Yumthai

It cannot be "in addition", it's "either...or". PWC: "In order to support low income earners and the aged, the first THB 150,000 of net income is tax exempt. For a resident who is 65 years of age or older, an exemption is granted on income up to an amount not exceeding THB 190,000." https://taxsummaries.pwc.com/thailand/individual/income-determination moneymgmnt.com: "The first 150,000 THB of your net income is not taxed (this number is increased to 190,000 THB for residents aged 65 and older)." https://www.moneymgmnt.com/tax/personal-income-tax-rates-thailand/ Guide to Personal Income Tax Return 2021 (ภ.ง.ด.91) page 4: "A taxpayer who is 65 years of age or older is entitled up to 190,000 baht of income exemption from his/her total income" https://www.rd.go.th/fileadmin/download/english_form/030265guide91.pdf https://sherrings.com/personal-tax-deductions-allowances-thailand.html

The 190K are not a deduction, it's an exemption. People of 65 yo or older are entitled to an income exemption up to 190K instead of 150K Baht.

"guarantee" says who? Please provide source and references. A loan is a loan, a line of credit is a line of credit. Thailand cannot reinterpret global standard definitions. Now, if you mean you think that they will start taxing debts, this is a very speculative and unreal opinion.

You sell an asset be it property, car, gold, jewelry, watch, stock, bond, ... you name it. You get a sale receipt/certificate while holding LTR Visa. You transfer sale proceed to Thailand. TRD asks you where the money comes from. You show the sale receipt/certificate that indicates a year you were under LTR visa. Remittance is tax exempted. TRD will never ask you the full history of when/how did you buy the asset in the first place because it's a never-ending story. You could have made multiple trades of multiple assets with multiple accounts within the same calendar year.

About prior earnings/savings: you buy then sell any low volatility asset (transactions happen outside of Thailand) while holding LTR visa. Sale proceed can be remitted tax-free in Thailand because you have an evidence if asked that capital gain occurred while you were holding LTR visa.

You will pay tax if you remit the money directly to your Thai bank account. However, if you transfer money directly to your wife Thai bank account from your Swiss account as a gift, she won't pay tax up to 20M THB remitted in the same calendar year.

CRS reports information on account holders who are tax resident(s) outside of the country where they hold their accounts. No information is sent to the country of citizenship if not tax resident there (except countries that apply citizenship-based taxation).

Well, the answer @SHA 2 BKK received from BOI is rather clear: "We would like to address that for the LTR tax benefits: the revenue department has already announced a royal decree to exempt the LTR- Wealthy Global/ Wealthy Pension/ Work from Thailand from paying the income tax derived from oversea business/ work and assets. Therefore the change in conditions will not effect the exemption of the LTR mentioned group. Therefore, we can assure you that the incentive of the LTR visa is still the same. We also believe the revenue department will shortly give an official clarification also as it is their main responsibility and we will work with them to get the procedure for future assistance i.e. to address when you wire in the money that it is from the work remotely (same as in LTR application)- the revenue can cross check with us if they want, don't worry."

These people, if they wish so and because they can afford, can simply apply for a LTR visa and be tax exempted on their foreign money remittance.

It's not a deduction, people of 65 yo or older are exempted on income up to 190K THB instead of the usual 150K THB.

You absentmindedly forgot the other empowered crowned one.

When we will see Thai Authority start taxing effectively all the money transferred via every payment channels to Thai nationals from their sponsors/relatives abroad, and that's a significant amount of cash, we can reasonably begin to worry... not before.

