LTR Visa is Now available for Long Term Residency

stat · September 16

31 minutes ago, gravity101 said:

I'd very much like to ask them and tell them directly, but alas I think my query wouldn't reach the right level, even if there is a level that knows. The BOI, I'm sure your aware, reports directly to the Ministry office, so we have to assume that the TRD wouldn't be allowed to overrule/interfere any directive/incentive from the BOI/Ministry. It's pretty clear that the BOI created this incentive to promote direct investment, as such the TRD shouldn't be able to interfere with it.

Feedback from BOI that others have gotten was to ask Thai RD. No farang (me included) can fathom which faction in the Thai government has the final say.

Only thing we can currently state is that is unclear if unremitted income will be taxed, IF ww taxation would come into play. I have been loughed at numerous times when I brought this topic up several months ago. Now it is obvious that the taxation issue is unclear, despite the royal decree as the rd "only" explicitly covers remitted income.

Edited September 16 by stat

anrcaccount · September 16

55 minutes ago, stat said:

As mentioned before I asked BOI several times the question about taxation of unremitted income and they did not answer. Pls ask them yourself to make them aware that this is a central pillar as you correctly mentioned of the allure of the LTR. It makes "sense" or TH to tax unremitted income in order to increase inflows to TH. One way could be to reverse the inflow several days later but my guess is that there could be a problem as soon as you start to transfer 6 or 7 digits USD amounts out of Thailand every year.

Pls ask TRD if you are currently in Thailand.

The current status is that no one knows.

You will not get an answer from them, it's pointless you asking.

There is no law on taxation of unremitted income. They are considering changing it, if they do, it will likely take many years before it comes into force.

I'm not usually a defendant of Thai bureaucracy................ but it's unreasonable to expect them to answer a theoretical question, regarding a potential future law, that hasn't been passed.

stat · September 16

4 hours ago, anrcaccount said:

You will not get an answer from them, it's pointless you asking.

There is no law on taxation of unremitted income. They are considering changing it, if they do, it will likely take many years before it comes into force.

I'm not usually a defendant of Thai bureaucracy................ but it's unreasonable to expect them to answer a theoretical question, regarding a potential future law, that hasn't been passed.

While I see your point, it is not unreasonably for them to give the answer that currently there is no blanket exception for unremitted income SHOULD ww income taxation come into place. In lots of jurisdictions you get a gurantee or contract that income is tax exempted or taxed at 10% etc no matter what.

It is up to BOI to talk to TRD and find out what is what. Apparently they cannot do that or they already know the answer because it is negative. Either way the issue is open and no one should count on the RD to exempt unremitted income in case of an LTR visa that is all I am saying. If one is willing to pay 50K baht for an 10 year visa with an unclear tax status that is highly risky if you have substantial foreign income and care about your tax bill.

I am sure as hell not going to pay for a visa and then have higher taxes (35% marginal tax rate) as in the developped worlds WITHOUT even being able to substract my cap losses from the gains. This could lead to paying 200.000K USD p.a. on a real world trading loss for anyone active in the stock market.

Edited September 16 by stat

MPoll · September 17

There are so few people with an LTR I don’t see them bothering about changing our tax exempt status.

JohnnyBD · September 17

18 hours ago, gravity101 said:

Fellow LTR friends. What's your thoughts on the global income tax and the LTR visa?

Tax on ww foreign income for tax residents may eventually come to pass, but it hasn't yet. If that day ever comes, and LTR-P visa holders are not exempt, then I will simply stay less than 180 days per year in Thailand. Not a problem for me.

Edited September 17 by JohnnyBD

oldcpu · September 17

14 hours ago, stat said:

I am sure as hell not going to pay for a visa and then have higher taxes (35% marginal tax rate) as in the developped worlds WITHOUT even being able to substract my cap losses from the gains. This could lead to paying 200.000K USD p.a. on a real world trading loss for anyone active in the stock market.

You made your point very clear, but I think you will find massive disagreement from many of us, who already decided we were going to live in Thailand long before the LTR visa, and in fact even more so ? it was relevant to those of us living in Thailand long before the LTR visa.

When I applied for the LTR visa, the taxation aspect was the LAST thing on my mind. The LAST. At that time, these new tax interpretations and potential (not yet) new tax law were not even talked about. I think that is clear. The taxation aspects only came out later and now those planning to be in Thailand > 180days in a calendar year are starting to have concerns (on all visas).

