LTR Visa is Now available for Long Term Residency

[gamb00ler]

57 minutes ago, ThailandRyan said:

and pay taxes on what is disbursed in monthly payments to both the State and Feds.

Sorry, I misunderstood that you were only referring to Thai taxes, not USA taxes.

[ThailandRyan]

8 minutes ago, gamb00ler said:

Sorry, I misunderstood that you were only referring to Thai taxes, not USA taxes.

I wish I could avoid taxes in the US, but not happening unfortunately...

[pepper402]

Only about 35 hours until the official launch of the LTR on Sept 1.  I submitted an application for prescreening about 10 days ago and never heard back.  I think I'm going to just submit my formal application on the 1st unless anyone has a better suggestion.  Thanks.  

[JimGant]

1 hour ago, ThailandRyan said:

I wish I could avoid taxes in the US, but not happening unfortunately...

That link provided by Gamb00ler, above, would also apply to your private pension, at least per the tax treaty language. Why not check this tax dude out -- he just might use his "exclusive taxation right of Thailand" interpretation to save you a bundle in both Thai and US taxes.....

[ThailandRyan]

3 minutes ago, JimGant said:

That link provided by Gamb00ler, above, would also apply to your private pension, at least per the tax treaty language. Why not check this tax dude out -- he just might use his "exclusive taxation right of Thailand" interpretation to save you a bundle in both Thai and US taxes.....

It would be nice if I could, yet I own houses in the US as investments. my pension is not a truly private pension but one from the great State of California.....

[Misty]

23 minutes ago, JimGant said:

That link provided by Gamb00ler, above, would also apply to your private pension, at least per the tax treaty language. Why not check this tax dude out -- he just might use his "exclusive taxation right of Thailand" interpretation to save you a bundle in both Thai and US taxes.....

Maybe get a second opinion from an actual tax lawyer. The tax dude's interpretation could hit the fan as the IRS ramps up with new funding....

[JimGant]

16 minutes ago, Misty said:

The tax dude's interpretation could hit the fan as the IRS ramps up with new funding....

Indeed. Hopefully some of these 80,000 new agents will get training in the "saving clause"  and how it trumps the exclusivity clauses found in tax treaties.

[DjChris28]

Has anyone working for a private company submitted the company annual report yet for work from Thailand option? My employer is asking if it needs to have a letter by the tax accountant. I can actually find reports you can pay for online of the companies revenue on the internet. I found a company profile report online the last 3 years and the good news is my employer meets the financial requirements. It's just next to impossible to actually prove it was audited or the reports I found on the internet are genuine.

[Boomer6969]

Just got this. Which confirms what I said earlier, LTR will remain within the Thai bureaucratic realm and be unworkable for a large proportion of "eligible" candidates. 

 

How could I provide a "maturity date" which will be the date of my death, and the limits of a coverage which is unlimited? We are back to the good old OA HI situation, hence end of story.

 

Unless I can show them a statement of my UBS accounts (100k deposit) but I am sure they have dreamed up some corny requirements for those documents too.

 

[ThailandRyan]

4 minutes ago, Boomer6969 said:

Just got this. Which confirms what I said earlier, LTR will remain within the Thai bureaucratic realm and be unworkable for a large proportion of "eligible" candidates. 

 

How could I provide a "maturity date" which will be the date of my death, and the limits of a coverage which is unlimited? We are back to the good old OA HI situation, hence end of story.

 

Unless I can show them a statement of my UBS accounts (100k deposit) but I am sure they have dreamed up some corny requirements for those documents too.

 

Normally the HI certificates go from year to year and not into perpetuity as many plans change coverages and so on, yet your plan will always be the same like my lifetime medical.

[ThailandRyan]

Just received a new e-mail indicating my LTR for Wealthy Pensioner has Final approval.  I was given a number which started with the letters LTRWP with 8 numbers following. 

 

The e-mail indicated this:

 

"please make an appointment to seal the number"

Best regards,

The Board of Investment of Thailand

 

There was an individual email account listed which was a Thai name with a Gmail account.  

