Expats seeking a new life face challenges with stricter banking and taxation rules being pushed

[mikeymike100]

4 hours ago, misterphil said:

Filipina girls are far too cocky. No thanks. 

Don't understand what you mean? The 3 years I lived and worked there, I found the local girls to be very warm, funny and friendly, the fact they can all speak pretty good English is a plus. They were not just after money like Thai girls!

[gaucan]

4 hours ago, SuperSaiyan said:

Yes, indeed. They actually (still) like White foreigners. The only thing what pisses me of majorly is the lack of good sea view property even though the PH shouldn't be lacking. Except for that, it's a dream. I don't know why people still want to be treated like <deleted> in Thailand and basically beg to stay there. 

in case u didn't know, let me explain, all the white foreigners residing in Thailand have strong fetish for being treated like ???? and stay there forever no matter how much ???? they swallowed and how much ???? they got spread all over their face ( i mean the watery type of ???? u get after eating somtam ped ped) mmm yummy ????. 

This fetish it's stronger than their own will. 

Hope this clears things up.

you're welcome ????

Edited October 12, 2023 by gaucan

[The Theory]

My guess is more to come. This is just a beginning for farang squeeze since Taksin is the gov. advisor. 

[gaucan]

1 minute ago, The Theory said:

My guess is more to come. This is just a beginning for farang squeeze since Taksin is the gov. advisor. 

no worries, all u sexpats will suck it up and stay. u r a walking ATM after all, how many times do i need to remind u?

[Jimjim1]

Let’s make Thailand the Global place to retire in.

and when we con you into coming here we will tax the chuck out of you from the the previously tax paid income you have to bring in to live here……..

 

Obviously someone has been reading history and decided on a Dick Turpin policy, it can’t possibly be a Robbin Hood policy as he was reputed to give back to the poor and that will never do here.

[ikke1959]

Unfortunately Wise cards are not possible in Thailand,  only if you have a residence address in your home country. If not, no cards possible

[charleskerins]

Previous article said countries with DTA  double tax agreement are not affected?

[brianthainess]

18 minutes ago, hotandsticky said:

UK state pension is classed as taxable income.

It is below the tax threshold so no tax is deducted.

[charleskerins]

6 minutes ago, gaucan said:

no worries, all u sexpats will suck it up and stay. u r a walking ATM after all, how many times do i need to remind u?

So?   What's the alternative -boredom in your home country?

[csmith]

Barclays recently closed my UK account with them …. Giving me 2 weeks notice … this advanced notice was sent by snail mail and arrived after the deadline.

 

I’m now in the process of trying to get the money they absorbed from my x-account.

 

I was a customer for over 40 years.

 

Their reason …. I was no longer living in the UK.

[csmith]

….. and don't get me started on UK “Frozen Pensions”

 

 

 

 

[stix40]

3 hours ago, alanrchase said:

I have no issues with my big bank. The issues are all due to government regulations imposed on that big bank. These new issues are all due to CRS compliance, nothing to do with the banks. Brits that used to chuckle at US citizens and the way they were treated by the IRS are now going to have to swallow the same medicine. 

Sounds like a sour sceptic ! 

[Karma80]

Shock news - one UK bank closes the accounts of a couple of people who are not resident in the UK - just like the terms and conditions of holding an account said all along.

 

You can't expect anyone to have any sympathy for you if you decide to live in Thailand, or elsewhere, and do zero planning for you banking, taxation or other arrangements. There are plenty of banks and fintechs that cater to non residents and expats. The Thai RD directive isn't the sky falling down and you can structure around it quite well in most cases. You were always up for some international tax compliance by moving. 

 

Do I wish it was much easier? Yup. But it's not the end of the world.

[Lopburikid]

34 minutes ago, brianthainess said:

The way I understand it, I paid tax on my earnings, and my national insurance was taken out of my Net earnings, so tax already paid. 

Correct, but under the double taxation treaty between the UK and Thailand Expats residing/living in Thailand can be taxed on income from the UK. State pensions maybe exempt, but private, company, disability can be taxed at 25% State pensions should be taxed at the countries tax rate, which in Thailand is 5% of any income over 150,000 per year.

[JimTripper]

14 minutes ago, csmith said:

Barclays recently closed my UK account with them …. Giving me 2 weeks notice … this advanced notice was sent by snail mail and arrived after the deadline.

 

I’m now in the process of trying to get the money they absorbed from my x-account.

 

I was a customer for over 40 years.

 

Their reason …. I was no longer living in the UK.

How did they figure out you were not living there? Did you have a street address forwarding service? Or did they go in and look at ATM withdrawls and transfers to a Thai account?

Edited October 12, 2023 by JimTripper

[garzhe]

5 hours ago, Jonathan Swift said:

Wonder how they’ll pull this off without forcing banks to disclose all incoming int’l money transfers? I will have to ask my bank. Seems like it might be hard to universally enforce this.

Thailand has joined the CRS (Common Reporting Standard)  https://www.mazars.co.th/Home/Insights/Doing-Business-in-Thailand/Tax/Automatic-Exchange-of-Information

[smedly]

43 minutes ago, charleskerins said:

Previous article said countries with DTA  double tax agreement are not affected?

yes the original article stated exactly that

[Dazinoz]

5 hours ago, misterphil said:

Filipina girls are far too cocky.

