8 minutes ago, Pib said:

Money you simply transfer is not taxable now or possibly under this new tax rule beginning 1 Jan 2024..it's interest and dividends you earn from assets like say 5% interest on a 250K savings acct.

I wish you were right, but that is unfortunately not at all clear at the moment as the 250k savings are surely income of some prior year.  And if by comparison you look at other countries taxing remitted funds, then in some of them this would be a taxable event, in some it would not.  So how things will eventually be construed in Thailand nobody unfortunately knows at the moment.  The fact that the LTR exemption does not appear to cover this is therefore a real potential problem.

However this new rule works out or possibly just disappears as resistance grows against it the Thai revenue dept is not going to be looking back in time like 2, 3, 5 years, etc.  If the new rule does go into affect 1 Jan 2024 then they would only be looking from that date forward...and as said earlier on income, interest, dividends earned since 1 Jan 2024 (not before that) if not already shielded by a DTA.

WFTP related ???? 

From a previous email response from BOI, they said that they don't care where my funds are paid from as long as I have an active contract with the company that meets the USD 150m criteria. 

 

My Company has advised that they are happy to pay me as a contractor via a business in Thailand which I have confirmed with my tax agent will also work for my goals.

 

My question to this group is:

"I only want to setup the business in Thailand in order to receive funds that will allow me to get the LTR (WFTP) Visa. When I apply for an LTD company in Thailand, does anyone know if a visa MUST be linked to this application? If so, can an LTR Visa be linked?"

Currently, everything I have seen only talks about the non-immigration visa which is fine as a backup but I would much prefer the LTR for multiple reasons. I assume that it is just because legal companies are not specifically advertising this Visa type yet but hoping someone in this group may have done something similar or converted from a non-immigration business visa to an LTR and can point me in the right direction.

Thanks

49 minutes ago, Pib said:

However this new rule works out or possibly just disappears as resistance grows against it the Thai revenue dept is not going to be looking back in time like 2, 3, 5 years, etc.  If the new rule does go into affect 1 Jan 2024 then they would only be looking from that date forward...and as said earlier on income, interest, dividends earned since 1 Jan 2024 (not before that) if not already shielded by a DTA.

Disagree as the entire issue here is PAST earnings being claimed as savings.. If it doesnt look backwards the whole thing is useless. 

6 hours ago, Pib said:

If the new rule does go into affect 1 Jan 2024 then they would only be looking from that date forward...and as said earlier on income, interest, dividends earned since 1 Jan 2024 (not before that) if not already shielded by a DTA.

Unfortunately my suspicion mentioned above with the caveat "if I read this correctly" now also appears to have been confirmed by the BOI as just posted by @hwas on the main tax change thread in this forum.  So I am just cross-linking this in case there are people not following both threads:

 

Impossible to enforce.  So, what is Thailand going to do?   Say a person transfers over 25K USD from a savings acct a person has had for many years accumulating income say from income sources exempt under DTA such as U.S. govt Social Security/military retirement pension payments....the revenue dept is not going attempt to tax that.  What are they going to do?...start immediately deducting a tax from any foriegn SWIFT/Wise type transfer arriving a Thai bank acct?...I don't think so.

6 hours ago, K2938 said:

Thank you for posting this.  So if I read this correctly, this would unfortunately mean that the tax exemption under the LTR visa - if even this is maintained - is really of the minimal possible amount as it ONLY covers income earned while holding the LTR visa.  So if you now get a LTR visa and then transfer let's say 250k USD from your foreign savings to Thailand to buy some real estate or fund your general living expenses, then this will NOT be exempted as these 250k USD are NOT income only received AFTER holding a LTR visa.

Odd, as if they wanted to stop LTR visa holders from investing in Thailand.

10 minutes ago, Pib said:

Impossible to enforce.  So, what is Thailand going to do?   Say a person transfers over 25K USD from a savings acct a person has had for many years accumulating income say from income sources exempt under DTA such as U.S. govt Social Security/military retirement pension payments....the revenue dept is not going attempt to tax that.  What are they going to do?...start immediately deducting a tax from any foriegn SWIFT/Wise type transfer arriving a Thai bank acct?...I don't think so.

