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

[sanooki]

6 minutes ago, Banana7 said:

You can physically bring into Thailand up to USD$20,000 without declaring it. Maybe open a bank account in a nearby country, transfer money to it, then visit it and withdraw U$19K and bring it into Thailand, once or more times a year, depending on your needs.

 

Until they've got CBDCs.

[IndomitableSpirit]

7 hours ago, misterphil said:

Filipina girls are far too cocky. No thanks. 

"Filipina girls" you should have gone with Filipina women instead. Iykyk!

[QuantumQuandry]

15 minutes ago, ThomasThBKK said:

 It's not only the cost... friends, pets, home, relationships... you can have multiple houses but only one home. 

I have zero interest in bumming around the world these days, those times are behind me, would just be a strain on relationships, friends, family, not to mention house maintenance etc. 

Cool, sounds like it's not for you.

 

I enjoy taking vacations to Thailand when it's nearby, though.  Maybe some other people, do, too ????

[ujayujay]

7 hours ago, Flying Saucage said:

All the UN Aganda 2030 is about total and global control of the people, and the de-banking to force the people to submit to this new-world-order is one of the means they introduce to implement this total control.

 

Nobody asks for CBDCs and a cashless society, nobody asks digital ID, and this all has nothing to do with a climate change or whatsoever. It's just to take everything from the people.

 

Finally your will lose your freedom, your house, your car, your wealths. You will own nothing but be happy is what they tell you in their own words. You will live somewhere in a so called 'SMART' 15-minutes city under total control, forced to eat insects, while your land will owned by the globalists. This is not a conspiracy theory. This is what they tell you in their own words already today. 

 

I left Europe as Thailand is some  years behind in this agenda. But the new government seems to be keen on accelerate everything now.

Buy aluminum foil and make a hat with it

[deejai33]

2 hours ago, topt said:

Depending on your specific circumstances the cost of doing that may be more than paying the tax in the first place.......unfortunately as nobody knows precisely how this is going to work yet it is difficult to plan properly.

Yes.  Some people say they'll do this less than 6 months in thailand idea.

 

But they must already enjoy thailand, maybe have property here.  

 

Major costs involved in having a 2nd residence, or travelling 6 months a year.

 

Compromise idea is to have 6 months out of thailand every 3,4+ years and transfer money to thailand during that non-resident year.   Seems more do-able.

[thailand49]

Country leader are all greedy no matter where they are Revenue is a black hole for them since they neither earn so they spend like drunken sailors it's not their. 

There are no good  politicians all should be hung from the nearest tree. The stuff the Brit's do to their citizen particularly abroad is shameful, one can see why Great is gone from the title, Churchhill is turning in his grave.  

[wwest5829]

One possible alternative I was told about was, switching your UK Bank Account to the Isle of Man. Might be something worth checking out for my Brit Cousins.

[RubenRemus]

8 hours ago, FarAway said:

 

Because people are sheep. 

 

Don't let the door hit your backside on the way out, bub. Baa.

[wwest5829]

35 minutes ago, Banana7 said:

You can physically bring into Thailand up to USD$20,000 without declaring it. Maybe open a bank account in a nearby country, transfer money to it, then visit it and withdraw U$19K and bring it into Thailand, once or more times a year, depending on your needs.

 

So, they changed that from the $10,000.00 USD limit for reporting? I would recommend checking on this as we must still report any foreign bank balance (and/or combination of accounts) holding more than $10,000.00 annually.

[NorthernRyland]

59 minutes ago, SuperSaiyan said:

Again to you, nobody forces you or do you have mommy on your back? Why don't you decide to buy food you like? Everything is available.

not liking the food of a country is a serious problem. Are you going to prepare all your meals at home yourself? A pleasure of Thailand is having so much good food easily available.

[NoshowJones]

8 hours ago, Gknrd said:

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

 

Things started to get worse after the illegal coup in 2014, and with soldiers involved with todays government led by another unelected PM things will not get much better.

