Jump to content

Recommended Posts

Posted
13 minutes ago, EVENKEEL said:

Should that day come when immigration is involved, I'll seek the help of an agent.

Good point - many already use agents to stay here illegally, ie without the necessary funds in the bank. In my 3 decades here they have often thrown hurdles to overcome, to find out there are agents and others to guide you around said hurdles. 

  • Agree 1
Posted
13 hours ago, Dogmatix said:

A practical idea but I doubt they could get their minds around that because they have to base everything on what is in the Revenue Code from which that would be a huge departure.  They would also think there are people with income massively above that they wouldn't want to let off the hook.  The UK introduced something like that for non-doms who are foreigners living in the UK with exemption from overseas income.  They told them they could either go on to full UK global tax or pay a flat rate of tax on  a notional quite high income which meant they didn't have to file anything else, except on remittances.   But the non-dom scheme has all but been blown up by the Sunak government.  

 

Essentially the reality is that they are not going to carve out exceptions for a group of foreigners they consider to be making only a marginal contribution.  If they do, it will be along the line of the LTR visa to attract multimillionaires and then change the rules on them a couple of years later. 

Multimillionaires?  I think there are a lot fewer than you and the rest of the AN think.  I only have a US govt pension so the taxes that could be avoided via the LTR are a moot point anyway because of the DTA with the US.  If the Thais decided to wipe out all the treaties that have been

worked out between Thailand and those 60 or 61 other countries, they by international law have to advise those countries in advance that they

wish to do this.  Then if they followed through they would have a difficult time getting any treaty signed with a foreign country for anything unless of course they follow this route and join BRICS in the fall.  The LTR on last count hardly has enough expats to help the revenue dept meet their goals anyway.  Any mulitmillionaires on an LTR would just cease to be a tax resident here or elsewherever they wanted.  In the long run, any changes that are made to the tax laws against expats will IMHO cause a decrease in the funds collected by the Revenue Department as it will probably already show a drop from 2024.

Posted
12 hours ago, gearbox said:

Here is your guide...pick up a country.

 

https://en.m.wikipedia.org/wiki/International_taxation

 

From what I see Malaysia will tax remitted foreign income under certain conditions. The Philippines seems to remain the only comparable country around which doesn't tax foreigners who are tax residents. There are quite a few countries without income tax, and also many with only territorial taxes, but I wouldn't live permanently in any of them.

Yes, most of ASEAN were signatories on the OECD agreement of July 2023 and some are going through this same exercise.

  • Like 1
Posted
1 hour ago, lordgrinz said:

 

What do they want to see as acceptable proof of funds being savings only? Do we still need to file a tax return for remittance of these non-assessable funds (savings) we've sent? I would hate to just ignore filing a tax return, then one day have RD question millions of baht being sent into the country, then have them not accept whatever proof I feel is acceptable, but they don't.

 

It's a good question.On the other hand the Thai tax return is an honour system in which the taxpayer takes the initiative.I don't think the RD will be chasing resident non working expatriates.As to proof of funds there will be many approaches.Above all keep careful records.In my case I have accounts with two different foreign banks, one of which is now exclusively reserved for pre-2024 savings.

  • Agree 1
Posted
7 minutes ago, lordgrinz said:

 

Yeah, but will anyone in Thai RD accept the records? Do they need to be stamped by your embassy, then translated to Thai, and then stamped by MFA before anyone accepts it? And with the US Embassy, they won't stamp any financial documents from the USA, so then what? Like I said, we really need some definitive answers from the Thai RD.

 

I think with respect you are over worrying about this.Credible records will be accepted, and in all likelihood taxpayer's submissions will be accepted without scrutiny.WEeare talking about retired expats not working in Thailand.

  • Thumbs Up 1
Posted
13 minutes ago, bg53 said:

Good luck with the paperwork when CRS kicks in.

CRS kicks in only with offshore accounts registered with Thai residence address.

  • Like 1
Posted
On 6/6/2024 at 6:30 AM, buriram39 said:

What exchange rates will they use? The whole thing is ludicrous.

Never even thought about that part yet lol.

Posted
13 hours ago, shdmn said:

None of the whiners are going anywhere.  They just like to huff and puff (and whine) about everything. They have nowhere else go because if they did they would have left a long time ago.  I remember many years ago everyone was saying they were going to Cambodia because Thailand was getting too expensive and visa hassles blah blah.  Same old same old.  I would say less than 1% actually did and of those, probably 99% moved back.

