LTR Visa is Now available for Long Term Residency

[JohnnyBD]

3 hours ago, 1tent42 said:

Can you please explain why one would want a USD account in a local bank?

 

Can't you just wire money directly from your overseas bank account to your Thai bank whenever you need the money?

 

 

I'm not understanding the benefit of a local bank account in USD.

 

I want and have a USD FCD foreign currency account so I can receive USD sent from my US Chase Bank acct. I can let the USD sit until I'm ready to convert it. I can choose the option to send THB if i want to send directly to my THB acct, but there's a sizable conversion cost, so it's better for me to send USD. Chase doesn't charge me any wire fees. That's the reason I have a USD FCD acct in Thailand.

Edited August 2 by JohnnyBD

[JohnnyBD]

4 hours ago, 1tent42 said:

Can't you just wire money directly from your overseas bank account to your Thai bank whenever you need the money?

Yes, that is exactly what I am doing. I am wiring USD from my US Chase bank to my Thai bank's FCD USD acct. I can then convert the USD immediately or whenever I choose.

Edited August 2 by JohnnyBD

[stat]

On 6/18/2024 at 11:25 AM, stat said:

All Emails I received so far from BOI state that ONLY remitted income remains tax free. I have asked 2 times about unremitted income and they apparently can or do not want to answer the question about unremitted income. I now asked a third time about unremitted income being tax free from thai tax.

 

There is nothing special about living tax free in a country with a territorial tax system (PHILS, SG, etc). I think the majority of people with 80K passive income are very aware on how to avoid being taxed on their world wide income. I try not to have any german sourced income while living in TH.

FYI I never receiced an answer from BOI.

[JohnnyBD]

On 7/28/2024 at 6:12 AM, 1tent42 said:

I redacted my social security, bank, brokerage and pension account numbers when I submitted my documents and they were accepted just fine.

It appears that everyone's sensitive information in the US was hacked in April, and has been listed for sale on the Dark web.

2.9 billion records stolen in Social Security data hack, USDoD claims (usatoday.com)

[leinez]

Hi guys,

 

quick question...

 

Can you get a residency certificate at any immigration office or do you have to go to BOI Chamchuri? BOI is telling me to come to the BOI office 18th floor.

 

Any other experiences?

 

Need to get a drivers license.

 

Thanks

[Ben Zioner]

1 hour ago, leinez said:

Hi guys,

 

quick question...

 

Can you get a residency certificate at any immigration office or do you have to go to BOI Chamchuri? BOI is telling me to come to the BOI office 18th floor.

 

Any other experiences?

 

Need to get a drivers license.

 

Thanks

 

I would ask my local immigration office (where I maintain a friendly relationship by paying 1000 Baht donations for minor services such as life certificates) first. If this failed I'd fly to Bangkok, have a nice dinner and/or a good booboom, get it done at Chamchuri next dat and fly back. 

 

This is how we survive pleasantly in LOS.

 

But never push the pleasant tree to far.

[Srikcir]

On 8/9/2024 at 4:55 PM, stat said:

FYI I never receiced an answer from BOI.

BOI is not a taxation agency. Ask the Thailand Department of Revenue. Likely your unremitted income (how would Thailand know about such income?) as a foreigner is taxed at its foreign source (ie., the US). 

[Dakhar]

I was denied an LTR wealthy pensioner visa, as my income was not accepted as "passive."

 

I am a member of an American LLC. Under American tax rules LLC income is not deemed as a salary nor as dividends. The income is called "distributions," & for whatever reason, this has caused my LTR denial by the BOI.

[hkblademan]

On 7/9/2022 at 11:10 AM, JustThisOnePostOnly said:

People in that bracket are better off with the Elite visa, imho.

Why? 

[Ben Zioner]

1 hour ago, hkblademan said:

Why? 

This comment has been made over two years ago by someone who is/was totally clueless.

[stat]

9 hours ago, Srikcir said:

BOI is not a taxation agency. Ask the Thailand Department of Revenue. Likely your unremitted income (how would Thailand know about such income?) as a foreigner is taxed at its foreign source (ie., the US). 

BOI claims that the LTR visa exempts income so they claim something which apparently they cannot back up by a statement from TRD nor are they entitled to my understanding to make such a statement as you correctly point out TRD is the sole arbiter of these issues.

 

In addition TRD is not answering any english emails with taxation issues that arise in the future. They will deal with it when you hand in your tax declaration and then it is too late to change anything.