There won't be anymore any transfer. Everything paid by foreign debit/credit card or withdraw cash.

Living on 12000 baht a month.

https://www.imi.gov.my/index.php/en/main-services/malaysia-my-second-home-mmh2-en/

 

Buy and own a house.

Bring in your car.

 

Sounds good to me.

11 minutes ago, RafPinto said:

There won't be anymore any transfer. Everything paid by foreign debit/credit card or withdraw cash.

Living on 12000 baht a month.

Oh no...the "sky is falling" crowd will probably say the govt will just direct all Thai banks to apply say a 15% fee to all "non-Thai" debt/credit card transactions as that foreigner might be trying to use income that might be taxable.  The millions of tourists visiting Thailand every year and using credit/debit cards to pay bills/get cash during that visit will love that--and never visit Thailand again.  

 

Sorry if this question has been asked and answered, but is there any recommendation for health insurance for a 76 year old?

8 hours ago, CRUNCHER said:

Sorry if this question has been asked and answered, but is there any recommendation for health insurance for a 76 year old?

If it is for LTR you should look for  some government sponsored coverage in your home country. I you go try yo get a private insurance you'll get fleeced,  especilly in Thailand.

Hi all,  I'm hoping I can get some advice regarding my circumstances.

 

My Thai wife and I currently living and working in the UK, planning to retire to LOS in 4 or 5 years.   In order to smooth the transition, I am looking at the LTR-WFT Visa as I think I meet the criteria.  This will enable us to move earlier and maintain an income until such time as I don't need to work anymore.

 

In regards to the LTR-WFT Visa criteria, I have a few doubts.

 

I work a very large Global Manufacturer that are listed on the NYSE.  net profit of over a billion  USD.

However, as I'm in the UK, my contract is with the UK LTD subsidiary, which has an annual turnover of 560MM GBP, gross profit of 80MM GBP and net profit of 8MM GBP

 

First question is,  will they consider the US companies turnover when determining the criteria.

Second question,  my company also has a subsidiary in Thailand, however, I don't do any work for them in my role, and neither will I do any work for them when working from Thailand,   would this cause any issues ?

Thirdly,  can anyone in a similar position to me advise if there are any other considerations or issues I need to be aware.

 

Lastly,  as I have a Thai wife,  would there be any other Visa option (marriage Visa perhaps ?)  that would allow me to continue working for my company from Thailand.

 

Thanks

 

 

My guess is BoI would focus on the subsidiary regarding company size, profit, etc., as I expect your employment contract shows the subsidiary as the company you are employed by.   You can contact/email BoI LTR folks with specifics  and they should be able to tell you whether they would consider the parent global company or their UK subsidiary as your employer.   BoI LTR is responding pretty fast to inquires now days....usually respond same business day or with in a few business days......before it could be weeks before they responded.

https://ltr.boi.go.th/#contact

 

Sure a Non-immigration marriage visa is possible....lots of people are on them....I use to be on one.  I switched from a Non OA Retirement visa/extension of stay in 2019 after being on one for a dozen years to avoid the Thai health insurance requirement that came into affect in 2019 for people on an OA Visa/extension.  A marriage visa/extension does not require health insurance.    And a marriage visa/extension has lower income requirements than a retirement visa/extension.

Thanks for that, I’ll send them a message and ask.

 

regarding the marriage Visa, do you know if that will allow me to work for my foreign company ?   I assume I’d need to apply for a work permit?   Any idea where I can find more information about that

 

thanks

3 hours ago, leedm said:

First question is,  will they consider the US companies turnover when determining the criteria.

Initially some people got away with arguing that the ultimate parent company turnover counts.  But the BOI then changed this and did not allow it any longer.  So unless the BOI has changed its practices again, that would unfortunately mean a no for you.

33 minutes ago, K2938 said:

Initially some people got away with arguing that the ultimate parent company turnover counts.  But the BOI then changed this and did not allow it any longer.  So unless the BOI has changed its practices again, that would unfortunately mean a no for you.