In my case, the taxation benefit of the LTR visa was an aspect that I did not think important when I applied for the LTR visa.

So if tax not an issue, why then, apply for the LTR visa?

1. Its cheaper than a type-O / OA visa over a 10 year period if one considers the included multiple re-entry. So LTR is superior financially.

2. No need for 90-day reports. Instead yearly reports, and for those of us who travel internationally once/year, possibly NO reports dependent on our departure date. So LTR is superior in terms of reports.

3. Instead of EVERY YEAR (on a Type-O/OA) visa, having to prove one's financial status, one only has to prove such every 5 years. That is a big convenience for many of us on the LTR visa (in particular for those who have the money).

4. Access to FAST TRACK lines which is very useful for those who do not fly business class and who also do not have a Thai spouse and who are also not considered a senior. That is a BIG benefit for those who travel through crowded airports.

5. Self health-insurance is possible with the LTR visa (for those of us who have the money), as compared to the Type-OA visa where one has to obtain health insurance from the Thai branch of a Health insurance company, or (for those on a Type-OA) be forced to dump their Type-OA and go for a type-O. In fact the LTR will even allowed health insurance from a non-Thai branch of a health insurance company (if one can show the necessary paperwork, which some users have been able to do). So the LTR is once again superior there.

So UNLIKE yourself, many of us DO get benefit, independent of ANY tax considerations.

Frankly, your tax concerns apply to ALL OTHER Thai visas, even more than the LTR visa, if one wishes to stay in Thailand >180days per calendar year.

A great thing (IMHO) about Thailand is it has many different visas, and we each get to choose the one is best for us.

Edited September 17 by oldcpu

stat · September 17

There seems to be a missunderstanding. I am not criticising anyone with an LTR Visa, far from it. My point is solely that if taxes are a concern for you the future tax situation is unclear in Thailand if you hold an LTR visa or plan to get one. There were some people claiming that no matter what will happen in 2025 the LTR will gurantee tax exempt status even for unremitted income, which is currently unclear.

My main concern is tax but that only applies to myself, each to their own!

For my personally TH is no longer a country that I will stay in longer then 180 days if I have to pay 6 figure taxes p.a. when other countries are next door without taxes.

Edited September 17 by stat

gravity101 · September 17

1 hour ago, stat said:

There seems to be a missunderstanding. I am not criticising anyone with an LTR Visa, far from it. My point is solely that if taxes are a concern for you the future tax situation is unclear in Thailand if you hold an LTR visa or plan to get one. There were some people claiming that no matter what will happen in 2025 the LTR will gurantee tax exempt status even for unremitted income, which is currently unclear.

My main concern is tax but that only applies to myself, each to their own!

For my personally TH is no longer a country that I will stay in longer then 180 days if I have to pay 6 figure taxes p.a. when other countries are next door without taxes.

Unclear, but the best bet surely at this time. I do know I can officially bring money in now without fear of owing any tax, that is reason enough and for me and the main reason. 50k is nothing for that peace of mind. The 10 year multiple entry etc etc is just a bonus (and cheaper). There are other ways to move world wide income around to avoid the CRS/FACTA reporting back to Thailand if it ever got to that, that's got to be better than uprooting to another country for me.

oldcpu · September 17

5 hours ago, stat said:

There seems to be a missunderstanding. I am not criticising anyone with an LTR Visa, far from it.

...

For my personally TH is no longer a country that I will stay in longer then 180 days if I have to pay 6 figure taxes p.a. when other countries are next door without taxes.

That being the case - are you now considering the new Visa Exempt or DTV visas? < my speculation >

Even if staying in Thailand less than 180-days per calendar year (but still come for almost 1/2 year, every year), then if one has the money, that one can prove (to meet the constraints of the BoI criteria), then I believe the LTR has significant advantages over the Type-O and Type-OA visas. I listed them above.

The LTR visa 50,000 THB is actually less expensive (as I pointed out) than what one would pay for the Type-O / OA visas with a multiple-reentry permit (if one comes to Thailand every year, with a few trips in/out but spends less than 180-days in the country per calendar year).

I believe only the new DTV and VisaExempt changes possibly provide other possibilities - but I do suspect on the VisaExempt, if one starts staying some # of days (maybe 150 days or more in a calendar year < my speculation > one could run into an IO (who woke up on the wrong side of the bed) that when one is entering Thailand, that IO may take exception to one spending so much time in Thailand visa-exempt. That sort of experience (being denied entry, or questioned like one was working illegally when was not doing such) could spoil one's travel a LOT.