 

Thailand knows about all ww income via CRS which apparently you are not aware of. Neither are capital gains taxed at source which you are also not aware of.

[Presnock]

27 minutes ago, stat said:

BOI claims that the LTR visa exempts income so they claim something which apparently they cannot back up by a statement from TRD nor are they entitled to my understanding to make such a statement as you correctly point out TRD is the sole arbiter of these issues.

 

In addition TRD is not answering any english emails with taxation issues that arise in the future. They will deal with it when you hand in your tax declaration and then it is too late to change anything.

 

Thailand knows about all ww income via CRS which apparently you are not aware of. Neither are capital gains taxed at source which you are also not aware of.

I think that the royal exemption states that the exemption can be removed by the DIR Gen of the Thai Revenue Dept so unless they want several thousand complainers by removing that exemption, I think it will stand but then again TIT.  I am not worried since my only income is a US govt Pension and then they would have to inform the US govt that they are tossing that international agreement too which I don't think they will do either but....

[Srikcir]

32 minutes ago, stat said:

BOI claims that the LTR visa exempts income so they claim something which apparently they cannot back up by a statement from TRD

BOI claim is backed up by a Royal Promulgation. That should satisfy TRD.

[JohnnyBD]

18 hours ago, Srikcir said:

BOI claim is backed up by a Royal Promulgation. That should satisfy TRD.

I agree. The Royal Decree rules, and TRD is not obligated to issue any public statements on the issue or respond to any foreigners asking for one. If one doesn't keep up his/her LTR requirements, then he/she will probably get their visa cancelled when they go back for their extension in 5 years, just like those on retirement or marriage extensions who do not keep up their requirements.

[oldcpu]

On 8/2/2024 at 8:27 AM, 1tent42 said:

Can you please explain why one would want a USD account in a local bank?

 

Can't you just wire money directly from your overseas bank account to your Thai bank whenever you need the money?

 

I'm not understanding the benefit of a local bank account in USD.

 

Why USD in a local bank?  It can typically be converted to THB and accessed almost immediately.   USD outside of Thailand in a bank, can take hours to days or more to transfer to Thailand - where 'your mileage may vary (YMMV) dependent on the amount of money and the transfer method to Thailand.  And YMMV as to how urgent one may need money at any given time.  And YMMV as to whether one is in a financial situation where one needs to keep relatively large amounts of money in cash (example: to satisfy immigration, BoI (self health insurance) or other requirements).

 

Aside from immigration and other needs to have relatively large amounts of cash, as to why keep money in USD? Some of us see the Thai Baht stronger than it should be at present, and speculate (where speculate is the 'operative' word) that the Thai baht will eventually fall vs the USD.

 

The downside ?  Interest in a Thai Bank USD account is likely less than interest in a USD account in some other countries.

 

I keep USD in accounts in Thailand, and also in countries outside of Thailand (in addition to keep some other currencies).   And I have other much much larger investments than simply  cash.

 

Its really up to each person as to how they wish to keep (and invest) their own money, and how much money they want locally (and in what currency) for any urgent needs (or whether any money is needed at all).   Some of us have different needs than others, and I fully believe for others the considerations I noted above makes absolutely ZERO SENSE for them. Every one is different and I wish all the best in the approach they adopt.

 

[JimGant]

19 hours ago, oldcpu said:

Why USD in a local bank?  It can typically be converted to THB and accessed almost immediately.   USD outside of Thailand in a bank, can take hours to days or more to transfer to Thailand -

You mean, it's a surplus fund, sitting there for a contingency, that would require baht? Why not, then, keep a surplus fund in baht, that can be assessed immediately, not almost immediately. There's no interest advantage. Makes no cents, er, sense.

 

As far as FX speculation, yeah, maybe a couple of days journey across the ocean by dollars, to catch a low point in the baht, may miss the absolute low point by a day or two. But, that couple day's journey might also realize an even lower point -- as speculation can be tricky.

 

Anyway, as you say, to each his own. Right now, my wife is briefed on how to go online and transfer my Thai account assets to her account, when I croak. Not sure she could do that with a USD account..... (please, let's not reopen the discussion about a bird in the hand vs probate).

 

 

 

 

 

 

[Ben Zioner]

8 minutes ago, JimGant said:

Anyway, as you say, to each his own. Right now, my wife is briefed on how to go online and transfer my Thai account assets to her account, when I croak. Not sure she could do that with a USD account..... (please, let's not reopen the discussion about a bird in the hand vs probate).

You can definitely.