Thanks.  On the BOI website it says over 150MM USD in revenue, any idea what that actually means, is it annual turnover or gross or net profit or something else ?

1 minute ago, leedm said:

Thanks.  On the BOI website it says over 150MM USD in revenue, any idea what that actually means, is it annual turnover or gross or net profit or something else ?

Revenue = annual turnover

7 minutes ago, K2938 said:

Revenue = annual turnover

Ok so UK company annual turnover is 500MM, so should be ok then

 

thanks

On 7/10/2022 at 10:17 AM, GroveHillWanderer said:

I would say there are enough details to say that's the total fee for 10 years. It's what's been annnounced and there's no hint of any additional fees being required.

 

What the main issue would be for most people, I suspect, are the relatively onerous financial requirements to qualify in the first place.

 

That's basically, whether working or not, having $80,000 a year in income; for "Wealthy Global Citizens," having in addition, a minimum of $1 million in assets and an investment in Thailand of $500,000; for retirees, having in addition to the income requirement, an investment of $250,000 in Thailand. 

 

If I'm being honest, I don't expect to see a whole bunch of people both qualifying and applying for this new LTR visa.

For the retirement visa the lucky ones making 80k a year in pension (mainly those from Europe and Switzerland etc) do not need to have any further investments.

 

The health care is top level in France, Switzerland and few other european countries for all it's residents no matter how much they earn. They are the quality retirees Thailand wants to woe with this scheme.

On 9/27/2023 at 2:15 PM, Pib said:

Oh no...the "sky is falling" crowd will probably say the govt will just direct all Thai banks to apply say a 15% fee to all "non-Thai" debt/credit card transactions as that foreigner might be trying to use income that might be taxable.  The millions of tourists visiting Thailand every year and using credit/debit cards to pay bills/get cash during that visit will love that--and never visit Thailand again.  

 

The biggest cheats are the credit-debit card goons of the banks abroad,  who scam the naive customers who think credit cards are the solution. Cash ont the other hand is risky to carry, fully agree, but remains the best and cheapest option if you want to avoid those hateful commissions.  Not to menton the risks of getting your card skimmed in Thailand...

11 hours ago, Middle Aged Grouch said:

For the retirement visa the lucky ones making 80k a year in pension (mainly those from Europe and Switzerland etc) do not need to have any further investments.

 

The health care is top level in France, Switzerland and few other european countries for all it's residents no matter how much they earn. They are the quality retirees Thailand wants to woe with this scheme.

The 80K needs to be "passive income" but it doesn't necessarily have to be from pension(s). From the BOI:

1. Evidence of income tax payment or annual personal income tax return
2. Please provide the evidence of your regular passive income such as rental income, investment income, pension income, and etc. According to our criteria, wealthy pensioner applicants will count passive income only, not counted from the salary.

As for medical insurance,  even very comprehensive national health schemes do not always provide full coverage abroad; I believe France does, but I am not sure to what extent. Britain however certainly does not, if we take as guide the frequent repatriation funds solicitations in local expat forums for sick and injured Brits.

On 7/10/2022 at 3:17 PM, GroveHillWanderer said:

"Wealthy Global Citizens," having in addition, a minimum of $1 million in assets and an investment in Thailand of $500,000; for retirees, having in addition to the income requirement, an investment of $250,000 in Thailand. 

Becoming hilarious, can imagine someone investing USD 500.000 in Thailand to  qualify for  a visa, and having to pay USD 150.000 as income tax because he didn't count to 180 before moving to his  new, so welcoming, "home".

16 minutes ago, Ben Zioner said:

Becoming hilarious, can imagine someone investing USD 500.000 in Thailand to  qualify for  a visa, and having to pay USD 150.000 as income tax because he didn't count to 180 before moving to his  new, so welcoming, "home".

Agreed that that would be a nonstarter. It'll be interesting to see if this ruling holds whether there may be exemptions.

 

Still, if I understand correctly, the tax if only for tax residents who haven't already paid tax on the income to a country where there's a DTA.  So if you aren't a tax resident yet (for example, you don't yet have an LTR), then no tax.  Or if you have tax reporting records showing your $500k has already been taxed, then no tax.

