Thailand's 5-20 Year Visa Now a Bit Cheaper

[schweizer]

I know someone who was recently refused an Elite visa, apparently a change was made recently blocking anyone with a previous overstay, before it stated that if the overstay was more than 3 years ago it was OK. He overstayed 15 years ago but was refused based on this rule change

[Korat Kiwi]

1 hour ago, Eudaimonia said:

There is little incentive, really.

 

Countries such as Italy and Greece offer non-doms a cheap lump-sum tax regime where one pays only 100,000 euros in income tax per year regardless of earnings. Elsewhere, it's even more affordable. Thailand's tax rates are not competitive.

100,000 Euro in tax... My god what salary are you on to pay that sort of tax? 

 

My peasant income wasn't anywhere close to that tax bill! 

[mikeymike100]

5 hours ago, Presnock said:

you must not read much of this forum then!

On the contrary, I read quite a lot, but only comment on the most ludicrous posts, or those which are of interest to me!

[KimchiCurry]

3 hours ago, schweizer said:

I know someone who was recently refused an Elite visa, apparently a change was made recently blocking anyone with a previous overstay, before it stated that if the overstay was more than 3 years ago it was OK. He overstayed 15 years ago but was refused based on this rule change

 

It was during the application or did he get denied at the airport after he paid the 900k THB fee ?

Did he get refund ? 

 

My friend told me that you are allowed to have one overstay as stated in the application form.

He had one overstay in 2022 , his application was approved. He just received his Elite Visa 20 years (5 year sticker) at the airport yesterday. He paid the previous price at 1M.

 

Thailand and their ever changing rules. it's crazy. 

Edited Saturday at 01:02 PM by KimchiCurry

[Morningman]

14 hours ago, Wiggy said:

I have social security here, and I’m not a Thai. 

I also receive Thai social security but I paid Thai taxes for >20 years (15 year minimum to be eligible for Thai SS).  Not surprisingly, the payout is quite modest.

[Rolo89]

4 hours ago, Eudaimonia said:

There is little incentive, really.

 

Countries such as Italy and Greece offer non-doms a cheap lump-sum tax regime where one pays only 100,000 euros in income tax per year regardless of earnings. Elsewhere, it's even more affordable. Thailand's tax rates are not competitive.

Yeah the types that have tens of millions are already pretty well catered for in other countries.

 

But there's well off people not quite in that league that they could target. The 17% tax would be appealing to some people if they extended it. That level of tax feels about right for what you get as a foreigner in Thailand. 

[Seismic]

16 hours ago, cedel said:

but on the other hand with the proposals of former PM Sretta of taxing foreigners who stay more than 6 months per year in Thailand

This is not a proposal but law. If you reside in Thailand for 180 days or more in each tax year then you are considered a tax resident and required to file and pay tax. The only difference since 2024 is that the loophole of only bringing in money that was earned over one tax year before has now been closed.

[KimchiCurry]

Just now, Seismic said:

This is not a proposal but law. If you reside in Thailand for 180 days or more in each tax year then you are considered a tax resident and required to file and pay tax. The only difference since 2024 is that the loophole of only bringing in money that was earned over one tax year before has now been closed.

 

 They should do a 15-17% Flat tax rate for non citizen tax resident. I would be more than happy to pay that as a business owner (no retiree)

[Metapod]

1 hour ago, KimchiCurry said:

 

 They should do a 15-17% Flat tax rate for non citizen tax resident. I would be more than happy to pay that as a business owner (no retiree)

 

10%

 

That's the magic number. Flat 10% and watch everyone comply.

 

[NoDisplayName]

16 hours ago, Robert Tyrrell said:

Go to Immigration 5 times a year ,

 

Why?

 

Go once per year.  Make an appointment, spend at most a couple hours there.

 

Your 90-day reports can be done online.

[geisha]

11 hours ago, Maitdjai said:

For the real wealthy, the Tax issue is not a real issue. But it's an issue for the middle-class wealthy and all below.

The segments getting milked always and everywhere the most.

Tripling the visa fee by offering a tax exemption, would be nothing else than a "deposit" in advance. The rule and the way it's executed can change anytime.

Most of the wealthy people are smart. That's why not so many fall for this rip-off. Age is one valuable factor. But also there are other options.

 

As you said, the privilege of the fast track and a Limo Service, the discounts at some fancy shops and golf courses aren't worth

450 USD a month. 

 

But it might attract "wannabe" elites, or people who don't care too much about their money, and the math, which tells differently.

Not too many there of those. Within two decades. Fiddling with ridiculous details on a more or less dead subject will not revive it.

