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LTR Visa is Now available for Long Term Residency

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2 hours ago, TravelerEastWest said:

Thank you folks for the ideas.

 

The real estate question is interesting as I wonder if the BOI is interested in cashflow or only taxable income? Misty's post leads me to think cashflow is considered even if not taxable income - which is good

 

BOI staff are friendly and helpful but don't always think outside the box...

They are interested in income, whether taxable or not.

 

BOI knows some income is "non-reportable/non taxable" on a tax return...and it varies from country to country.  So, if your tax return does not show all your income because that income is non-reportable/non-taxable by law then be sure to point that out in a memo....BUT be sure you can provide an official document that shows that non-reportable/non-taxable income as BOI will need to see that.

 

What is actually best is where you provide official documents identifying your total income like pension certificates, bank/financial records, etc., and then your tax return if you have to file annually.   Now the tax return many not reflect all you income and you explain why it does not in a memo.  In cases like this a tax return is a secondary document to the official documents identifying your income.   

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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 ?

  • The new visa initiatives (for instance Non O-X 10-year retirement, Investment visa, multiple entry tourist visa) are almost invariably attractive when first announced, and usually much less so when cl

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so just to clarify the new income  tax  rules are to help the  poor yet they offer a  no tax clause for only the fairly  well off using an LTR visa ? sounds  about right

7 hours ago, Rampant Rabbit said:

so just to clarify the new income  tax  rules are to help the  poor yet they offer a  no tax clause for only the fairly  well off using an LTR visa ? sounds  about right

the RD and LTR folks do spell out basically the tax benefits too...just google "Thai LTR and taxes", there are a number of choices to read concerning what type of LTR etc and your passive income.

2 hours ago, Presnock said:

the RD and LTR folks do spell out basically the tax benefits too...just google "Thai LTR and taxes", there are a number of choices to read concerning what type of LTR etc and your passive income.

I  think you may have missed  my point where when introduced the Thai Pm said he knew the tax changes  would be unwelcome but it was to help the poor.............then gives the rich a tax free  visa

On 7/9/2022 at 1:14 PM, Misty said:

Unless they wish to work

If we say like this:

If you want to work, you need work permit. With such permit you can get business visa/extension.

For retirees, there is already a better option with only 800k or 65k per month.

For people with Thai children or married to a Thai there is 400k or 40k per month option.

Besides that, visas for education, rather long stay tourist visas and smart visas.

1 hour ago, Gottfrid said:

If we say like this:

If you want to work, you need work permit. With such permit you can get business visa/extension.

For retirees, there is already a better option with only 800k or 65k per month.

For people with Thai children or married to a Thai there is 400k or 40k per month option.

Besides that, visas for education, rather long stay tourist visas and smart visas.

The weathy pensioner(1 of 4 categories if one were to check it out first) allows one to get a work  permit through the Board of Investment also, as  for the tax effects, there are several categories  there too, I never said that one didn't have to pay taxes and with the LTR the visa (work permited too) is 10-years.  In the 10-year period, if one travels in and out of Thailand, this visa is even cheaper than a retirement visa and it doesn't tie up any of one's money with required bank restrictions.  

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2 hours ago, Gottfrid said:

If we say like this:

If you want to work, you need work permit. With such permit you can get business visa/extension.

For retirees, there is already a better option with only 800k or 65k per month.

For people with Thai children or married to a Thai there is 400k or 40k per month option.

Besides that, visas for education, rather long stay tourist visas and smart visas.

For those who qualify, an LTR visa is generally much better than the other options you mention.   

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

Just now, Misty said:

For those who qualify, an LTR visa is generally much better than the other options you mention.   

+1

3 hours ago, Gottfrid said:

If we say like this:

If you want to work, you need work permit. With such permit you can get business visa/extension.

For retirees, there is already a better option with only 800k or 65k per month.

For people with Thai children or married to a Thai there is 400k or 40k per month option.

Besides that, visas for education, rather long stay tourist visas and smart visas.

That's just a laundry list of different visas possibly available to a person without any "details" as to the pros/cons/challenges/costs/etc., in obtaining and maintaining a visa.  

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I just noticed below red text note on the LTR website basically pointing out a person needs to meet LTR visa requirements "during the entire length of the visa"....pretty much just like a person say on a Non Immigrant OA visa needs to maintain the income and health insurance requirements throughout the entire 1 year period of the OA visa.    Maybe that note has been there for a many months because after getting my LTR visa I don't check the BOI website that often.

 

Now, to me this requirement "goes without saying" but there has been a good amount of talk regarding what BOI will request document-wise during the mid-term/5 year renewal point such as to if they they only request 1 or 2 years of documents like during the "initial" LTR Visa application or will they request 5 years worth for some requirements such as income/health insurance to ensure a person maintained visa requirements throughout the length of the visa permitted to stay period.   