19 minutes ago, Misty said:

So if you aren't a tax resident yet (for example, you don't yet have an LTR), then no tax. 

Yep, I'd get the visa in June and move in July, easy and nice way to save 150k. But then no one knows exactly what's going to happen. 

2 hours ago, Ben Zioner said:

Becoming hilarious, can imagine someone investing USD 500.000 in Thailand to  qualify for  a visa, and having to pay USD 150.000 as income tax because he didn't count to 180 before moving to his  new, so welcoming, "home".

In Thailand never buy. Always rent. And even renting can end up as a nightmare with sudden costs that can surge. I knew a family who rented a pool villa in Hua Hin. They were charged for the rent, separate bill for electricity and another one for getting the house cleaned at their departure.

16 hours ago, Middle Aged Grouch said:

In Thailand never buy. Always rent. And even renting can end up as a nightmare with sudden costs that can surge. I knew a family who rented a pool villa in Hua Hin. They were charged for the rent, separate bill for electricity and another one for getting the house cleaned at their departure.

It is actually very standard that those renting long term in Thailand will also, in addition to the rent, need to pay for water and electricity. The landlord can not guess in advance how much water and electricity the tenant will use, so the bill for those will be passed on to the tenant.  As for cleaning, many landlords will require that the tenant pay for a maid to come some TBD time per month (from 1 to 4 times per month) to clean.  Having the placed cleaned after departure is very common.

 

I rented in Germany for 2 decades, and it was common there for the tenant to pay for electricity, water, and for cleaning.

I recently returned to Phuket after 1 month outside Thailand, traveling in Europe.

 

I could not find a 'Fast Track' line at the Phuket International Airport, so my Thai wife and I entered the Thai line, which I note had no one in line waiting to clear immigration.  This was in stark contrast to the line to clear immigration for non-Thai, which was very long.  I venture a 30 minute or longer wait in line to clear immigration.

 

My Thai wife entered first, and noted to the Immigration officer that I was 'accompanying her' (she did not say we were married, although we are married) and she advised the IO that I was on an LTR visa.  At my turn on line, the Immigration officer (IO) looked at the LTR visa in my passport, and then the IO left the immigration booth for about a minute with my passport.  I could hear in Thai the word LTR being noted back and forth among 3 or 4 immigration officers talking.  Then the IO returned, stamped my entry into Thailand in my passport (with a permission to stay until June-2028) and I cleared immigration.  

 

All in all, very quick.  Maybe a few minutes at most.  It sure beats 30 minutes in line if forced to go in the non-Thai line.  Although I note when I had a Type-OA Visa (and also when I entered Thailand visa-exempt) that when I was accompanied by my Thai wife, I would often go through the Thai line, which was faster than the non-Thai line at immigration.

 

After my clearing immigration and talking to my wife, she noted the Thai immigration officials were chatting (while my entry at Phuket immigration was being processed), about the fact that I had an LTR visa and that they had not seen one very often. This was also the first LTR visa that the specific IO processing my passport had seen before.

 

My wife also noted she had asked the IO (who processed her Thai passport) if there was a Fast Track line in Phuket International Airport for LTR visa and she was advised that Phuket had not yet setup such a Fast Track line.

On 9/26/2023 at 6:58 PM, Pib said:

Today I visited the BoI LTR section and also the BoI immigration who are across from each other on the 18th floor at Chamchuri Square.   I first went into the BoI LTR section to ask if the 1 year address report can be done online or via mail.  At this point I'm dealing with young reps who basically initially meet people visiting the BoI LTR section and do their best to provide answers.   After about a 10 minute discussion the result boiled down that the report must be done in person or by some one you designate (regardless of where you live in Thailand).  No online or mail.  OK this is inline with what BoI told me several months in some back and forth emails which I posted earlier in this thread.   Note: later in my story as I ask the question again to some different folks I get a different answer much more to my liking.  Read on.