 

 

 

I doubt the very wealthy want to live in Thailand, and they know exactly what to do with their money. 

[NoDisplayName]

11 hours ago, digger70 said:

Totally Over the top ,

Look at the normal extensions x THB. 2,000 works out THB 40,000 for 20 years ,slightly different than the THB 900K up to 2 Mill. 

One can't tell me that the So called Perks cost that much. (if one can call them perks)

Just a big Laugh.

 

 

Or invest that 2 million, over 20 years.....

 

"The S&P's annualized average return for the past 30 years is 7.9%"

[George FmplesdaCosteedback]

To attract new long term visitors and keep the ones they have now it would be a better idea to drop the income tax threat. As usual Thailand wants their cake and to eat it too.

[KimchiCurry]

4 hours ago, Metapod said:

 

10%

 

That's the magic number. Flat 10% and watch everyone comply.

 

 

10% ? Where do I sign ? I sign right now any day !! Take my money lol.

[Metapod]

1 hour ago, KimchiCurry said:

 

10% ? Where do I sign ? I sign right now any day !! Take my money lol.

 

Exactly, we all will. That's why it's the magic number. 

 

If Thailand truly wants to expand their tax net, just do a flat 10% tax. Less is more.

[Rolo89]

9 hours ago, KimchiCurry said:

 

 They should do a 15-17% Flat tax rate for non citizen tax resident. I would be more than happy to pay that as a business owner (no retiree)

Yep, that would be a way to boost their tax take and fill the empty condos. I'd transfer all of my income to Thailand if that was the case (at least pass it through brefily to count it as taxable before sending to abroad accounts) rather than messing around with offshore accounts. The 35% tax is way too high for what Thailand offers, so I make sure I don't pay it. Makes sense so I can't see them doing it.

 

 

[lamyai3]

20 hours ago, Dr B said:

What nobody seems to have commented upon is this weird arrangement here where two government departments are vying for issuing visas, here the Ministry of Foreign Affairs (LTV and DTV) and the Ministry of the Interior through the TAT (TPV). This is what happens with coalition Governments, with snouts fighting at the trough, and no-one talking to the Ministry of Finance who are licking their lips over taxes.

There's at least three - LTR is under Ministry of Interior (BOI), DTV is Ministry of Foreign Affairs, Elite is owned by TAT under the Ministry of Tourism and Sports. And then immigration (under the RTP) often have their own ideas about whether to let people in or not. With the Revenue Department thrown into the mix from next year it'll be enough to befuddle Kafka. 

[Rolo89]

2 hours ago, Metapod said:

 

Exactly, we all will. That's why it's the magic number. 

 

If Thailand truly wants to expand their tax net, just do a flat 10% tax. Less is more.

Can't see them doing 10%, but it's fesable to extend the current 17% to include more people. It's really strict at the moment - have to work for a company that has a turnover of 150m USD a year

[Presnock]

14 hours ago, mikeymike100 said:

On the contrary, I read quite a lot, but only comment on the most ludicrous posts, or those which are of interest to me!

To each his own, as we all have our own opinion.

[Wiggy]

On 9/14/2024 at 6:59 AM, mokwit said:

You have to have worked here to get onboard. Cannot work on Privilege visa.

Oh yes, sorry I missed the point. My bad. 

[Wiggy]

On 9/14/2024 at 8:52 AM, Ben Zioner said:

Who, other than you and Yourself, give a rat's arse about your social security? The point is that tens of thousand foreigners will pay IT, at the same rate as Thais, and will get zero, zilch, nada in return. 

 

It makes it a duty to leave, at least 185 days a year. But that's what the Chinese masters want anyway.

I made an invalid point, as the article is about the long stay visa. I misread it. My bad. 

[Wiggy]

12 hours ago, Morningman said:

I also receive Thai social security but I paid Thai taxes for >20 years (15 year minimum to be eligible for Thai SS).  Not surprisingly, the payout is quite modest.

Yes, I just use the health care aspect of it rather than the monthly payment. 

[john donson]

 50,000 baht (approximately US$1,500) registration fee 

 

oh snap, no shame... upped the price first from 500 to 900k

 

glad I opted out at the last moment, a few years ago...

[Maitdjai]

9 hours ago, geisha said:

I doubt the very wealthy want to live in Thailand, and they know exactly what to do with their money. 

Exactly. The big money sits in countries, which are not participating in clubs like the OECD.

This was also a political aim to join it, to polish their reputation.

The additional Tax revenue is a welcomed side effect at first glance. Without thinking about how to achieve their goal administratively and about the possible feedback, or backslash.