 

As said, to me it goes without saying based on how immigration currently checks annual extension of stays for non-O/OA type visas where they need proof you maintained income/insurance requirement during the entire previous extension period.  So it's probably best that a person maintain a copy of annual income and health insurance coverage for historical purposes just in case BOI/Immigration requires such proof during the mid-term/5 year renewal process.  A mid-term process that no one really knows how it will be handled since it will be mid 2027 before the very first mid term renewal process occurs since the it wasn't until Sep 2022 when LTR visas first began being issued.

 

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

 

image.png.fd7934c493f399bf08420d19a8a46314.png

1 hour ago, Misty said:

For those who qualify, an LTR visa is generally much better than the other options you mention. 

But if you don't qualify, rationalizing that other visa options are better -- should make you feel better about your lack of assets.

PIB's points are quite important. I am sure BoI will insist on an LTR visa holder's having met the requirements during all the time the visa has been valid. 

14 minutes ago, HerewardtheWake said:

PIB's points are quite important. I am sure BoI will insist on an LTR visa holder's having met the requirements during all the time the visa has been valid. 

Going to be hard to get the Health Insurance companies to write a document stating you've been insured for the past 5 years. Might need to keep the actual 5 years of policies to show proof. The pension income should not be a problem for most.

36 minutes ago, HerewardtheWake said:

PIB's points are quite important. I am sure BoI will insist on an LTR visa holder's having met the requirements during all the time the visa has been valid. 

 

Never dipping below 100k in a bank account used for health self-insuring -- might be interesting to 100% prove. Probably asking only for end-of-year statements would be the solution.

3 hours ago, Pib said:

That's just a laundry list of different visas possibly available to a person without any "details" as to the pros/cons/challenges/costs/etc., in obtaining and maintaining a visa.  

Yeah, 1900 baht a year is terrible. A foreigner that has problems with that should just stay home.

3 hours ago, Misty said:

For those who qualify, an LTR visa is generally much better than the other options you mention.   

How is it better? That you can stay longer? Because you need more money to qualify? Because it´s new? :cheesy:

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49 minutes ago, Gottfrid said:

How is it better? That you can stay longer? Because you need more money to qualify? Because it´s new? :cheesy:

No annual renewals, unlimited multi exit/reentry, no 90 day address reporting, tax exemption,  work permit if wanted even on a LTR Pensioner visa, etc.  If you have the pension/income then why not apply for a LTR....and the LTR Bt50K fee works out to Bt5K/year over the 10 year visa.  A 1 year Non-O with multi-entry permit would cost Bt1.9K+Bt3.8K=Bt5.7K/year.   

 

Other than being able to apply for a work permit for some 1 year visas, got any of above mentioned LTR benefits with a 1 year visa?   Yes, yes, for many a 1 year renewal of a Non-O goes smoothly but for many it don't which keeps the AseanNow forums constantly abuzz....and the "every year" worry/concern of the renewal...what will possibly change for the upcoming renewal that arrives all too soon year after year.

1 hour ago, JimGant said:

 

Never dipping below 100k in a bank account used for health self-insuring -- might be interesting to 100% prove. Probably asking only for end-of-year statements would be the solution.

Plan for the worst...."monthly" statements since almost all banks provide monthly statements.  I expect most everyone logs onto their bank/financial account(s) at least once a month...just be sure to download and save that monthly statement.  Plus, most banks/financial companies show at least several years worth of past statements in case of not logging on frequently.  

 

And if going the insurance policy method just be sure to save an annual copy.  If going the Tricare coverage method be sure to get an annual Tricare coverage eligibility letter as that letter reflects the effective coverage going back up to 6 years which confirms you have continuous coverage going back at least 6 years.

 

 

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2 hours ago, JimGant said:

 

Never dipping below 100k in a bank account used for health self-insuring -- might be interesting to 100% prove. Probably asking only for end-of-year statements would be the solution.

 

I emailed BOI about this very subject in January this year.  This is their reply...image.png.d387ae45cd3c894177e5d1946084e192.png

46 minutes ago, DodgerRodger said:

 

I emailed BOI about this very subject in January this year.  This is their reply...image.png.d387ae45cd3c894177e5d1946084e192.png

Good to hear. Can't believe I've done nearly 2 years of LTR visa  already. Thanks for the clarification.

1 hour ago, DodgerRodger said:

 

I emailed BOI about this very subject in January this year.  This is their reply...image.png.d387ae45cd3c894177e5d1946084e192.png

 

Yet that answer goes against the note on their website and also against the STM8 form a person signs just before the LTR visa is issued...partial cut and paste from the STM8 form directly below.  Also goes against another area of the BOI website (partial quota at bottom).  And wouldn't it be scary if the LTR rep answer/response had a brain fart typo with that typo being the "not" in their answer....that is, the "not" was not suppose to be there.

 

 

image.png.6a79e793cab014d788d6ea12db010788.png

 

Partial Quote/snapshot from BOI website...doesn't specifically talk the $100K health insurance self-insure but its clear they want you to have health insurance coverage in the form of a policy "or enough money to pay medical bills."

https://ltr.boi.go.th/page/visa-issuance-info.html

image.png.964070c53cf386d2604fa13d72f75d66.png

12 hours ago, Rampant Rabbit said:

I  think you may have missed  my point where when introduced the Thai Pm said he knew the tax changes  would be unwelcome but it was to help the poor.............then gives the rich a tax free  visa

Thai government prefers the wealthy over the Cheap Charlies.

