional bank transfers and also, despite the time noted for the transfer, in my experience Wise is also faster than the traditional bank transfers.

Thankyou for noting that publication article. I went and searched and found it. Of interest to me, is the article states in excess of 4,000 holders of the LTR visa. Note the word "holders". Now if one goes to the BoI website for the LTR visa, one will read as of the end of April-2024 there were 7,322 applicants for the LTR visa. Basic math (assuming both those websites are accurate), suggest there could be about 3,000 applicants for the LTR visa who either had the application declined, or who are still waiting the LTR visa approval.

I wonder if this also may dependent on the BoI 'screening' officer. When I applied in Jan-2023, I sent both 2020 and 2021 taxation documents - and they insisted on receiving my 2022 taxation documents (which nominally is not due in Canada until April-2023). By the time the dust settled to obtain my LTR-WP visa, I ended up sending BoI taxation documents for 3 years. I concede thou, it may have just been bad timing on my part. Applying in January or February of a year may not be the best time when applying for an LTR visa (as BoI will ask for most recent tax documents, even if not yet available). .

I think, in practice, that was true for most, but it was not true for all. It was not true in my case. One of my pensions is from a multi-national organisation, where I am required to pay tax in accordance with the law of the country in which I am a resident. Before obtaining the LTR visa, I would always leave my income in Europe (and live in Thailand off of savings) and hence I believe I was in practice not in trouble with Thai authorities (for as you note, the remittance taxation practice applied to everyone before the more recent clarification/change). However the multi-organisation which provided that pension, queried me about my taxation, and they were a bit skeptical when I noted I was compliant with Thai law (as I was not bringing my income into Thailand). Before the LTR visa I could not then easily point to any Thai tax document. They did in the end accept I was legally compliant (based more on faith than me having any revenue document to prove), but it did require a bit of convincing. The same was true with an investment I made in Canada. They wanted proof of my paying tax on my global incomes, and they were skeptical in regards to the 'remittance taxation practice' of Thailand in regards to my taxation practice for Thailand (the country of my residence) - in particular for some of my European income. Again, they did in the end accept I was legally compliant, but it did require a bit of convincing. This was a bit annoying to me to have to convince people I was legally compliant in regards to tax. I would get strange looks and queries, and I was on the receiving end of inferences that I was avoiding paying tax (which was not the case - I was taxation compliant). Now with the LTR Visa, and RD 743, I can show them such and its much easier for me. Its much more clear than before (albeit not perfectly clear, as has been pointed out by the concerns of some in this LTR thread). As often is the case in life, any given legislation will be helpful for some, and not helpful for others.

True for the 2023 tax year (where tax returns would nominally be filed early in year 2024) ... although I believe your point not true for the 2022 tax year (where tax returns nominally filed early in year 2023), as I believe that recent note about foreign income brought into Thailand had not yet been announced in very early 2023. Correct me if I am wrong re: the 2022 tax year. Also I note dependent on how much financial information one provided to BoI during their LTR visa application, the BoI may have a good insight into one's finances, and BoI might spot that year 2022 income was brought into Thailand (by a foreigner) was brought into Thailnd in the same year it was earned - and they could 'theoretically' (albeit I don't believe it) have passed such to the Thai Revenue Department. Again, I don't believe this. But in such a case, the Thai RD would then have clear evidence for enforcement of taxation under the previous tax interpretation, if they wanted. I have heard of no such cases. I believe that is consistent with the view - no taxation on money brought into Thailand by LTR visa holders. Also, the Thai RD tax clarification for foreigner tax residents to pay tax (on money brought into Thailand) was after the LTR visa first came out, and as I noted there was a time window where I believe my comment applied. So I think the 'comment' of mine (that you quote) was valid for one taxation year (before the recent tax announcements, that I assume you are noting). Regardless, as noted multiple times on this thread, BoI have made it clear for LTR visa holders (such as LTR-WP) that foreign money brought into Thailand is not taxed by Thailand. Again, when one nominally files an income tax return, the income noted in one's income tax return is for the PREVIOUS year. One does not file a tax return for income still being earned in the current year. Hence many of us interpret this as confirming no Thai tax on that income for the noted LTR visa holders. This is FULLY CONSISTENT with what BoI have stated. I also agree, as also noted in this thread, if one is concerned, then simply wait a year (as in the past) after earning the money, before bringing the money into Thailand. The tax understanding of the situation should be more clear in a year or two from now. A further point I want to make, is that the very same as in the past, its also difficult for Thailand RD to know which year money brought into Thailand was earned (and whether such covered by a DTA), unless one has already passed such information to BoI or to the Thai RD , and if in the case of BoI, ... only if BoI then went and passed such information to the Thai RD there might (?) for some, be a concern? That all reads to be very unlikely and problematical to me. Still, I agree with all that it would be more re-assuring for some, if the Thai RD, in addition to BoI, would simply state ( 'no Thai taxation on any foreign money brought into Thailand' ) for LTR visa holders, just like BoI have stated). I am not worried about such, but my financial situation is likely very different from others.

