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LTR Visa is Now available for Long Term Residency

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3 hours ago, 1tent42 said:

 

Thanks for the reply oldcpu.

 

I will miss the income requirement by a few hundred dollars for 2023 tax year (I should have done a Roth rollover).  But after having read through the thread, I saw a post with a screenshot where the entry for the income can be specified by dates.  I'm assuming that the income can be set for any 12 month period not just for the tax year.  I have time since I just got recently issued an OA visa.  So I will wait until I have 12 months of pension income and after I have filed my income tax return next year to apply for the LTR WP.

 

If you meet the income requirements based on your "current" pension(s) amount....like say your monthly pension recently increased due to cost of living allowance adjustment....there is no need to wait one or two years for that amount to be shown on a file income tax return.  Note: in some cases if a pension is totally or partially non-taxable/non-reportable like say a U.S. Veteran's Administration (VA) pension which is 100% tax free that pension amount would never appear on a tax return....makes it look like you total real world income is less than what it really is.

 

The pension benefit letter/certificate(s) you provide will be adequate proof for BoI although they may still ask to see one or two years of tax returns to add additional documentation proof of your income (i.e., helps confirm the pension docs are legitimate) ....AND those past income tax return amount(s) may show less than the current pension benefit letter/certificates since BoI fully releases many pensions typical increase annually and tax returns are in the past.

 

If you have a pension(s) that is partially/totally non-taxable/non-reportable on a tax return include a one page memo that summarizes/explains your pension(s) because pension incomes are not always cut

 

 

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  • jensmann
    jensmann

    If I have a million dollar back home, I wouldn't be here. Simple...

  • Thingamabob
    Thingamabob

    As a retiree I am happy to maintain 800k in the bank, and pay 1900 baht once a year for a retirement extension. Why would I want to pay more ?

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20 hours ago, DodgerRodger said:

 

There's some information buried way down on the LTR website under application process - vis issuance, and it (partly) clarifies the point raised:-

 

Visa period and staying permission

According to the annoucement of the Ministry of Interior Affairs, the applicant who passed the qualifications endorsement for LTR visa (and has had the visa issued in the period within 60 days from the date of qualifications endorsement letter issuance) will receive the 10-year visa stamp from the Immigration/Thai Embassy on the date of your LTR Visa issuance. However, the immigrantion will grant the permission to stay in Thailand with unlimited accesses to the Royal Thai Kingdom (multiple re-entry) for no more than 5 years. This means that you will get a 5-year visa stamp first. And, before the expiration of your first staying permission, your qualifications and criteria will be verified again (you will be required to submit documents and proof via the system). If your qualifications and criteria do not meet the requirement e.g. for Wealthy Global Citizens catagory, if the value of your investment in Thailand is less than USD 500,000 because you sold your property, or have canceled your health insurance and did not have a proof of the health insurance for the past years* etc., in such cases, the LTR visa shall be revoked.

* Remarks:

* You are required to report to LTR Visa unit if your purpose of staying in Thailand is different to the purpose you applied for the LTR visa i.e. For LTR : W and LTR- H as staying in Thailand with an incorrect type of visa might be against the law.

 

This seems important. Does the LTR unit also expect to see proof of USD100k in a bank account for 5 years for proof of the health insurance requirement?   It would be difficult to "forget" and accidentally sell a USD500k gov't bond, but funds in a bank account would be different.  Especially if someone actually needed to use these funds for health care expenses at some point.

 

"Why do some places prosper and thrive, while others just suck?" - P.J. O'Rourke

4 hours ago, Misty said:

 

This seems important. Does the LTR unit also expect to see proof of USD100k in a bank account for 5 years for proof of the health insurance requirement?   It would be difficult to "forget" and accidentally sell a USD500k gov't bond, but funds in a bank account would be different.  Especially if someone actually needed to use these funds for health care expenses at some point.

 

 

Totally agree.  I have been looking at LTR as an option going forward when my 5-year Thai Elite visa expires (I can hopefully extend another 15 years for ฿ 400K though) but I am too old to get health insurance except for a ridiculous premium.  If, as you and I surmise, BoI want to see 5years of bank statements showing that the USD100K requirement has been met throughout then I feel this is not for me.  So many things can happen and the future uncertain.  I recall reading about Non-O retirement renewals being denied because the ฿ 800K requirement was not met, even by just a small amount.  And I doubt that there will be any real clarity on this until the first LTR applicants reach the end of their 5-year visas.

