LTR Visa is Now available for Long Term Residency

[JohnnyBD]

1 hour ago, Thailand J said:

BOI e-mail reply may tell you that transfers of incomes in the same year are tax exempted for LTR-W visa holders, but the claim is baseless.

When you dig deeper the only thing you can find is Royal Decree 743. Tax exemptions for all types of LTR visas come from Royal decree 743, which does not cover income in the same year for LTR-W visas.

I will not base my tax planning on an unsubstantiated statement from BOI. I am transferring only incomes from the previous year.

All foreign monies remitted to Thailand after receiving a LTR visa is tax exempt, no matter when it was earned, even if it was earned 3 years prior, or the previous year, or in the same year it was remitted. That is the offiicial word from the BOI LTR Visa Unit. Do you think they would be promoting the LTR visas to wealthy pensioners and then turn around and say, oops, we forgot to tell you, all your income you remitted to buy a condo and move here is taxable, NOT. You can do whatever you want, but maybe you should contact the BOI LTR Visa Unit, instead of relying on your own interpretation of the tax rules. I guess you could also stay less that 180 days in country to make triple-double sure they won't tax your remittances.

[Thailand J]

your BOI email reply content is different from Royal Decree 743.

The difference need to be resolved. Until then Royal Decree 743 is what I will follow.

No tax exemption for same year income.

[Presnock]

2 hours ago, Thailand J said:

BOI e-mail reply may tell you that transfers of incomes in the same year are tax exempted for LTR-W visa holders, but the claim is baseless.

When you dig deeper the only thing you can find is Royal Decree 743. Tax exemptions for all types of LTR visas come from Royal decree 743, which does not cover income in the same year for LTR-W visas.

I will not base my tax planning on an unsubstantiated statement from BOI. I am transferring only incomes from the previous year.

The Thais have a favorite saying for that - as you wish!  I always say "be my guest!"

[Yumthai]

5 minutes ago, Thailand J said:

your BOI email reply content is different from Royal Decree 743.

The difference need to be resolved. Until then Royal Decree 743 is what I will follow.

No tax exemption for same year income.

 

Section 5 Income tax under Part 2 of Chapter 3 in Title 2 of the Revenue Code shall be exempted for a foreigner categorised as Wealthy Global Citizen, Wealthy Pensioner, or Work-from-Thailand Professional who is granted a Long-Term Resident Visa under immigration law for assessable income under section 40 of the Revenue Code derived in the previous tax year from an employment, or from business carried on abroad, or from a property situated abroad, and brought into Thailand.

 

"derived in the previous tax year" should be apparently understood that you declare income from the previous year when you file a tax return (which is always the case), and this income is tax exempted. Confusing statement as, unless you need to declare local income, you won't file a tax return for only having exempted income.

[john donson]

On 7/8/2022 at 11:19 PM, CrossBones said:

First Cannabis was legalized.

 

Now, form September 22nd a new kind of visa is available for long stayers.

 

It seems if you make $80k a year or have assets worth $1m you can stay here for 5 - 10 years.

 

I am wondering why there isnt much talk about this on this forum.

 

80$ pension or salary? as for average europeans, this is xx more then they get...

 

oh I forgot, everybody here is a millionaire in dollars...

 

when I see youtube videos or posts, that people with $100k salary only barely survive, I think wth... mcdo is now at 20$ an hour in the US... 2 days of full slave wager here for average somchai....

[Ben Zioner]

On 5/10/2024 at 9:09 PM, Sigmund said:

Of course it is and I would say even more then the 44%. But I was refering to those who qualify for the LTR and love bragging about their millions 😂

Could you give us some samples of that "bragging". There is nothing to brag out an 80 KUSD pension, it just needs some foresight and planning from the first day you join the workforce. That's for the LTR/WP. 

[oldcpu]

1 hour ago, john donson said:

80$ pension or salary? as for average europeans, this is xx more then they get...

