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Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part I


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Posted
1 hour ago, redwood1 said:

Cambodia blows big time....I like Laos  much better....

Is it legal to have a Lao woman stay overnight in Laos with a foreigner, or is that only for hotels?

  • Haha 2
Posted
6 hours ago, stat said:

Interesting post! Can you elaborate pls on the 2 Million threshold, thanks!

According to Sherrings:

 

Reportable customer information is information about customers who have:

 

1. 3,000 or more deposit or inwards transfer transactions in a year (with no specified total baht amount for the year); or

2. 400 or more deposit or inwards transfer transactions that total 2 million baht or more in a year.

 

So, there will be no reporting if someone has less than 400 deposits/inward transfers in a year regardless of the annual total amount.

 

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Posted
3 hours ago, JimTripper said:

Can you give detail and exact location of the robbery? Was it a mugging?

Home stay near banks Mekong river (downtown) Phnom Phen.It was mugging.

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Posted
1 hour ago, kkjjhhss said:

If you wanna treat a crypt, Samoa islands is the best, I am a software engineer so I manage a Marshall islands Offshore Company.

Corporate Bank : ACLEDA Bank is the Best, which is the #1 Cambodia Bank.

Super Very Easy task for opening a bank account.

I tell everyone the corporate bank opening manual by twitter (X).

But I write it all in Japanese language, so you must convert Japanese language to English.

That's interesting, is there any service you would recommend for opening / managing the corporate registration of a Marshall Islands company - I would like to look into this as an option for the future.

Posted
7 hours ago, kkjjhhss said:

If you wanna treat a crypt, Samoa islands is the best, I am a software engineer so I manage a Marshall islands Offshore Company.

Corporate Bank : ACLEDA Bank is the Best, which is the #1 Cambodia Bank.

Super Very Easy task for opening a bank account.

I tell everyone the corporate bank opening manual by twitter (X).

But I write it all in Japanese language, so you must convert Japanese language to English.

 

 

 

 

OK for corporate, what about personal bank account?

 

Posted
received this from BOI today:
 
Greetings from the LTR Visa Unit.
 
We want to clarify that the tax exemption for overseas income will commence from the month you receive the LTR Visa onward, which typically falls within the next tax year. 
 
Any income earned in the period prior to holding the LTR Visa will not be considered for tax exemption.
 

 

Posted
1 hour ago, hwas said:
We want to clarify that the tax exemption for overseas income will commence from the month you receive the LTR Visa onward, which typically falls within the next tax year. 
 
Any income earned in the period prior to holding the LTR Visa will not be considered for tax exemption.

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.

Posted
5 minutes 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.

You are probably quoting the following:

 

LTR for wealthy pensioners. Income of $40,000 and owning a property of at least $250,000.

 

You could send the money over and buy your property before applying for this LTR.

If you hold a property worth at least $250k and can demonstrate that you earn at least $40k passive income/no salary, this should qualify you. 

This is my understanding.

Posted
16 hours ago, Yumthai said:

According to Sherrings:

 

Reportable customer information is information about customers who have:

 

1. 3,000 or more deposit or inwards transfer transactions in a year (with no specified total baht amount for the year); or

2. 400 or more deposit or inwards transfer transactions that total 2 million baht or more in a year.

 

So, there will be no reporting if someone has less than 400 deposits/inward transfers in a year regardless of the annual total amount.

 

If Sherrings wants to drum up customers on AN, they should take out an advertisement.

  • Haha 1
Posted
3 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.

I received a follow up telephone call from BOI. I asked the specific question regarding transferring money earned from prior employment outside of Thailand and received the response that it would not be exempt

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