[renaissanc]

8 hours ago, FarAway said:

 

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

You really don't like foreigners living here, do you? Or is all you know about Thailand the bars in Soi (5) in Central Pattaya?

[twizzian]

10 hours ago, SuperSaiyan said:

Philippines is the way to go. It's 20 years behind in time, like it or hate it. No taxes on world income, no visa hassles and by that I mean absolutely ZERO. More young marriage type girls available and they speak English and not just "I go boom boom".

 

The Philippines has nothing to do with this Expat issue here,  It’s to do with Thailand and UK banks

[hotandsticky]

3 hours ago, brianthainess said:

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

Correct..  But it is SUBJECT to tax.

[SuperSaiyan]

10 minutes ago, NorthernRyland said:

not liking the food of a country is a serious problem. Are you going to prepare all your meals at home yourself? A pleasure of Thailand is having so much good food easily available.

No, I go mostly to restaurants or order from food delivery services from other restaurants. Food not available in the PH? Where did you hear that?

[pedro01]

8 hours ago, FarAway said:

 

It does not matter if they enforce it immediately or not. From 2024, you are not able to generate tax-free offshore money anymore while having your tax residency in Thailand. 
Everyone with a high offshore-income will leave Thailand as his tax residency within the next months.

 

I have a high-ish offshore income but I have no plans to leave.

 

We've had it good for a long time and it's yet to be seen how this will all play out - but I like it here and I never chose Thailand for the tax benefits. 

[John Drake]

Sounds like UKers and Europeans are being coraled back into their home countries. Your governments want their money back, it seems. Why is it that multiculturalism and diversity is "wrong" when Westerners to places like Thailand but is a "strength" when it goes the other way?

[pmarlin]

Double Taxation Agreements in Thailand (attorneysinthailand.com) Thailand has tax treaties with 59 countries. which would mean a lot of new tax treaties. I think the author is wrong on this and if this is done will only apply to Thai citizens.

[sanooki]

42 minutes ago, ujayujay said:

Buy aluminum foil and make a hat with it

Laugh from your cage soon.

[Presnock]

6 hours ago, wombat said:

Should i find myself in the same position I would too.

I'm guessing you're straight arrow and wouldnt/dont/didn't?

No I am honest, have been for 77 years so why change now?  Trump got multi-million loans from a lot of banks, and

yes those banks most likely all made money when he repaid them but the problem is that banks have a limit on how much money they can loan out at any one time so some poorer folks were unable to get a loan as Trump had used up the banks quota.  Then when tax time came around, Trump and his family dropped their home and businesses'

values below their true amount so that he paid less tax - check his history, many years as a self-claimed billionaire, he didn't pay any taxes at all. This is all factual and can be found by checking.  Once in Itay while jogging early AM kept finding lira along the side of he road.  I of course kept picking it up. After a while no more money, but about another mile or so I saw a wallet along the road.  It had one or two bills in it but in my mine, that money I had found probably came out of that wallet.  I turned it in to the authorities. I was taught young in life to be honest - if a store person gives me incorrect change in my favor or their's, I always make sure to correct them.

[newnative]

8 hours ago, FarAway said:

 

It does not matter if they enforce it immediately or not. From 2024, you are not able to generate tax-free offshore money anymore while having your tax residency in Thailand. 
Everyone with a high offshore-income will leave Thailand as his tax residency within the next months.

 

   It's my understanding that I can, indeed, generate off-shore tax-free money while being a tax resident of Thailand--staying over 180 days--for tax purposes.  For example, I earn $10,000 a year in stock dividends that are earned in the USA,  and sent to my USA bank.  I am under the impression that this money only becomes 'assessable' for tax if it is remitted to Thailand.  Otherwise, Thailand can't touch it and collect taxes on it.   Is this incorrect?

[Presnock]

1 hour ago, deejai33 said:

Its about an audit trail of transactions.   That is what shows which money is 'savings', which money is earned income in 2023, which money is untaxed rental income.

 

Each incoming/outgoing transaction has a date, source, destination and amount.  

 

If you transfer 100 units from savings account which has old, taxed money in it (shown by previous transactions), then you can show its 'savings'.

