TAT latest: Elite card holders who buy a condo can stay "long term" and get work permit - but there's a catch

[BritManToo]

32 minutes ago, Neeranam said:

Not sure why you doubt this. I know many rich people who live here.

Why do you live here? 

Because I can't afford to live in the UK without working.

And I seriously doubt you know any rich people, because rich people don't mix with poor people and you have even less money than me.

[GeorgeCross]

3 minutes ago, donnacha said:

This is just a guess, but I think they are structuring things so that they can claim, with somewhat more validity then they currently can, that the Elite card holders / investors are a legitimately tax-resident while not actually being properly resident.

A million is nothing, it's a building or a few condos. That is enough, however, for the Elite card holder to be generating income in Thailand and paying actual taxes on that. The work permit clears up any doubts about whether they are allowed to work their investment. 

So, the money generated in Thailand will allow them to claim, truthfully, that they do actually pay taxes in Thailand, even if most of their money, from their online job, ends up being untaxed.

The main thing Thailand wants to protect, as it ramps this up post-Covid, is their international reputation. They now need to be a tax haven, but they don't want to be called a tax haven.

 

 

ding ding ding - we have a winner!!

 

 

[tomazbodner]

11 minutes ago, BritManToo said:

I've been to Koh Samet, Koh Libong, Pattaya, Hua Hin, Trang .......... last 3 dirty and all bitey.

In Vietnam Vung Tau Back beach and Da Nang, all really really clean and no bitey insects at all, was surprised. 

No prostitution in these places? I'm surprised, too!

[BritManToo]

57 minutes ago, TheFreqFlyer said:

So are many Vietnamese beaches; the ones without tourists are full of trash. There are plenty of good Thai beaches, you just haven't traveled much - I suggest you look further than Pattaya or Bang Saen.

Can't be bothered, I just want a cheap direct flight to a nice beach.

Thailand can't offer me that, Vietnam can (if the borders ever open again).

[owl sees all]

I need to see more 'meat on the bones' before I get interested in this.

 

Very vague Topic.

[mtls2005]

53 minutes ago, Neeranam said:

Investing half of that, $500,000, I could get a retirement visa in the USA. Not sure about a WP.

 

21 minutes ago, Berkshire said:

The USA does not have a retirement visa.  What are you talking about? 

 

I think the EB-5 Investment Visa (TEA) floor has been raised from $500,000 to $900,000?

 

Increased minimum investments

The standard minimum investment amount has increased to $1.8 million (from $1 million) to account for inflation.
The minimum investment in a TEA has increased to $900,000 (from $500,000) to account for inflation.

 

https://www.uscis.gov/working-in-the-united-states/permanent-workers/eb-5-immigrant-investor-program

[ThailandRyan]

4 minutes ago, BritManToo said:

Can't be bothered, I just want a cheap direct flight to a nice beach.

Thailand can't offer me that, Vietnam can (if the borders ever open again).

Yes straight over and to Cam Rhan I will be headed.  

[Neeranam]

23 minutes ago, BritManToo said:

I've been to Koh Samet, Koh Libong, Pattaya, Hua Hin, Trang .......... last 3 dirty and all bitey.

In Vietnam Vung Tau Back beach and Da Nang, all really really clean and no bitey insects at all, was surprised. 

I was on Koh Mak recently, much better than Vietnamese beaches.

[Neeranam]

4 minutes ago, mtls2005 said:

 

 

I think the EB-5 Investment Visa (TEA) floor has been raised from $500,000 to $900,000?

 

Increased minimum investments

The standard minimum investment amount has increased to $1.8 million (from $1 million) to account for inflation.
The minimum investment in a TEA has increased to $900,000 (from $500,000) to account for inflation.

 

https://www.uscis.gov/working-in-the-united-states/permanent-workers/eb-5-immigrant-investor-program

Thanks, and people here from the US complain about just keeping $25k in the bank for their retirement visa.

[Pravda]

1 hour ago, Neeranam said:

Not sure why you doubt this. I know many rich people who live here.

Why do you live here? 

 

Oh you again. 

 

 

[Pattaya Spotter]

1 hour ago, TheFreqFlyer said:

So are many Vietnamese beaches; the ones without tourists are full of trash. There are plenty of good Thai beaches, you just haven't traveled much - I suggest you look further than Pattaya or Bang Saen.

 

Also some very nice Vietnamese ones, but one thing that stands out about Vietnamese waters is they're cold, compared to Thailand. At least anywhere north of around Nha Trang that is. Northern Vietnam is not a year-round beach destination. The water and air temps are comfortable for forays to the beach between April and November only. Locals might find even April and November to be a bit too cool so their window is between roughly May and October. 