Edited September 17 by oldcpu

stat · September 17

4 hours ago, JohnnyBD said:

So, someone is confused. Let me explain for the person who put the confused Emoji. With regard to foreigners and their foreign income, what determines taxation in Thailand is whether you are a tax resident (staying 180 days or more in country), NOT what type of visa you are on. You can be on a 10 year LTR visa, retirement extension or marriage extension, and still not be a tax resident. Understand now? Ok then.

Sorry Johnny you are wrong. If you are on an LTR visum and you remit income your income is free (hopefully). If you are on any other visa in TH it is not. There is not really a need for a visum if you intend to stay under 180 days so I assume you are a tax resident anyway if we are talking visa. So here is an example that the visum type determines your tax bill (if 180 days plus in TH).

However the main question at least for me is not the difference between visa IN Thailand it is between a visum in Thailand and between a visum in another country with substantial tax advantages. Again if you have substantial offshore income the tax situation is important. I assume that the majority of people who have at least 80K passive income are concerned about a potential 6 figure tax payment.

Edited September 17 by stat

stat · September 17

2 minutes ago, oldcpu said:

That being the case - are you now considering the new Visa Exempt or DTV visas? < my speculation >

Even if staying in Thailand less than 180-days per calendar year (but still come for almost 1/2 year, every year), then if one has the money, that one can prove (to meet the constraints of the BoI criteria), then I believe the LTR has significant advantages over the Type-O and Type-OA visas. I listed them above.

The 50,000 THB is actually less expensive (as I pointed out) than what one would pay for the Type-O / OA visas with a multiple-reentry permit (if one comes to Thailand every year, with a few trips in/out but spends less than 180-days in the country per calendar year).

I believe only the new DTV and VisaExempt changes possibly provide other possibilities - but I do suspect on the VisaExempt, if one starts staying some # of days (maybe 150 days or more in a calendar year < my speculation > one could run into an IO (who woke up on the wrong side of the bed) that when one is entering Thailand, that IO may take exception to one spending so much time in Thailand visa-exempt. That sort of experience (being denied entry, or questioned like one was working illegally when was not doing such) could spoil one's travel a LOT.

I will not be in TH at all, as long as the tax issue is not clear. The O-A visum seems like a good option as it allows for close to 2 years in TH. With his tax issue I do not think planing in decades makes any sense for me so I would not spend 50K for a 10 year visum instead I would rather spend 175€ for a 2 year visum. If tax exemption comes to pass on all income, the LTR visum is a no brainer.

Again this applies only for people with substantial offshore income who are concerned with their tax bill.

oldcpu · September 17

38 minutes ago, stat said:

Again this applies only for people with substantial offshore income who are concerned with their tax bill.

Thats fair .

If one has structured their income outside of Thailand, such that their foreign income has minimal to no tax obligations, then as you point out, for all Thai visas the possibility of these new tax changes can be of concern (although I believe the LTR may have less of a concern due to the LTR Royal Decree). I assume in the case of concern over paying taxes in Thailand (for income from outside of Thailand), one needs to start researching one or more places in the world where one may wish to spend 185 or more days of a calendar year outside of Thailand. There would most likely be a lot of effort involved there with such research (to do so in detail, cities, neighbourhoods, rentals ... etc ) , unless one has family or friends where one can stay for long periods of time (outside of Thailand). All of this effort to try and save Thai tax on TBD income.

My own view is most of us (even with substantial investments) are already covered under Double Taxation Agreements (DTA) and that most of us were not able in our lifetime to structure our financial earnings in a minimal tax environment.

In my case, my wife is Thai and after living outside of Thailand for 20 years (married) its now her turn for us to live in Thailand. I already had an adequate investment in Thailand (condominium ownership) that helped contribute to me meeting the BoI LTR visa criteria, and most (possibly all < unsure > ) my foreign pension and investment income is covered by a DTA, so the new tax laws are something I watch, just in case the Royal Decree is superseded, and just in case so I don't make a mistake. Just in case! Just in case???? At present time thou ... this is a LOT OF SPECULATION re: any Thai income tax on foreign income the LTR visa holders of Wealthy Global citizens or Wealthy Pensioners may (or may not) have to be concerned about.

