Several neighbouring countries compete with Thailand for foreign retirees

[CharlesHolzhauer]

9 hours ago, aussienam said:

Now, with the Thai tax enforcement,[...]

To the best of my knowledge, the recently introduced tax rule by the TRD taxes foreign tax residents (and Thais) on remitted funds only, and I am not aware of any other 'tax enforcement'.

[Presnock]

13 hours ago, aussienam said:

You are in a low percentage category.  Most of us 'lowlifes' cannot afford the LTR visa.  Only the 'elites' such as yourself can afford it.  So because we are poorer we have to pay tax.  Wow, so fair - NOT.

I thought the whole idea was to reign in taxes of wealthy people bringing in money offshore into Thailand tax free.  So what has changed for wealthy expats bringing in money tax free?  Um....... nothing.  Just get an LTR visa and all is good.  Like is often said, the wealthy don't pay tax, it's for the poor.

Always tax loopholes for the rich.

Not to worry, I still have to pay taxes to the US IRS every year as I have done since I started working.  The years one has been here before 2024 and the OECD agreement in 2023, probably escaped paying taxes somewhere beside in Thailand  but I still paid my US taxes those years too.  One of the driving forces for the OECD agreement FACTA and CRS is those people who have not been paying taxes to any country.  I notice too some people on this forum continue planning ways to avoid paying taxes on their income.  If many people continue to do that, then look for further changes in Tax residence requirements as there will be someone somewhere looking for those people.  As Americans are taught, and as mentioned by Ben Franklin a couple of hundred years ago - the only sure thing in this world is taxes and death -  or words to that effect.

Best of luck

[Yumthai]

1 hour ago, Presnock said:

One of the driving forces for the OECD agreement FACTA and CRS is those people who have not been paying taxes to any country.  I notice too some people on this forum continue planning ways to avoid paying taxes on their income.  If many people continue to do that, then look for further changes in Tax residence requirements as there will be someone somewhere looking for those people.

Countries are sovereign. Some don't apply (or very low) personal income tax on their residents and are still doing pretty well with only indirect taxes.

Free people vote with their feet and should stand for what they think is right not blindly abide to unfair tax and controlling rules just because "world master" says so.

[Fairynuff]

17 hours ago, aussienam said:

Be careful.  Firstly, bringing cash via the airport: security will pick that up on the xray scanner.  They may make a record of the amount and that is forwarded to revenue office of an incoming remittance.  I dare say Revenue Office is aware that foreigners will  try to remit money secretly to avoid tax.  

Even if the amount is below the 'declarable' amount, I wouldn't be surprised if the amount is recorded anyway.  Depends how harsh the implementation is.  All it takes is a directive.  

And secondly, exchanging that money.  If you do it yourself (like most of us do), then you need to give your passport.  Guess where that exchange amount may up being recorded? 

Giving it to your 'teerak' to exchange, be careful as she will have her ID details recorded.  If you are on a spouse visa they may join the dots.  

 

Yes, spending less time in Thailand will now be a part of expat living here.  No longer a full-time lifestyle.  It is a hassle for many of us who have bought so many things - white goods, motorbikes, cars, furniture, TVs, etc.  

I am still in my 50s early medical retired, but wanted a place to settle and heal and live out my life in bloody peace.  But my income setup via my private tax-free superanniation pension in Australia means I am royally screwed at an ultimate 20% tax charged on my spending money.  

If I were to choose to stay, it would be deliberate frugal living to keep the taxes as low as possible and forgo any relationships due not ultimately providing her support financially (most often the case).  How awful that would be?  Better to sell off everything I have accumulated here and relocate elsewhere.  I am so devastated and sad.  But this is the way it probably is.  

And for many of us, having a home base in our country is no longer the case and no family members to rely on. 

 

And I don't want to be a transient nomad living here and there with some desperate attempt to have at least under 6 months in Thailand.  Can never grow a relationship and make long term friends and feel part of a community. So if Thailand truly go ahead next year, me and many other Aussie pensioners really need to move elsewhere.  And that goes for other nationalities and people with income and remittance setups that aren't taxed.  

 

My rental property in Australia, which I will sell, will provide me capital gains. Half of that is untaxed in Australia.  So bringing that into Thailand would be incredibly stupid unless I was a non tax-resident.  But who wants to bring in large sums of money into Thailand as a non-tax resident, when Thai bank interest is practically zero percent?  What a huge waste of potential interest income lost from dumping it in a Thai bank. 

But, it is a workaround/loophole for now.

 

But who is to say that Thailand government won't see what is happening and decide to implement a 'wealth tax' on large deposits!!  Who knows?  

My philosophy has always been to keep the lion's share of my money in Australia and only bring over what I need in portions.  Plus the bank guarantees in Australia and more robust economy, citizen protections, better legal coverage. Anything can happen in Thailand.  

 

I take all your points. The cash WE bring in is for day to day stuff and with 2 trips a year it’s not massive. FX shops don’t always take your ID.  I/we (teerax isn’t Thai!) are heavily invested here and would most likely sell assets here. Plans already underway to have base in Europe.

I hope the authorities here see sense but having been here for so long I also see the futility of what I just said.

[Selatan]

On 8/21/2024 at 3:48 PM, Sydebolle said:

Looking at the absolute inefficiency of all those immigration offices, combined with a never-ending avalanche of bureaucratic paper nobody in his right mind could process - even if they wanted to .....

If Malaysia would not be run by the fidels, many people including me would have moved there long, long time ago. You can legally own one house/apartment, the first car is tax-free, the second car costs half the tax, the visa is issued for five years incl. a multiple re-entry. It is really only the presence of the Fidels in spiral building with loud speakers, the selection of meats and the instructions on drinks. Everything else is by far more advanced than the semi-divine land of the Thais! 

Infidels like me in Malaysia simply ignore the fidels. Ethnic Malay politicians use religion to gain votes, so they often try to outdo each other in showing off who is the bigger defender of Islam. We can eat non-halal food, drink and gamble legally. Non-Malays like me are discriminated from entering public universities and the civil service, so we simply go into business or join the private sector and study at private universities.

[Woke to Sounds]

On 8/22/2024 at 11:03 PM, gearbox said:

Sihanoukville was not destroyed, it was rebuilt, and now has a motorway connection to Phnom Penh. The prices went way up and the low class scum staying there was priced out. I believe  the islands so far are not touched yet, but I've heard there would be an airport on Koh Rong. Seems that Kep is the next in line for development.

Whatever the case it sounds like the place sucks now, no soul, with or without casinos, compared to the glory of yesteryear. The powers that be are making a fake beach in Kep. Nice. (Not). An airport on Koh Rong would be an environmental disaster.

 

Cambodia has loads of problems, probably the biggest of those are pollution and environmental desecration. TPTB should be taking care of their own country's issues before throwing massive amounts of cash at projects aimed to increase tourism. Look at what's happening in Thailand. Coral reefs absolutely destroyed in so many once pristine spots.