When the 5 year point is reached & LTR visa comes up for renewal of the additional 5 years:

If the Thai Govt & BOI administrators want LTR visa holders to be medically insured, it seems logical to me to expect that they very well may not be happy with someone that did not continue the medical insurance for all 5 years.

 

 

8 minutes ago, OneZero said:

When the 5 year point is reached & LTR visa comes up for renewal of the additional 5 years:

If the Thai Govt & BOI administrators want LTR visa holders to be medically insured, it seems logical to me to expect that they very well may not be happy with someone that did not continue the medical insurance for all 5 years.

 

 

... or the continuation of the ability to self-insure by the alternatives acceptable to BOI.

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20 hours ago, DodgerRodger said:

 

 If, as you and I surmise, BoI want to see 5years of bank statements showing that the USD100K requirement has been met throughout then I feel this is not for me. 

 

I would recommend calling BoI for clarification on this.

 

After all, the USD 100K is for self health insurance.  It stands to reason it may dip below USD $100K at times, as one uses it to pay medical bills, and then one tops it up later.

 

If I had to guess, BoI, in 5 year times AFTER one obtains the LTR visa, BoI may ask to see proof of USD $100K for only the last 2 years, before one renews the 'permission to stay' for the second 5 year period.

 

Having to keep $100K USD equivalent in cash continually for 5 years is not an issue for me (for self health insurance), but I can clearly see it could be for some - hence its worth asking BoI. 

 

Hypothetically, lets say BoI wanted it the money proven the bank continually for 5 years ... and then lets say one takes the 500k out of the bank as soon as one gets the LTR visa. So lets say then in 5 years, BoI would deny the "automatic" for another 5-year permission to stay (as the money was not there for 5 years). 

 

But what happens at that point in time, if one pays another 50k THB and applies again for an LTR and shows $100k USD in the bank for the last two prior years?  Are BoI going to turn down a new LTR application when one meets the new application requirement for an LTR-WP (as requirement, I think, is $100k equivalent only for two preceding years)?  

 

Based on that, my guess, is when 5years rolls around, one only show $100K USD in the bank (for self health insurance) for the 2 years prior to the 5-year permission to stay renewal.  ... or saying it different:    from the LTR approval point in time,  to the 3 after approval point in time, one might not have to maintain the $100K USD in the bank for self health insurance.  That is a guess thou. Emphasis on 'guess'.

 

Again - if one is worried about that, its best IMHO to call BoI and hear what they plan.

 

4 hours ago, oldcpu said:

 

 

If I had to guess, BoI, in 5 year times AFTER one obtains the LTR visa, BoI may ask to see proof of USD $100K for only the last 2 years, before one renews the 'permission to stay' for the second 5 year period.

 

 

Thanks for your thoughts and suggestions oldcpu and yes, I agree, BOI need to clarify and I will perhaps seek guidance in due course.  I too considered the option of reapplying after 5 years and pay a further ฿ 50K. That would still be cheaper than extending my Thai Elite visa.  And I believe evidence of the USD100K self insurance is only required for the 12 months prior to application for the LTR visa.

5 hours ago, oldcpu said:

Again - if one is worried about that, its best IMHO to call BoI and hear what they plan.

They will not tell you...

15 hours ago, oldcpu said:

 

I would recommend calling BoI for clarification on this.

 

After all, the USD 100K is for self health insurance.  It stands to reason it may dip below USD $100K at times, as one uses it to pay medical bills, and then one tops it up later.

 

If I had to guess, BoI, in 5 year times AFTER one obtains the LTR visa, BoI may ask to see proof of USD $100K for only the last 2 years, before one renews the 'permission to stay' for the second 5 year period.

 

Having to keep $100K USD equivalent in cash continually for 5 years is not an issue for me (for self health insurance), but I can clearly see it could be for some - hence its worth asking BoI. 