 

And what are you saying?  Are saying that Thailand should have no choice in the matter as to the financial requirements they set for a custom visa (where BoI are trying to attract wealthier expats with the LTR visa) ?   

 

Have you looked at retirement visa cost requirements for other countries, such as Australia and New Zealand?  Do you have the same opinion about the EVEN LARGER retirement visa requirements for those countries? 

 

Also - Thailand did NOT remove the Non-Immigrant Visas, such as Type-O and Type-OA, and I suspect the average European can obtain one of those visas, and then go for yearly extensions.  So the door has not been closed for the average European to come to Thailand.

 

Also, you quote $80K pension for a pension as THE requirement.  Note one can also obtain the LTR pensioner Visa if one has only a $40K US$ equivalent pension if one also invests $250k US$ equivalent in Thailand, where one's condo purchase can count toward such.  I know that to be correct, as that is the route I followed for my LTR-WP visa.

 

1 hour ago, john donson said:

when I see youtube videos or posts, that people with $100k salary only barely survive ....

 

And the relevance of those youtube videos on an AsianNow thread where the intent is to exchange helpful information on an LTR visa?  The relevance?  Again - a reminder to you, BoI's intention with the LTR visa is to attract wealthier expatriates. BoI are not making non-immigrant visas illegal at the same time.  

 

Lets not "lose the ball here".  The idea here in AseanNow on threads such as this,  is to exchange helpful information on the topic of the LTR visa.  The idea is not to be snarky toward those who are either trying to get more information, or those who are willing to share information on the LTR visa.

 

The Type-O and Type-OA non-immigrant visas are still available for those who choose, and in many cases (dependent on the expat's situation)  those visas are in fact far more suitable than an LTR visa.

.

[JohnnyBD]

1 hour ago, Yumthai said:

 

Section 5 Income tax under Part 2 of Chapter 3 in Title 2 of the Revenue Code shall be exempted for a foreigner categorised as Wealthy Global Citizen, Wealthy Pensioner, or Work-from-Thailand Professional who is granted a Long-Term Resident Visa under immigration law for assessable income under section 40 of the Revenue Code derived in the previous tax year from an employment, or from business carried on abroad, or from a property situated abroad, and brought into Thailand.

 

"derived in the previous tax year" should be apparently understood that you declare income from the previous year when you file a tax return (which is always the case), and this income is tax exempted. Confusing statement as, unless you need to declare local income, you won't file a tax return for only having exempted income.

I don't see where in the Royal Decree it states one needs to wait until the next year to bring their income into Thailand for it to be tax exempt. The way I read the Decree is, that income earned and brought into Thailand this year is exempt when filing your tax return in Mar 2025. No where does it state you have to wait until the next year before bringing in your income for it to be tax exempt. The email I received from BOI LTR Visa Unit backs this up. What am I missing where just a few still argue that you cannot bring income in the same year it was earned?

[LivinLOS]

4 hours ago, Thailand J said:

BOI e-mail reply may tell you that transfers of incomes in the same year are tax exempted for LTR-W visa holders, but the claim is baseless.

When you dig deeper the only thing you can find is Royal Decree 743. Tax exemptions for all types of LTR visas come from Royal decree 743, which does not cover income in the same year for LTR-W visas.

I will not base my tax planning on an unsubstantiated statement from BOI. I am transferring only incomes from the previous year.

They also make assurances that working for overseas businesses is ok.. When you ask for legal clarity they get squirrelly "we have an understanding with the labour dept"

I went to our labour dept in CM and they said no such agreement existed. 

Very shady on this point.. When I brought it up with the BOI lawyers on video call he got very evasive. 
 

[Mike Teavee]

1 hour ago, Ben Zioner said:

Could you give us some samples of that "bragging". There is nothing to brag out an 80 KUSD pension, it just needs some foresight and planning from the first day you join the workforce. That's for the LTR/WP. 

