Thai tax riddle: Elite Visa holders off the hook?

[Ben Zioner]

20 hours ago, thaiowl said:

What about Permanent Residents? Will they be exempt? I doubt it.

You forgot to mention recently naturalised Thai subjects...

 

Maybe some more generous exemptions, for ALL pensioners and families ?..

[bristolgeoff]

I know the elite card gives you a personal person to greet you at the airport and escort you.Visa stuff may be easier sometimes.But is it worth it  that is up to the holder.The tax issue coming in so much talk about it no one knows exactly how it will work.The eta visa entry is held back again,just like the phillpines you get the visa at the border but u appl;y for the entry  before hand.So no big deal just telling them you are coming soon.It is free  and you telling them this is me and i will be there soon

[Karma80]

21 hours ago, JBChiangRai said:

I was met by thai privilege co. this morning who escorted me through checkin etc.

 

She confirmed sales of Elite Visa’s have dropped off a cliff.  

Dropping PIT to wealthy Elite Visa holders would seem like a good opportunity to kick-start sales again, IMHO.

If you're really wealthy, get an LTR, which has no tax ambiguity. Thai Elite may have done its day at this point. Between DTV and LTR, I would be surprised if the Thai Elite company could survive. It was already unprofitable, which gave rise to the recent price hikes.

[EVENKEEL]

The only folks talking are paranoid foreigners and foreigners trying to make a buck off this. I've yet to hear of anything on any Thai news stations about this. Odd init. 

[KimchiCurry]

4 hours ago, Karma80 said:

If you're really wealthy, get an LTR, which has no tax ambiguity. Thai Elite may have done its day at this point. Between DTV and LTR, I would be surprised if the Thai Elite company could survive. It was already unprofitable, which gave rise to the recent price hikes.

Thai Elite took a huge loss with the new DTV and the new prices of the Elite.

 

Only a matter a time for them to go bankrupt unless they do something (add the tax exemption to revive the program).

 

Big Money will go for the LTR visa which is a great visa (no 90 days report, tax exemption)

 

TAT being TAT, only the future will tell. 

[KimchiCurry]

6 hours ago, papersource said:

I have spoken to two middle managers at Thailand Privilege over the last 3 months, and both confirmed that they are trying to get this tax exemption for us. One said the they hoped to have something for us by year’s end. But whether they succeed or not is anyone’s guess at this point. 

 

With the new government newly in place. It's gonna take some time. Probably in 2025 IF it ever happens. 

[RandolphGB]

Nobody is dodging anything by paying 1m Baht + for a visa. 

[Jenkins9039]

On 9/28/2024 at 2:24 PM, AhFarangJa said:

According to an article about three weeks ago, Thai tax lawyers stated it was against the constitution to access foreign accounts, and that to change this law would take years. I guess that is in place so all the rich people can salt their wealth abroad with impunity.

Probably get around it with CRS.

[Rolo89]

Thai elite would love to get a tax exemption, but it's not going to happen. That would undermine the far more important LTR visa and its 17% tax rate.

 

Elite has had it's day with DTV being the final nail. If you really want the fast track immigration and limo you can pay for that twice a month and not even come close to the 30k they're wanting for it. 

[KimchiCurry]

4 minutes ago, Rolo89 said:

Thai elite would love to get a tax exemption, but it's not going to happen. That would undermine the far more important LTR visa and its 17% tax rate.

 

Elite has had it's day with DTV being the final nail. If you really want the fast track immigration and limo you can pay for that twice a month and not even come close to the 30k they're wanting for it. 

 

Thailand being Thailand. There is no logic in what they do. No one has any idea what they would do. Not you, not me, not them.

 

Who thought that they would introduce the DTV ? exemption scheme from 30 to 60 days ? More countries exempt ? 

 

Anyone in their right mind would get the DTV right now. They could clamp it down as it's way too easy to get it. 

 

But who knows, thailand being thailand. There is no logic.

[wordchild]

I spoke to someone at TE a couple of days ago.