 

Have you given any thought about the problems you wife could face once she'll try get get hold of you overseas assets? And here you can write your will without any restrictions while in many countries such Switzerland or France you are restricted by law (reserve héréditaire).

[JohnnyBD]

58 minutes ago, JimGant said:

You mean, it's a surplus fund, sitting there for a contingency, that would require baht? Why not, then, keep a surplus fund in baht, that can be assessed immediately, not almost immediately. There's no interest advantage. Makes no cents, er, sense.

 

As far as FX speculation, yeah, maybe a couple of days journey across the ocean by dollars, to catch a low point in the baht, may miss the absolute low point by a day or two. But, that couple day's journey might also realize an even lower point -- as speculation can be tricky.

 

Anyway, as you say, to each his own. Right now, my wife is briefed on how to go online and transfer my Thai account assets to her account, when I croak. Not sure she could do that with a USD account..... (please, let's not reopen the discussion about a bird in the hand vs probate).

The main reason I have USD accts in Thailand is the exchange rates at my Thai banks are much better than sending THB from my Chase Bank acct in the US. I just checked what a $1,000 USD wire xfer would be if I asked Chase to convert to THB and their exchange rate was 33.1653 THB to 1 USD.  The current spot rate is 34.20, UOB is 34.07, SCB is 34.07, and Bangkok Bank is 34.03. So, it's cheaper by about 900b to send $1,000 USD to my USD accts in Thailand, and then convert to THB once here. If I send $10,000 USD, I will save even more. I prefer wiring money from Chase instead of using other money transfer companies. Also, Chase doesn't change me any outgoing wire fees.

Edited September 2 by JohnnyBD

[JimGant]

11 minutes ago, JohnnyBD said:

The main reason I have USD accts in Thailand is the exchange rates at my Thai banks are much better than sending THB from my Chase Bank acct in the US

Yes, at any point in time.  But, a week, month, year after you establish that dollar account, those dollars may be worth less than what's available in your US bank for conversion to baht. You can't pretend having a USD account somehow mitigates against an FX loss, unless you've somehow placed yourself in an emergency-need-baht situation. Again, as I said, having a contingency account in baht is certainly not inferior to having one in USD.

 

Or, maybe I'm missing your point. Are you saying you send dollars to your USD account, then, using that as a conduit, make an immediate conversion to baht, thus appreciating the superior conversion rate doing this in-country conversion realizes?

[JohnnyBD]

25 minutes ago, JimGant said:

Yes, at any point in time.  But, a week, month, year after you establish that dollar account, those dollars may be worth less than what's available in your US bank for conversion to baht. You can't pretend having a USD account somehow mitigates against an FX loss, unless you've somehow placed yourself in an emergency-need-baht situation. Again, as I said, having a contingency account in baht is certainly not inferior to having one in USD.

 

Or, maybe I'm missing your point. Are you saying you send dollars to your USD account, then, using that as a conduit, make an immediate conversion to baht, thus appreciating the superior conversion rate doing this in-country conversion realizes?

I only send USD when I need it, and then immediately convert it to THB, thereby getting the better in-country conversion rate. I leave only the minimum required balance in my USD accts in Thailand. I always wondered if one could send USD directly to their THB accts. Maybe the banks would convert it automatically. I didn't want to try that. How do you send your USD to Thailand?

Edited September 2 by JohnnyBD

[JimGant]

50 minutes ago, Ben Zioner said:

Have you given any thought about the problems you wife could face once she'll try get get hold of you overseas assets?

Huh?  The wife, a US-Thai, and me have all our US bank accounts and other bank assets as joint, with right of survivorship.  My IRA and life insurance policies all have her as sole beneficiary. Our real estate, also jointly owned, has now all been sold -- but, if not, also wouldn't have been an inheritance problem. So, not sure what you're talking about....

 

Our biggest problem is trying to equally divide our US financial assets between nieces and nephews in the US, and in Thailand. The US ones are POD (pay on death), thus will receive our financial assets without the need of a Will. However, unable to do a POD for Thai relatives, as no SS or ITIN possible. So, now bringing some of those financial assets over to Thailand, where our Thai Wills will suffice to provide for them.

[JimGant]

20 minutes ago, JohnnyBD said:

I always wondered if one could send USD directly to their THB accts. Maybe the banks would convert it automatically.

Well, sure -- that's how most of us do it. SWIFT dollars sent will be converted to baht , at your bank, using their TT rate. WISE uses a more favorable FX rate than TT, but has more fees. Anyway, your method vs those I mentioned, will probably have timing as the determining factor as to what's best. All on the same day -- haven't a clue, but your method certainly adds a new twist to sending money to Thailand.