You missed out the part about being old enough to claim your pension 🙂 

 

I'm joking because I am one of those guys who don't meet the Income criteria for the LTR as I don't want to take my pension until I'm 60 & the recent changes to Tax Regulations means I'm not going to bring over $250K to bridge the gap... Thinking about it, would be great if BOI could get an exemption on Tax for people bringing over the Foreign Investment element. 

 

Joking aside, even though I don't meet the criteria for the LTR I really don't understand why people try to knock it, if it's not for you then just scroll past threads discussing it & have a quiet little snigger to yourself about those "Suckers" who have got one*

 

I also don't recall seeing a post that used having an LTR to "Brag" about how "Wealthy" somebody was & if somebody were to do that then I suspect that they're probably not as "Wealthy" as they think they are (Income is not a good indicator of "Wealth").

 

 

* Hopefully I've been very clear from my previous posts that I think the LTR is a great visa & will be applying for one as soon as I can meet the criteria 🙂

[Thailand J]

8 minutes ago, LivinLOS said:

They also make assurances that working for overseas businesses is ok.. When you ask for legal clarity they get squirrelly "we have an understanding with the labour dept"

I went to our labour dept in CM and they said no such agreement existed. 

Very shady on this point.. When I brought it up with the BOI lawyers on video call he got very evasive. 
 

The best we can do is to ask questions, get all the facts from all available channels, and make an informed decision. As much as possible be on the safe side, avoid to become  a victim.

[Ben Zioner]

21 minutes ago, Mike Teavee said:

recent changes to Tax Regulations means I'm not going to bring over $250K to bridge the gap... Thinking about it, would be great if BOI could get an exemption on Tax for people bringing over the Foreign Investment element. 

You do realise that bringing this money in a year you are in Thailand less that 180 days would make it untaxable?

[Ben Zioner]

25 minutes ago, Mike Teavee said:

You missed out the part about being old enough to claim your pension 🙂 

But that's part of the careful planning bit isn't? Broke my heart (young wife with an adorable baby girl) but I stayed at the grinding mill until I was 62. Baby really enjoyed having her [hansum] dad full time  by the time she turned four. 

[Mike Teavee]

9 minutes ago, Ben Zioner said:

You do realise that bringing this money in a year you are in Thailand less that 180 days would make it untaxable?

I know & am giving serious thought to doing a Hotblack Desiato & spending a year dead so I can bring the money over!

 

6 minutes ago, Ben Zioner said:

But that's part of the careful planning bit isn't? Broke my heart (young wife with an adorable baby girl) but I stayed at the grinding mill until I was 62. Baby really enjoyed having her [hansum] dad full time  by the time she turned four. 

Absolutely, it's all part of the plan & I am trying stick to the plan, but as I'm retired & not adding anything to my pension pots, it's harder & harder not to take them early as the differential gets smaller & smaller.  

 

[Ben Zioner]

4 hours ago, Presnock said:

Incorrect info just like others who have no idea, this is your erroneous interpretation of a Thai regulation...you are WRONG so why spread false information - are you a tax agent or what?

But, but, but... he is only saying that since there is some uncertainty he will only remit seasoned income. I'll do the same for the time being. 

[oldcpu]

1 hour ago, Mike Teavee said:

...  I am one of those guys who don't meet the Income criteria for the LTR as I don't want to take my pension until I'm 60 & the recent changes to Tax Regulations means I'm not going to bring over $250K to bridge the gap... Thinking about it, would be great if BOI could get an exemption on Tax for people bringing over the Foreign Investment element.

 

Correct me if I am wrong, but even though you don't have an LTR visa, if you ALREADY could prove you had the $250k US$ equivalent before 1-Jan-2024, then you do NOT have to pay tax on it - even if brought into Thailand in later years ... ??

 

If I am not wrong, then keep a record of your bank accounts as of end-Dec-2023, and that money will be considered savings and a good record for the future. 