 

So now I go across the hall to Immigration to get a Certificate of Residence (CR) since I buying a new car....this was my primary reason in going to BoI Immigration today.  Here's how it went: when I first walked into Immigration's doors I saw the place was packed....95% of the waiting/queue area filled with bodies, but at that same instant I noticed all the immigration officers counters were manned but no customers standing in front of any of the counters....I wondered if something was going on.  Anyway, the immigration rep that meets you at the entrance asked what I needed....I said I'm here for a CR and I have a LTR visa.  When the immigration rep heard me say I have an LTR visa, he said Oh (like it had a special meaning...or maybe I reading too much into it) and then he immediately lead me over to the immigration information counter where I told the officer at that counter what I needed and I asked how long to get one...the officer said one hour with a Bt500 fee.  The officer looked at the form I had completed (a form that Cheang Wattana supposedly uses) and said at BoI immigration they use a slightly different form....I filled out their form which is 95% identical to the CW form.  The officer then directs me over to counter 8 I think it was.   I walk directly to counter #8 and the officer checks my forms...the officer wants the form I had just competed, copies of key passport pages like the first page and page showing my visa, and my latest 1 year address report.  The officer then asked for Bt500 which I paid and then directed me over to counter #10 that is the counter that actually issues the CR.  Now this # 10 counter officer also wanted a copy of my latest TM30 which I had a copy of.   The officer then said the CR would be ready in 1 hour.  I come back in 50 minutes and it's indeed ready....CR in hand. During this whole process I was never issued a queue ticket....it was like I was being Fast Tracked or maybe I just got lucky.

 

I then asked the counter #10 rep the 1 year address reporting question to see what answer I might get...she just directed me back to the main information desk (but she went also) where I talked to an immigration officer who confirmed with another officer that "Yes, you can do the 1 year report by mail to them....use the address on the SMART visa website."  But no online capability at this time to do a 1 year address report.  That was good to hear.

 

OK, with the conflicting answers regarding the 1 year address from the BoI LTR side and the Immigration side I go back to BoI to ask the 1 year report again.  Initially talked to the young rep again and explained the conflicting answers.  He asked me to set down and he get a senior BoI LTR rep to come talk to me about it.  That rep arrived in a few minutes and said a person can do the 1 year report at their "local/nearby" immigration using the TM95 form (not the TM47) and immigration offices had been notified/asked to support...but he also kinda implied some immigration offices may not be up-to-speed on the issue and direct a LTR visa person back to BoI LTR immigration.  And as mentioned above BoI immigration also said the report can be done my "mail" like described on the SMART visa website.

 

And then I asked the rep about the recent tax news regarding Thailand now possibly taxing a person's home country income.  He said the BoI has talked to the Revenue Dept about this and basically those with LTR visa are exempt....probably best said just reposting below snapshot from K2938's post from a few days ago.

 

 

I'm now done...out of the building I go....got my CR and got some courtesy questions answered regarding the 1 year report and tax issues---of course subject to change.   I got good support today at the BoI LTR Section and across the hall at Immigration.  Cheers.

 

 

 

This year I "naively" submitted a P.D 91 for the overseas income remitted into Thailand. However the RD came back confirming as a LTR visa holder, overseas income is exempted from tax. Since the tax exemption for overseas income is written in the law (Royal Gazette Decree No 743), LTR visa holders are not concerned by the RD recent announcement...unless they amend the law.

22 hours ago, oldcpu said:

It is actually very standard that those renting long term in Thailand will also, in addition to the rent, need to pay for water and electricity. The landlord can not guess in advance how much water and electricity the tenant will use, so the bill for those will be passed on to the tenant.  As for cleaning, many landlords will require that the tenant pay for a maid to come some TBD time per month (from 1 to 4 times per month) to clean.  Having the placed cleaned after departure is very common.

 

I rented in Germany for 2 decades, and it was common there for the tenant to pay for electricity, water, and for cleaning.

Yes I understand what you mean, but the rent I was referring to where they were charged for stay and separare bill for electric and cleaner was a hotel style rent scheme of pool villas in Hua Hin. Imagine you going in any hotel in Thailand and they charge you separate...it would lead to an uproar all over social media and give bad publicity one the visitor is back home.