Conno

Hi there. I know what you mean. I have an account with the other outfit in Thailand and while I have managed to secure verification, on every occasion [done it several times since opening the account years ago] I can concur it is an absolute nightmare process. It really does feel like they just can't be bothered and rather not have the complication of expats accounts. However I may have some super good news for you. Please read the article in the following link. Only just heard about this today and it lifted my spirits no end. I have also just come off Binance customer support chat after asking them if there are any updates on this new venture. I was told no updates other than what is in the link and the new subsidiary of Gulf Binance is still scheduled to be launched sometime in Q4 2023. I told them to pass it on up the chain of command that they will be almost guaranteed all of the expat crypto communities business if this exchange opens here. Thailand crypto exchange treatment of non Thai accounts seems to be deteriorating more with every month that passes. Fingers crossed buddy that this opens here. https://www.kitco.com/news/2023-05-26/Binance-secures-operating-license-in-Thailand-its-first-in-Southeast-Asia.html

Oh boy this new PM really going for it now. Come back Big TU all is forgiven. Once again, the article is in the publication that can not be linked. Inheritance tax rejig mulled, todays date 9th Oct 2024 This won't really affect the average expat posting on here, but it does give us all a vivid insight into the way this new government is thinking. Never forget that the current global currency system is on its last legs. Desperate people, do desperate things. Politicians especially.

The link that was deleted above. Opinion piece in that which can not be linked here. Easy to find - New tax rules require clarification - todays date 08 Oct 2023

To use a meme term that originated in another popular sector, you're are talking about FUD. Humans hate instability, especially when it comes to financial matters. Confidence and trust are everything. FUD erodes that like a cancer. FUD = Fear. Uncertainty. Doubt.

100%. For those without insurance yet another potential calamity waiting in the wings as retirees age. The more we examine the implications of this impending change there are fewer and fewer reason for expats to consider Thailand as a favorable twilight years retirement destination. I'm sure there are many more that we haven't even considered yet. I know the right way to view all this presently is to wait and see as it may all change again, but I'm not feeling very confident that will be very likely in this instance. Hope isn't a strategy I consider a sound way to base your future plans on. After saying that my last hope from a personal perspective is that Thai Elite visa holders will secure an exemption, however unlikely that may be. If not I think it is safe to say Thai Elite will be also facing their very own Titanic moment. Putting selfish considerations aside, I really do share the concerns for all retirees with property, wives and children and roots firmly dug in to the 'OLD' Thailand. Easy to say just leave when you are younger with more energy, freedom and still have earning potential. Sadly as usual if this comes to pass it's the most vulnerable who end up paying the biggest price. Anecdotal story to finish. Was only talking to a Singaporean / Dutch couple early last month while I was in a barbers getting my hair cut. Conversation came around to them asking me what were the best options for retiring to Thailand as they were loving it here. Naturally I recommended that the Thai Elite program was something that they could consider if money wasn't a big issue for them. They handed me their phone and I directed them to the official Elite site. [This was also pre price increases announcement] Conclusion to this story is that it would be a very different conversation today than the one we shared several weeks ago.

Well that clears everything up then LOL Ps. Dear Guavaman. Still remain a little confused ref Question 1. Can you elaborate as I really remain at a complete loss on how one would steal a Bear?

Regarding the noose tightening, totally and it's a global phenomena lets not forget that. The reality is we live in a society and financial system that is designed with an architecture that perpetuates poverty for the majority. Taxes and inflation are the primary drivers of that. Lets face it, the current fractional reserve fiat currency system is completely broken, overburdened with debt. What we are currently discussing here is just a local symptom of a very global problem.

According to this article even a Thai Privilege [Elite] spokesperson has no idea how this will impact their long term offerings. What a mess this is, left hand, right hand, clueless. Conclusion - Thailand is not a solution for high net worth individuals. Which is exactly what Thai Privilege membership is all about. We have a problem Houston. https://www.imidaily.com/program-updates/thailands-tax-tightening-on-foreign-income-raises-questions-about-implementation/

I remember your audit post from before as it contained excellent advice, but I have one question. The previous legal way as you point out was to accumulate the funds in the holding account up to 31st Dec of the year it was earned but defer any remittance until the following year. Come Jan 1st you can then transfer in the funds in that holding account but make sure you don't add anything further to that account until you have sent everything you wished to from it. You can then start adding to the holding account once again, accumulating up to 31st Dec and on and on it goes, I get all that. My question is regarding the new advice you have just been given. Surely if you top up the holding account [with income accrued in 2023] but then transfer your living money for 2024 from that holding account BEFORE Dec 31st this year that will make those funds reportable for tax in early 2024? In other words you sent the funds into Thailand the year it was accrued by not waiting until after Jan 1st. Maybe the answer is to top up the account with savings before the end of the year for spending in 2024 and not anything from a taxable source? However that can't be the case as this directive only came out a couple of weeks ago, therefore you must have been adding earned funds to that holding account in 2023 already preparing for the usual Dec 31st - Jan 1st method. Cant quite work out why they would suggested that as it just seems to then fall within the old rules again i.e sending funds into Thailand the year it was earned. Unless I'm missing something, this just seems to place you between a rock and a hard place? I hope they are correct and it all falls apart [I think highly probable] However, what an absolute nightmare this all is while we wait for clarity.

My Father used to say 'Money doesn't bring you happiness, but at least you can be miserable in luxury'. My Fav. They say there are two things guaranteed in life, death and taxes. Na it's three, death, taxes and $#!t.

There must be legal implications to this too even though I am no expert. Is it really possible to renege on one of the most important benefits that was sold to members and possibly one of the most important in making the decision to go ahead and buy?. I think it ranks a lot higher than discounts on spa treatments. Of course there is the usual small print that states things like some benefits may be subject to change and beyond our control etc. OK even if it turns out that existing members have no case legally, this would be a devastating blow to Privilege marketing and future applicants. Something I am sure they are acutely aware of. Trust is everything, especially when talking about the sums of money involved with these visa packages.

This might be of interest to Elite visa holders. Taken from the official Elite site [now Privilege] and not from one of those agent related Elite sites. Of course TIT so if this is set in stone or not remains to be seen. Point to ponder though, considering Thailand Elite have only just jacked their membership packages up from between 50% to 400%. it's possible they have been caught out just as much as everyone else with this news. I imagine if all this comes to pass it might really destroy their business model. i.e membership fee plus tax up to 35% extra on top. Who in their right mind is going to pay that? So I'm speculating in the dark corridors of power there might be a good chance the Elite visas also end up remaining exempt.