 

Hypothetically, lets say BoI wanted it the money proven the bank continually for 5 years ... and then lets say one takes the 500k out of the bank as soon as one gets the LTR visa. So lets say then in 5 years, BoI would deny the "automatic" for another 5-year permission to stay (as the money was not there for 5 years). 

 

But what happens at that point in time, if one pays another 50k THB and applies again for an LTR and shows $100k USD in the bank for the last two prior years?  Are BoI going to turn down a new LTR application when one meets the new application requirement for an LTR-WP (as requirement, I think, is $100k equivalent only for two preceding years)?  

 

Based on that, my guess, is when 5years rolls around, one only show $100K USD in the bank (for self health insurance) for the 2 years prior to the 5-year permission to stay renewal.  ... or saying it different:    from the LTR approval point in time,  to the 3 after approval point in time, one might not have to maintain the $100K USD in the bank for self health insurance.  That is a guess thou. Emphasis on 'guess'.

 

Again - if one is worried about that, its best IMHO to call BoI and hear what they plan.

 

I agree with contacting the BOI LTR unit on this point.  Would suggest emailing them so you have a written response.  I've found talking to the staff to be very helpful, but sometimes they suffer from wishful thinking.  Anything said on the phone could change 5 years from now.  An emailed response would be a bit more durable.

"Why do some places prosper and thrive, while others just suck?" - P.J. O'Rourke

On 12/13/2023 at 10:43 AM, SHA 2 BKK said:

I too am cautiously optimistic.   I shall bring in a large sum in January that will do us for 2024.  It’s of course income earned in the previous year.  
 

I figure Royal Decree 743 will still be standing at that time. 

This is reflects something I am still unclear about. Does royal decree 743 exempt any foreign income [Pensions AFAIC] earned while residing in the Kingdom under LTRWP, or does the income need to be earned during year -1 when remitted during year 1, just as any foreign income up to 31/12/2023?

2 hours ago, Ben Zioner said:

This is reflects something I am still unclear about. Does royal decree 743 exempt any foreign income [Pensions AFAIC] earned while residing in the Kingdom under LTRWP, or does the income need to be earned during year -1 when remitted during year 1, just as any foreign income up to 31/12/2023?

Unclear as so much.  The most restrictive version I have heard is that it only exempts income actually earned (earned, not submitted!) in a year you hold an LTR visa, but not income from any other year.  However, for regular pension payments that would appear to be sufficient for you.

In reference to LTR-WP visas issued using the 'self-insurance' option: 

 

As one of the early applicants, I was caught up in the 10-month insurance validity issue and did not want to wait for my policy to renew a few months later so I submitted the first page of my JPMorgan statement for my Roth IRA that showed a current value, actions, and a chart with a three-year look-back showing three-times what they required in a 'bank' account.  I also submitted  a description of the Roth IRA tax and penalty-free withdrawals available for my situation. 

 

I will re-submit the then current statement for the account when my visa comes up for renewal in five-years which will (hopefully) show an increase in value and no withdrawals (we live comfortably on my SSA and pension).  I will be prepared to argue if they do not accept what they accepted before; as a fall back I do have qualifying health insurance here, but I will stand on principal.

 

 

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Went to BOI Chamchuri Square immigration this morning to do my LTR one year address reporting.   I live in western Bangkok so I just did it in person.  A drive that normally takes 30 minutes from my home to Chamchuri Sq took a little over an hour...typical bad Bangkok traffic.   Now my return trip was a normal 30 minute drive.  

 

Once arriving immigration I walked up to the Info/Queue ticket issuing window....said I'm here to do my LTR visa 1 year address reporting....the rep gave me a queue ticket and pointed me toward the 90 day address reporting area down the hall.  I go to the room which can probably queue around 50 people however there is only one person waiting....my queue is immediately called.  I hand the officer my passport and completed TM95 (no copies of anything needed)....the rep looks at my passport and TM95 for about 15 seconds and then starts doing something in the computer.  A few seconds later a Receipt of Notification prints out (same receipt as given for a 90 day address reporting...not the little matchbook sized receipt initially given when getting your LTR visa issued at BoI) except the receipt shows my next address report is due 365 days from now.  The rep also removedthe old receipt from my passport.   Passport and new receipt handed to me.  Done.