My main interest thou, is to be certain I do not need to file a Thai tax return when on the LTR visa (as I have insufficient Thai income from interest in Thai sources, but clearly I have a lot of assessable (but exempt) foreign income) - where at present I do not plan to file such a return.

Edited September 17 by oldcpu

JohnnyBD · September 17

1 hour ago, stat said:

Sorry Johnny you are wrong. If you are on an LTR visum and you remit income your income is free (hopefully). If you are on any other visa in TH it is not. There is not really a need for a visum if you intend to stay under 180 days so I assume you are a tax resident anyway if we are talking visa. So here is an example that the visum type determines your tax bill (if 180 days plus in TH).

You misunderstood my comments. I was discussing ww taxation which you brought up, not current law.

See part of your previous post that started this whole discussion about ww income taxation below:

23 hours ago, stat said:

unremitted income SHOULD ww income taxation come into place

I am a LTR-WP visa holder and know very well that my remitted income as well as my unremitted income is tax exempt under the current law.

12 hours ago, JohnnyBD said:

Tax on ww foreign income for tax residents may eventually come to pass, but it hasn't yet. If that day ever comes, and LTR-P visa holders are not exempt, then I will simply stay less than 180 days per year in Thailand. Not a problem for me.

If they ever pass a new law taxing tax resident's ww income, hopefully they will exempt LTR-WP visa holders, but I wouldn't bet on it, that is why I will just stay less that 180 days in country. I don't need to move to another country like some. I will just spend more time in my home country visiting my loved ones. If they do pass a new law, then LTR visa holders will probably be in the same boat as all the other visa types.

Edited September 17 by JohnnyBD

JohnnyBD · September 18

13 hours ago, stat said:

Sorry Johnny you are wrong. If you are on an LTR visum and you remit income your income is free (hopefully). If you are on any other visa in TH it is not.

Sorry, my mistake. I didn't word my previous post correctly. I do agree that if worldwide income taxation ever becomes law, it's not clear if LTR visa holders will keep their tax exempt status (me included). I am confident we have tax exempt status right now on all income (remitted & unremitted), but if we lose our tax exempt status in the future, then taxation will be determined by tax residency (180 days in country), and NOT by which visa one is on. That's what I meant before.

On 9/16/2024 at 10:55 PM, JohnnyBD said:

On 9/16/2024 at 4:26 AM, gravity101 said:

Fellow LTR friends. What's your thoughts on the global income tax and the LTR visa?

Tax on ww foreign income for tax residents may eventually come to pass, but it hasn't yet. If that day ever comes, and LTR-WP visa holders are not exempt, then I will simply stay less than 180 days per year in Thailand. Not a problem for me.

21 hours ago, JohnnyBD said:

The type of visa you're on has nothing to do with the ww foreign income taxation issue. If one doesn't want to pay for a 10 year LTR visa, that person can stay on a yearly retirement or marriage extension, or they can use one of the short-term visa options. Each visa type has it's own associated costs, so each person can weigh the cost benefits, and decide what's best for their own situation. The LTR-WP visa is best for me, regardless of what happens with the ww taxation issue.

Ben Zioner · September 18

1 hour ago, JohnnyBD said:

I do agree that if worldwide income taxation ever becomes law, it's not clear if LTR visa holders will keep their tax exempt status (me included).

The document of reference, when this happens, will be RD 743, so their will either rescind it altogether, amend it, or reinterpret it.

If it was the latter, LTR/HSP. holders would pay 17% IT on their earnings in Thailand while their overseas income would become assessable in Thailand. While the wording regarding other categories is somewhat more reassuring, especially for people who live off pensions exclusively.

stat · September 18

On 9/17/2024 at 8:31 AM, oldcpu said:

You made your point very clear, but I think you will find massive disagreement from many of us, who already decided we were going to live in Thailand long before the LTR visa, and in fact even more so ? it was relevant to those of us living in Thailand long before the LTR visa.

When I applied for the LTR visa, the taxation aspect was the LAST thing on my mind. The LAST. At that time, these new tax interpretations and potential (not yet) new tax law were not even talked about. I think that is clear. The taxation aspects only came out later and now those planning to be in Thailand > 180days in a calendar year are starting to have concerns (on all visas).

In my case, the taxation benefit of the LTR visa was an aspect that I did not think important when I applied for the LTR visa.

So if tax not an issue, why then, apply for the LTR visa?

1. Its cheaper than a type-O / OA visa over a 10 year period if one considers the included multiple re-entry. So LTR is superior financially.

