world wide income taxation update

[KhunHeineken]

32 minutes ago, Airalee said:

Nope.

 

Which is why I’m currently in Vietnam and am meeting with a Real Estate agent when I return to Bangkok to discuss the sale of my condo and repatriating all my assets back to the US.

As I have posted previously, I'm giving Thailand a chance this first time around.

 

If none of this happens because of TiT, great, carry on as normal. 

 

If I have to pay a bit of tax, ok, I'll pay it. 

 

If I have to pay an mount of tax that I think is a rip off, and Thailand no longer represents a value for money retirement destination for me, then it's 179 days in Thailand, and the rest in Danang - Vietnam, where I have already chosen the condo building.  

 

Thailand is not the be all and end all for me.  I show the Thailand the same amount of loyalty as it shows me - ZERO. 

 

Many here, mainly pensioners, will not have to pay much tax, but that new car or unforeseen medical operation may mean remitting a large lump sum to pay for such items.  They will cost more, as the remitted funds will be taxed early the follow year, which could make such things a rip off. 

 

Yes, we can talk about assessabe income, pre 2024 savings, exemptions, blah blah blah, but they have us by the b*lls and they know it. 

 

Just how hard they will squeeze is yet to be seen, but I certainly have my Plan B in place, and I have no problem becoming a non tax resident of Thailand and they will not see a baht out of me in tax, VAT aside. 

 

Further to this, it just goes to show how unpredictable and unstable Thailand is, especially when that retirement visa / extension is nothing more than a 12 month tourist visa that can be revoked, at any time. 

[Airalee]

31 minutes ago, KhunHeineken said:

As I have posted previously, I'm giving Thailand a chance this first time around.

 

If none of this happens because of TiT, great, carry on as normal. 

 

If I have to pay a bit of tax, ok, I'll pay it. 

 

If I have to pay an mount of tax that I think is a rip off, and Thailand no longer represents a value for money retirement destination for me, then it's 179 days in Thailand, and the rest in Danang - Vietnam, where I have already chosen the condo building.  

 

Thailand is not the be all and end all for me.  I show the Thailand the same amount of loyalty as it shows me - ZERO. 

 

Many here, mainly pensioners, will not have to pay much tax, but that new car or unforeseen medical operation may mean remitting a large lump sum to pay for such items.  They will cost more, as the remitted funds will be taxed early the follow year, which could make such things a rip off. 

 

Yes, we can talk about assessabe income, pre 2024 savings, exemptions, blah blah blah, but they have us by the b*lls and they know it. 

 

Just how hard they will squeeze is yet to be seen, but I certainly have my Plan B in place, and I have no problem becoming a non tax resident of Thailand and they will not see a baht out of me in tax, VAT aside. 

 

Further to this, it just goes to show how unpredictable and unstable Thailand is, especially when that retirement visa / extension is nothing more than a 12 month tourist visa that can be revoked, at any time. 

I’m being a little more proactive only because the government has been clear as mud on what their plans are and there has been zero communication between them and the expats/retirees here.  And as you say, they have us by the balls.  It’s no secret that their economy is in the sh*tter so it is to be expected that they’ll use us as tax donkeys.

 

Of course the pensioners won’t be paying anything due to tax treaties but I still have a decade to go before I tap my social security and the way that Thailand taxes capital gains….no thanks.  Most of those pensioners aren’t contributing anything to the economy anyways. Sure….they may have bought their Issan wives houses and cars but as the saying goes…what have you done for us lately.

 

I’m currently in Danang and have also been zeroing in on condos/apartments although I haven’t decided as they are on an apartment building spree here so there will be a lot of nice new places to choose from for much less than Thailand.

 

I have already replaced one physician and will replace others as necessary.  Of course, healthcare is better in Thailand, but it’s even better in Japan so if there are any surgeries needed in the future (knock on wood), I’ll fly there instead of back to Thailand.

 

I won’t even need to rent a condo back in Thailand as I can just stay at my girlfriends place rent free.  The view isn’t as nice, but it will do.  I’ll sell my car as I’ve already checked “driving the Maehongson loop in a convertible sports car” off my bucket list and as I won’t be doing any traveling there anymore, I’ll just take a taxi, bts or walk wherever I go.   No more tips either.

 

I’ll also purchase all my clothing, electronics, toiletries and everything else here in Vietnam (or back in the US), bring plenty of snacks etc back with me to Thailand and become a complete miser in Thailand.  All my eating out will be done in other countries and I will cook at home while in Thailand and all travel etc will be outside Thailand also.  I’ll be one of those guys living on ฿20,000/month….or less.

 

Starve the beast!

 

See you in Danang! 😁

[Dan O]

2 hours ago, oldcpu said:

 

For some of us with both the money and no-family, it is easy to leave Thailand for 6.5 to 7 months of the year, and only live in Thailand for 5 to 5.5 months. 

 

However there are some with families, and the approach the single expat (or expat with wife and no kids) can adopt is easy.  For those with a family much more difficult, and harder to pick up roots and leave.

If its an excrement hole then choose to go or stay