She confirmed that TE were in active discussion with the govt in order to obtain (tax) concessions for TE members. She said that she was not involved in those discussions and had no idea if anything would come of them.

 

i have no idea where this is going to end up, but the fact that,  at least one reasonably influential organization is raising issues with the government is ,at the least , encouraging, for all of us . TE members or not.

Edited Sunday at 03:10 PM by wordchild

[A free man]

On 9/28/2024 at 11:28 AM, JBChiangRai said:

 

 

She confirmed sales of Elite Visa’s have dropped off a cliff.  

 

Waiting patiently to buy this one for chump change 

[Fred99]

I have an Elite visa and am switching to an LTR visa, which has a tax exemption via royal decree. I have received advice from a director at a top firm per the following:

 

"An Elite Visa (Privilege Visa) Holder cannot join any tax benefits or tax exemptions for foreign income. They never could and ** they never will **.  Only the LTR visa scheme is the safe haven. We discussed this topic a few weeks ago with the Director General of the Head Revenue Department Bangkok."

 

There is no way an exemption will be negotiated for this visa.

[Yumthai]

1 hour ago, Fred99 said:

"An Elite Visa (Privilege Visa) Holder cannot join any tax benefits or tax exemptions for foreign income. They never could and ** they never will **.  Only the LTR visa scheme is the safe haven. We discussed this topic a few weeks ago with the Director General of the Head Revenue Department Bangkok."

These both assertions will certainly age well.

[Sandboxer]

Well, seeing as that Elite is technically just a tourist visa, the point is moot.

[Rolo89]

3 hours ago, Fred99 said:

I have an Elite visa and am switching to an LTR visa, which has a tax exemption via royal decree. I have received advice from a director at a top firm per the following:

 

"An Elite Visa (Privilege Visa) Holder cannot join any tax benefits or tax exemptions for foreign income. They never could and ** they never will **.  Only the LTR visa scheme is the safe haven. We discussed this topic a few weeks ago with the Director General of the Head Revenue Department Bangkok."

 

There is no way an exemption will be negotiated for this visa.

Yes there is only one answer to this question. Wont stop the nonsense social media posts.

 

The only possible change could be the LTV requirements. They may generate more income with additional categories. 

[KimchiCurry]

6 hours ago, Fred99 said:

I have an Elite visa and am switching to an LTR visa, which has a tax exemption via royal decree. I have received advice from a director at a top firm per the following:

 

"An Elite Visa (Privilege Visa) Holder cannot join any tax benefits or tax exemptions for foreign income. They never could and ** they never will **.  Only the LTR visa scheme is the safe haven. We discussed this topic a few weeks ago with the Director General of the Head Revenue Department Bangkok."

 

There is no way an exemption will be negotiated for this visa.

 

Thailand being Thailand. There is no logic behind their actions. Tomorrow, there could have another coup. They could remove the LTR, DTV, Elite visa. Who knows.

 

Even Top firm doesn't know s*it.  

 

LTR being the best visa for the time being. Things are never set in stone in Thailand.

 

 

[Rolo89]

43 minutes ago, KimchiCurry said:

LTR being the best visa for the time being. Things are never set in stone in Thailand.

And the best visa in Thailand is a low bar.

 

LTR is good if you qualify for it due to an employer being publicly traded and 150million USD or are a highly skilled professional with existing work visa.

 

For the wealthy LTR visas it's quite the gamble having to put so much money into Thailand to get it. Your investment could crumble or be untouchable at any time. Far safer and more stable places to go that offer a path to citizenship.

[KimchiCurry]

4 minutes ago, Rolo89 said:

And the best visa in Thailand is a low bar.

 

LTR is good if you qualify for it due to an employer being publicly traded and 150million USD or are a highly skilled professional with existing work visa.

 

For the wealthy LTR visas it's quite the gamble having to put so much money into Thailand to get it. Your investment could crumble or be untouchable at any time. Far safer and more stable places to go that offer a path to citizenship.

 

High Skilled professional category only give you a flat tax of 17% if I read it correctly too ?