 

My understanding is with the planned new tax implementation for money brought into Thailand (by foreigners without the LTR visa) that is if this money (brought into Thailand) is income turned into savings from before 1-Jan-2024, then there will be no tax on bringing this money into Thailand after 1-Jan-2024.  Its only new income earned after 1-Jan-2024 (and savings from that income) that will be taxed (on non-LTR visa holders) if brought into Thailand. 

 

So I assume then, if one is 'audited', one would, one simply have to prove they already had the money prior to 1-Jan-2024, (despite it being brought into Thailand in 2025, 2026 ... ) - for it was savings from before 1-Jan-2024.

 

But maybe I have that wrong.  Since I have the LTR visa, I have not been tracking all the tax ins-and-outs considerations of those expats to Thailand who don't have the LTR visa - and who have concerns about what could be some tax changes.

[Mike Teavee]

29 minutes ago, oldcpu said:

Correct me if I am wrong, but even though you don't have an LTR visa, if you ALREADY could prove you had the $250k US$ equivalent before 1-Jan-2024, then you do NOT have to pay tax on it - even if brought into Thailand in later years ... ??

 

If I am not wrong, then keep a record of your bank accounts as of end-Dec-2023, and that money will be considered savings and a good record for the future. 

 

The money would come from selling shares I've held for many, years so I'd need to pay Capital Gain's on >65% of the $250K, cheaper to use the money to have a 6 month holiday!

 

Plus as I'm only a couple of years away from being 60, my "Plan" is to spend 6 months outside of Thailand in 2026 & use the Tax Free Lump Sum from my pension to purchase a Condo & then apply for the LTR-WP using the $40K + $250K invested method as I'll be able to show an income of >$40K for >2 years to support this.

 

If I don't go down the Investment route then I believe I'd need to wait until I've received 2 years of pension before I could show the required ">$80K for 2 years". 

 

 

[Presnock]

2 hours ago, Ben Zioner said:

But, but, but... he is only saying that since there is some uncertainty he will only remit seasoned income. I'll do the same for the time being. 

well, as for me, I am not uncertain but if you want to do that who am I to say anything about that.  Good Luck.  But if undertainty bothers folks, then being in Thailand as an ex-pat is not very smart.

[1tent42]

1 hour ago, Mike Teavee said:

 

 

If I don't go down the Investment route then I believe I'd need to wait until I've received 2 years of pension before I could show the required ">$80K for 2 years". 

 

 

You don’t have to earn your pension for two years to qualify. You only need to show that you are earning $80K/year in passive income at the time of application for LTR-WP.

 

I retired last year and my tax returns showed that my passive income did not reach the $80K threshold. Though I was able to show that my annual pension meets the requirement. 

[Mike Teavee]

20 minutes ago, 1tent42 said:

You don’t have to earn your pension for two years to qualify. You only need to show that you are earning $80K/year in passive income at the time of application for LTR-WP.

 

I retired last year and my tax returns showed that my passive income did not reach the $80K threshold. Though I was able to show that my annual pension meets the requirement. 

Thanks for that, I have read that somebody managed to show 1 year at >$80K & a pension statement showing that they'll continue to be receiving that but it's good to know that I might be able to apply by showing what I receive today & proof that it will be >$80K going forward.

 

My birthday is in Feb so once I get 1 or 2 pension payments in my account I'll try applying for the Visa, if I'm successful it will give me more flexibility as to when I bring the monies over & if not I can just revert to my original plan.

[Presnock]

On 5/11/2024 at 3:35 PM, SingAPorn said:

Who wants this LTR  and go through all the harassment during submission ?

 

You have to "requalify" each year and go through all the whinges, document requests, translations, chase your pension or health insurance back home, perhaps new invented documents asked by the immigration who will want to show their power over the BOI etc etc...definately not worth the trip. Plus yes,  no tax, no reporting,  this or none of that on LTR but we all know who a chap in uniform can wake up one morning and decide to change it all due to a bad night ? Not wanting to take the risk and stay here more then 178 days  from now on. Other places in Asia will get our money as they are fussing far to much. Any person who own property in Thailand be it a condo or a leasee villa, should get a hassle free visa for at least 4 months based only on property ownership document submission, and that's it.