 

I then ask the rep if I can report on online (they even have an online reporting sign right at the counter) but the rep says that's only for BoI type Visas which require 90 day address reporting.  LTR 1 year address reporting can not do online.   I then ask can I report my mail like how the BOI SMART Visa website says SMART visa holders can report....that is, either in person or by mail.  The rep said she didn't know....and I didn't press the issue. 

 

Out the door I go.  Basically once entering immigration I got the reporting done in about 5 minutes.    My round trip drive time was about 1.5 hours.  Done for another year.

 

 

Hi all,

 

My application has been stuck in "consideration by government agencies" for ages and has just switched over to "Final - Reviewing"

 

Really keen to understand if this is good progress, bad progress or just a status change that doesn't actually mean anything. Has anyone experienced this status and can provide some insights? I did a word search but didn't have any luck

Hi all, is there an ATM machine in the Suvarnabhumi international arrival hall available for withdrawing funds for arriving visa exempt?

I’m going through the process to transfer my existing LTR e-visa to an LTR HSP visa. The LTR unit says to arrive visa exempt.  I don't think I've ever arrived visa exempt before, or if so it was 30 years ago. To get through Immigration with minimal hassle, my plan is to have both an onward ticket and Bt20,000 cash, just in case.  I also have the official approval documentation and the LTR unit’s phone number and a point of contact.

"Why do some places prosper and thrive, while others just suck?" - P.J. O'Rourke

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8 hours ago, Misty said:

Hi all, is there an ATM machine in the Suvarnabhumi international arrival hall available for withdrawing funds for arriving visa exempt?

 

I’m going through the process to transfer my existing LTR e-visa to an LTR HSP visa. The LTR unit says to arrive visa exempt.  I don't think I've ever arrived visa exempt before, or if so it was 30 years ago. To get through Immigration with minimal hassle, my plan is to have both an onward ticket and Bt20,000 cash, just in case.  I also have the official approval documentation and the LTR unit’s phone number and a point of contact.

If your question is if there is an ATM BEFORE you go through immigration, then the answer is no.  However, the chances of you actually being checked for this are very low.  Moreover, if you have any written document confirming that you will be getting an LTR HSP visa, then you should not have any problems anyway.  But if you want to make extra sure, you can also have the THB 20k in any foreign currency equivalent.  It does not need to be THB.

The onward travel ticket is more important because this is frequently checked by the airlines.

9 hours ago, K2938 said:

If your question is if there is an ATM BEFORE you go through immigration, then the answer is no.  However, the chances of you actually being checked for this are very low.  Moreover, if you have any written document confirming that you will be getting an LTR HSP visa, then you should not have any problems anyway.  But if you want to make extra sure, you can also have the THB 20k in any foreign currency equivalent.  It does not need to be THB.

The onward travel ticket is more important because this is frequently checked by the airlines.

Thanks for this. In that case, I have enough foreign currency cash.  For the airlines my passport still has the old LTR visa details (it'll be changed at the LTR unit in Bangkok) but will get the onward ticket just in case. 

"Why do some places prosper and thrive, while others just suck?" - P.J. O'Rourke

1 hour ago, Misty said:

Thanks for this. In that case, I have enough foreign currency cash.  For the airlines my passport still has the old LTR visa details (it'll be changed at the LTR unit in Bangkok) but will get the onward ticket just in case. 

Misty,

   In switching to a different type of LTR visa was you required to exit Thailand on the current LTR and then reenter Thailand on a visa exempt entry in order to get your new LTR HSP visa?   That is, you could not just let BOI/Immigration cancel your current LTR and issue the new LTR just like when a person switches from a Non-immigrant type visa (say a Non O/OA) to an LTR visa by visiting BOI/Immigration at Chamchuri Sq in Bangkok.   

 

   Also, how could a person enter on a visa exempt since your passport has a active/current LTR visa showing in it?   I'm somewhat confused in what BoI requires to switch from one type of LTR visa to another LTR type.  Thanks.

For remote workers I'm interested to know the wording of this required document people have been successful with.


It's very unlikely I could get my current employer to agree to this working as it could open them up to tax liabilities in Thailand or elsewhere?