 

Even as far south as Mui Ne during the dry season, the water temps can be a little on the cool side for a tropical country, but definitely not too cold for a swim. However, temps can get down to like 23 or 24 degrees C around there, which is a lot lower than Thai waters. Phu Quoc is in the gulf of Thailand hence enjoys similar water temps to Thai beach resorts. 

 

All Thai beach areas are year-round destinations. 

 Good observations...both countries have good beaches and Thailand's you can use all year long. Vietnam isn't a year round tropical country...Hanoi is far enough north and at such an elevation that it gets snow in winter doesn't it?

[BritManToo]

16 minutes ago, Neeranam said:

Thanks, and people here from the US complain about just keeping $25k in the bank for their retirement visa.

Post a snap of your phone app bank account showing a balance of $25k ........ any country, any currency ........ go on ........

No, come on, you keep talking down to everyone on this forum, but you're poor as a rural Thai farmer (but without the land).

[Neeranam]

1 minute ago, BritManToo said:

Post a snap of your phone app bank account showing a balance of $25k ........ any country, any currency ........ go on ........

I don't need to keep money in the bank for a visa. 

[Pravda]

2 minutes ago, BritManToo said:

Post a snap of your phone app bank account showing a balance of $25k ........ any country, any currency ........ go on ........

 

His posts have been nonsensical and all over the place for years. Is he really comparing Thai economy with a US one? He's comparing US investment visas with pensioners keeping 25k in a bank account? 

 

But he knows rich people ????

 

His fairytale stories about Thailand being a great place to invest have been going on for years. 

 

Funny thing how Japanese staff in my wife's company "only" gets paid 150k a month and they are going back because they are overpaid. But I'm sure he knows a bunch of thais in menagement positions making 200k ????????

 

What a fairytaleorama

[BritManToo]

3 minutes ago, Pravda said:

His fairytale stories about Thailand being a great place to invest have been going on for years. 

I'm guessing when you're broke, no pension, and working hand to mouth in a foreign country, fantasy is all you have. I've met a few in Chiang Mai, mostly borderline crooks selling Insurance/Investment advice/Pension advice/Real estate with work permits from fake job descriptions and fake salaries (office manager anyone?)

 

At least if he gets citizenship he'll have the 700bht Thai pension to look forward to at age 65.

[Neeranam]

3 minutes ago, Pravda said:

 

His posts have been nonsensical and all over the place for years. Is he really comparing Thai economy with a US one? He's comparing US investment visas with pensioners keeping 25k in a bank account? 

 

But he knows rich people ????

 

His fairytale stories about Thailand being a great place to invest have been going on for years. 

 

Funny thing how Japanese staff in my wife's company "only" gets paid 150k a month and they are going back because they are overpaid. But I'm sure he knows a bunch of thais in menagement positions making 200k ????????

 

What a fairytaleorama

Oh dear, a trolling stalker. Shouldn't really but.. what you say is not true and nonsensical.

 

So you know my posts from years ago and you've only been a member since last year?

 

I have NEVER said Thailand is a great place to invest in.

 

I know rich foreign people, please read. I do know rich Thais too, what is hard to believe about that?

 

 

[BritManToo]

6 minutes ago, Neeranam said:

I know rich foreign people, please read. I do know rich Thais too, what is hard to believe about that?

I guess a hotel receptionist could legitimately claim to know rich people.

Or a school-teacher in a private school, or a room cleaner in a 5* hotel.

 

But if you're claiming any sort of interaction with 'rich people' beyond that, as in being their pal ........ NO.

 

My misses sometimes drives some seriously rich people's moms around town, has lunch with them, etc.

They come around and speak to me now and again (COVID stopped them selling one of their houses to a Chinese crook for 90MBht earlier this year), I get little gifts of food whenever they appear.

I guess by your 'I know rich people' standards I know rich people too.

[ThailandRyan]

19 minutes ago, Neeranam said:

I don't need to keep money in the bank for a visa. 

It's stuffed in his mattress, lol.  Brown envelopes fill his life.

[Eibot]

2 hours ago, donnacha said:

There was some discussion of this news when I posted it yesterday in a related thread. I was not able to create a new thread here in the News section, seems to be restricted.

My own take is that this move actually indicates a direction that would be a lot smarter for Thailand than it at first appears.

https://forum.thaivisa.com/topic/1184176-tat-turning-to-the-super-wealthy-to-boost-domestic-tourism/?do=findComment&comment=15848334

In short, some bright spark has figured that taxes in most of the world are going to rocket post-Covid and that, along with the swing towards remote working, there will be a big increase in the number of individuals and families attracted by the loophole of Thailand not taxing income generated abroad.

