Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part II

[chiang mai]

For the benefit of those aged 50+.

 

I did a lot of my tax planning over twenty years ago, just before I moved to Thailand and whilst I was still earning income from work. Looking back, three of the things I got right were firstly, to bring over a large amount of money and invest in THB when exchange and interest rates were much better. Funds I exchanged at 70+ baht per Pound have now nearly doubled in value so this was an excellent move, if you can overcome your fear of Thai banks etc. If anyone wanted to trawl back through my mid year 2000 posts you can see where I proposed this as a good idea, whilst most other members were horrified or laughing and thought I was nuts! I remain Baht positive for the medium and longer term so this is still a viable proportion, I think. The tax aspect here is that it put my savings outside the UK where I was no longer tax resident. 

 

The second thing I got right was to buy our home and not rent accomodation, that's a strategy that has more than paid for itself already, even if I lose everything tomorrow. But to do this, you need to overcome your fear of the property market and ownership here. This move freed up income to divert to number three below. It also put the house into my wife's name , which helps with UK Inheritance Tax.

 

The third thing is that I funded my wifes business, which has produced a very healthy tax efficient revenue stream that will continue long after I am gone. This has meant I have not had to fund my wife or her family expenses for over a decade and that I can focus on other things. Once again, to do this you need to overcome some fears. From a tax perspective, my wife and I have separate financial affairs which means she can earn the same income as me every year and also not pay tax.

 

The last thing was that  I used my UK SIPP for my investments, in previous year I have opened two more. This has meant I have been able to grow significant amounts that remain tax free (currently) and are very tax efficient. Since I don't drawdown those SIPP's, my exposure to IHT is minimised. Eventually those funds will be transferred to my wife under inheritance tax rules which are also tax efficient.

 

The common theme here is to a) overcome your fear of incorporating Thailand  into your financial planning and not remain financially isolated overseas, and b) act early with a view to the longer term and what your future position will be in 10, 15 or 20 years hence. 

 

 

[stat]

12 hours ago, chiang mai said:

You seem to think that the Thai tax issues affect only wealthy individuals and ignore the vulnerable, average and aged expat pensioner retiree who has no experience of managing or filing tax returns. My interest lies in trying to help the average and below average member, many of whom are deeply scared and confused by all things foreign tax related. My past tax, finance and Big 4 work experience, combined with the fact I have lived in Thailand full time for over 20 years, may be of help to some of that group. Those things are why I mostly ignore the never ending debates about CRS and foreign DTA's.

 

I have no interest in the tax affairs of people like you and others who talk in terms of buying 1,000 Apple and being concerned at the tax implications when you sell, or the large dividend payments given to you by your parents. If you can afford to buy 1,000 Apple you can also afford to put your hand in your pocket  and spend 20k at Ernst and Young and get the best Thai tax advice that money can buy. So exactly why you even bother to log onto this thread, especially given that you live full time over 8,500 kms away. is extraordinary, to say the least!

 

If there are members of AN who risk millions in tax as a result of CRS, they must be some of the cheapest rich people on the planet, in order to have such wealth yet seek tax advice from a social networking forum! I am personally aware of at least two  AN members who talked in terms of self harm and required support and intervention, such was their fear of what might happen to their paltry income in retirement here as a result of the tax changes. Meanwhile,  you talk about the millions at risk overseas by wealthy expat, dear Lord, we're not even on the same planet, let alone the same subject.

 

I will be very happy if you wish to add me to your ignore list, that way my contributions won't interfere with your enjoyment.

You really seem to care more about me then I care about you 🙂

 

I simply answered your question why some people are concerned about thai tax changes it is because they could lose a lot of money. Why you care remains a mystery to me as most of your funds will already be taxed (rental income, pensions etc) somewhere else so Th taxes do not make any difference.

 

Why do you feel the need to insult people who have more money then yourself? What would you think of me if I insulted you about not having any investment income? Bad style my friend.

 

 

"So exactly why you even bother to log onto this thread, especially given that you live full time over 8,500 kms away. is extraordinary, to say the least!"

 

Also you wrote" did a lot of my tax planning over twenty years ago, just before I moved to Thailand and whilst I was still earning income from work."

 

The decission where I move next is important to me and a lot of my clients. Only a complete fool would move to another country without following closely the changes in tax law BEFORE they moved. Can you understand this?

Edited 2 hours ago by stat

[chiang mai]

3 minutes ago, stat said:

You really seem to care more about me then I care about you 🙂

 

I simply answered your question why some people are concerned about thai tax changes it is because they could lose a lot of money. Why you care remains a mystery to me as most of your funds will already be taxed (rental income, pensions etc) somewhere else so Th taxes do not make any difference.

 

Why do you feel the need to insult people who have more money then yourself? What would you think of me if I insulted you about not having any investment income? Bad style my friend.

 

 

"So exactly why you even bother to log onto this thread, especially given that you live full time over 8,500 kms away. is extraordinary, to say the least!"

 

Also you wrote" did a lot of my tax planning over twenty years ago, just before I moved to Thailand and whilst I was still earning income from work."

 

The decission where I move next is important to me and a lot of my clients. Only a complete fool would move to another country without following closely the changes in tax law BEFORE they moved. Can you understand this?

I care about you so much that you're going on my list of people I ignore, that's how much I care.

[stat]

24 minutes ago, chiang mai said:

I care about you so much that you're going on my list of people I ignore, that's how much I care.

You very much remind me of another poster maybe you are the same person 🙂

[Captain Flack]

A reported post has been removed, for discussing allegations about another member. Can we please discuss the topic.

 

Reminder of forum rule  31. You will not publicly discuss other members or post any member's personal information 

[JimGant]

51 minutes ago, stat said:

You very much remind me of another poster maybe you are the same person

Bingo!

[JimGant]

1 hour ago, chiang mai said:

I care about you so much that you're going on my list of people I ignore, that's how much I care.

Welcome to the club, stat. He seems to put people on his ignore list when he's presented with a question he can't answer, or is presented with a position contrary to his. Keep up your valuable contributions to this forum.