Screenshot 2023-12-24 at 4.54.09 pm.png

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On 12/24/2023 at 9:24 AM, Pib said:

Misty,

   In switching to a different type of LTR visa was you required to exit Thailand on the current LTR and then reenter Thailand on a visa exempt entry in order to get your new LTR HSP visa?   That is, you could not just let BOI/Immigration cancel your current LTR and issue the new LTR just like when a person switches from a Non-immigrant type visa (say a Non O/OA) to an LTR visa by visiting BOI/Immigration at Chamchuri Sq in Bangkok.   

 

   Also, how could a person enter on a visa exempt since your passport has a active/current LTR visa showing in it?   I'm somewhat confused in what BoI requires to switch from one type of LTR visa to another LTR type.  Thanks.

 

Hi Pib, yes it was an amazing act of coordination by the LTR unit.  Back in Aug, when I'd first discussed with them switching from my existing LTR to the LTR HSP visa that I newly qualified for after a change in the HSP qualifying industries this year, the LTR unit thought it would be a simple process to switch that could be done at their office.  I received approval for the new LTR HSP in September while I was traveling abroad. But, once I returned to Thailand in Oct and tried to actually make the switch, the LTR unit realized that it was more complicated in this case since I had an LTR e-visa issued by the NY consulate for 10 years. Only the NY consulate could cancel this visa and that is something that has not been previously (most e-visas are only for 90 days). 

 

Despite the complications, the LTR unit didn't give up.  They coordinated with the MoFA and NY consulate and were able to get the LTR e-visa cancelled while I've been traveling in Dec. My digital work permit has also been cancelled.

 

To re-enter, I have LTR e-visa cancellation letters from the MoFA and new LTR HSP visa approval letters from the BOI.  The LTR unit has advised me to enter visa exempt, and then make an appointment to come to their office to get the new LTR HSP visa.

 

The process was pretty complicated and I had to write a couple of different letters that were forwarded to the NY consulate vis MoFA, especially since this had never done this before.  I remain really impressed by the courtesy and professionalism of the LTR unit, as well as their "magical powers" that I've heard about from others. The amount of tax I'll save overall (between Thailand and US) is pretty substantial, so despite the complications this move is worth it.

 

Lesson learned:  the LTR e-visa is a great visa, but if you might need to cancel it to switch to something else, it might be better to receive the LTR visa in Thailand, rather than from a consulate overseas.

"Why do some places prosper and thrive, while others just suck?" - P.J. O'Rourke

Misty,

  Thanks....and Wow!!!!...quite an obstacle course you successfully ran....all because of having the 1st LTR issued via the evisa process. And if you had had your 1st LTR visa issued in Thailand vs via evisa there wouldn't had been any "switch LTR visa type" obstacle course to run--or at least an easier and shorter one.  Happy Holidays.

 

On 12/25/2023 at 10:27 AM, Pib said:

Misty,

  Thanks....and Wow!!!!...quite an obstacle course you successfully ran....all because of having the 1st LTR issued via the evisa process. And if you had had your 1st LTR visa issued in Thailand vs via evisa there wouldn't had been any "switch LTR visa type" obstacle course to run--or at least an easier and shorter one.  Happy Holidays.

 

 

Happy holidays Pib! The process isn't over yet, but at least there's light at the end of the tunnel.

"Why do some places prosper and thrive, while others just suck?" - P.J. O'Rourke

On 12/27/2023 at 7:54 AM, Misty said:

 

Happy holidays Pib! The process isn't over yet, but at least there's light at the end of the tunnel.

Good luck Misty.   Dips me lid to you.  Tackling all the Thai Bureaucracy.   But sounds like the BOI were helping as much as possible. 
 

Hope all the LTR’s had a great Christmas and happy and healthy 2024.  

On 11/5/2022 at 6:29 PM, Pib said:

 

Update:   Known LTR Approvals as of 5 Nov 2022 based on posts in this thread I saw.  Added stuarty's wife to the list  as #7.   I may have missed some...please speak-up if you have been approved.