Long winding talking back and forth, the bureaucrat monster, where one hand doesn't know what the other is doing, is predictable.

Aka "Digital Wallet".

Maybe again, another shot into the own foot. Instead of achieving the fixing of the local Tax revenue, they're opening a new long-lasting "construction" site, which might end up with a "peanut." revenue.

I see the issue, until now, quite relaxed.

 

 

[schweizer]

16 hours ago, KimchiCurry said:

 

It was during the application or did he get denied at the airport after he paid the 900k THB fee ?

Did he get refund ? 

 

My friend told me that you are allowed to have one overstay as stated in the application form.

He had one overstay in 2022 , his application was approved. He just received his Elite Visa 20 years (5 year sticker) at the airport yesterday. He paid the previous price at 1M.

 

Thailand and their ever changing rules. it's crazy. 

He applied directly without an agent and as refused on the immigration check during the application process

as of yet he has had no refund but has been told he will be

 

These are the current qualifications

The applicant for a Thai Elite Visa must meet and maintain the following qualifications:

1. Holder of a foreign passport
2. Being allowed to stay in Thailand in accordance with the immigration laws, which means the applicant has no overstay record in Thailand
3. No age limit is required for this program.
4. Not having been sentenced by a judgment to imprisonment in any country except for an offense committed to negligence
5. Not having been adjudicated bankrupt
6. Not having been declared as a person of unsound mind, incompetence, or quasi-incompetence

Seems to have changed sometime recently

Edited Sunday at 04:49 AM by schweizer

[Eudaimonia]

18 hours ago, Korat Kiwi said:

100,000 Euro in tax... My god what salary are you on to pay that sort of tax? 

 

My peasant income wasn't anywhere close to that tax bill! 

 

Not salary, but foreign-sourced income such as dividends and capital gains. I suppose these are not classified as "earnings," as I erroneously wrote, but passive income.

 

The 100,000 euro flat tax in Italy or Greece becomes cheaper than the progressive Thai tax when one has around 12 million baht yearly income.

 

For those not willing to cough up 100k every year, there are many discount countries, such as Monaco, with no income tax at all.

[KimchiCurry]

6 hours ago, Rolo89 said:

Can't see them doing 10%, but it's fesable to extend the current 17% to include more people. It's really strict at the moment - have to work for a company that has a turnover of 150m USD a year

17% is fair. Above 25% start being outrageous. They have so many ways to make Thailand attractive with tax alone. Somehow, they make things super complicated.

[KimchiCurry]

2 hours ago, schweizer said:

He applied directly without an agent and as refused on the immigration check during the application process

as of yet he has had no refund but has been told he will be

 

These are the current qualifications

The applicant for a Thai Elite Visa must meet and maintain the following qualifications:

1. Holder of a foreign passport
2. Being allowed to stay in Thailand in accordance with the immigration laws, which means the applicant has no overstay record in Thailand
3. No age limit is required for this program.
4. Not having been sentenced by a judgment to imprisonment in any country except for an offense committed to negligence
5. Not having been adjudicated bankrupt
6. Not having been declared as a person of unsound mind, incompetence, or quasi-incompetence

Seems to have changed sometime recently

 

Hopefully, it was during the application.

He didn't pay the entire fee. Great that they gonna refund him the 50k THB fee.

It's a blessing in a disguise. He can just apply for the DTV, it's way way way cheaper for a 5 year visa. Only thing he has to do is to get out of the country every 6 month. 

 

My friend just asked his agent. He got accepted because his overstay was less than 7 days.

Any overstay above 7 days is detrimental to your application. They submit application all the time with 1-2 days overstay without issues.

 

 

 

[Rolo89]

13 minutes ago, KimchiCurry said:

17% is fair. Above 25% start being outrageous. They have so many ways to make Thailand attractive with tax alone. Somehow, they make things super complicated.

Agreed, I'm planning on paying myself 2.4m thb and that gives a tax rate of about 22%. I'm OK with that.

 

Would pay myself more and the Thai gov would get more money if it was a flat 17%, but I don't consider paying upwards of 25% tax a deal for what you get here.

 

But if they make this worldwide income thing, then they'll get 0 from me and by just talking about it they've made me consider backup plans that may take me away from paying any tax to them even if it never comes in.

[Metapod]

8 hours ago, Rolo89 said:

Can't see them doing 10%, but it's fesable to extend the current 17% to include more people. It's really strict at the moment - have to work for a company that has a turnover of 150m USD a year

 

17% is still too high considering other options and lack of good tax planning in Thailand tax law. 

 

If 10% if enough for god at church, it should be enough for papi thaksin and his cronies.

 

They get the other 7% from VAT