I think you don't really get the point at all. What you are speaking about; is people who always complained about visa issues. The visa issue is now soon to be resolved.

The new issue now, actually gets to people, who make very decent money, and do have plenty of options to live anywhere on the world. Specially if they would be taxed.

 

You are comparing apples with pears here. I would need to pay like 1K USD in taxes, to then still pay my Thai rent and a International school. All that money combined, could make me rent anywhere on the planet, knowing that in most expensive countries the public schools are fine too. Is like 2.5K USD.

 

It makes Thailand like as expensive as Monaco is for a family with 2 children in Inter schools + being taxed. Maybe that is overkill example but close.

  • Agree 1
Posted
48 minutes ago, lordgrinz said:

 

Every time I have dealt with "credible records" from overseas used in Thailand, they have needed special care as-in......Embassy/MFA stamps, translations, and signatures from multiple parties. I'm not taking any chances, especially after past experience with Thai bureaucracy.

You will not be required to submit these records with your tax return.

 

You will need them only if your return is questioned, which most are not. You should certainly have supporting records  just in case but no need to worry now about translations  certifications etc which may not (probably will mot) even be requested. 

 

I had one experience with my local RD when I filed a return to claim back witholding on interest in a Thai bank (stopped doing that afterwards as not worth the hassle).

 

Got called into the RD who  demanded to know what income I had/where from, obviously thinking I must be working in Thailand.  I brought in a stack of credit advices and copies of my bank book to show I was living on remittances from abroad and told them I was retired and living on my savings.  Had to work up the ladder to a supervisor as staff had never heard of a retirement visa  and were convinced a retired farang can not live in Thailand, but eventually got someone who knew otherwise. Ultimately they let me go. At no point was I asked for any US documents or to get anything certified, it was more that they needed plausible answers. I might have been asked to sign som3thing, don't remember.

  • Thumbs Up 2
Posted
1 hour ago, lordgrinz said:

Do they need to be stamped by your embassy, then translated to Thai, and then stamped by MFA before anyone accepts it?

That's the obvious way, and you can be sure some RD offices will want all this. 

Other RD offices have told taxpayers translation into English would be enough,  no stamps needed.

 

You will get answers not earlier than mid 2025, when the first batch of foreigners hs filed taxes and the RD will brood over it.

Posted
23 minutes ago, Yumthai said:

CRS kicks in only with offshore accounts registered with Thai residence address.

I would not count on that. 

Posted
5 minutes ago, Sheryl said:

You will not be required to submit these records with your tax return.

 

You will need them only if your return is questioned, which most are not. You should certainly have supporting records  just in case but no need to worry now about translations  certifications etc which may not (probably will mot) even be requested. 

 

I had one experience with my local RD when I filed a return to claim back witholding on interest in a Thai bank (stopped doing that afterwards as not worth the hassle).

 

Got called into the RD who  demanded to know what income I had/where from, obviously thinking I must be working in Thailand.  I brought in a stack of credit advices and copies of my bank book to show I was living on remittances from abroad and told them I was retired and living on my savings.  Had to work up the ladder to a supervisor as staff had never heard of a retirement visa  and were convinced a retired farang can not live in Thailand, but eventually got someone who knew otherwise. Ultimately they let me go. At no point was I asked for any US documents or to get anything certified, it was more that they needed plausible answers. I might have been asked to sign som3thing, don't remember.

 

I wouldn't even want to get to that point, which is why we need clear guidance before sending money. If it's in black and white, and they state what is acceptable evidence of savings beforehand, then so be it, but ambiguity? No way I am stepping into that hornets nest, especially here.

  • Like 1
Posted
9 minutes ago, Lorry said:

That's the obvious way, and you can be sure some RD offices will want all this. 

Other RD offices have told taxpayers translation into English would be enough,  no stamps needed.

 

You will get answers not earlier than mid 2025, when the first batch of foreigners has filed taxes and the RD will brood over it.

 

Which is why I am waiting on the sidelines, I have over $30,000 sitting in a Wise account waiting to be sent over as baht, will grow it to about $100,000 soon, but at least its earning 4.85%, so I'll let it sit for now.....also waiting on my Wise debit card to arrive, thought that might be a way to buy things without worrying about remittance, but that sounds like it won't work the way I planned, so I'm kind of stuck on the sidelines waiting for answers.

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Recently Browsing   0 members

    • No registered users viewing this page.




×
×
  • Create New...