Negita43

As I am quite old and I want it easy for my Thai partner to access my money when I die .so my plan for 2024 was to transfer all my assets to Thailand this year. so I was somewhat miffed about this new process/implementation of an existing rule (unknown to me). To me there are too many unknowns about what will happen with interpretation/implemetation of this "rule" and I am somewhat unsure about being able to provide a sufficient paper trail to prove what was an asset and what was income Ok so here is my strategy for getting all my assets over here which was my original plan for this year. It's fairly simple but can anyone see a problem with this strategy or am I being naive? 1. Leave the country for over the requisite number of days say March 2024 2. Return to Thailand after that number of days say October 2024 so I will not be a tax resident for 2024 3. Between October 2024 and December 31 December 2024 transfer all income and assets up to that date to my Thai Bank account. That will just leave me with my state pension to declare as income in 2025

Thanks Mike that's as maybe but UK stock market is somewhat depressed at the moment and most of my stocks are showing loses from when purchased.

Like I said once before this is like creeping Ivy. So if income in say 2024 in say the UK is invested in stocks and then at a later date stocks are sold and remitted what is the situation then? I can see all sorts of complications here - what if I held a stock in the UK pre 2024 is sold and the proceeds re-invested in another stock in 2024 is that then taxable? Also stocks held in an "ISA Wrapper" in the UK are free of all UK taxes (Capital gains and dividend) but if they are remitted to Thailand (even if held before 2024) do they become taxable in Thailand - It's a minefield.

A small clarication if possible - is income retained in the UK for more tha 1 year taxable or not taxable? Keep up the good work Mike

Whatever you do make sure you still have liquid assets - second hand property (especially "in the stick" is not popular with Thais and will probably require purchase by a Farang.

I would have thought that would only be true if the "gift" came directly from the source of the money - if the "gift" came from you (if only for a brief period) then you would be subject to tax before the act of "gifting". Equally if the "gift" came from your employer I suspect it would be treated as income and the "giftee" woulld be taxed on it.

Roth??

Not just your wife - I think that syndrome is in many Thais' DNA (que sera sera)

Yes that crossed my mind too - Korat is not at the center of international banking - I had a kasikorn external Euro account for several years, when I tried to tranfer the funds to my UK bank Euro account using Swift/BIC codes they couldn't do it - ended up paying me around 7000 Euro in cash which caused no end of issues as most FC accounts only accept bank transfers in not cash. Upside was it meant I had to make several trips to Spain to spend it!

Yes, I tried to open a Standard Chartered Singapore account (who used to say you only needed £2000 to open one) a couple of months ago (shortly after the big huha about money laundering in Singapore). I actually had a telcon with someone there he said you need a minimum of $200,000 to open an account.

Either or Account at Bangkok Bank in Korat Tried to set one up yesterday could not they would only offer a normal joint account. Went to Siam (where I already had an account) they claimed to have set up an either or account BUT I am sceptical that it actually just a normal joint. asked for copy of the papers that I had signed - they refused!!!! My feeling like the banks the world over - we are there to serve their profit motive - they are not there to serve us.

If you want this for pain relief I think there are better options. I have been prescribed it for pain relief by hospitals in Thailand and I do not take it. https://www.drugs.com/gabapentin.html

Thread heading please

You may think so but what is the end result of both?

I am not disputing what the article says (nor agreeing with it). However, there are things we ingest that are reckoned to be just as harmful https://www.who.int/news-room/fact-sheets/detail/alcohol But I still enjoy my glass(es) of wine - I started drinking wine (never touch beer) at 25 and I'm now over 80 and my last blood test showed the liver is holding up well. As the old saying goes - All things in moderation

I would like to see an answer to this one too

I was just about to open a joint bank account with my Thai partner (of 12 years) to make it easier for her to access money if something happens to me - however: With the implimentation of the recent rules about foreigners having to pay tax on "income" remitted from overseas I am wondering if that is such a good idea as it might complicate her tax position - she has a government pension and already pays tax.

A slight variation I use a debit card (UK) to pay for medical bills: 1. If I can prove the money was in the bank account before 01/24 will that be taxable? 2. Are medical bills tax deductible?

There is an old saying about never putting your eggs in one basket - keep them all till they expire.

So am I - your handle says it all - forums are for exchanging information not really for slagging people off (although many like you do).THE END

Thanks - no criticism of you - but that tells us a lot!

What Websites say and what happens in real life can be two entirely different things. Nothing like asking (politely) for the experiences of those that have actually done it

In my Macro (Korat - opposite Do Home) in the freezer cabinet with the Roti and spring roll frozen pastry

Can anyone tell me what the channel code SYSG means on a statement - better still anyone have a list of these codes and there meanings Some are obvious such as ATM but others a bit more difficult).

It seems that this forum has many members who's intellectually challenged Including the original poster - "members" is a plural form "is" (who's = who is) is singular verb