Yumthai

Sorry but I don't get it. He surely can do what you say but he can also sell during a tax resident year and remit tax free during a later non-resident year.

Even if that expat sells the offshore asset, realizes the gains, earns the income during a year he is Thai tax resident, if he remits this said income in a later year he's not (anymore) tax resident in Thailand, this remittance is not in any way (according to the current law) assessable in Thailand.

I disagree on "earned non-resident". All foreign sourced remittances are tax free while being non tax resident. There is no written law stating: Foreign sourced income remittances are assessable for non tax residents if the foreign income was earned while being tax resident in Thailand. Au contraire the tax law states: https://www.rd.go.th/english/6045.html 1.Taxable Person 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. I believe that, as long as this rule is not amended, it prevails.

Yes. I can't articulate it better.

That's the way to go for US nonresident alien investors. In a year being non tax resident in Thailand, not only you can sell and remit asset proceeds covering one or more years living expense, but also set in stone end-of-year offshore accounts cash balances for later tax free remittances. Depending on one's wealth this strategy could cover many tax exempted years.

Nobody knows, outcome is hit-and-miss with Thai institutions. But they will without doubt understand a bank statement balance.

If not been tax resident in 2024 then all offshore cash balances on 31/12/2024 became (tax exempted if later remitted) savings.

WISE is not a bank. https://wise.com/help/articles/2932693/how-is-wise-regulated-in-each-country-and-region Indeed. Wise Payments Limited is an Electronic Money Institution (EMI), i.e. a financial institution, required to follow the country laws where the account is held. It's regulated in several countries and regions including UK, US and the European Economic Area (EEA). https://wise.com/uk/help/articles/2932394/how-does-tax-work-with-my-wise-account "Wise is required to follow local tax laws in every country we operate in. That means in some countries we might be required to: - withhold on currency transfers, - give customers an invoice for their remittance, - report customer data to the local tax authorities Certain Wise entities must comply with the global anti-tax evasion regimes, FATCA and CRS, due to the type of products they offer. For example, our product, Assets, causes a subsidiary of Wise, Wise Assets UK Ltd., which provides the Assets product to fall within the scope of FATCA and CRS as a Custodial Institution. Customers that participate in Assets who are deemed to be reportable persons will be reported to HMRC in line with the Automatic Exchange of Information. Wise is working directly with the Electronic Money Association (EMA) and the Organisation for Economic Co-operation (OECD) to ensure our processes and products combat any tax evasion. As and when Wise is obligated to collect and report customer tax and financial information to tax authorities we will do so. In addition to tax requirements, other regulations may require Wise to collect certain data, like transactions over a certain threshold, and report it to regulatory bodies. Our Terms and Conditions of each entity provide more information about what we may need to report to different tax authorities." https://wise.com/help/articles/1yIMYUKchCnDYxP1pn5B5t/understanding-taxes-when-using-wise-interest-yield-or-stocks "As a regulated financial institution, we’ll only share your tax information with relevant government tax authorities if we need to. This is to comply with international tax standards like the Common Reporting Standard (CRS) or the Foreign Account Tax Compliance Act (FATCA). We might need to share information about where you're a tax resident, your gains and losses, and the amounts you hold in your Wise balances or Jars with Interest." https://wise.com/community/policypositions "We’ve also worked with the Organisation for Economic Co-operation and Development (OECD) as it seeks a global consensus on international taxation of the digital economy."

You're actually hiding your current tax residence(s) because this is what Wise is required to know to comply with OECD standards. But as long as they don't address you directly to update/confirm your residence I guess it's OK.

Considering there is no capital gains tax on Thai stocks/funds, isn't it more profitable, even computing the high Thai banks fees, to invest in Thai funds replicating US funds say S&P 500/Nasdaq-100 indexes? Besides, a confiscatory US estate tax shouldn't be triggered on the Schwab account holdings in case of death?

Can't wait to see that. The only few cases will be the scared sheep running to file putting themselves in the tax system with unstraightforward foreign income situation where TRD is not able to process the DTAs and other exemptions from the foreign supporting docs then will tax full remittances regardless.

That certainly should be an extraordinary number of people. (Un)surprisingly, it seems you are not very familiar with how Thailand works.

https://www.pwc.com/th/en/tax/assets/thai-tax/thai-tax-booklet-2024-25.pdf Under this instruction, A person who resides in Thailand at one or more times for an aggregate period of 180 days or more in any tax year and has assessable income due to work duties or activities performed abroad or assets that are located abroad according to Section 41 paragraph two of the Revenue Code in that tax year and has brought that assessable income into Thailand in any tax year, has a duty to include that assessable income in calculating income tax under Section 48 of the Revenue Code in the tax year in which the assessable income is brought into Thailand. This PWC statement refers to tax residents only.

https://www.rd.go.th/english/37749.html#section48 Section 48 (3) (3) The taxpayer may elect to pay tax at the rate of 15.0 per cent of the following income under Section 40 (4) (a) and (g) instead of calculating the amount of tax as under (1) and (2): ... My understanding is that you have the choice to select the 15% WHT on interest as a final tax thus not to be declared. More information: https://sherrings.com/interest-income-personal-tax-thailand.html

That is unclear and anyway unenforceable since non residents do not have to file for foreign sourced income remittances.

It's 15% tax on interest. PWC: "Interest received from bank deposits, loans to finance companies, debentures, and bills issued by a corporate entity is subject to WHT at a flat rate of 15%. Individuals may choose to exclude interest income from other income, in which case they pay the 15% WHT, or they may choose to include such interest income with other income and pay tax according to the PIT rates, in which case the tax withheld at source is credited against the tax liability."

Indeed, FATCA W-9 form is used for US persons. However, if you have additional tax residence in countries other than the US, Thai FIs should require you to fill a CRS form as well. Example: MFC Asset Management FATCA/CRS Self-Certification Form https://did-admin.mfcfund.com/Uploads//Website/Registrar/Forms_TH/d7d311c62a52.pdf

CRS rules apply to FIs, FIs should apply CRS requirements to all their customers regardless of their citizenship. That's the case worldwide. Now, who knows how Thailand will operate.

Foreign and Thai customers as well. Or are you implying that Thai banks will discriminatorily assume that Thai people can't hold other tax residences nor bank accounts outside of Thailand (thus their Thai bank accounts don't need to be reported to other countries)?

So what do you suggest? Moving address to another TRD jurisdiction that will accept you to file in order to pay tax? Sue the ignorant local TRD office because they don't allow you to file?... Any other smart-ass idea?

Indirect taxation is the efficient way to proceed. To me, putting the onus on the individual to declare and pay taxes with very random checks is nonsensical and counterproductive as the figures show.

We can imagine the impressive watches collection held by some high ranking TRD officials.

IMO less risky than having a visa/extension illegally stamped in your passport.

How so? Is the decision on visas / extensions in your hands? No. All your life decisions, including deciding you're going to pay tax or not, are in your hands unless you are a muppet. Needless to say, all the consequences of your decisions shall be assumed.