 

I emailed the name to Inquire when and where this number could be sealed in my passport. Hopefully this was not a scam e-mail like folks received after applying for Thai Pass as the email it originated from was this.

 

[pepper402]

8 hours ago, ThailandRyan said:

Just received a new e-mail indicating my LTR for Wealthy Pensioner has Final approval.  I was given a number which started with the letters LTRWP with 8 numbers following. 

 

The e-mail indicated this:

 

"please make an appointment to seal the number"

Best regards,

The Board of Investment of Thailand

 

There was an individual email account listed which was a Thai name with a Gmail account.  

 

I emailed the name to Inquire when and where this number could be sealed in my passport. Hopefully this was not a scam e-mail like folks received after applying for Thai Pass as the email it originated from was this.

 

Congratulations, Ryan!  How many pages total was your document submission?  Did you attach monthly income statements for two years, or just submit one annual statement.  Did you submit monthly asset statements?  Did you attach copies of all Passport pages with a Thai entry stamp?  Thanks!

[ThailandRyan]

6 minutes ago, pepper402 said:

Congratulations, Ryan!  How many pages total was your document submission?  Did you attach monthly income statements for two years, or just submit one annual statement.  Did you submit monthly asset statements?  Did you attach copies of all Passport pages with a Thai entry stamp?  Thanks!

I submitted a pension letter from my pension program which shows the amount per month I receive and that it is a lifetime defined benefit pension which never decreases.  I also supplied them with all of my passport information and copies of all pages and stamps including my current extension of stay.

 

Remember this was for the document review before the LTR goes live tomorrow, so I was pretty shocked to see the email indicating Fonal Approval with the LTRWP number listed and the information I posted above.  I never resubmitted a health Insurance document,  but in my initial email I gave them all of the policy information, number for the policy and who the carrier is. I wonder if they did not contact PCH or maybe they have access to the same database immigration has which is the insurance database and they could see the information there.

 

Hopefully I get another email with a date to show up at BOI for the certificate with the LTR number to be placed in my passport before I go to immigration at Chaeng Wattana for the first actual 5 year visa

[pepper402]

The LTR is open for business!  It's much better and easier to use than I expected (compared to the Thai Pass).  Easy instructions, easy to upload documents, etc. .  It seems that they added a new section "Evidence of income tax payment or annual personal income tax return" .  I submitted a copy of my pension payment which shows taxes withheld (Hope that is sufficient).  

 

Unless I missed something, there wasn't anywhere for me to upload documents proving my income!

 

I wasn't able to add children.  The field was there but it was greyed out

 

It already shows pending status and even shows the agent/analyst who is handling my application.

Edited September 1, 2022 by pepper402

[Karma80]

11 hours ago, ThailandRyan said:

Hopefully I get another email with a date to show up at BOI for the certificate with the LTR number to be placed in my passport before I go to immigration at Chaeng Wattana for the first actual 5-year visa

Congrats! I somehow thought they would be doing this at Chamchuri at the BOI One Stop Service center, which is a pretty good experience.

Be interesting to see if you can get an open digital WP. As I approach 50 I am curious to know if the "wealthy pensioner" bracket income must be from a pension or just straight out stable overseas income.

[JimGant]

On 7/11/2022 at 10:54 AM, Northwest87 said:

if none of your income is derived from Thai sources locally or abroad. Why you would go and declare that income in Thailand makes no sense, except to make your life miserable

Well, Norwegians who bring their Norwegian pensions (private and gov't) into Thailand in year paid, then declare this income as taxable by Thailand (IAW the tax treaty) -- don't have to pay the flat 15% withholding at source Norwegian taxes on this income. So, if the Thai tax is less than 15%, that's money in your pocket. BUT, you have to show you paid Thai taxes on all these pensions, if you want the Norwegian revenuers to forget the 15% on all these pensions (and the Norwegians don't prorate, ie, charge taxes on your windfall). Gosh, how's the average expat going to escape paying taxes to someone, if they keep revamping the rules (Norway's equivalent of the US "saving clause," meaning, you gotta pay someone.) Life ain't fair.

