paddypower

you're correct. I went off-topic. however, the underlying reason behind this proposed personal tax regime is that the Govt wants more revenues. the amount that they are going to collect is minuscule. For 90% of us expats, this is a non-issue, with careful tax planning :)

excuse me if I confused things for you. You have got it backwards. I asked (quote) 'I have a question, regarding Revolut. Can you send money abroad from your Thai bank account and if so, is it in Thai baht or do you have to buy the foreign currency, much as you have to do with Swift transfers?

wishing you the best of luck. There is a world wide phenomenon; who, the wealthier they are, the more stingy they are too. point in case, we lost a ton of wealth in the tsunami. one side of our 2 families' reaction was - 'we gave to the Red Cross. period. no worries - there's a great expression I've picked up,over the years - there's no pockets in a shroud. ;)

I wonder how much revenues are lost, due to the sweetheart deals where Chinese car imports are incredibly lightly taxed for import duty? coincidentally, you will find several of the 5 families having a financial interest in this business.

very Thai to blur his face, protecting his privacy and at the same time going OMG

Thank you for taking the time to go into such detail. I appreciate that - it grounds my thinking, which has been flying all over the place, due to what you correctly describe as badly drafted or imprecise regulations. Even if they were precise - the fact that any IO can interpret-ate any way he/she wants kills any hope. I practiced tax law, including for off shore trusts. There, you could at least tax plan close to the line between avoidance and evasion. but, TIT. The proposal to offer to maintain a 400k deposit for the next 12 months plus 775k of income is an excellent suggestion. I wlll try it out, nothing to lose. If he will not bite, then I will switch to using an agent who is capable of negotiating something better than the status quo.

it may be ok for your situation, easy to buy land, and sell. For an expat couple its a completely different story. Ive posted elsewhere that my investment strategy is to buy beach land. There is an international market for that. Go check with the banks in your area. You'll see a lot of repossessed land/shop houses. and judging by the direction that the total private sector consumer debt is going...there will be more repo's.

I have a question, regarding Revolut. Can you send money abroad from your Thai bank account and if so, is it in Thai baht or do you have to buy the foreign currency, much as you have to do with Swift transfers?

Phew! that's pretty naive of you, no? Regardless of that, there is not risk of being assessed tax on the transfer into Thailand. the only risk that I have observed is that all banks have to make a record of large, incoming transactions. what they do with that info is anybody's guess.

Bang on. I keep arguing that the Revenue Dept ought to hire a bunch of talented auditors and send theme out there, doing net worth audits on the top 10%. My Thai massage lady has 7 bungalows for holiday rentals. she put it to me like this - if they ask me to pay more tax than I am getting away with paying, I would rather die.

I keep missing the middle bit. Referring to Order 35/2561 Retirement 2.22 criteria listing (5) says (quote) must have annual earnings and fund deposited with a Thai commercial bank totalling no less than THB 800,00 until the filing date. I took a hard copy of this to IO. As I posted previously, the officer refused to accept my proposal of the combination method: 750,000 pension (not remitted equally every month of 2023) plus 200,000 on term deposit for the previous 12 months. Since I did not use the income method in Jan 2023, the frequency of my transfers to Thailand in 2023 is irrelevant. All that is relevant is that they totalled 750,000, certified by a SCB Bank detailed printout. This was a preliminary (planning) meeting. I wanted to draw down my TD from 800k to 200k, after applying for the extension.. That way, I could carry on into the 2024/5 year, with 200k on deposit, rather than being obligated to hold 800k on deposit, for 3 months and so on. Every piece of advice here seems to suggests that I cannot do that. To be brutally honest, I get obsessed about stuff like this. I'll follow the law, to the letter, but damnit if they move the goal posts. as I wrrrote elsewhere, maybe better to find an agent who will follow my thinking. (altho' 77, I'm still a spolied brat ;)

a late response - you and others have finally persuaded me that I will have to comply with both methods, when changing from the 800k method (Jan 2024) to the income method (Jan 2025. I must dig out 'Breakfast in America' and start playing 'The Logical Song' on rotation. :)

got it, finally :) thanks

way off topic - Ha! that would have been a very bumpy 5 years, if it had been the plane (Montego Air Flight 828) which was featured in the TV series Manifest (quite an interesting watch; plot-line - the plane and 191 passengers disappeared for 5 years) 555

as someone else posted - this is a fascinating topic, thanks to the OP for starting it. we're in our late 70's. so its very helpful to read posts like yours. congrats on the 2 wins. still recovering from last years WC encounter with your AB's

rumour has it that there are 2 types of visa agents - legit, who request all the paperwork/qualifications.needed and... - not so...who will let you know that they do not need earnings or term deposits, to get your your extension. can you pm me which type you use, please? i won't publish it. some of my friends use one which fits the 2nd category of agent.

Thanks I printed that out and parsed it, carefully. I'd like to ask your patience - on the following : is there any uncertainty (which, no doubt will be left up to 'my immigration officer) : when I apply for an extension in the next year? As I will ask to be considered under 2.22 clauses 1, 2 and 3. Clause 3 is a standalone condition, 65k a month, with no cross references to or from clause 5. Does that mean I do not have to follow the term deposit restrictions at #4 and #5? Bottom line, is I want my money released the day after I get my extension, next week.

Let me draw pictures, to explain my post. I'm not worried about any body or anything. Reread my previous post, if you want clarity. To quote, for the mentally challenged: but I don't want to 'cheat' not because I am cheap, but b/c it's best to avoid being compromised, when dealing with anything as important as the ability to retire here (peacefully). (end quote) 😉

Hope they're a Lot safer than the BYD rocketships 😂

and.... since these expats do not have to present proof of income or the 400k/800k option. would you live, worry-free - maybe that visa stamp is not kosher?

absolutely right. but I don't want to 'cheat' not because I am cheap, but b/c it's best to avoid being compromised, when dealing with anything as important as the ability to retire here (peacefully). That said, I have all these pieces of information from trusted forum members, and yet I cannot put together a plan for my and my wife's situation, going forward into 2024.. any advice would be welcome: We go to IO next week, following the advice of a friend/visa agent. (interestingly, she has never heard of the bribery by agents, for NST ex pats, as one of her friends works at the provincial immigration office 'IO') . I have 800k in the bank, wife and I both have IO visas, since 1999, a certified marriage cert and all the other necessary papers. Regardless of the variables/different practices that I read of, around different parts of Thailand's IO's - I am guaranteed that I will get our 2 visa extended for 12 months. For 2024/5 I plan to switch to the income method. The IO I spoke with last week was very confused as to how many months bank statements he would need, when we came back to extend our visas in Jan 2025. He said he would need from Sept - Dec 2023 . which would be problematic - as my Can. bank account access was locked, the final few days of Dec 2023. So, there is no record of any pension income being transferred to Thailand, in Dec 2023. Also, he was quite direct in saying that he would accept the 800k basis but that he did not like dealing with the monthly 65k basis. and...he's the only officer who deals with extensions and he has 'form'. For Jan2024 and every months thereafter, I will transfer 65k to Thailand. My understand from Dr Jack and Sticky and others is that I have to leave the 800k untouched for 3 months. My question is, after 3 moths can I cash it in 100% ? Thanks to all for your patience!

I stand corrected. Thanks Dr Jack & others.

Ive asked this question, elsewhere. But, unable to find the source - the public announcement where the regs were changed. Can you recollect where? Many people confirm what you write. After 25 years here, I am still naive enough to go to the IO website and assume that it is up to date. PS: ignore this post - thanks for the new reference to the 800K reg.