2. No need for 90-day reports. Instead yearly reports, and for those of us who travel internationally once/year, possibly NO reports dependent on our departure date. So LTR is superior in terms of reports.

3. Instead of EVERY YEAR (on a Type-O/OA) visa, having to prove one's financial status, one only has to prove such every 5 years. That is a big convenience for many of us on the LTR visa (in particular for those who have the money).

4. Access to FAST TRACK lines which is very useful for those who do not fly business class and who also do not have a Thai spouse and who are also not considered a senior. That is a BIG benefit for those who travel through crowded airports.

5. Self health-insurance is possible with the LTR visa (for those of us who have the money), as compared to the Type-OA visa where one has to obtain health insurance from the Thai branch of a Health insurance company, or (for those on a Type-OA) be forced to dump their Type-OA and go for a type-O. In fact the LTR will even allowed health insurance from a non-Thai branch of a health insurance company (if one can show the necessary paperwork, which some users have been able to do). So the LTR is once again superior there.

So UNLIKE yourself, many of us DO get benefit, independent of ANY tax considerations.

Frankly, your tax concerns apply to ALL OTHER Thai visas, even more than the LTR visa, if one wishes to stay in Thailand >180days per calendar year.

A great thing (IMHO) about Thailand is it has many different visas, and we each get to choose the one is best for us.

Thailand is hands down my favorite country to live in. As long as the ww income taxation does not come into beeing I will chose TH as I could live with the remittance taxation and simply live off just from gifts from my relatives. I agree with all of the points you mentioned about the LTR, LTR is the best visa if you are sure you will stay the 10 years. Peace of mind is very important to me and the LTR does just that.

If I would be sure that everything stays the same in TH in the next 10 years (no upheavels, no tax scares, no changes in personal situation etc) the LTR wins hands down.

Self insurance was a valid point for me but then I came across a german health expat insurance for 69€ per months (up to 65 and you have to live in GER before) that is accepted by the Thai authorities. The thai insurances were a joke in my view as they did not provide sufficient coverage and were expensive in regards to their coverage.

I am really happy that I can watch from the sideline how this tax scare plays out. Hopefully in Mid 2025 we will see the impact of the new rules and if LTR visa gets a full tax exemption which I hope for.

JohnnyBD · September 18

8 hours ago, Ben Zioner said:

The document of reference, when this happens, will be RD 743, so their will either rescind it altogether, amend it, or reinterpret it.

If it was the latter, LTR/HSP. holders would pay 17% IT on their earnings in Thailand while their overseas income would become assessable in Thailand. While the wording regarding other categories is somewhat more reassuring, especially for people who live off pensions exclusively.

Bottom line, if I lose my LTR tax exemption for any reason, I will just stay less than 180 days per year going forward. I have a Thai wife here, so I will split my time between my home country and here. I do not want to deal with having to file tax returns in two countries. I hope they don't change anything.

Edited September 18 by JohnnyBD

gravity101 · September 20

On 9/18/2024 at 10:38 PM, JohnnyBD said:

Bottom line, if I lose my LTR tax exemption for any reason, I will just stay less than 180 days per year going forward. I have a Thai wife here, so I will split my time between my home country and here. I do not want to deal with having to file tax returns in two countries. I hope they don't change anything.

Interesting to know what your home country is. My home country would try and tax the hell out of my ww income I believe.

JohnnyBD · September 20

9 hours ago, gravity101 said:

Interesting to know what your home country is. My home country would try and tax the hell out of my ww income I believe.

My home country is the US. I am required to file and pay taxes in the US on my income regardless of where I live.

Edited September 20 by JohnnyBD

Ben Zioner · September 21

9 hours ago, JohnnyBD said:

My home country is the US. I am required to file and pay taxes in the US on my income regardless of where I live.

So, why would you be worried about Thai tax. Is your exposure so high that you'd have to pay a significant "Delta"?

Presnock · September 21

On 9/16/2024 at 4:26 PM, gravity101 said:

Fellow LTR friends. What's your thoughts on the global income tax and the LTR visa? It seems on other threads, most assume the LTR visa tax exempt wont extend to cover the new proposed global income tax (I personally think they is an element of jealousy and like to see failure).

