LTR Visa is Now available for Long Term Residency

[TravelerEastWest]

2 hours ago, Ben Zioner said:

I showed my yearly pension  and matching bank account statements. Unlike Immigration BOI show some sensible flexibility. Now I was helped by the fact that they had dozens of identical cases (Pension + Health plan) shortly after I applied.

Ben Zioner

 

Thank you for your thoughtful response!

 

My friend is not yet receiving a pension, but has the passive income and age...

 

I am wondering what type of letter he should write to the BOI - I am not sure as I submitted Form 1040 so it was easy for me.

 

I did receive a message with someone who used a Thai CPA to write that a Thai return was not needed. Also he wrote a letter stating that his country did not require a tax return...

Edited March 30 by TravelerEastWest

[Ben Zioner]

11 minutes ago, TravelerEastWest said:

I am wondering what type of letter he should write to the BOI

Honestly he should send an email to BOI to ask them. They are totally sensible, down to earth, service oriented people. 

[Pib]

5 hours ago, TravelerEastWest said:

If someone is over 50, has health insurance in Thailand of over the correct amount, and more than $80,000 in annual interest income.

 

But is from Europe and not required to file a tax return anywhere - how do you correctly for the BOI show (in English) your annual income - without a tax return and is that allowed or is a tax return required?

That someone would need to include a short memo with his LTR application explaining that no income tax return is provided as he is not require to submit an annual tax return for reason(s) XYZ.  BOI is very aware of income tax return requirements for many countries as to if and when a return would be required or not.

 

Then the person will need to submit other income documentation such as pension statements/letters and/or various other financial  statements to prove he meets the required income requirements especially for the pension/passive income.   See below from BOI LTR website regarding LTR Pensioner documentation requirements.   

 

And even when that someone "did" have a tax return to submit but it showed less than the required income requirement because some of his income is "non-reportable/non-taxable" then that is when the other income documents come into play....actually become the primary documents to prove the required income and the tax return is just a secondary document.   An example would be for a U.S. military veteran drawing a "Veteran's Administration (VA)" pension/benefit which could be tens of thousands of dollars per year---not one penny of that is taxable/reportable on a tax return per U.S. tax law....and the VA does not even provide an annual tax document because by law the benefit is not taxable/reportable.    

 

 

From BOI LTR website

https://ltr.boi.go.th/documents/Required-Documents-for-Qualification-Endorsement-for-Wealthy-pensioner-16-03-66.pdf

Edited March 30 by Pib

[Misty]

13 hours ago, Pib said:

And even when that someone "did" have a tax return to submit but it showed less than the required income requirement because some of his income is "non-reportable/non-taxable" then that is when the other income documents come into play....actually become the primary documents to prove the required income and the tax return is just a secondary document.   An example would be for a U.S. military veteran drawing a "Veteran's Administration (VA)" pension/benefit which could be tens of thousands of dollars per year---not one penny of that is taxable/reportable on a tax return per U.S. tax law....and the VA does not even provide an annual tax document because by law the benefit is not taxable/reportable.    

 

Another example is a US taxpayer with rental income that isn't taxable because of deductible expenses such as depreciation, etc. The rental income isn't included in taxable income on a US 1040 tax filing, but can be included as income for an LTR visa application.

[Mike Teavee]

3 hours ago, Misty said:

 

Another example is a US taxpayer with rental income that isn't taxable because of deductible expenses such as depreciation, etc. The rental income isn't included in taxable income on a US 1040 tax filing, but can be included as income for an LTR visa application.

Interesting, in the UK we report the gross rental income & then add entries to remove the deductibles but any Income from an ISA (Individual Savings Account, which could be many £1,000s) doesn't go on the Tax return so I'm assuming you would be able to supply a Dividend report from your ISA Provider to show any income received. 

 

[Pib]

5 hours ago, Misty said:

 

Another example is a US taxpayer with rental income that isn't taxable because of deductible expenses such as depreciation, etc. The rental income isn't included in taxable income on a US 1040 tax filing, but can be included as income for an LTR visa application.

According to below info weblink you declare/report the income on US  1040 Sechedule E along with expenses,  depreciation, etc., which results in some amount possibly being taxable.  But yea, the final amount from Schedule E appearing on the 1040 would give the impression of lower total income.  That's where a memo pointing out income related issues can help explain to BOI.

 

https://smartasset.com/taxes/rental-income-tax

Edited March 31 by Pib

[TravelerEastWest]

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...

Edited March 31 by TravelerEastWest

[Pib]

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.   

[Rampant Rabbit]

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

[Presnock]

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.

[Rampant Rabbit]

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

[Gottfrid]

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.

[Presnock]

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.  

[Misty]

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.   

[ThailandRyan]

Just now, Misty said:

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

+1

[Pib]

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.  

[Pib]

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

 

[JimGant]

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.

[HerewardtheWake]

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. 

[ThailandRyan]

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.

[JimGant]

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.

[Gottfrid]

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.

[Gottfrid]

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? 

[Pib]

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? 

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.

[Pib]

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.

 

 

[DodgerRodger]

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...

[stuarty]

46 minutes ago, DodgerRodger said:

 

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

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

Edited April 1 by stuarty

[Pib]

1 hour ago, DodgerRodger said:

 

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

 

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.

 

 

 

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

[DavidH51]

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.

[JimGant]

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.