 

100%. Unless you have 20M+, it's quite risky to invest 500k in Thailand. Gamble can pay off if it can save 500k on taxation though.

Anyway, If I had that kind of money, I would just invest big money in Singapore and get my PR there. Way more stable and safe. 

 

 

 

[Rolo89]

20 hours ago, KimchiCurry said:

100%. Unless you have 20M+, it's quite risky to invest 500k in Thailand. Gamble can pay off if it can save 500k on taxation though.

Anyway, If I had that kind of money, I would just invest big money in Singapore and get my PR there. Way more stable and safe. 

Agree, the only tax benefit is that overseas isn't taxed, which many other countries offer and places in Europe offer a low tax to wealthy citizens. 

 

Singapore used to give out PR very easily, but it's far more difficult these days and their selection criteria is unclear. They have points but even if you meet all of those they often still reject, unlike other countries where if you have the points you get PR and a path to citizenship. SG has a quota for ethnicity and strict limits on PR, if you're Mayalsian you have by far the best chance. But people who have lived there for over 10 years, built up a business and raised children there still get rejected many times.

Edited 4 hours ago by Rolo89

[PingRoundTheWorld]

On 9/29/2024 at 5:22 AM, Karma80 said:

Between DTV and LTR, I would be surprised if the Thai Elite company could survive.

The only way they survive is if they actually do this. I'm covered by a DTA, but just to avoid ambiguity and potential problems down the road I'll extend my current elite visa further if they offer this. If not it's a really hard choice as DTV offers a very similar visa at a fraction of the cost. Funny enough salary-wise I would be eligible for LTR easily, but the red tape is making it impossible - I work for a US-traded company worth tens of billions $, but because I'm employed via a local-country subsidiary which is a non-traded company I am not eligible. How stupid is that?

[Rolo89]

2 hours ago, PingRoundTheWorld said:

because I'm employed via a local-country subsidiary which is a non-traded company I am not eligible. How stupid is that?

I would list the parent company on the form as the employer, that would stand more chance of getting past the box ticker that is unable to apply logic or reasoning.

 

Most big companies are a spiders web of different companies.

 

There's not really a huge amount of difference really between the DTV and LTV work from Thailand professionals. Unless I'm missing something? Fast track is nice and access to better help and services with a more secure visa, but still not a world apart.

 

 

[Celsius]

Anyone can pretend to be a millionaire on elite visa. Even I could afford one.

 

LTR visa actually requires usd 80k in income. Hard for many even if you have 1-2 million in bank.

 

Hence Elite visa = tourist visa.

Edited 2 hours ago by Celsius

[KimchiCurry]

3 hours ago, Rolo89 said:

Agree, the only tax benefit is that overseas isn't taxed, which many other countries offer and places in Europe offer a low tax to wealthy citizens. 

 

Singapore used to give out PR very easily, but it's far more difficult these days and their selection criteria is unclear. They have points but even if you meet all of those they often still reject, unlike other countries where if you have the points you get PR and a path to citizenship. SG has a quota for ethnicity and strict limits on PR, if you're Mayalsian you have by far the best chance. But people who have lived there for over 10 years, built up a business and raised children there still get rejected many times.

 

I know someone living there for 8 years, got rejected 2 times for PR. He is retrying again. If he get rejected, he is planning to move to another country. Actually many left because of that. He told me Ethnicity quota is harsh. Unfortunately, he is European. He feels enraged when he sees chinese mainland or malay chinese or indo chinese get PR just after 2 years... But I understand Singapore, such a small island, they must limit immigration. 

 

 

[Mad Mustang]

Seems the only peeps who knock the Elite visas are those that can’t afford one. Best thing I ever did. I have a few companies here and according to my accountant this has all yet to be thrashed out and god knows how long that will take.
Smart people get residency visa in Dubai then set up a company there and send all profits there 0 tax.

There again if you can’t afford to do that you’re going to have to move to Cambodia or cop it on the chin. Maybe you should have never moved here to begin with. Their country, their rules, their laws.