 

(Although I think the issue is more about is money already taxed, rather than is it 'savings').

 

 

US pensions in most states even federal are taxed on residents.  If one claims a state that does tax fed pensions, then that state also takes their "fair" share.  The US has a double-tax agreement with Thailand but says that the resident

country can still tax the money for which the US will then make up for any taken out by Thailand.  But if the amount of tax on pensions/savings as unearned income us as low as reported, I don't thing too many people will be double-taxed. US fed pension sure don't go in the several hundred thousands of dollars a year and govt employees do not get that amount of salary.  Salaries are provided for all to see.  But, I will wait until the final law comes out and can then match up with what should be legal or not and how I will have to report it.

[SuperSaiyan]

10 minutes ago, newnative said:

   It's my understanding that I can, indeed, generate off-shore tax-free money while being a tax resident of Thailand--staying over 180 days--for tax purposes.  For example, I earn $10,000 a year in stock dividends that are earned in the USA,  and sent to my USA bank.  I am under the impression that this money only becomes 'assessable' for tax if it is remitted to Thailand.  Otherwise, Thailand can't touch it and collect taxes on it.   Is this incorrect?

If you are paying income tax in the US, it will be non-taxable in Thailand but you will have to submit your documents to the Thai tax authority. If you didn't pay tax in the US, then you will be liable in Thailand.

[John Drake]

3 hours ago, Celsius said:

What great food? I am sure Manila has big malls and supermarkets like Bangkok.

And there are guys with machine guns and shotguns standing right at the entrance because of the friendly environment.

[Shetraveler]

11 hours ago, SuperSaiyan said:

Philippines is the way to go. It's 20 years behind in time, like it or hate it. No taxes on world income, no visa hassles and by that I mean absolutely ZERO. More young marriage type girls available and they speak English and not just "I go boom boom".

 

Wow, what a draw, exploiting poor women is easier.

[Presnock]

4 hours ago, JimTripper said:

Somebody here gets it & has a brain, finally. ????

Well, as an American one has to pay taxes on whatever they make/get each year.  Pensions are documented with amount being paid and taxes paid to the govt and in some cases also to the state of residence.  I would think that documentation should be easy to be provided.  Even providing translations should be easy as one just has to put down the amount of funds transferred into Thailand, then show how much money one made and how much tax was paid to their home country.  However, TIT so I may be thinking too logically on this issue, that is why I am not worried yet and thinking about fleeing.  I spent 8 years working in the PI and loved every minute of it.  Greatest diving in the

world, but local food can't compare to Thai food.  Plenty of golf courses, cold SanMiguel, lovely ladies as PI was ruled

for centuries by Spanish and Americans, weather temperatures about the same as here, but they have about 20 typhoons a year, strong earthquakes, and active volcanoes.

[Shetraveler]

9 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. 

 

This, my good white man, is the definition of a loser.  

I know you're from my home country, probably ex-military?

[newnative]

12 minutes ago, SuperSaiyan said:

If you are paying income tax in the US, it will be non-taxable in Thailand but you will have to submit your documents to the Thai tax authority. If you didn't pay tax in the US, then you will be liable in Thailand.

But, my understanding, only liable on money sent to Thailand, where it now becomes assessable for taxes.  Not sent to Thailand, not assessable, no tax owed in Thailand.  Hope this interpretation is correct.

[John Drake]

1 hour ago, LivinLOS said:

But if I send it to my wife, who has never done a tax return in her life, is it then her liability not mine ?? 

I'm thinking it is, because it seems designed to catch Thais' overseas income. At least if your wife has no income, however, it will give her a cushion before any taxes are owed. My wife already makes more at her job than I do with my social security and retirement annuity. We would pay even more if I tried to transfer money from overseas to her, I'm guessing.

[topt]

1 hour ago, thailand49 said:

The stuff the Brit's do to their citizen particularly abroad is shameful,

I'm a Brit and not sure what you are referring to? 

If pension freeze than that's specific to certain countries - not all as you are well aware.