LTR Visa is Now available for Long Term Residency

[Ben Zioner]

18 hours ago, oldcpu said:

Nope, LTR is far superior for those of us who meet the very specific BoI financial requirements.

Yep, and those who try to stretch, bend or bypass the system should feel harassed. Those who do not qualify at all should just shut up and not pollute this thread. 

[Presnock]

On 5/9/2024 at 9:27 PM, Mike Teavee said:

I thought Income earned between 1/1/2024 and you getting the LTR was still Taxable. 

 

E.g. I plan on going for mine when my pensions start in 2026 and am expecting that I would have to pay Tax on Rental/Dividend income earned in 2024 & 2025 if I remit it.

 

If you come to Thailand and become a tax resident prior to obtaining your LTR, then monies you remit during the time before the LTR will be taxed so unless you just save it outside of Thailand in savings or

whatever, and then after you obtain the LTR you can remit anything free of tax that was earned outside of Thailand.  Hope this is clear.  It seems pretty clear to me but..

[Thailand J]

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.

[JohnnyBD]

On 5/10/2024 at 9:09 AM, 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 😂

I wish you could find some happiness in your life other than trolling others with your false narrative about LTR annual re-qualifications, just because you cannot afford a LTR visa and are jealous of others who are better off financially. It's very sad...

[Presnock]

On 5/10/2024 at 6:18 PM, Eddie45 said:

Sorry if I have missed this in the previous 105 pages. I emailed BOI about this matter but got ambiguous reply. If I apply and receive the Wealthy Pensioner or Wealthy Global Citizen LTR Visa and I am working online in Thailand for a company that I own overseas. How do I legally stand. Is this allowed under the rules of the LTR.

You can check with the BOI and or the Tax revenue dept but if you have the LTR, and want to work in Thailand, he BOI will assist you in getting a work permit.  They can advise you about working online in Thailand, as I do not know for sure but sounds like if you are working in Thailand and are here over 180 days, you are a tax resident of Thailand.  If your company pays you directly it may be considered that you are "earning" the salary/funds within Thailand but if the company pays it into your bank in another country and then you do a transfer and remit it into Thailand that might be considered different, especially if you pay taxes on it elsewhere.  Like I said this is totally alien to me so you need to check with the Tax experts and see what they think.. I guess this is a "digitl nomad" system so out of my world totally.  Good luck

[Presnock]

18 hours ago, Sigmund said:

Why do people get so upset when one does not agree with them ? A fine mystery of existence,

 

Le LTR has been established with good intent by the BOI. The problems cited by the many comments, could or could not arise, due to the fact that the Immigration Bureau is also involved. And we all know how quick and hassle free it it !!!🙃

 

Problem here is with the annual re-qualification or report with immigration whatever the word used. If no issues could arise with BOI, it could be a totally different strory with having to deal annually with immigration and having to "re-qualify". It means nothing and anything.

 

To make it short, best would be to ask Immigration what they exactly could ask on the re.qualification process for the LTR. Thing is that even they are not sure. It obviously would change from office to office and of course depend entirely on the mood of the day with the fine officer handling the process. Officer who is free to ask or invent any new absurd document request and if so, cancel the LTR and thus all the money spend and hassle for nothing. Willing to take that risk ?

 

LTR may be worth the run for full time stay or may not ?  But definately and absolutely not worth for wealthy global pensionners who are the  winter birds from october to march.

I sure fail to understand WHY you continue to state annual re-qualifications - there are none, if you have an LTR you don't even have to go to provide your address.  Stop puting out the wrong information and if you can't under stand our English then contact the BOI and ask them.

[Presnock]

41 minutes 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.

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?

[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.

Edited May 12 by JohnnyBD

[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.

.

Edited May 12 by oldcpu

[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?

Edited May 12 by JohnnyBD

[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 🙂

Edited May 12 by Mike Teavee

[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?

Edited May 12 by Ben Zioner

[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. 

Edited May 12 by Ben Zioner

[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.

Edited May 12 by oldcpu

[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

 

 

 

 

Edited May 13 by Mike Teavee