 

You want our money, but no want us to enjoy what we buy ?

Again erroneous comments about LTR - there is no REQUALIFY each year - only report of residence, if you don't qualify then why whine? why a free visa for at lest 4 months - the LTR is for long term RESIDENT.  

[khunjeff]

On 5/12/2024 at 8:20 AM, SHA 2 BKK said:

Anyway I've had my LTR for 18 months.  Apart from coming and going at the airport haven't seen an Immigration Officer or the BOI for that matter since! 

 

Ditto (though I've had mine for "only" 17 months). No visits to immigration, no forms to fill (I leave the country regularly), no bank statements, no photocopies. Visa matters are no longer the constant irritant in my life that they used to be - and I just now sped through Fast Track at the airport in under five minutes. I'm an LTR fan.

[Mike Teavee]

10 minutes ago, khunjeff said:

 

Ditto (though I've had mine for "only" 17 months). No visits to immigration, no forms to fill (I leave the country regularly), no bank statements, no photocopies. Visa matters are no longer the constant irritant in my life that they used to be - and I just now sped through Fast Track at the airport in under five minutes. I'm an LTR fan.

If you ever wanted to put a "Value" on access to Fast Track, pre-Covid I used to pay 20,000 THB pa for unlimited Arrivals/Departures with Thailand Longstay Management (was alternating between working 10 days in Singapore & spending 5 days in Bangkok so in & out twice per month).

 

I thought the service (& other paid for Fast Track services) were no longer available, but when I was in the Fast Track queue coming back from the UK on Tuesday I spotted them helping somebody through, it could be that you now need to get the Retirement Package to get this...

 

https://www.thailongstay.co.th/retirement_visa.html

 

 

 

 

[Misty]

11 minutes ago, khunjeff said:

On 5/12/2024 at 8:20 AM, SHA 2 BKK said:

Anyway I've had my LTR for 18 months.  Apart from coming and going at the airport haven't seen an Immigration Officer or the BOI for that matter since! 

 

Ditto (though I've had mine for "only" 17 months). No visits to immigration, no forms to fill (I leave the country regularly), no bank statements, no photocopies. Visa matters are no longer the constant irritant in my life that they used to be - and I just now sped through Fast Track at the airport in under five minutes. I'm an LTR fan.

 

Same here - had an LTR visa since Oct 2022. BoI's LTR and its long-term digital work permit are way better than the years of annual hassle renewing NonB/work permit. No comparison.

[hcvc]

I have an appointment to receive a LTR Visa for Wealthy Pensioners at One Stop Service Center (OSS).

 

On the BOI website under the heading Wealthy Pensioner - Application Process – Visa Issuance – Dress Code Guidelines for Appointment Date - a pictorial displays a cartoon of a man wearing a suit and tie. Individual cutouts of a cartoon suit and pants are also shown.

 

Above the pictorial is a message (warning) stating - * Remarks: * Please dress politely in proper formal clothes and shoes. The immigration officer reserves the right to refuse service if inappropriate clothing is observed.

 

I am a large framed fashionably challenged individual living on a rural farm and do not have a suit or tie. I have made several fruitless attempts to purchase a suitable suit online.

 

For those who already have a BOI LTR Visa for Wealthy Pensioners - were you required to wear a suit and tie – or did you happen to observe any one denied a BOI LTR Visa for a dress code violation?

 

Any help would be much appreciated.

[SHA 2 BKK]

8 minutes ago, hcvc said:

I have an appointment to receive a LTR Visa for Wealthy Pensioners at One Stop Service Center (OSS).

 

On the BOI website under the heading Wealthy Pensioner - Application Process – Visa Issuance – Dress Code Guidelines for Appointment Date - a pictorial displays a cartoon of a man wearing a suit and tie. Individual cutouts of a cartoon suit and pants are also shown.

