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 yesterday at 08:25 AM 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 yesterday at 09:47 AM 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.

[Thomas4628]

I believe my application might be rejected. I work for a large international corporation with numerous subsidiaries worldwide. My employment contract is with one of these subsidiaries based in Switzerland. I submitted the consolidated financial statement, but they are insisting on seeing the financial statements for the specific subsidiary I work for. Unfortunately, this subsidiary, being a small part of the global group, does not meet the $150 million threshold. They seem to be focusing on this issue now. Does anyone in this forum have experience dealing with a similar problem? Any help would be appreciated. 

[stat]

On 11/21/2024 at 1:03 PM, Pib said:

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.

 

 

Thx! I though it was 2 years financial data? There will be no income tax statement I can provide where cap gains show. I will go for wealthy pensioner LTR. Even if stay 2 years in TH before I cannot provide an income tax statement as cap gains are not taxable if not remitted TiT...

[Pib]

15 minutes ago, stat said:

Thx! I though it was 2 years financial data? There will be no income tax statement I can provide where cap gains show. I will go for wealthy pensioner LTR. Even if stay 2 years in TH before I cannot provide an income tax statement as cap gains are not taxable if not remitted TiT...

The LTR website does say 2 years for a Work from Thailand visa but there have been posts of 1 year being enough depending on the nature of the person's finances/employment.   Plus, I thought you wanted to try for the Work from Thailand visa by using  only 4 months of financial data which wouldn't fly.   1 year's worth will possibly fly depending on the nature of the finances/person's situation, but 2 years is indeed what the BOI says they want to see.

 

Now, if going for a LTR pensioner visa then they will ask for only 1 year of tax returns and since some pensions are not taxed at all or only partially taxed (i.e., not even reported on a tax return) that where other financial docs is critical such as a pension benefit letter/certificate saying you are paid X-amount per month/quarter/year....and just to repeat an amount that may not even be reflected on a tax return depending on tax laws/regulations which vary from country to country.   And if you just started a pension(s)/some kind of passive income that takes you over the minimum financial requirement but it could be a year (or more) before a tax return would possibly reflect such then a tax return might not even be required if your pension docs clearly show you just started a the pension like says some type of govt pension that BOI is sure will continue.  And a short memo explaining your pensions such as not being taxable/partially taxable, just started, etc., will help prove/show you do meet the required income requirements although a tax return might show you falling a little short. 

Edited 1 hour ago by Pib

[stat]

10 minutes ago, Pib said:

The LTR website does say 2 years for a Work from Thailand visa but there have been posts of 1 year being enough depending on the nature of the person's finances/employment.   Plus, I thought you wanted to try for the Work from Thailand visa by using  only 4 months of financial data which wouldn't fly.   1 year's worth will possibly fly depending on the nature of the finances/person's situation, but 2 years is indeed what the BOI says they want to see.

 

Now, if going for a LTR pensioner visa then they will ask for only 1 year of tax returns and since some pensions are not taxed at all or only partially taxed (i.e., not even reported on a tax return) that where other financial docs is critical such as a pension benefit letter/certificate saying you are paid X-amount per month/quarter/year....and just to repeat an amount that may not even be reflected on a tax return depending on tax laws/regulations which vary from country to country.   And if you just started a pension(s)/some kind of passive income that takes you over the minimum financial requirement but it could be a year (or more) before a tax return would possibly reflect such then a tax return might not even be required if your pension docs clearly show you just started a the pension like says some type of govt pension that BOI is sure will continue.  And a short memo explaining your pensions such as not being taxable/partially taxable, just started, etc., will help prove/show you do meet the required income requirements although a tax return might show you falling a little short. 

Thanks for your post! There will be no pension and no pension letter in my case just passive income in the form of dividends and cap gains. I can trigger cap gains whenever I want just by selling some positions hence my idea of showing the last 12 months with 2 months of 80K plus income and the other months like 8K a month.

 

 

There more I think about it they would not let even Elon Musk get a wealthy pensioner LTR, as he has no pension and no steady income stream. 🙂

[Pib]

1 minute ago, stat said:

Thanks for your post! There will be no pension and no pension letter in my case just passive income in the form of dividends and cap gains. I can trigger cap gains whenever I want just by selling some positions hence my idea of showing the last 12 months with 2 months of 80K plus income and the other months like 8K a month.

 

 

There more I think about it they would not let even Elon Musk get a wealthy pensioner LTR, as he has no pension and no steady income stream. 🙂

Elon's tax return is probably bigger (i.e., number of pages declaring tax write-off/deduction/credits) than all the tax returns "combined" by all LTR applicants to date.  And when the dust settles Elon's tax bill is probably close to zero....pretty much like Donald's....which as you said might not allow him to qualify for an LTR visa.😜    But Elon is not worried....he would just fork out Bt5M in pocket change for an Elite Reserve 20 year visa if he wanted to spend a lot of time in Thailand and have an army of tax CPAs/lawyers ensuring he paid no tax in Thailand.  

[oldcpu]

Deleted. Wrong thread.

Edited 31 minutes ago by oldcpu

[oldcpu]

57 minutes ago, Pib said:

Elon's tax return is probably bigger (i.e., number of pages declaring tax write-off/deduction/credits) than all the tax returns "combined" by all LTR applicants to date.  And when the dust settles Elon's tax bill is probably close to zero....pretty much like Donald's....which as you said might not allow him to qualify for an LTR visa.😜    But Elon is not worried....he would just fork out Bt5M in pocket change for an Elite Reserve 20 year visa if he wanted to spend a lot of time in Thailand and have an army of tax CPAs/lawyers ensuring he paid no tax in Thailand.  

 Anyone with that sort of money can easily restructure a portion of their funds to meet BoI requirements instead of stubbornly sticking with their current financial structure.

 

However such restructuring costs some money and one has to decide if such is worth it.