[tezzaaa]

Hi, quick question from me, if you take the example of someone working online for a foreign company and living in Thailand (ok not supposed to but many people do...). If that person applies for LTR as opposed to stick to e.g retirement visa, wouldn't that make him/her known to the tax authorities in Thailand? (and as a result have to pay taxes..)

[JimGant]

On 8/26/2022 at 4:49 PM, DodgerRodger said:

Your qualification and criteria (for example, your investment) will be evaluated again after the first 5 years of the visa. If your qualification and criteria do not meet the requirement e.g. the value of investments is less than USD500,000 (because you sold your property), then you will not get approval for the rest of the 5 years of the visa....

..... so, since your permission of stay will suddenly expire, due to not meeting requirements, you'll then have the remaining time on your permission to pack your bags and exit the country. Or what.....?

[papersource]

LTR visa funny fact:

 

for a global wealthy citizen application $500,000 investment must be made in Thailand. Last year I made a 23,000,000 Thai baht investment in a condo and put the chanote in my name and my Thai wife’s name. The man at BOI said it would only count as if I made an 11.5 million investment because half the condo is in my wife’s name also. I sent the 23 million cash from my overseas bank account. 

 

The man at BOI said I could qualify if I take my wife’s name off the chanote. How stupid is that and how is that good for Thailand???

 

Good thing I really don’t want this visa. I will stay with my 1900 baht one year retirement visa with NO insurance requirement, HA

[JimGant]

On 8/26/2022 at 12:52 PM, ThailandRyan said:

I am sure that they will be able to check the insurance through the carrier portal here in Thailand, or through contacting your carrier elsewhere, who will then will have to submit a new evidence of coverage, not really a hard issue.....

Would be for Tricare. They're not set up like private insurers, so you don't have a policy package and a membership card. And, Tricare and the US Embassy didn't seem too interested in bending the system so that the OA extension requirement could be met. Maybe they'll come around for this...l

[JimGant]

On 8/26/2022 at 12:43 PM, Boomer6969 said:

Well this means that I cannot use my existing UN ASHI health cover, even though could show funds over 100 KUSD, but not in Thailand.

Doesn't have to be in Thailand, according to this quote (whose source I cannot find):

Quote

OR You can show 100,000 USD in a bank account (can be in Thailand or oversea) which has been held for at least 12 months at the time of application which is acceptable as well.

Believe they also want an additional $25,000 in the account, if you are married (to cover, as they said, "one dependent"). I certainly could handle this, since my US savings account is flush, having cashed in rather than renew low paying CD's. My account is joint, so they might require twice the stipulated amount, which I could handle. Now, if they had this option to get me out of the OA extension health requirement, I'd probably stay with that option, since I have no great need to repatriate my 800k baht. But, only going to Immigration every five years vs one year sounds good. Doing away with 90 day reporting is a non factor, what with the easy online system now in effect. Anyway, just renewed my OA retirement extension, so plenty of time to ponder options and review experiences.

[JimGant]

On 8/25/2022 at 3:50 PM, howerde said:

An LTR will initially be granted for not more than five years, but may be extended for an additional five years. However, to extend the visa, the LTR holder must reapply for a COQ.  

So, is the permission of stay stamp I get in my passport good for 10 years -- or for only 5, at which time I need to requalify, and to visit Immigration for another, presumably 5 year, stamp? If so, this is really a 5 year visa extension program. But, so what -- beats going to Imm every year. Or, if it's a 10 year stamp, and I fail to requalify at the 5 year mark -- I then have to visit Imm to have the stamp cancelled -- and be told I'm now in the country illegally...... Hmmmm.

 

Forget the 10 year stamp, as I just reread the following:

An LTR will initially be granted for not more than five years,

 

Thus, these are really 5 year permissions, not 10 year.