 

Above the pictorial is a message (warning) stating - * Remarks: * Please dress politely in proper formal clothes and shoes. The immigration officer reserves the right to refuse service if inappropriate clothing is observed.

 

I am a large framed fashionably challenged individual living on a rural farm and do not have a suit or tie. I have made several fruitless attempts to purchase a suitable suit online.

 

For those who already have a BOI LTR Visa for Wealthy Pensioners - were you required to wear a suit and tie – or did you happen to observe any one denied a BOI LTR Visa for a dress code violation?

 

Any help would be much appreciated.

I wore a pair of jeans (no holes), long sleeve shirt with collar.  No tie.  No jacket.   Decent pair of shoes too.  
 

No “Bag of Fruit” (Suit) needed.  Good luck cobber. 

[oldcpu]

17 minutes ago, hcvc said:

For those who already have a BOI LTR Visa for Wealthy Pensioners - were you required to wear a suit and tie – or did you happen to observe any one denied a BOI LTR Visa for a dress code violation?

 

I wore a short sleeved white shirt (with collar), with a tie ... and I also wore an "off-the-shelf purchased" sports jacket (looks like a very informal suit jacket), long pants, and shoes.  After I finished with BoI and then in possession of an LTR visa (when in the elevator heading down) I took off the tie. When in the skytrain later, I took after the sports jacket (and hand carried it). 

 

I suspect you will be able to find an appropriate shirt and tie from somewhere.  Possibly the sports jacket might be the hardest part - but I would think it possible to find such.  Although it would be overkill - its not difficult to find tailors in Thailand who are more than eager to make a sports jacket (or a suit) for someone willing to spend the money.  You won't need a perfect fit, so no need to go for the most expensive tailor (if it should come to that).

[John207]

1 hour ago, hcvc said:

For those who already have a BOI LTR Visa for Wealthy Pensioners - were you required to wear a suit and tie – or did you happen to observe any one denied a BOI LTR Visa for a dress code violation?

 

 

Any help would be much appreciated.

I wore a pair of jeans, trainers and a polo neck t-shirt same as when I travel through most airports. No member of staff looked at me in a condescending manner. Inside the BOI office I did notice that some other visa applicants were wearing similar clothes to mine and some were wearing proper trousers and long sleeve shirt.

[JonnyF]

2 hours ago, hcvc said:

I have an appointment to receive a LTR Visa for Wealthy Pensioners at One Stop Service Center (OSS).

 

On the BOI website under the heading Wealthy Pensioner - Application Process – Visa Issuance – Dress Code Guidelines for Appointment Date - a pictorial displays a cartoon of a man wearing a suit and tie. Individual cutouts of a cartoon suit and pants are also shown.

 

Above the pictorial is a message (warning) stating - * Remarks: * Please dress politely in proper formal clothes and shoes. The immigration officer reserves the right to refuse service if inappropriate clothing is observed.

 

I am a large framed fashionably challenged individual living on a rural farm and do not have a suit or tie. I have made several fruitless attempts to purchase a suitable suit online.

 

For those who already have a BOI LTR Visa for Wealthy Pensioners - were you required to wear a suit and tie – or did you happen to observe any one denied a BOI LTR Visa for a dress code violation?

 

Any help would be much appreciated.

 

I wore trousers and a collared shirt.

 

But there were 2 other foreigners also receiving theirs on the same day and one them had knee length shorts and a tshirt. As long as you are clean, don't dress like a backpacker and act politely it will not be an issue.

 

I found that their attitude was excellent. Treated me very nicely, like I was a paying customer for a product they were keen to sell (which I was). I was expecting them to begrudgingly slap it on the table like an immigration official stamping me in at the airport but it was much better than expected.  

[Pib]

No need for suit and tie.  Just a pair of trousers without holes and a collared/polo shirt is fine along with shoes and socks.   That's what I wore. - If you show up in a suit and tie you'll be the only one dressed like that.   And congrats on getting your LTR visa.