wordchild

He has made a big deal about his Thai Citizenship in the past. I don't know if he got it via the PR route, but maybe he is just peed off that some people have been able to obtain , what is effectively PR, at least for 10 years, without jumping through all the hoops that he had to go through. And even more annoyingly these LTR holders enjoy tax privileges not available to Thai Citizens or holders of Thai PR status.

He doesn’t like this visa and never (as far as i recall ) had a positive word to say about it. From what he says, I just presume he was unable to attend the BOI LTR community update recently , as many of the concerns/objections he raises were dealt with during that meeting ( including by a senior representative from the Thai Revenue Department) and also at the follow on sessions after the main meeting . These involved one on one consultations with BOI officers. Personally I did attend all of this and reported feedback above. I know TIT and things can change but, as of right now, he seems not to be a reliable or unbiased source on this subject.

well for Gods sake sell them, stay lucky!

Yes, the questioner was quite specific, using that as a possible future scenario, and the answer from the Revenue gentleman was clear. In such a scenario, the taxation benefits of LTR visa holders would not be affected. That is what he said anyway.

In response to audience questions, the BOI officer stated that she expected that people would be able to renew their visas after the 10 year period basically by repeating the initial application steps.

I went along, The first thing to say was that they promised to post the slides, on their site, within the next couple of days. There was some clarification on certain issues esp re the tax situation for the Wealthy Global and Wealthy Pensioner members; this arose thanks to questions from some of those present (rather than directly from the presentations) . However there was a lack of clarity/specifics on other issues and there were many questions that were not dealt with satisfactorily (my opinion) especially relating to the position of those who were working in Thailand eg Highly Skilled professionals etc. Also a number of those present reported getting conflicting information from different Tax Offices. However for those in the Wealthy Global and Wealth Pensioner Group the senior guy from the Revenue department was very clear on a couple of points, (in response to audience questions). 1) There is no issue regarding the timing of receipt of overseas income. He was very clear that overseas income was exempt from Thai tax, for those visa categories, regardless of when it was brought into the country , including income brought into country during the current year. In response to a question, he stated that this situation would not change even if there were to be be a more general change to the tax system , eg a move to worldwide taxation for the country at large. 2) There is no requirement for those visa categories to report overseas sourced income or to fill out tax returns relating to that income. I am sure others will follow along with more info.

the format and email header is exactly the same as the one posted above

it came from the regular address ltr at boi go th

I got the email as well and it came from the BOI email address (which i dont seem to be allowed to post) so,on the face of it, it seems genuine.

If you like history search for "The Rest is History" a series of Youtube videos (each around 50 minutes long). 2 British history professors discussing significant historical events from ancient times right upto the modern era. Interesting and entertaining . IMHO its the best thing on Youtube.

Supports Trump, says it all,really

Certainly he became Prime Minister as the result of a deal with the military, and i am sure he must regret some of his associations at that time. On the other hand he was a competent leader who genuinely tried to move the country forward before the Thaksin inspired Red Shirt protests shook the country to its core. In terms of his intellect and honesty he stands head and shoulders above any other recent Prime Ministers.

Just get a Thai will drawn up that references your non Thai assets

On my last entry, a few weeks ago, i had a brief interaction with a friendly IO. I mentioned some of the issues I had had in answering (fully) some of the questions on the form. his response was , 1) all I can see on the system is that you completed the form and 2) don’t worry too much about this, we know it has been poorly designed and feedback has been given, we hope it will improve going forward.

The current Government (and the last one) put into place a number of (laudable) schemes to try to help people escape the kind of debt cycle that is described in the OP. The aim is to give help to those who make moves to help themselves and to keep people away from informal lending operators. The banks and other (legitimate) loan companies have signed up to these schemes , though, from what i have heard, not all banks have been eager to promote what is available. The banks can take advantage of certain Govt/Bank of Thailand benefits when they assist their customers through these schemes, so there is some incentive for them as well. I would suggest that the OP pushes his family members to find out about what kind of help is available. Probably the best place to start is by having an open and frank discussion with the banks and/or loan companies involved and see what they suggest. The Bank of Thailand and others have made efforts to publicise the help that could be available , which can involve things such as a reduction of the principal amount or an interest free period, but , historically, the take up has been disappointing.

It is not difficult or particularly expensive to access stocks/funds or bonds (incl UK ones ) from offshore; there are plenty of low cost investment platforms/brokers to choose from. However you need to put in some leg work and upgrade your knowledge so as to avoid the high charging myth peddlers who will be trying to offer you advice. You can also retain assets in the UK but that does make your tax position slightly more complicated. For anyone doing this i would strongly recommend using a qualified UK accounting firm to advise you. Obviously there will be some fees to pay but it will ensure that your assets are efficiently structured. Best to use established accounting and legal firms rather than the myriad of "offshore" advisors that are out there. In my opinion (FWIW) , if your intention is to move abroad and never return, its better to (over time) get all your assets , including property out of the UK.

I know a little about the way UK banks operate and i really have serious doubts about the information provided in the OP. The onus is on the sender to demonstrate to his/her bank that the recipient of the funds is someone they know and they have genuine reason for making the transfer. If the bank has concerns about the facts, as provided, then they can just refuse to make the transfer. As far as i am aware , the only reason for a bank to completely freeze a customer account, is if they had reason to believe that the account was being operated in a suspicious way, or that their customer was the victim of fraud and , possibly, had also been subject to other frauds and or scams in the past. If this is a genuine situation then the OP should inform their "relative" to call their bank , speak to a security officer and explain what is happening. If the bank , for whatever reason, cannot satisfy themselves that the transfer request is genuine, then the sender needs to withdraw the transfer instruction and request the unfreezing of his/her account. If the bank refuses to do this (ie unfreeze the account) then it would seem like they have some fundamental issue with the way in which the account is being operated.

sounds like the UK bank suspects fraud or a scam. not really sure why you (the recipient) are involved. I suspect that what the bank needs is for THEIR customer to demonstrate the reason for the transfer and also that they have confirmed the identity of the recipient ie you. freezing their account sounds extreme , when all they need to do , if they have concerns, is to refuse the transfer.

Apologies if this has already been covered but has anyone checked with the BOI as to what happens after the 10 years. I presume if the program is still in existence one can simply reapply and start again, but has anyone checked this?

Yes, good point, hands up for that one.

Singapore has many advantages over Thailand - a more stable country with a strong rule of law - minimal corruption, at any level. - a strong and well regulated banking system. - English as the official language for education and Government. So for the (already) wealthy expat , its a great place to keep your money or to establish your Family Office or your kids Trust Fund, none of which means you need to be a resident in the country btw, but as a place to actually live, Thailand beats it hands down. And i speak as someone who lived (and worked) in Singapore for several years

I suspect Pattaya is unlikely to be the first choice (for the people i was thinking of) , not that it doesn't have its attractions!

Absolutely spot on and I have lived in both places. Maybe some have not noticed, but Thailand is attracting an increasing number of wealthy full time residents.

At the current price TG has a market value similar to Singapore Air , which has 2x the revenue of TG. SIA is valued at 1.2x its net assets , TG is valued at 5x its net assets (according to Bloomberg). Thai Air issued c26 billion of new shares to investors, including to its debt holders , as part of its restructuring. Consequently its shares outstanding increased by around 14x. Currently the debt holders, who took part in the restructuring, are restricted from selling their shares until Feb next year. I suspect the share price of Thai Air will adjust once all the new holders are free to sell.