Thai tax riddle: Elite Visa holders off the hook?

[Mike Teavee]

15 minutes ago, KimchiCurry said:

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

By far the easiest route (In one of my guys case he married an Australian of Chinese heritage who had naturalised as Singaporean).

 

In 12 years I dated 2 "Native" Singaporeans & never again!

 

[Mike Teavee]

13 minutes ago, KimchiCurry said:

 

You can switch from Elite to LTR without issue.

Do you know anybody who's done that?

 

Normally if people want to change Visas they exit without a re-entry permit & their old Visa is voided but obviously with the Elite Visa you'll just come back on the same visa.

 

 

[oneupiswhatwedo]

2 hours 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.

💯

[KimchiCurry]

16 minutes ago, Mike Teavee said:

Do you know anybody who's done that?

 

Normally if people want to change Visas they exit without a re-entry permit & their old Visa is voided but obviously with the Elite Visa you'll just come back on the same visa.

 

 

Go to the Elite Visa group on Facebook. 

Somebody just asked the question few days ago.

 

Go there and read the pop up windows.

https://ltr.boi.go.th/

 

It seems you can switch from any visas to LTR Visa BUT you cannot switch LTR to another type of visa.

 

 

[Mike Teavee]

24 minutes ago, KimchiCurry said:

Go to the Elite Visa group on Facebook. 

Somebody just asked the question few days ago.

 

Go there and read the pop up windows.

https://ltr.boi.go.th/

 

It seems you can switch from any visas to LTR Visa BUT you cannot switch LTR to another type of visa.

 

 

Thanks… I don’t do Facebook but good to know that guys can switch over if they want to 👍🏻

[Dogmatix]

People put out this kind of nonsense all the time but, if not supported by any legislation, it is not true.

[Rolo89]

3 hours 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

The Elite visa is terrible value now 900k thb for 5 years, less terrible if you got years ago 20 years for just 100k thb more but very little benefit over spending 10k for 5 years DTV.

 

Most smart people set up their companies in a low/no tax country and then live somewhere where offshore income isn't taxed (like Thailand at the moment). The elite visa makes no difference to tax.

 

The Portuguese visa was the one to get with 0% tax on offshore money for 10 years and easy way to citizenship in an EU country. But that closed this year.

[Rolo89]

3 hours 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. 

 

 

I think if you keep applying for SG PR without any big changes in your circumstances then it hinders your case.

 

It's probably a waste of time applying unless Maylasisan with the right ethnicity like Chinese as the "other" quota is said to be 1% a year out of the 30'000 that get PR. It's like a lottery. I'd refuse to play that game when the odds are so small at winning.

[Fred99]

2 hours ago, Mike Teavee said:

Do you know anybody who's done that?

 

Normally if people want to change Visas they exit without a re-entry permit & their old Visa is voided but obviously with the Elite Visa you'll just come back on the same visa.

 

 

Yes, the firm I received advice from said that many Elite visa owners were switching fast. There's no issue switching.

[Marco100]

On 9/28/2024 at 6:19 PM, ChasingTheSun said:

Lots of countries don't tax personal worldwide income/cap gains. 
 

Singapore and HK are two prominent ones in Asia.

 

Thailand would be in good company if they just keep the system as is. Otherwise, they will lose most of their wealthy retired expats, killing the real estate industry and a big part of the consumption they represent.

I think they might also lose a lot of Wealthy Thais , beside  some Wealthy retire expat ....

[Marco100]

On 9/28/2024 at 6:19 PM, ChasingTheSun said:

Lots of countries don't tax personal worldwide income/cap gains. 
 

Singapore and HK are two prominent ones in Asia.

 

Thailand would be in good company if they just keep the system as is. Otherwise, they will lose most of their wealthy retired expats, killing the real estate industry and a big part of the consumption they represent.

I think they might also lose a lot of Wealthy Thais , beside  some Wealthy retire expat ....

[Marco100]

On 9/28/2024 at 6:19 PM, ChasingTheSun said:

Lots of countries don't tax personal worldwide income/cap gains. 
 

Singapore and HK are two prominent ones in Asia.

 

Thailand would be in good company if they just keep the system as is. Otherwise, they will lose most of their wealthy retired expats, killing the real estate industry and a big part of the consumption they represent.

I think they might also lose a lot of Wealthy Thais , beside  some Wealthy retire expat ....

[Marco100]

On 9/28/2024 at 6:19 PM, ChasingTheSun said:

Lots of countries don't tax personal worldwide income/cap gains. 
 

Singapore and HK are two prominent ones in Asia.

 

Thailand would be in good company if they just keep the system as is. Otherwise, they will lose most of their wealthy retired expats, killing the real estate industry and a big part of the consumption they represent.

I think they might also lose a lot of Wealthy Thais , beside  some Wealthy retire expat ....

[Marco100]

On 9/29/2024 at 4:24 PM, Jenkins9039 said:

Probably get around it with CRS.

CRS - AEOI wich Thailand signed with 120+ country and started to report September 2023