LTR Visa is Now available for Long Term Residency

[Thomas4628]

48 minutes ago, stat said:

Did someone manage to get an LTR with the following documents and timeline

 

Nov-Dec  old year: Proof of passive income 80K capital gains from brokerage

 

Jan-Feb next year: Proof of passive income 80K capital gains from brokerage

 

and then applied in March for an LTR?

 

I know they do not really like capital gains but for all I understand they are likely to accept it. There will be no tax return docs in this timeline.

 

Thanks!

 

 

From my limited experience with the documentation requirements so far, they only accept tax returns or other forms of passive income that demonstrate a stable and regular stream (e.g., rental income). You can still give it a try, at least it is free to apply 🙂

[Pib]

1 hour ago, stat said:

Did someone manage to get an LTR with the following documents and timeline

 

Nov-Dec  old year: Proof of passive income 80K capital gains from brokerage

 

Jan-Feb next year: Proof of passive income 80K capital gains from brokerage

 

and then applied in March for an LTR?

 

I know they do not really like capital gains but for all I understand they are likely to accept it. There will be no tax return docs in this timeline.

 

Thanks!

 

 

Probably not going to fly because Nov-Dec of previous year thru Jan-Feb of the following year is only 4 months max of financial data; not the required 12 months of data.   

 

Proof of income doesn't have to cover the calendar year period of Jan-Dec....it can be any 12 month period like say Oct 2023 thru Sep 2024, etc., but you'll need the financial docs to prove it like for those Jan-Sep months since you will not have an income tax return for those 9 months.  This may require you to provide more than 12 months worth of proof like maybe your previous year income tax return "and" part of the current calendar year you are currently in thru the use of bank/brokerage statements, pension statement, etc.   

 

Can keep in mind the "type" of LTR visa you are applying for will determine the "type" of income BOI will accept.   For example when going for a LTR "Pensioner" visa BOI is looking for unearned/passive income; not income from wages/employment.

 

 

[SHA 2 BKK]

3 hours ago, stat said:

Did someone manage to get an LTR with the following documents and timeline

 

Nov-Dec  old year: Proof of passive income 80K capital gains from brokerage

 

Jan-Feb next year: Proof of passive income 80K capital gains from brokerage

 

and then applied in March for an LTR?

 

I know they do not really like capital gains but for all I understand they are likely to accept it. There will be no tax return docs in this timeline.

 

Thanks!

 

 

Not that it was Capital Gain but I was approved with three consecutive Pension Payment Advices (I get paid fortnightly).   As they are non taxable payments I could not provide a tax return from my home country.   I explained this and was accepted.  Hope this helps. 

[stat]

Thanks for the replies!

 

I cannot provide an income tax return as cap gains in General do not turn up on tax statements in Germany as they are handled directly by the bank. In addition the idea is to not pay taxes on cap gains and either being in TH or an other country without cap gains when cap gains arise 😉 

 

But as always this is Thailand.

 

Even when in TH for 2 years before applying one cannot provide the needed docs for LTR in the case of cap gains as those gains are currently not taxable when not transmitted 🙂

Edited Thursday at 05:48 PM by stat

[SHA 2 BKK]

There is another thread on hear about emails from K-Bank asking customers to supply TIN's etc.  As an LTR Visa holder (and with some accounts outside of Thailand here is my response).  May be of interest to some.

 

"I got a letter from HSBC Australia last week, where I have a very small sum of money, to self certify my Thai Tax residency and TIN.  So not just Thai Banks caught up in this.  I was in Malaysia last week to open a new account with Maybank and also had to self certify - Identical form apart from Bank Logo. 

 

I am a K Bank customer but no email (yet)!

 

The HSBC - Maybank Self Certification gives three choices re TIN (A), (B) and (C) - from memory (A) is the Thai TIN (13 Digits), (B) is TIN cannot be obtained and (C) is Country does not issues TIN's or equivalent.

 

I ticked (B) in my case as I have no assessable income in Thailand and I have an LTR Visa which I stated via Royal Decree 743 means I don't pay tax on remitted income and am not entitled to a TIN (that's what the RD on Pahonyonthin Road told me).  

 

Anyway both Banks accepted this - but I'd really like to put this on the record with my Thai accounts!!!"

 

 

[JohnnyBD]

What are your thoughts on the meaning of "derived in the previous tax year" in Royal Decree 743? Does it mean LTR visa holders need to wait until 2025 to remit assessable income derived in 2024 for it to be tax exempt? Or, can LTR visa holder's remit assessable income in the same year it was derived, and it still be tax exempt? Thanks...

 

"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."

Edited 8 hours ago by JohnnyBD

[Ben Zioner]

1 hour ago, JohnnyBD said:

What are your thoughts on the meaning of "derived in the previous tax year" in Royal Decree 743? Does it mean LTR visa holders need to wait until 2025 to remit assessable income derived in 2024 for it to be tax exempt? Or, can LTR visa holder's remit assessable income in the same year it was derived, and it still be tax exempt? Thanks...

 

"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."

 

Yes, definitely, this is why I haven't changed anything to my money transfers since early 2015. IMO RD 743 just grandfathered the rules as they were before the September 2023  change. My recommendation would be to be very cautious with that as I don't expect any particular sympathy from RD towards LTR visa holders.

Edited 6 hours ago by Ben Zioner

[oldcpu]

6 hours ago, JohnnyBD said:

What are your thoughts on the meaning of "derived in the previous tax year" in Royal Decree 743?

 

 

My take on this is as follows:  if one needs to file an income tax return, one DOES NOT file for income earned IN THE CURRENT (ONGOING) TAX YEAR, but rather one files for income in the PREVIOUS tax year. PREVIOUS ! 

 

Ergo this applies to when/if one TYPICALLY files a tax return (which if an annual return and if filed on time, this is ALWAYS filed for the previous tax year). ie ... taxation is exempt for any nominal tax return (if filed).

 

But I am no taxation expert. 

 

I am fortunate to have the financial luxury to wait a few years to see all of these taxation changes 'play out' before I bring any more money into Thailand.