Thailand Revamps LTR Visa

[CharlieH]

 

 

[Tomio]

I'm surprised that I haven't heard too much lately about LTR's. I obtained mine as a so called wealthy pensioner several months ago and I've used it twice to enter Thailand. I might add that both times my entry into Thailand didn't go as smoothly as I had expected. Both times it took me around ten minutes while immigration was trying to figure out what was going on. But that's another story. This has to do with that dreaded topic - taxation.  When I applied for my LTR, I never saw anything or heard anything about being tax exempt if you have an LTR. It was stated that with an LTR, you are limited as to how much you would be taxed. I think the most you could be taxed was 16 or 17 percent. Now this so called tax expert is telling us that LTR holders are tax exempt and don't even have to file in Thailand. Does anyone out there know what's going on or has an opinion? 

[NVass]

I have an LTR Retirement. As I understand it the retirement version puts you in a tax exempt catagory while the other LTR Visas allow you to pay the reduced rate on Money brought into Thailand. Obviously money earned in Thailand would still be classed as taxable in all versions although I think this is at the lower rate you mentioned (I could be wrong on this). 

When I was applying for my LTR my agent showed me the Listing in the Royal Gazet which approved the tax exemption for this class of visa and I have seen several confirmations of this by reputable accountants since. I checked with my agent in late December and she assured me I don't need a TIN and am tax exemped.

I am surprise that more people don't know about this although you obviously have to have a pretty good income from investments to qualify.

With regard to Thailand entry I can relate, as the immigration officer told me on my last entry. that it the first time he has ever seen this Visa and he also had to go and look it up!

[Presnock]

4 hours ago, Tomio said:

I'm surprised that I haven't heard too much lately about LTR's. I obtained mine as a so called wealthy pensioner several months ago and I've used it twice to enter Thailand. I might add that both times my entry into Thailand didn't go as smoothly as I had expected. Both times it took me around ten minutes while immigration was trying to figure out what was going on. But that's another story. This has to do with that dreaded topic - taxation.  When I applied for my LTR, I never saw anything or heard anything about being tax exempt if you have an LTR. It was stated that with an LTR, you are limited as to how much you would be taxed. I think the most you could be taxed was 16 or 17 percent. Now this so called tax expert is telling us that LTR holders are tax exempt and don't even have to file in Thailand. Does anyone out there know what's going on or has an opinion? 

 

4 hours ago, Tomio said:

I'm surprised that I haven't heard too much lately about LTR's. I obtained mine as a so called wealthy pensioner several months ago and I've used it twice to enter Thailand. I might add that both times my entry into Thailand didn't go as smoothly as I had expected. Both times it took me around ten minutes while immigration was trying to figure out what was going on. But that's another story. This has to do with that dreaded topic - taxation.  When I applied for my LTR, I never saw anything or heard anything about being tax exempt if you have an LTR. It was stated that with an LTR, you are limited as to how much you would be taxed. I think the most you could be taxed was 16 or 17 percent. Now this so called tax expert is telling us that LTR holders are tax exempt and don't even have to file in Thailand. Does anyone out there know what's going on or has an opinion? 

The lower tax rate is if you are an LTR holder working in and earnng money in Thailand You would be working with a work permit of course but limited on amount of tax taken out.  The others LTR folks we are exempt from being taxed on any foreiign income earned/remitted into Thailand.  can easily check by going to BOI LTR benefits and all are spelled out clearly.  

[Presnock]

3 hours ago, NVass said:

I have an LTR Retirement. As I understand it the retirement version puts you in a tax exempt catagory while the other LTR Visas allow you to pay the reduced rate on Money brought into Thailand. Obviously money earned in Thailand would still be classed as taxable in all versions although I think this is at the lower rate you mentioned (I could be wrong on this). 

When I was applying for my LTR my agent showed me the Listing in the Royal Gazet which approved the tax exemption for this class of visa and I have seen several confirmations of this by reputable accountants since. I checked with my agent in late December and she assured me I don't need a TIN and am tax exemped.

I am surprise that more people don't know about this although you obviously have to have a pretty good income from investments to qualify.

With regard to Thailand entry I can relate, as the immigration officer told me on my last entry. that it the first time he has ever seen this Visa and he also had to go and look it up!

Your remitted foreign income is exempt by royal decree -can check that out in the TRD English pages if you are not sure.  I am sure though.

[Hocus Pocus]

Will be interesting to see these changes reflected on the official LTR website and in their application forms. I ended up not going for LTR Wealthy Pensioner because the requirements are fixated on "passive" investment income and will take no consideration for what most retiring people have today - provident funds or 401k-type retirement savings. So if you have >$80k/yr from a military pension, you are good. However, if you are retiring early with $10m in a 401k/Provident Fund/Super account, cannot be considered.

 

Then they give another option for those between $40k-80k passive income to top-up by showing investment in Thailand like a condo or Thai Government Bonds, but the process and restriction to buy Thai government bonds is so wonky and difficult because they make you buy bonds that have >5yr maturity because the 10yr visa is really 5yr+5yr.

 

Suspect they will see a big uptick in Wealthy Pensioner applications if they tweak the requirements to cater to the cohort with 401k/Provident Fund/Super-type savings. Look forward to them getting the LTR to a more successful level.

 

Upz ADDENDUM... I just read the article below. Zero loosening to Wealthy Pensioner requirements (which is the most popular application category). And the Wealthy Global Citizen category still has to invest in USD500k worth of Thai Government Bonds/Property. So none of these changes will really move the needle for LTR. Pity.

 

https://franklegaltax.com/ltr-visa-updates/#:~:text=New Rule%3A The personal income,of foreign investment in Thailand.