The $80k requirement for the WP LTR is about $6,700 per month passive income. 

 

They believe someone living on $6700 per month will spend more in Thailand than someone living on 65k ($1800) baht per month.

Some of the Cheap Charlies claim they live on $1000 per month.

4 hours ago, Pib said:

If going the Tricare coverage method be sure to get an annual Tricare coverage eligibility letter as that letter reflects the effective coverage going back up to 6 years which confirms you have continuous coverage going back at least 6 years.

 

So you'll only need to get one Tricare letter -- the one you get in the year of your five-year update -- since it will reflect that you've had coverage for the previous six years.

58 minutes ago, JimGant said:

 

So you'll only need to get one Tricare letter -- the one you get in the year of your five-year update -- since it will reflect that you've had coverage for the previous six years.

Yeap...assuming BOI accepts/understands what the note says versus wanting to see some "annual" document.  I plan to play it safe and just get a new Tricare letter every year.   Easy enough to get by logging onto milConnect via DSLogon to download the letter "or" just calling the DEERS folks who then email you the letter within a few hours.

14 hours ago, Rampant Rabbit said:

I  think you may have missed  my point where when introduced the Thai Pm said he knew the tax changes  would be unwelcome but it was to help the poor.............then gives the rich a tax free  visa

 

Your timeline is backwards.

 

The Royal Decree instituting the tax exemption for LTR holders was introduced in May 2022, before the current PM was even in power. The Revenue Department order regarding overseas income was issued in September 2023.

9 minutes ago, khunjeff said:

 

Your timeline is backwards.

 

The Royal Decree instituting the tax exemption for LTR holders was introduced in May 2022, before the current PM was even in power. The Revenue Department order regarding overseas income was issued in September 2023.

then he should cancel  the LTR visa as it makes a  mockery of his  statement to tax  others to help the  poor

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22 minutes ago, Rampant Rabbit said:

then he should cancel  the LTR visa as it makes a  mockery of his  statement to tax  others to help the  poor

Your view of the LTR visa being canceled will never see the light of day. A BOI LTR visa was a well thought out plan as it included many facets which work well for those of us who qualify. The tax Exemption was just icing on the cake for us.

 

Do you have an LTR visa or are you just one of many who don't and have an axe to grind?

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11 hours ago, Pib said:

No annual renewals, unlimited multi exit/reentry, no 90 day address reporting, tax exemption,  work permit if wanted even on a LTR Pensioner visa, etc.  If you have the pension/income then why not apply for a LTR....and the LTR Bt50K fee works out to Bt5K/year over the 10 year visa.  A 1 year Non-O with multi-entry permit would cost Bt1.9K+Bt3.8K=Bt5.7K/year.   

 

Other than being able to apply for a work permit for some 1 year visas, got any of above mentioned LTR benefits with a 1 year visa?   Yes, yes, for many a 1 year renewal of a Non-O goes smoothly but for many it don't which keeps the AseanNow forums constantly abuzz....and the "every year" worry/concern of the renewal...what will possibly change for the upcoming renewal that arrives all too soon year after year.

 

Having had to annually extend a NonB/work permit every year for decades, with the mounds of annual paperwork and ever growing requirements, the LTR visa + digital work permit is a huge improvement.  To start with, the LTR unit is professional, courteous and even friendly. Such a breath of fresh air!  Given the amount of Thai income tax I've paid over the decades, the LTR unit's attitude is so welcome and in stark contrast to the attitude of the offices overseeing NonB visa/work permit extensions.  Not to mention there's no annual renewals with the mountains of required paperwork and wasted time, no 90 day reporting, no requirement for re-entry permit, no Thai employee requirement, no minimum salary, no need to be in country every year (like with PR), no harassment of annual syphilis blood tests. There are some nice tax benefits.  And using the fast track at the airport is further icing on the cake.  At the very least, I can only guess @Gottfrid has never had a NonB / work permit or at least not recently, and has no idea what a corrupted mess that process has become.

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

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20 hours ago, ThailandRyan said:

Going to be hard to get the Health Insurance companies to write a document stating you've been insured for the past 5 years. Might need to keep the actual 5 years of policies to show proof. The pension income should not be a problem for most.

That's a funny twist. My standard insurance certificate doesn't show an expiry date, as there isn't one, but shows that I have been a member of the plan since 1991.

10 hours ago, ThailandRyan said:

A BOI LTR visa was a well thought out plan as it included many facets which work well for those of us who qualify. The tax Exemption was just icing on the cake for us.

The icing on the cake has, since last September new order announcement, become a real discriminative benefit for those who qualify.

Unfair rules do not incline people to follow it, unenforced laws neither (fortunately).

 

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