I (lazily) engaged a lawyer to do my LTR WP and I asked him recently, he said they wouldn't even consider to try and tax you after making it a central pillar of this visa type being tax free. He also said it makes no sense to allow incoming funds to be free of tax, yet still try and tax the same money a different way, it will defeat the purpose entirely. He also said the tax on global income and/or money remitted regardless of year earnt was squarely aimed at Thais anyway. Wondering what LTR visa holders think or have heard?

well, based on what I read about in the revenue dept English was that the tax exemption on foreign income could be challenged/dropped if the Director General of the Revenu Department so decided. But, since this is an integral part of a visa designed to get wealthier foreigners to come and stay longer in Thailand, thus spend more money, I think they might decide to keep it at least for the foreseeable future. I personally am not worried about that aspect of the visa as the DTA also exempts my pension but I also do like the no 90-day reporting, in and outs of the country, and is certainly less paperwork required qualifications. Can do all at home on a computer! much easier and based on the yearly cost of a what I had retirement O, a tad cheaper. 1900+3800 per year more than the 50,000 for the LTR. So, perfect for me but I also realize that it may not be perfect for all and do not wish the DIRGEN to drop that royal exemption, but, TIT.

Presnock · September 21

On 9/16/2024 at 5:31 PM, stat said:

As mentioned before I asked BOI several times the question about taxation of unremitted income and they did not answer. Pls ask them yourself to make them aware that this is a central pillar as you correctly mentioned of the allure of the LTR. It makes "sense" or TH to tax unremitted income in order to increase inflows to TH. One way could be to reverse the inflow several days later but my guess is that there could be a problem as soon as you start to transfer 6 or 7 digits USD amounts out of Thailand every year.

Pls ask TRD if you are currently in Thailand.

The current status is that no one knows.

Is as waste of time to ask any official of any office what the next tax scheme may be and how would whatever they do affect anyone - Go to any govt official in any country and you could not get a valid reply as no one has any idea what the future may be. There isn't even any news about the "discussions" as I opine that there are too many rich locals who have asked to stay away from all this for the foreseeable future.

Presnock · September 21

24 minutes ago, Ben Zioner said:

So, why would you be worried about Thai tax. Is your exposure so high that you'd have to pay a significant "Delta"?

probably only worried about extra paperwork that the locals will want to see as they possibly might link taxes and visas of expats. I definitely do not have any assessable income IAW Thai revenue dept definition so unless a big change is coming for ALL my only concern will be paperwork to protect my income.

JohnnyBD · September 21

7 hours ago, Ben Zioner said:

So, why would you be worried about Thai tax. Is your exposure so high that you'd have to pay a significant "Delta"?

I'm not worried. I simply do not want the hassle or expense of having to file tax returns in 2 countries, if we (LTR visa holders) should ever lose our tax exemption. I will happily spend more time in my home country with my loved ones, and less time in Thailand, so that I am not a tax resident here. I enjoy spending time with my children & grandchildren, so it works well for me.

Edited September 21 by JohnnyBD

Ben Zioner · September 21

41 minutes ago, JohnnyBD said:

I'm not worried. I simply do not want the hassle or expense of having to file tax returns in 2 countries, if we (LTR visa holders) should ever lose our tax exemption. I will happily spend more time in my home country with my loved ones, and less time in Thailand, so that I am not a tax resident here. I enjoy spending time with my children & grandchildren, so it works well for me.

Well, you have even less patience than I have. Loss of tax exemption would cost me 860K a year, as I paid o IT since 1991, but I am not sure I'd save anything by living 186 days out of country. So my only motivation would be retaliation, but that might be enough.

gravity101 · September 23

On 9/20/2024 at 9:51 PM, JohnnyBD said:

My home country is the US. I am required to file and pay taxes in the US on my income regardless of where I live.

Oh ok, Things are slightly different for you, most of us here aren't taxed based on citizenship. Most of us couldn't escape to our home country to be more tax efficient. No brainer for you, should the Thai tax man come knocking.

stat · September 23

On 9/21/2024 at 3:03 AM, Presnock said:

Is as waste of time to ask any official of any office what the next tax scheme may be and how would whatever they do affect anyone - Go to any govt official in any country and you could not get a valid reply as no one has any idea what the future may be. There isn't even any news about the "discussions" as I opine that there are too many rich locals who have asked to stay away from all this for the foreseeable future.

If you do not get an answer from BOI it is an answer in itself. In this case you know that there is currently no guranteed tax exemption of unremitted income in 2025 and forward. There might be a tax exemption also for unremitted income. However BOI did answer the question of remitted income. So it is not a waste of time asking questions.