[KimchiCurry]

8 minutes ago, Mad Mustang said:

Seems the only peeps who knock the Elite visas are those that can’t afford one. Best thing I ever did. I have a few companies here and according to my accountant this has all yet to be thrashed out and god knows how long that will take.
Smart people get residency visa in Dubai then set up a company there and send all profits there 0 tax.

There again if you can’t afford to do that you’re going to have to move to Cambodia or cop it on the chin. Maybe you should have never moved here to begin with. Their country, their rules, their laws.

100%.

 

Even IF (with a big if) the new tax lax get introduced, it will be just cost of business. 

 

[Mike Teavee]

1 hour ago, KimchiCurry said:

 

I know someone living there for 8 years, got rejected 2 times for PR. He is retrying again. If he get rejected, he is planning to move to another country. Actually many left because of that. He told me Ethnicity quota is harsh. Unfortunately, he is European. He feels enraged when he sees chinese mainland or malay chinese or indo chinese get PR just after 2 years... But I understand Singapore, such a small island, they must limit immigration. 

How old is your friend?

 

I know from guys who used to work for me that if you're applying for PR & >50 then you have very little chance. [Worked there for 12 years but decided against applying as it would cost me 1% extra tax on my salary & much though I love the place, I only want to live there if I'm working there]. 

 

Both have since married Singaporeans (One Native, one naturalised Australian/Chinese) & are now PRs. 

Edited 43 minutes ago by Mike Teavee

[Mike Teavee]

1 hour ago, Mad Mustang said:

Seems the only peeps who knock the Elite visas are those that can’t afford one. Best thing I ever did. I have a few companies here and according to my accountant this has all yet to be thrashed out and god knows how long that will take.
Smart people get residency visa in Dubai then set up a company there and send all profits there 0 tax.

There again if you can’t afford to do that you’re going to have to move to Cambodia or cop it on the chin. Maybe you should have never moved here to begin with. Their country, their rules, their laws.

I regret not pulling the trigger on the 20 year 1Million THB Elite Visa before the prices went up but nowadays if you're >50 & have a company in Dubai then why not go for the LTR Wealthy Pensioner Visa & if you're <50 why not go for a DTV? 

 

Edit: Actually now I think about it, I'm lucky that I didn't go for the 20 year Elite Visa as I'd have been stuck with that visa for 20 years with no options to move to an LTR Visa or any other kind of new Visa that comes along.  

 

Edited 15 minutes ago by Mike Teavee

[KimchiCurry]

29 minutes ago, Mike Teavee said:

How old is your friend?

 

I know from guys who used to work for me that if you're applying for PR & >50 then you have very little chance. [Worked there for 12 years but decided against applying as it would cost me 1% extra tax on my salary & much though I love the place, I only want to live there if I'm working there]. 

 

Both have since married Singaporeans (One Native, one naturalised Australian/Chinese) & are now PRs. 

 

He is 35. He is been living in Singapore since he left uni. (26-27)

He regrets not applying when he was 28 29. Didn't think he would stay long term. All of his "white" colleagues who are there for 5 years +. All getting rejected, but some malay + Chinese malay got accepted at his company after only 2-3 years.

 

Damn. So marrying a local is the only way for "ang moh".

 

 

[KimchiCurry]

12 minutes ago, Mike Teavee said:

I regret not pulling the trigger on the 20 year 1Million THB Elite Visa before the prices went up but nowadays if you're >50 & have a company in Dubai then why not go for the LTR Wealthy Pensioner Visa & if you're <50 why not go for a DTV? 

 

Edit: Actually now I think about it, I'm lucky that I didn't go for the 20 year Elite Visa as I'd have been stuck with that visa for 20 years with no options to move to an LTR Visa or any other kind of new Visa that comes along.  

 

 

You can switch from Elite to LTR without issue. I saw some post where people did that.

Anyway, you can just take the DTV for cheap. 

 

But it's true, for people with money, elite is hassle free. Just pay and be done with the paperworks.