Yes, they like lots of cocky.

 

[QuantumQuandry]

44 minutes ago, charleskerins said:

So?   What's the alternative -boredom in your home country?

There are countries other than Thailand and your home country.

 

I would probably choose Philippines but I would also investigate nearby SEA countries like Indonesia and Malaysia.

 

Can even come back and visit Thailand frequently on a 2 hour plane trip and just stay under the tax residency number of days.

Edited October 12, 2023 by QuantumQuandry

[crazykopite]

Who writes this BS the U.K. has an agreement with Thailand in 19+ years here in Thailand all my U.K. pensions are taxed in the U.K.  if the Thai government attempt to extort taxes off me it will be thanks but no thanks and I will move to the Philippines. I have been contributing to the Thai economy for all these years if they don’t want me to continue I will get a retirement visa in the Philippines it’s that simple 

[hitext]

1 hour ago, JimTripper said:

But the food sucks.

Why eat delicious Thai food when you can eat eggs with fully-grown chicks in them.? Just in time for Halloween, too!

[Dogmatix]

The change in the tax code interpretation was clarified by the Director General of the Revenue Department on the 19th of September after days of clamour, with officials also announcing that a focus group had been established to deal with issues that may arise between now and the 1st of January 2024.

 

Srettha mentioned the focus group when the tax reinterpretation was announced just before hopping on a plane to New York to knock 'em dead. Since then the focus group idea seems to have been forgotten about.

[alanrchase]

33 minutes ago, stix40 said:

Sounds like a sour sceptic ! 

Sour sceptic? Where is my scepticism? CRS has been on the cards since 2017 and Thailand complying with it now is no surprise. Perhaps reading up on what is involved to comply with the CRS would be of help. Thailand will be required to share the financial details of tax resident expats with the home countries of those expats. No surprise that a tax resident expat will need to file a tax return for Thailand to comply.

[crazykopite]

5 hours ago, FarAway said:

And yes the Philippines are actually quite funny, give residence-based taxation for their citizens but territorial taxation for us foreigners. They literally welcome HNWIs with open arms ????

And from what I understand those on retirement get free medical I fall under there wealthy income brackets so I should have no problems getting residency 

[CNXBKKMAN]

6 hours ago, Bim Smith said:

I am a little lost on how. climate change has anything to do with having a bank account in your home country. As Thailand is preparing for a cashless society in addition to many countries forgive me if I am a little cynical over the whole global cabal dominated governance.

The third paragraph is where i dismissed the whole article as a waste of my time. 

[sambum]

5 hours ago, FarAway said:

 

Because people are sheep. They follow the masses. And the masses go to Thailand.

Approx. 90% of the Expats in Thailand are losers, hippies, child molesters, LGBTQ or whatsoever. 

I just stayed here because of my wife and my daughter and because it was difficult to sell my house in a remote area. Now it will be sold and we can escape the coming Thaksin era. Oh boy, Thailand will not be the same under his rule anymore.

 

Yes you were not allowed to criticize the military, but therefore they gave us freedom. Giving and taking.

But Thaksin's homeboys are names like George Soros and so on, like THE WORLD ELITE. Thailand will be a complete dystopian nightmare soon.

 

Territorial taxation - Gone 

Gun ownership - Heavily restricted

CBDC with possibility to restrict spending radius and time - Incoming and people even beg for it

A possible next pandemic - Mask mania and this time QR-code-style like in Europe with no escape for "conspiracy theorists"

 

 

And ALL of the above is marketed as "good for the people" while it just serves the purpose of making the powerful people even more powerful and the "average joe" more powerless.

 

And as we know our fellow Thai people, none of them will dare to open their mouth. 

 

"Approx. 90% of the Expats in Thailand are losers, hippies, child molesters, LGBTQ or whatsoever."

 

Link? Proof? Or just your biased opinion? 

[Neeranam]

Where Is TransferWise from?

[digger70]

5 hours ago, Gknrd said:

Hard to believe just a few years ago I was living there, basically with no hassles and stress free. 

 

Things change /update/ modify. Not always for the better. 

All countries Want/Need more tax money so they will do anything to get it from the public. Being Locals or Tourists or Foreigners . 

They call that Progress.  Not good for many people.

[Dogmatix]

If I didn't have ties in Thailand, I would be really tempted by the Philippines retirement visa. It is equivalent to PR (without the right to work) in Thailand for retirees and you get healthcare thrown in, no BS remittance tax, unfrozen UK state pension.  https://visaguide.world/retirement-visa/philippines/

 

Edited October 12, 2023 by Dogmatix

[crazykopite]

3 hours ago, AhFarangJa said:

Mine is due to start at any time now. I will wait and see what pans out, but it looks like Cambodia may be my next stop as we live close to the border. Or will they implement it too? We will see.

If you move to the Philippines you will get your yearly OAP increase from the U.K. unlike Thailand where it’s frozen I currently miss out on £30+ per week but I can afford to take the hit I already pay to much U.K. tax on my pensions even tho I upped sticks 19 years ago