New retirement visa framework approved by Cabinet

[Mike Teavee]

1 hour ago, Mike Teavee said:

[To play devils advocate] You could argue then that you don't meet the 65K pm income requirement as you're not earning any income ???? 

@KannikaPas you reacted confused by my (very tongue in cheek) post I'll try to explain... 

 

If Pension Income was earned many years ago, then it wasn't earned this year so could be argued it's savings not income, hence my (very tongue in cheek, complete with smilie) comment about not earning any income this year. 

 

The reality is that as Thailand only taxes any monies you bring over which were earned this year, whilst you do earn a pension income this year (if they required proof of income you could provide your pension statements), but as you don't bring it over over until (at least) next year (i.e you live on previous year's pension income) there is no tax is due.

 

Next year you might bring over the pension income from this year & then use income earned for that year the following year...  <deleted> now I'm confused ????  

 

 

 

As I said, I was just playing devils advocate ???? 

 

[KannikaP]

1 minute ago, Mike Teavee said:

@KannikaPas you reacted confused by my (very tongue in cheek) post I'll try to explain... 

 

If Pension Income was earned many years ago, then it wasn't earned this year so could be argued it's savings not income, hence my (very tongue in cheek, complete with smilie) comment about not earning any income this year. 

 

The reality is that as Thailand only taxes any monies you bring over which were earned this year, whilst you do earn a pension income this year (if they required proof of income you could provide your pension statements), but as you don't bring it over over until (at least) next year (i.e you live on previous year's pension income) there is no tax is due.

 

Next year you might bring over the pension income from this year & then use income earned for that year the following year...  <deleted> now I'm confused ????  

 

 

 

As I said, I was just playing devils advocate ???? 

 

So I guess if the Thai taxman asks for some money, as long as you have at least a year's pension in savings, you should be OK. 555

[moogradod]

5 hours ago, KannikaP said:

So I guess if the Thai taxman asks for some money, as long as you have at least a year's pension in savings, you should be OK. 555

As far as I understand @Mike Teavee he is saying the savings must be abroad before they can be transferred to Thailand.

 

Which could raise questions about tax in the country where you have this savings account then. When I had an account in Switzerland some time ago, I had to sign some forms answering all sort of questions for the foreign banks have become quite sensitive about regulations - at least in the EU and CH. I dont know about the USA or UK. I remember reading once that tax procedures there are a bit different than in the rest of the world anyway.

 

But I acknowledge that the initial interpretation of @KannikaPmight be at least a basis of discussion if such would be required.

 

I guess because of those differences and possibilities around pension payments tax on personal pension income is not necessarily levied at all at least if you are not a Gates or Rockefeller (because of its complexity). There may be a difference what is written somewhere and how it is actually handled - as so often in Thailand: often it is common sense which dictates the actual procedures which makes sense in many cases.