[Ben Zioner]

22 minutes ago, JimGant said:

So, now bringing some of those financial assets over to Thailand, where our Thai Wills will suffice to provide for them.

That's exactly what I meant.

[JohnnyBD]

3 hours ago, JimGant said:

Well, sure -- that's how most of us do it. SWIFT dollars sent will be converted to baht , at your bank, using their TT rate. WISE uses a more favorable FX rate than TT, but has more fees. Anyway, your method vs those I mentioned, will probably have timing as the determining factor as to what's best. All on the same day -- haven't a clue, but your method certainly adds a new twist to sending money to Thailand.

That's good to know. I've been here 8 years, and I wasn't aware that it is common practice to send USD via SWIFT directly to one's THB acct, and that the Thai bank will automatically convert it to THB upon receiving it at the TT rates. I have accts with UOB (was Citi), Kasikorn, SCB & Bangkok Bank, and none of them ever explained I could do that. I will go ask them to make sure, and set up some xfers to test it. If all is good, then I don't see the need to keep all my USD accts. The only bank that allows me to do online conversions is Bangkok Bank, so I will keep it. The rest I can close. I learn something new every day. Thanks...

Edited September 2 by JohnnyBD

[SHA 2 BKK]

Report on transferring LTR Visa from Old Passport to New.

 

My Passport unfortunately ran out of pages and I had to get a new one which arrived at the Australian Embassy for collection last week (only two weeks from submission to my new one).

 

Emailed BOI to ask what was needed:

 

To transfer your LTR Visa to a new passport, please follow these steps

 

1. Please visit the Immigration One Stop Service Center for Visa and Work Permit (OSS) before 3:30 PM. You don't need to appear in person; instead, you can authorize a representative or someone you know to bring your passports for the visa transfer. There is no additional fee for this service.

 

2. Bring the following documents:

   - Original former and new passports

   - Transfer stamp to new passport form, download here:https://bangkok.immigration.go.th/wp-content/uploads/2021/08/Transfer-Stamp-to-New-Passport-Form.pdf

   - Original certificate from your embassy (Australian does not require this document)

   - Copies of former and new passports with your photo

   - Copy of the last arrival stamp in your passport

   - Copy of the LTR Visa stamp in your passport

   - Copy of the last extended visa in your passport

   - Copy of T.M. 6 Card (if applicable)

   - Notification letter of qualification endorsement addressed to the Immigration Bureau (found within your LTR Visa account under the check status tab)

   - 1-Year notification card (if applicable)

 

No TM6 or 1 Year Notification for me.  Got my docs together, filled in the form and got to Chamchuri Square Immigration by about 10.30 this morning.  Went to the information counter and had my application and docs checked.  Had to go and get one extra page copied (Copy of the last extended visa) which was nowhere near my LTR Visa.  

 

Was given a queue number and told to wait for it to be called.  There were two agents in front of me who were very friendly and expressed surprise I was able to navigate Thai Immigration and attend to my own affairs without (paid) Thai assistance!  Waited 10 minutes then my queue number was called.  The officer concerned checked all the docs and I could see her use a small hammer on my old passport (I later saw it was a VOID Stamp over the previous Visa).

 

She said all was good and please come back in an hour as the boss needed to sign LTR Visas.  Went down for a coffee and look around and went back in 45 minutes.  My queue number was back at the counter and the Officer handed my new Passport with transferred Visa and old passport back.  No cost and all in all about 70 minutes from start to finish.

 

Went to True and my Banks to record my new passport details - but that took much longer!

 

Hope that this helps someone .

[oldcpu]

7 hours ago, JimGant said:

You mean, it's a surplus fund, sitting there for a contingency, that would require baht? Why not, then, keep a surplus fund in baht, that can be assessed immediately, not almost immediately. There's no interest advantage. Makes no cents, er, sense.

 

As far as FX speculation, yeah, maybe a couple of days journey across the ocean by dollars, to catch a low point in the baht, may miss the absolute low point by a day or two. But, that couple day's journey might also realize an even lower point -- as speculation can be tricky.

 

Anyway, as you say, to each his own. Right now, my wife is briefed on how to go online and transfer my Thai account assets to her account, when I croak. Not sure she could do that with a USD account..... (please, let's not reopen the discussion about a bird in the hand vs probate).

 

 

As you say (and as I said) each to his own.