There are a lot of examples in other countries where you get a definite and legally binding answer from the officials concerning future tax treatment.

Edited September 23 by stat

oldcpu · September 23

5 hours ago, gravity101 said:

Oh ok, Things are slightly different for you, most of us here aren't taxed based on citizenship. Most of us couldn't escape to our home country to be more tax efficient.

Indeed.

It does thou have me pondering - if the LTR visa ends up having its 'no taxation on foreign income' benefit rescinded (which I do not believe will happen), but to SPECULATE, if rescinded, what is the approach of the different countries around the world, if one spends less than 180 day in each country?

ie say 175 days in Thailand, 170 days in country-A (which taxes residents who are > 182 days in country) and 20-days in country-B (which taxes residents who are > 182 days in country) . In such a hypothetical scenario, none of the 3 countries is one present long enough to be considered a taxation resident.

For those who structured their finances/income sources, such that that they have minimized their taxation, is that a viable approach?

I suspect in such a hypothetical scenario, one needs to specify still, the location of one's country of residence for various forms when applying for various items (maybe obtaining Visas and such), and one could still (in any such forms) state Thailand is one's residence (for living in more than other countries) but for taxation, Thailand may not be one's tax residency.

This does not apply to me, as I am pretty much covered by Double Taxation Agreements (DTAs) for my foreign sourced income (and I still have faith in the LTR), but it may be approach for some who don't obtain a benefit from DTAs (who are concerned the LTR could be impacted).

Edited September 23 by oldcpu

Presnock · September 23

1 hour ago, stat said:

If you do not get an answer from BOI it is an answer in itself. In this case you know that there is currently no guranteed tax exemption of unremitted income in 2025 and forward. There might be a tax exemption also for unremitted income. However BOI did answer the question of remitted income. So it is not a waste of time asking questions.

There are a lot of examples in other countries where you get a definite and legally binding answer from the officials concerning future tax treatment.

In most free countries, tax laws are changeable by governments and in free countries those leaders could change regularly and then a parlaiment/Congress can approve of those tax changes. that is a basic given...as a signer of the US Declaration of Indepence said only thing for sure in life is taxes and death or words to that effect. Just like Trump gave huge tax breaks to the rich and is promising the same thing for them now and saying he will drop taxes on Social Security. Here, it is the same thing, the royal decree says that the DIRGEN of the revenue dept can determine the dropping of exemption on foreign income... so it could happen an we should not be totally surprised as they CLAIM that they want to have equal taxation on all the residents of Thailand, even to the point of taking tax monies from the rich and giving that money to those not making a basic salary. The only exemptions will probably be the DTA's if they do not want to break treaties with the 61 countries currently having a DTA with Thailand. Other countries (i.e.the PI) are not taxing foreign monies/pensions - only income made in the PI. Perhaps the Thais will recognize this too.

stat · September 23

2 hours ago, Presnock said:

In most free countries, tax laws are changeable by governments and in free countries those leaders could change regularly and then a parlaiment/Congress can approve of those tax changes. that is a basic given...as a signer of the US Declaration of Indepence said only thing for sure in life is taxes and death or words to that effect. Just like Trump gave huge tax breaks to the rich and is promising the same thing for them now and saying he will drop taxes on Social Security. Here, it is the same thing, the royal decree says that the DIRGEN of the revenue dept can determine the dropping of exemption on foreign income... so it could happen an we should not be totally surprised as they CLAIM that they want to have equal taxation on all the residents of Thailand, even to the point of taking tax monies from the rich and giving that money to those not making a basic salary. The only exemptions will probably be the DTA's if they do not want to break treaties with the 61 countries currently having a DTA with Thailand. Other countries (i.e.the PI) are not taxing foreign monies/pensions - only income made in the PI. Perhaps the Thais will recognize this too.

I was pointing out that you initial post was wrong and that there are legally binding contracts and documents that a new government cannot change. So your claim that those never exist is just plain wong. Just because you have never heard of it does not indicate that these do not exist.

Example:

https://www.bzst.de/DE/Unternehmen/VerbindlicheAuskuenfte/verbindliche_auskuenfte_node.html#js-toc-entry4

Again that BOI is not willing to say something just indicates how bad the situation for us expats can get.

As much as I like the US, some of their citizens seem to be completly unaware how different the rest of the world works or does not. 😉

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