Indeed, as I typed : " I assume its those, who want to bring a large amount of money into Thailand at one time, and do so immediately upon obtaining the LTR Visa, who are mostly concerned about how the taxation law is applied. " How Jim Tripper believes that is a bad assumption to be concerned , and because one is concerned one could be hit with a huge tax bill all at once (for their concern) - makes ZERO sense to me. "Concern" implies one needs to be careful (and act accordingly to manage not paying unnecessary tax). I can only assume he read my post too quickly and misunderstood the word 'concerned'.

What assumption are you referring to? DId you read my post correctly?

I mostly thought the same - but it turns out, for the income documents I provided, they misunderstood what they read? ... < I am unsure > . Maybe I summarized things badly in my cover 'PDF' files. For example, I listed in a simple cover PDF (supported in subsequent pages in the PDF) how I met the $40K US$ equivalent income for a wealthy pensioner (I received income from different sources, from both Canada and Europe). I clearly listed all my income (including tax documents) and supported this in subsequent pages with copies of official government documents noting the pensions. In the case of Canada, I listed my "Old Age Security" (and I provided the appropriate Canadian government tax document). I did not receive a Canadian Pension yet, so I did not obviously list that as part of my income. Yet BOI sent me an Information Request, asking to see the taxation document for my Canadian Pension ! I first phoned them, and then followed up with a PDF reply to their document request, noting I did not yet receive a Canadian Pension, nor did I need a Canadian Pension to meet the $40K US$ equivalent - where I again listed the exact sources (with supporting documents) as to where my income came from (all passive pensions). They only then accepted my answer - but I am still puzzled to this day, why did they ask for my taxation proof of a Canadian pension, when I never claimed to have such a pension. .... I can only assume they read, were puzzled, and wanted more information? Or maybe the BoI screening officer wanted me to show significantly more income than I was already showing, so they could get my LTR-WP visa approved by their superior? i don't know. It was/is a puzzle.

That is true. I think for many of the expats on an LTR visa, we have no desire to bring all of our money into Thailand. I have been an expat, mostly since 1989, and I have lived in various countries. Ever since becoming an expat, I have adopted a policy of never keeping all my money in any one country. That approach of mine has complicated my life a bit (in my needing to file tax returns to multiple countries every year), but I massively prefer the diversification that it provides me. I assume its those, who want to bring a large amount of money into Thailand at one time, and do so immediately upon obtaining the LTR Visa, who are mostly concerned about how the taxation law is applied. I note two years have mostly gone by since the LTR visa was announced, and I have not yet heard nor read of any case (not even one case) where an LTR visa holder had to pay tax on money that that they brought into Thailand since getting the LTR Visa. .... Hopefully as time goes by, there will be more confidence on this - and the various taxation companies, will update their initial (likely overly conservative) statements/assessments.

I note that the first LTR visas were issued in late 2022, where such income (for the 2022 taxation year) should have had income tax returns filed (if needed) by March/April 2023. And further there were many LTR visas issued in 2023, where this being June-2024, taxation submissions for taxation year 2023 (if needed) should have been submitted by March/April-2024. If there was an issue with bringing money into Thailand for LTR visa holders, given there have been 2 taxation years since the LTR visa came out, I suspect we would have heard of such by now. I have read no news where Thai RD went chasing after LTR visa holders for money brought into Thailand. But that is just my opinion - maybe I missed reading an official RD notice specific to LTR visa holders needing to pay tax in the scenario that concerns you .. ... and further I note my opinion is no better nor worse than anyone else's. I assume we may find out more in the coming year or two, either by total silence on this, or by some active news on taxation. My speculation is that Deloitte will need to update their (June-2022) legal opinion on taxation aspects of RD 743 as the months go by. But again this is speculation on my part - and I have no more insight than anyone else.

Let me 'rephrase that'. "Frankly, I think Deloitte, due to an abundance over caution, have this incorrect - and they are giving their customers a less than fully accurate assessment.".