Thailand's tax system is designed to benefit rich Thais but, at this crunch-time for the Thai economy, they can leverage that to attract a significant number of well-heeled expats. Not quite the actual super wealthy who can afford the Bahamas, but a wider target that, in particular, takes in the European middle classes, the same audience that Mohammad Bin Salman is targeting with Neom.

They will just keep referring to the "super wealthy" it order to make it easier for the ultra-nationalists to swallow these concessions.

 

 

You don't need a work permit to pay tax in Thailand.

[donnacha]

9 minutes ago, Eibot said:

You don't need a work permit to pay tax in Thailand.

This post, a little further into the thread, explains why the work permit part of it is important to the Thais pushing this new paradigm:

https://forum.thaivisa.com/topic/1184325-tat-latest-elite-card-holders-who-buy-a-condo-can-stay-long-term-and-get-work-permit-but-theres-a-catch/?do=findComment&comment=15850926 
 

 

[Pravda]

9 minutes ago, Neeranam said:

Oh dear, a trolling stalker. Shouldn't really but.. what you say is not true and nonsensical.

 

So you know my posts from years ago and you've only been a member since last year?

 

I have NEVER said Thailand is a great place to invest in.

 

I know rich foreign people, please read. I do know rich Thais too, what is hard to believe about that?

 

 

 

I know rich Thais, but I don't know any rich foreigners. The occasional supposed rich foreigners who live in 100k a month condos always want to sell me their used 200 baht baby toys on Facebook groups. 

 

 

 

BTW another great reply with no substance. What's the average salary in Thai international company? Or even better what's the aveage salary in a Thai company. 

 

[donnacha]

5 minutes ago, Pravda said:

The occasional supposed rich foreigners who live in 100k a month condos always want to sell me their used 200 baht baby toys on Facebook groups. 

Well, you don't get rich just throwing those 200 baht baby toys away!

This is what it now takes to be considered starter-level rich:

https://www.bloomberg.com/news/articles/2018-05-23/bankers-don-t-think-you-re-rich-unless-you-have-25-million

 

[Eibot]

4 minutes ago, donnacha said:

This post, a little further into the thread, explains why the work permit part of it is important:

https://forum.thaivisa.com/topic/1184325-tat-latest-elite-card-holders-who-buy-a-condo-can-stay-long-term-and-get-work-permit-but-theres-a-catch/?do=findComment&comment=15850926 

 

 

Maybe. 

 

I'm legitimate taxable in Thailand and pay tax, but don't work in Thailand. It all depends on the taxation agreements Thailand has with the country you have your business in. I'm not going to pay a million Baht to get a WP to keep paying tax the way I have been doing. 

[JusticeGB]

Plan designed by Elite people who run a bankrupt company that has failed to meet its targeted sales in every year of its existence. People who have Elite cards are not even at the front of the queue to come back to Thailand as tourists!

[NCC1701A]

3 hours ago, webfact said:

 

If the card holder subsequently invests $1 million (31 million baht) in Thailand in the following year they will be eligible for a long term stay and a work permit.

do you get a special card you can show the police when they are shaking you down on Sukhumvit in front of your million dollar condo that says go away and leave me alone?

[bodga]

3 hours ago, webfact said:

The media did not report what long term actually meant.

if  you can count  all your  fingers  you have the answer

[bodga]

3 hours ago, Artisi said:

More wishful thinking, or was it fortune telling? 

nope  just bolllucks

[Mavideol]

1 hour ago, BritManToo said:

I've been to Koh Samet, Koh Libong, Pattaya, Hua Hin, Trang .......... last 3 dirty and all bitey.

In Vietnam Vung Tau Back beach and Da Nang, all really really clean and no bitey insects at all, was surprised. 

Nha Trang not on your list, worth a try

[owl sees all]

40 minutes ago, Neeranam said:

I have NEVER said Thailand is a great place to invest in.

Investments come and go. There was a time when buying a decent condo in Pattaya was a sound investment. And the bars had their good times. Buying into an International school was OK.

 

Now, it's buying Thai gold; and lots of it. Get a receipt though. I like the blocks.

 

Investing in Thai services; electricity, water etc. Seems fine.

[Sundown]

Why the 1 million investor would be interested in working in thailand? 

 

And even if he wanted, he could just buy the work permit or set up a business for 0,1 % of his investment ????