Edited September 1, 2022 by JimGant

[howerde]

34 minutes ago, JimGant said:

So, is the permission of stay stamp I get in my passport good for 10 years -- or for only 5, at which time I need to requalify, and to visit Immigration for another, presumably 5 year, stamp? If so, this is really a 5 year visa extension program. But, so what -- beats going to Imm every year. Or, if it's a 10 year stamp, and I fail to requalify at the 5 year mark -- I then have to visit Imm to have the stamp cancelled -- and be told I'm now in the country illegally...... Hmmmm.

 

Forget the 10 year stamp, as I just reread the following:

An LTR will initially be granted for not more than five years,

 

Thus, these are really 5 year permissions, not 10 year.

Correct, the initial stamp is for 5 years, someone in this topic, posted the rules, the information is then checked at the 5 year point to make sure you are eligable for a further 5 years,  this is not unusual as Elite via holders and O-X visa holders also get stamped for 5 years,  you still have to go to immigration every year, think this is just the 90 day report

[JimGant]

9 hours ago, pepper402 said:

It seems that they added a new section "Evidence of income tax payment or annual personal income tax return"

I thought we'd determined that the $80k annual income was gross. If so, why their need for income tax info? If the bottom line is, they want to know my disposable annual income, then, after three alimony payments, plus mortgage payments on homes that are unrentable due to collapsed roofs -- then my real annual income is zip.

 

Anyway, not to be flip, this is a real question about gross vs net income. Years ago, on this forum, the discussion on income statements came out firmly on the gross side. Believe it only makes sense that this is the case in the LTR situation.....

 

[User3847385]

Got denied within an hour with the following reason given:

 

We found that your company is a subsidiary of “company name”. Consequently, your company is not qualified as a listed company.

 

Working for a company that is owned by a company listed on the stock exchange is not enough apparently.

[tezzaaa]

9 hours ago, User3847385 said:

Got denied within an hour with the following reason given:

 

We found that your company is a subsidiary of “company name”. Consequently, your company is not qualified as a listed company.

 

Working for a company that is owned by a company listed on the stock exchange is not enough apparently.

Thanks for sharing the info, it will rule out a lot of people then!

[Karma80]

11 hours ago, User3847385 said:

Got denied within an hour with the following reason given:

 

We found that your company is a subsidiary of “company name”. Consequently, your company is not qualified as a listed company.

 

Working for a company that is owned by a company listed on the stock exchange is not enough apparently.

Sorry to hear that. That's very shortsighted and lacks understanding of the corporate structures of many listed companies.

1 million people they reckon? Seems like they want a whole bunch of retirees and not much else.

[BritTim]

2 hours ago, Karma80 said:

Sorry to hear that. That's very shortsighted and lacks understanding of the corporate structures of many listed companies.

1 million people they reckon? Seems like they want a whole bunch of retirees and not much else.

I do not even think it will attract many additional retirees. Some who might otherwise use Non O with annual extensions might switch, attracted especially by the ability to qualify with overseas financials, not needing to tie up money in a Thai bank account. This will almost always only be people who would be here anyway.

[ThailandRyan]

3 hours ago, BritTim said:

I do not even think it will attract many additional retirees. Some who might otherwise use Non O with annual extensions might switch, attracted especially by the ability to qualify with overseas financials, not needing to tie up money in a Thai bank account. This will almost always only be people who would be here anyway.

It is why I applied, to free up the 800k held hostage for 3 years and only earning 7k in interest over that period...sad.

[Karma80]

3 hours ago, BritTim said:

I do not even think it will attract many additional retirees. Some who might otherwise use Non O with annual extensions might switch, attracted especially by the ability to qualify with overseas financials, not needing to tie up money in a Thai bank account. This will almost always only be people who would be here anyway.

You might be right. But one thing I did notice on the application document checklist for the wealthy pensioner (and all the documents) is it certainly does appear you can apply for a work permit. But since the required document is a WP.46 (Employment Certification), which is for Thai companies, it will be interesting to see how the procedure settles.