 

I have a massive disagreement with you in regards to the FX assessment. 

 

For me it makes NO SENSE to have too much in Thai baht.  I already have a condo in Thailand (ie can only be liquidated initially in Thai baht if/when time comes) and other Thai baht based investments. Why overload in Thai baht?  Is that what you prefer to do?

 

And if I need to keep large amounts in cash to satisfy BoI (such as self health insurance) or satisfy Thai immigration (for when on a Type-O/OA visa) why overload and have such in Thai baht?  Why overload in Thai baht when already I have a lot in Thai baht?  I can keep such in a foreign currency (such a USD and diversify).    Sure - I concede - that may be how you like to this , but for certain, it is NOT how I like to do it.

 

As noted - each to their own.

 

 

Edited September 2 by oldcpu

[stat]

On 9/2/2024 at 12:43 PM, JohnnyBD said:

That's good to know. I've been here 8 years, and I wasn't aware that it is common practice to send USD via SWIFT directly to one's THB acct, and that the Thai bank will automatically convert it to THB upon receiving it at the TT rates. I have accts with UOB (was Citi), Kasikorn, SCB & Bangkok Bank, and none of them ever explained I could do that. I will go ask them to make sure, and set up some xfers to test it. If all is good, then I don't see the need to keep all my USD accts. The only bank that allows me to do online conversions is Bangkok Bank, so I will keep it. The rest I can close. I learn something new every day. Thanks...

It is not such a good idea to give a bank carte blanche when to exchange currencies. Take that from someone who worked in trading.

[JimGant]

On 9/2/2024 at 7:42 PM, oldcpu said:

For me it makes NO SENSE to have too much in Thai baht

It's only too much baht -- if you know that the baht is heading on a permanent downward spiral -- which reason tells me, you cannot know. And the last decade or so have shown the baht just muddles between 30 and 35 baht per US dollar. So, I wouldn't have the foggiest to know whether or not to bring money over here into a Thai baht bank account, or a USD account, based on FX speculation. Thus, it would just be which type account is easier to put baht notes into my hand or to pay my Thai creditor per direct debit.

[oldcpu]

On 9/5/2024 at 1:25 PM, JimGant said:

It's only too much baht -- if you know that the baht is heading on a permanent downward spiral -- which reason tells me, you cannot know. And the last decade or so have shown the baht just muddles between 30 and 35 baht per US dollar. So, I wouldn't have the foggiest to know whether or not to bring money over here into a Thai baht bank account, or a USD account, based on FX speculation. Thus, it would just be which type account is easier to put baht notes into my hand or to pay my Thai creditor per direct debit.

 

I suspect none of us can know ... and that includes whether the Thai baht will always remain between 30 and 35. 

 

I was here, in Thailand from 1997 to 1999, and I saw the Thai baht fall, far far FAR (very very FAR) out of that 30 to 35 range that appears to give you much confidence.  Fortunately back then, my money was not in Thai baht.  ... I did have faith in the baht then only AFTER it dropped to VERY low levels, and at those low levels I was buying as much baht as I could then (at a pretty good price). 

 

Each to their own - as we noted.  I have been an expat for close to 40 years ... and I prefer to have my money diversified in different currencies.

 

and the question ... that started us off on this discussion, was why do some wish to keep funds in a Thailand bank in a different currency such as USD?

 

Why?

 

I think I have answered that from my perspective.  Many may disagree  - and IMHO that disagreement is fine. Each to their own.

 

My approach has worked well for me for close to 40 years ... and I suspect others with a different approach believe their approach has worked well too.  My view? All the best wishes to them and their approach.

 

But for me as an LTR visa holder?  I still prefer diversification.

Edited September 6 by oldcpu

[JohnnyBD]

6 hours ago, oldcpu said:

Each to their own - as we noted.  I have been an expat for close to 40 years ... and I prefer to have my money diversified in different currencies.

 

and the question ... that started us off on this discussion, was why do some wish to keep funds in a Thailand bank in a different currency such as USD?

Maybe Jim was thinking it would be better to keep most of one's USD in the US earning a lot more interest than in a Thai bank which pays very little, and it only takes 1 day to wire it to one's Thai bank when ready to convert it to THB. That's what I thought he meant. My USD is earning 4.95% in my Fidelity acct, and I can wire it to my Thai bank USD acct in 1 day. I keep only the minimum required balance in my Thai bank USD acct and only wire when I need money or when the exchange rates are very good like they were a couple of months ago.