Thailand to tax residents’ foreign income irrespective of remittance

[loumaripol]

Hello all,

Having received my retirement extension for one year on January 29 I assumed I could use the funds in my account. 

My extension was granted on the basis of US Consulate affidavit for income. I never showed the Bank Book and letter to the officer.

Questions:

Am I correct in thinking that the income affidavit method leaves me free to continue to use the funds I had seasoned for 3 months? 

Is the bank book and letter proof of THB65k income now in the regulation?

What was the date the new regulation (2 months prior, 3 months after extension) came into force?

 

Many thanks for any clarification you can offer. The pace of change in rules makes me feel insecure about what will happen next.

[ubonjoe]

No changes when using the income option. There is no requirement to keep the money in the bank for any amount of time.

[elviajero]

3 hours ago, loumaripol said:

Am I correct in thinking that the income affidavit method leaves me free to continue to use the funds I had seasoned for 3 months?

Yes. If you use income to meet the financial requirement you do not need to keep any amount of money in your bank for any amount of time.

 

3 hours ago, loumaripol said:

Is the bank book and letter proof of THB65k income now in the regulation?

Yes. It is now an option in place of the embassy letter. If you want to renew next year based on income you will need to show 65K min going in to your bank account every month. OR a combination of income and cash in the bank.

 

3 hours ago, loumaripol said:

What was the date the new regulation (2 months prior, 3 months after extension) came into force?

The new rules apply from March 1st. And that (2/3 month) rule only applies to people using cash in the bank.

 

If you are using income there is no change other than the way you prove your income. From now on you need to make sure you send at least 65K to your Thai bank every month.

 

IF you have 800K in your Thai bank you could leave that permanently in your Bank and apply for your next extension using the 800K; and then you can transfer your living expenses as and when you need them.