Yumthai

Scaremongering season open again!

TRD people randomly and unsurprisingly say one thing and the opposite, that is quite dangerous. The law remains unequivocal.

You are free to believe any Thai law expert or smart-ass official interpretation you read here and there but there is only one thing that is right: the Thai law. And it says: Taxpayers are classified into “resident” and “non-resident”. “Resident” means any person residing in Thailand for a period or periods aggregating more than 180 days in any tax (calendar) year. A resident of Thailand is liable to pay tax on income from sources in Thailand as well as on the portion of income from foreign sources that is brought into Thailand. A non-resident is, however, subject to tax only on income from sources in Thailand. This remains valid until amended. https://www.rd.go.th/english/6045.html So unless you come back with a Thai court judgement or case law to back you up, any statement saying that "A non-resident could be, in certain case, subject to tax on income from foreign sources" is irrelevant.

So they accepted your well written pieces of paper showing big numbers in a foreign language they barely understand as an incontestable proof of inheritance (actually they have no other choice). I suspect a lot of Thai resident foreigners will inherit the same way substantial amounts in the years to come.

Nope. Being non tax resident is all that matters and makes any foreign remittance tax free, regardless the individual tax residence situation when the money was earned.

I agree with property ownership and the overall English speaking level, everything else is very subjective. The big downside IMO is Malaysia/Malaysians are quite boring compared to Thailand/Thais.

What makes you think that affluent educated people are more attracted by Malaysia than Thailand?

Amazed you were granted a DTV in the first place. The perfect illustration of what is already obvious: Thailand has no mean to check any foreign documentation you provide. Screening officials will randomly accept, at their discretion, any photoshopped docs and reject genuine ones. Ludicrous.

Good marketing would be: "LTR Visa: The easy (only) way to get your foreign income tax-free in Thailand!". That would surely attract more applicants, however it would be politically borderline (admitting the wealthy as usual don't pay tax).

That's very interesting. So, a one-time stock sale in the past year amounting at least 80K USD will qualify? That opens the LTR-WP visa to the growth investors broader crowd.

Solution for this year income: Increase your investment so that your Thai dividends minus deductions/allowances will far exceed the 10% income tax bracket. Your 10% WHT on dividends becomes a (lower rate) final tax, nothing to declare.

What makes you think that doing P2P crypto exchange is illegal in Thailand? No such law.

As long as they are not enforced or can be bypassed by timely workarounds, rules are not an issue.

As a true sovereign country Thailand will follow their own rules as they've always done, somewhat pretending complying with whatever foreign authorities "require" from them. Smokes and mirrors.

Bank policy. Opening a non-resident bank account is perfectly legal in Thailand. However, if successful, most Thai banks will open a resident account while on tourist visa/exemption.

So you're implying remittances forwarded to construction companies (within X days?), car dealers and by extension any Thai company dissociated from the remitter would be -illegally- considered non assessable income by TRD since beneficial for Thai economy. Interesting. I think TRD will not start screening bank accounts remittances and ask questions more than they ever did before, simply because they are not capable or willing to deal with all multiple and inconsistent tax and country DTAs rules plus foreign documentation they can't check.

Then that's a false statement as you can't provide a proof of residence. In that case why not randomly picking up any of the countries in the list. In real who cares as nobody will check or ask for a proof.

How much % do you assess people who remit undeclared several millions -truly tax-exempted or not- to buy property in Thailand will be likely to be audited? That's a bunch of people (Thais and foreigners alike).

You have the right to have your opinion. It reminds me all those naysayers in the 90's castigating about Internet.

Wider your perspective and do your homework. Bitcoin is certainly not meant to replace Fiat currencies for daily payments, other blockchain technologies are/will be much more efficient for that use.

The fact that you don't understand the utility of Bitcoin does not make it useless.

You surely be more successful adding same-gender services.

Taxes are targeted to the middle-class complying sheep. People who are wealthy enough to invest substantial money somehow do not pay taxes. That is so obvious for them it's unnecessary to mention it.

You can't provide a TIN if you don't pay tax. That's what I told my EU bank filling their FATCA CRS self-certification form, and they are very fine with that.

You're underestimating the weight of the informal economy that remains totally untaxed. There's certainly a substantial number of Thais that should pay taxes all income considered but don't (declare).