 

Poster & Date Approval Notice Rec'd

1.  ThailandRyan  28 Sep

2.  pepper402  29 Sep

3.  gajah  30 Sep

4.  mudcat  4 Oct

5.  Misty   4 Oct

6. & 7.  stuarty (and wife) 4 Oct

8.  Boomer6969   5 Oct

9.   BKKNono  15 Sep

10.  Alotoftravel  4 Oct

11.  aublumberg 12 Oct

12.  James7  4 Oct 

13.  ashkale 28 Sep

Submitted my application October 19. 2022 and received approval notification on December 20, 2022. Thanks to Mudcat for posting the TM 95 form to download, it is already time for my first annual reporting. I also paid ฿50,000 cash at LTR window. Sort of a slow process, but worth it IMO, much easier than applying for marriage extension each year and 90 day reporting.

19 hours ago, SHA 2 BKK said:

Good luck Misty.   Dips me lid to you.  Tackling all the Thai Bureaucracy.   But sounds like the BOI were helping as much as possible. 
 

Hope all the LTR’s had a great Christmas and happy and healthy 2024.  

 

Yes, the LTR unit has been extremely helpful throughout. Especially since a lot of the process was outside their direct control, especially coordination between Min of Foreign Affairs in Thailand and the NY Consulate. But it's done - the LTR HSP visa was issued yesterday.  Paid Bt50k cash at counter.  In this case the visa  takes up 3 passport pages (one page handwritten note about the transfer, the visa itself, and then various stamps about entry/ stay permitted until, etc).  So that's the only downside - the LTR e-visa used no passport pages, it was just a separate piece of paper.

"Why do some places prosper and thrive, while others just suck?" - P.J. O'Rourke

4 hours ago, Misty said:

 

Yes, the LTR unit has been extremely helpful throughout. Especially since a lot of the process was outside their direct control, especially coordination between Min of Foreign Affairs in Thailand and the NY Consulate. But it's done - the LTR HSP visa was issued yesterday.  Paid Bt50k cash at counter.  In this case the visa  takes up 3 passport pages (one page handwritten note about the transfer, the visa itself, and then various stamps about entry/ stay permitted until, etc).  So that's the only downside - the LTR e-visa used no passport pages, it was just a separate piece of paper.


Congrats Misty.   Well done.  Yes lots of pages used in the Passport.  Think I will need a new one next year.   Enjoy your tax saving!!!!

  • 2 weeks later...

Are we as LTR holders required to file a Thai income tax return?

 

Regards,

4 hours ago, tomm12 said:

Are we as LTR holders required to file a Thai income tax return?

 

Regards,

I really don't know. 

 

But as I have the Wealthy Pensioner LTV and my only income comes from outside Thailand,  I bring this in the year after it us earned,  and according to Royal Decree 743 that income is Tax Exempt - my thinking is no.   I doubt the Thai RD want a return where no tax is due (and I doubt there is a form to return as such).

 

No assessable income - no Thai Income Tax Return.  And that seems to be the gist on the other tax threads where other Visa holders have asked similar.   

 

I have asked the BOI but was told that the RD will clarify matters - that was some months ago.

 

Highly Skilled LTR Visa holders will have to lodge to claim their 17% - but that is income in Thailand and there is a special lodgement form for that.

33 minutes ago, SHA 2 BKK said:

But as I have the Wealthy Pensioner LTV and my only income comes from outside Thailand,  I bring this in the year after it us earned,  and according to Royal Decree 743 that income is Tax Exempt - my thinking is no.   I doubt the Thai RD want a return where no tax is due (and I doubt there is a form to return as such).

 

Indeed. In effect, we've been grandfathered under the old rule, namely: Bring your assessable income into Thailand in the year, or years, after it is earned, and it is then not taxable. So, if that is what you have been doing, nothing has changed for you.

 

Quote

Foreigners granted the LTR Visa in the categories of “Wealth Global Citizen”, “Wealthy Pensioner”, and “Work from Thailand Professional” will be exempted from paying personal income tax on their assessable income derived in the previous tax year from their work or business conducted abroad or from their properties situated abroad which have been brought into Thailand.

https://www.legal500.com/developments/press-releases/income-tax-for-foreigners-with-and-without-long-term-resident-visa/

 

10 minutes ago, JimGant said:

 

Indeed. In effect, we've been grandfathered under the old rule, namely: Bring your assessable income into Thailand in the year, or years, after it is earned, and it is then not taxable. So, if that is what you have been doing, nothing has changed for you.

 

 

Thanks Jim - have a good day mate.

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