Actually even less . 480K THB - 60K (Self allowance) = 420K THB taxable imcome = 19,500 THB PIT = 4.1% average tax rate If wife has no income: 480K THB - 60K (Self allowance) - 60K (Wife without income allowance) = 360K THB taxable imcome = 13,500 THB PIT = 2.8% average tax rate A taxpayer of 65 years old or older is entitled to up to 190K THB of income exemption from his total income, so first non-exempt PIT tier rate (5%) will start at 190K not 150K. That could reduce even more the average tax rate. If taxpayer has income from employment: 480K THB - 100K (Expenses) - 60K (Self allowance) - 60K (Wife without income allowance) = 260K THB taxable imcome = 5,500 THB PIT = 1.1% average tax rate Updated 2023 information on Thailand PIT and deductions: https://taxsummaries.pwc.com/thailand/individual/taxes-on-personal-income https://taxsummaries.pwc.com/thailand/individual/deductions

Moreover Wise transfers, as many other P2P money remittance solutions, are local transfers not international inward wire transfers.

Easy workaround with savings earned prior getting LTR Visa: If you want to transfer $100K to Thailand, just buy an S&P500 ETF for $100K, then sell your shares right away or any time you need it (with good timing you could even realize some capital gain). You then have proof of the ETF sale and can transfer sale proceed tax free the same year in Thailand. If you worry about volatility just select a less volatile ETF/Stock of your choice or any other asset.

OK for corporate, what about personal bank account?

According to Sherrings: Reportable customer information is information about customers who have: 1. 3,000 or more deposit or inwards transfer transactions in a year (with no specified total baht amount for the year); or 2. 400 or more deposit or inwards transfer transactions that total 2 million baht or more in a year. So, there will be no reporting if someone has less than 400 deposits/inward transfers in a year regardless of the annual total amount.

Let me correct it with 2023 data at current exchange rate: Using the 100k deduction, and two 60k allowances (me and wife), here's what I came up with: -- Effective tax rate of 1.8% for $15,000 -- Effective tax rate of 8% for $30,000 -- Effective tax rate of 16.2% for $60,000 -- Effective tax rate of 19.5% for $80,000

Translation of the new rule: Section 1: A person who is Persons residing in Thailand according to Section 41, paragraph three, of the Revenue Code who have assessable income due to work duties or activities conducted abroad or because the property is in Foreign countries according to Section 41, paragraph two of the Revenue Code In the said tax year and took that assessable income Entering Thailand in any tax year That person has a duty to include that assessable income in the calculation. To pay income tax according to Section 48 of the Revenue Code In the tax year in which the assessable income was brought in in Thailand. It's clear to me that some types of assessable income have been specifically defined in the order, thus logically not including all the types listed in Section 40 of Thailand's Revenue Code.

Expenses 100K THB and Self allowance 60K THB. 500K annual income (minus deduction 160K) will give 2.3% average tax rate.

Can you recommend where (country/bank) and how to open a personal offshore bank account? As you may know opening such account as a non resident (since you are Thai resident) is not an easy task. Let's say you manage to open the offshore account as a Thai resident. It's a non resident account (but maybe you can explain how to open a personal resident bank account offshore?). CRS information will be reported each year to the bank account registered country address (Thailand, home country, ...).

The tax dividend in Thailand is 10% for any dividend income from listed or limited companies in Thailand, not foreign companies.

Thinking out loud. Agreeing that foreign income will be taxed on remittance basis, you could remit each calendar year dividend income from US stocks/ETFs. As a Thai tax resident and according to DTA, US automatically applies 15% withholding tax on dividends (US non-resident alien). These 15% could be offset as a tax credit from your Thai income declaration. Tax in Thailand will be void. You can calculate the amount of money you remit in order that your average tax rate in Thailand remains at 15% or lower. According to 2023 PIT rules, need to declare a bit less than 1.75 M THB (~$48K currently) basic deductions included to get that rate.

No way, it would drastically increase the amazingly low unemployment rate they are so proud of.

Below links to relevant information: https://www.konradlegal.com/2021/10/01/taxation-in-thailand-inheritance-gift-tax/ https://www.mondaq.com/withholding-tax/1258476/brief-on-taxation-for-foreigners-under-thai-laws https://taxsummaries.pwc.com/thailand/individual/income-determination