A Question For Retirees On A Retirement Visa Extension In Thailand

[Mike Teavee]

25 minutes ago, ChumpChange said:

That's interesting. I would want to test it first with a small amount because of the fact that how things work in actual practice can sometimes be different unfortunately. 

TBH That's the only part that we're 100% sure of as the Revenue Department issued an update after their 1st notice confirming everything that was "Savings" prior to 1.1.24 was not assessable income so remitting it does not need to be reported. 

 

What I'm less sure about is whether sending USD to a Foreign currency account in Thailand is considered as having remitted the money at that point or later on when/if you convert it to THB... Logically the money has been brought into Thailand & I'm sure that I read somewhere that the banks consider it converted at the rate when it's brought in but quick searches don't come back with anything concrete. 

 

 

[Mike Teavee]

23 hours ago, Sheryl said:

Wise rejected me as a client for no clear reason, years ago, so nto an option for me.

 For some reason my attempted first transfer (of equivalent to 800K baht, for visa purposes) was viewed as indicative of criminal activity leading to immediate suspension of my newly created account.  I found them impossible to deal with/communicate with.

 

This was Wise US, not UK.

 

I have my SS directly deposited to my Thai account, no fees involved and produces a clear paper trail showing source of the funds -- not just that from US, but from SS, which could prove very important in the future.

OT but a head's up Sheryl, seems the US is forcing Thai Banks to restrict US CItizens accounts that are receiving US Government cheques from being able to make withdrawals at ATMs...

 

I saw somebody post that they were experiencing this in a Bangkok Bank thread a couple of days back but this video explains that it's a directive from the US 

 

 

Edited June 8 by Mike Teavee

[ChumpChange]

1 minute ago, Mike Teavee said:

TBH That's the only part that we're 100% sure of as the Revenue Department issued an update after their 1st notice confirming everything that was "Savings" prior to 1.1.24 was not assessable income so remitting it does not need to be reported. 

I realize that it's law, but until I see it in practice I would still be cautious. I assume anything you transfer in after 31 Dec 2023 will be counted as income earned after 1 Jan 2024. Then the burden will fall on you to prove that you earned it prior to 31 Dec 2023. So it becomes discretionary and it could become a problem if they don't want to accept your proof that the money was earned before 2024. 
 

The same challenge could occur with the double taxation treaties. If you have overseas income that is already taxed overseas, but then what if you bring it in and they don't accept the documents you provide as evidence of tax already paid on the money overseas? You could end up being taxed twice on the same money. 
 

These are things that will be good to monitor over the next couple of years to see how they play out in practice and not just in theory. 

 

1 minute ago, Mike Teavee said:

What I'm less sure about is whether sending USD to a Foreign currency account in Thailand is considered as having remitted the money at that point or later on when/if you convert it to THB... Logically the money has been brought into Thailand & I'm sure that I read somewhere that the banks consider it converted at the rate when it's brought in but quick searches don't come back with anything concrete. 

Yes, it's an interesting question. It would certainly benefit the economy if they don't tax incoming transfers that go right into FC accounts or people might stop using FC accounts in Thailand for the most part. 

[ChumpChange]

23 hours ago, Sheryl said:

Wise rejected me as a client for no clear reason, years ago, so nto an option for me.

 For some reason my attempted first transfer (of equivalent to 800K baht, for visa purposes) was viewed as indicative of criminal activity leading to immediate suspension of my newly created account.  I found them impossible to deal with/communicate with.

An American friend of mine lives in Thailand and he uses Revolut as a multi-currency/boarderless account. Similar to Wise and he was able to get a debit card for his Revolut account, which he wasn't able to do with his Wise account I believe.
 

There are some differences between Wise and Revolut, but I haven't compared the two closely to see how they really differ. 

[paddypower]

On 6/7/2024 at 9:22 PM, Keeps said:

Great post above from CC. Some very useful information and insight. Not very relevant to me regarding the products available, being a Brit. However, the general sentiment is very sound. 

 

I am not yet in need of a retirement visa/extension but will be in the not too distant future. I have been taking advantage of the current exchange rate and have transferred circa 1m THB at rates varying between 45-46.9 to the GBP solely for the purpose of the 'retirement account'. This compares to rates of 40-42 to the GBP in the not too distant past. This, combined with a very buoyant FTSE at the moment has put me in a fairly strong financial position.

 

Make hay whilst the sun shines - it won't stay like this forever. 

I'll wager the opposite - continuing under-performance of the Thai baht, regardless of rate changes by the US FedEx. this Pua Thai coalition is trying its best to be more incompetent than the coup makers. i keep my pension coming in to a Canadian bank account. so that I can monitor FX rates, before transferring the 65k monthly. this allows me to earn 10% tax free in Thailand, on what used to be my 800k.