Currently i hold a retirement visa (800k in bank) and am wondering if any benefit in changing to an Elite Gold. (detriment i know is the fee!)

 

If I do get such a Visa   then no obligation to file any tax return even if i stay here in Thailand all  year round if my Thai income is below the minimum to file such a return?

Is that correct?

Edited August 14, 20241 yr by Happy happy

Certainly would not purchase a PE visa based on taxation concerns

You already are doing extensions based on retirement so over 50.

 

5 minutes ago, DrJack54 said:

Certainly would not purchase a PE visa based on taxation concerns

You already are doing extensions based on retirement so over 50.

 

Excuse me I not understand whats me doing extensions got anything to do with my question?

 

With retirement visa need to show 65k a monthly income (or annual equivalent)...If i have an Elite visa no minimum income required. So I could have an annual income below that required to pay tax here.

5 minutes ago, Happy happy said:

Excuse me I not understand whats me doing extensions got anything to do with my question?

 

With retirement visa need to show 65k a monthly income (or annual equivalent)...If i have an Elite visa no minimum income required. So I could have an annual income below that required to pay tax here.

I thought you said you had 800k in the bank? No minimum income required. You might want to check out how much you would pay for the Elite visa.

A 5 year Thai Elite Visa costs a minimum of 600,000 baht. Retirement extensions done normally would be less than 10,000 baht over the same 5 years.

 

There would have to be one hell of a tax benefit to justify that expense, and an Elite visa conveys no more right to stay here than any other.

40 minutes ago, Happy happy said:

Currently i hold a retirement visa (800k in bank) and am wondering if any benefit in changing to an Elite Gold. (detriment i know is the fee!)

 

If I do get such a Visa   then no obligation to file any tax return even if i stay here in Thailand all  year round if my Thai income is below the minimum to file such a return?

Is that correct?

not correct

the Elite visa is not tax-exempt. Only the LTR visa is tax-exempt

42 minutes ago, Happy happy said:

With retirement visa need to show 65k a monthly income (or annual equivalent)..

In your OP you stated that you are using funds in bank method.

800k. 

No mention of income method. 

@Happy happy

The only visa option you have that is tax exempt would be the LTR (Long Term Resident) visa because Elite Visa isn't tax exempt

you would apply under the 'wealthy pensioner' category.

It's a 10 year visa that stamps you in for 5 years at a time  

 

https://ltr.boi.go.th/

1 hour ago, Ramon53 said:

not correct

the Elite visa is not tax-exempt. Only the LTR visa is tax-exempt

Yes I will assume for discussion purposes u are correct and the Elite Visa is not tax exempt.

 

Now as with many others i currently have the 1 year retirement visa. In my case based on the 800k in the bank. i could equally have the retirement visa based on showing the 65k per month etc.

 

My question is simply this and maybe I have not made myself clear:

 

If (and no decision has been made yet will wait to see what develops) I changed to an  Elite Visa  there appears to be no minimum Thai income requirement which is different from the retirement visa.

 

So, if I received the Elite Visa and my Thai income was shown by my Thai bank statement to be less than the annual amount where Thai income tax is due then the argument is I do not need to file a Thai tax return.... right or not?

 

 

 

 

Edited August 14, 20241 yr by Happy happy

11 minutes ago, Happy happy said:

Yes I will assume for discussion purposes u are correct and the Elite Visa is not tax exempt.

 

Now as with many others i currently have the 1 year retirement visa. In my case based on the 800k in the bank. i could equally have the retirement visa based on showing the 65k per month etc.

 

My question is simply this and maybe I have not made myself clear:

 

If (and no decision has been made yet will wait to see what develops) I changed to an  Elite Visa  there appears to be no minimum Thai income requirement which is different from the retirement visa.

 

So, if I received the Elite Visa and my Thai income was shown by my Thai bank statement to be less than the annual amount where Thai income tax is due then the argument is I do not need to file a Thai tax return.... right or not?

 

 

 

 

 

If you have the 800,000 in the bank then there is also no minimum income requirement.  You can bring in as much, or as little, as you want to live on.

I looked into the elite visa when I was working. I think if you travel a lot, and like to golf it is pretty attractive. 

 

If all you want is a visa, unless you’re much richer than I, it seems too expensive. 

 

Read what it includes, and think about what you will use. I almost went for it, but given my location, could not use many of the benefits. 

4 minutes ago, ballpoint said:

 

If you have the 800,000 in the bank then there is also no minimum income requirement.  You can bring in as much, or as little, as you want to live on.

Yes i know that...I am referring to the income received in Thailand whereby it reaches a level when it then becomes subject to Thai income tax.

Not sure why your getting you knickers in a twist about paying taxes?... Has any Thai government entity formally asked the tens of thousands of expats living here to file income tax return?... (They have spent 10+ years trying to make a properly functional website for us to simply file our 90 day report)... I'd wait until the sky actually falls before pulling the trigger and buy a 900k 5 year visa... 

Edited August 14, 20241 yr by BKKKevin

1 minute ago, BKKKevin said:

Not sure why your getting you knickers in a twist about paying taxes?... Has any Thai government entity formally asked the tens of thousands of expats living here to file income tax return?... I'd wait until the sky actually falls before pulling the trigger and buy a 900k 5 year visa... 

Yes you are quite right...I have sent my knickers to be dry cleaned!

51 minutes ago, Happy happy said:

Yes you are quite right...I have sent my knickers to be dry cleaned!

Don't see point of your thread.

You currently have the funds in bank to continue with extensions based on retirement using funds in bank method.

Talk about jumping the gun re any tax issues that may or may not impact you.

Then jump to PE questions. 

Relax. 

Why spend any money on a retirement visa? Take an agent, no need to provide any financial requirements. Same time you will make the Immigration happy, as they will get some of the agents fee. 

12 hours ago, DrJack54 said:

Don't see point of your thread.

You currently have the funds in bank to continue with extensions based on retirement using funds in bank method.

Talk about jumping the gun re any tax issues that may or may not impact you.

Then jump to PE questions. 

Relax. 

Many thanks your kind advice to relax. I will try to do that. And do please now close this thread as I now have the info I need.

Incidentally next time there is yet another lengthy topic in Thai Visa Forum telling us especially from a non-qualified person that we will all soon need to pay Thai taxes as he voluntarily does you would also tell him to relax and no try to scare monger many of us on matters that may or may not impact us.

15 hours ago, Ramon53 said:

not correct

the Elite visa is not tax-exempt. Only the LTR visa is tax-exempt

Even the LTR is not tax exempt on in Thailand income earned - the exemption is for foreign-earned income remitted into Thailand.  Just saying but, I would think that the LTR would be cheaper though one would not get all those "free" bennies that the elite would get.  For me the LTR is the best.  Good luck to others.

OP, request to close thread.

Thread closed