Thai Bank Current Account, Getting On Thai Tax System, House Registration Book

[wpcoe]

Now, let's say your investments are held in Canada and not in the US. Your income would not be taxed in Canada (nor in the US if less than $80,000) and you would be liable to pay taxes only in Thailand on the part you bring into the country.

Not quite accurate.

Investment income is always taxable for U.S. citizens. The $80k exclusion is only for earned income, earned overseas. Interest from investments held in Canada by a U.S. citizen do NOT qualify for the "earned income exclusion."

If, by some chance the Thai govenment does decide all we retirees need to pay tax on the money we bring into the kingdom, every dollar of Thai tax can be directly written off against a dollar of U.S. tax liability. Only if your Thai tax bill were larger than your U.S. tax bill, would you be screwed.

[astral]

1) I now wish to get on the Thai Taxation system which I assume I am obliged to do when I have been here over 185 days in the current year and intend to continue living here (my primary residence in Spain is up for Sale), but I do not know what to do OR what order OR how to go about it.

You can go to your local tax office and they will sign you up.

However you are only taxed on funds remitted to Thailand in the current tax year AND

which have not already been taxed at source.

You may need to show a tax cert for your pension from overseas.

Any monies you earn in Offshore locations are tax free.

Additionally I wish to open a Thai Current bank account and get a THAI Visa card with a Thai billing address of course.

Banks will not grant Current (checking) accounts to ordinary individuals, only businesses.

You can still get a credit card.

My UK bank will not accept a Thai address so ANY Visa orders have to be delivered to the UK address they HAVE accepted for me (crazy but they fear Frauds with Thai addresses).

Change your bank

Royal Bank of Scotland accepts my Thai address

i) Am I allowed to be on their House registration document, or is that only when I on my own home (

No, only Thai citizens can be registered

My Thai family certainly have no idea what is required. I already suspect my wife's Aunt should have declared to "somebody' that I am living in her house and have been doing so for 4 months plus. I did mention this to her (read it somewhere) but no interest or concern was shown.

Your aunt will need to report your presence in her house to the local immigration office, or the

local police, each time you arrive back in the country

[kudroz]

Now, let's say your investments are held in Canada and not in the US. Your income would not be taxed in Canada (nor in the US if less than $80,000) and you would be liable to pay taxes only in Thailand on the part you bring into the country.

Not quite accurate.

Investment income is always taxable for U.S. citizens. The $80k exclusion is only for earned income, earned overseas. Interest from investments held in Canada by a U.S. citizen do NOT qualify for the "earned income exclusion."

If, by some chance the Thai govenment does decide all we retirees need to pay tax on the money we bring into the kingdom, every dollar of Thai tax can be directly written off against a dollar of U.S. tax liability. Only if your Thai tax bill were larger than your U.S. tax bill, would you be screwed.

You are right, only foreign earned income can benefit from the $80,000 exclusion. My bad. Whoa... sure is difficult to minimize taxes for you americans eh.

[LoveDaBlues]

Now, let's say your investments are held in Canada and not in the US. Your income would not be taxed in Canada (nor in the US if less than $80,000) and you would be liable to pay taxes only in Thailand on the part you bring into the country.

Not quite accurate.

Investment income is always taxable for U.S. citizens. The $80k exclusion is only for earned income, earned overseas. Interest from investments held in Canada by a U.S. citizen do NOT qualify for the "earned income exclusion."

If, by some chance the Thai govenment does decide all we retirees need to pay tax on the money we bring into the kingdom, every dollar of Thai tax can be directly written off against a dollar of U.S. tax liability. Only if your Thai tax bill were larger than your U.S. tax bill, would you be screwed.

You are right, only foreign earned income can benefit from the $80,000 exclusion. My bad. Whoa... sure is difficult to minimize taxes for you americans eh.

Haven't you ever seen an American Federal Income Tax Form? Actually not as difficult as some make it out to be.

HOW MUCH DID YOU MAKE?.................$70,000

HOW MUCH DID YOU SPEND?............. - 50,000

YOU OWE THIS MUCH TAX --------------> 20,000

[kudroz]

Just to add a little bit to the "Tabian Baan" question of the OP. Like I said in my previous post, it is not handled the same by every Amphur office as they seem not to know the exact procedure - but like I said you are likely to get a yellow tabian baan. If you wish to read more about it, there is this thread on google's cache that you can read.

[kudroz]

Haven't you ever seen an American Federal Income Tax Form? Actually not as difficult as some make it out to be.

HOW MUCH DID YOU MAKE?.................$70,000

HOW MUCH DID YOU SPEND?............. - 50,000

YOU OWE THIS MUCH TAX --------------> 20,000

These deductions have to be admissible. Of course it is easy to cheat and come up with some numbers to minimize your taxes, but I meant in a legal way.

[wpcoe]

Whoa... sure is difficult to minimize taxes for you americans eh.

You can say that again. Wait, please don't: it's aggravating enough.

I think Americans are the only ones who get taxed on their worldwide income, from all sources, with the exception of the $80k "Foreign Earned Income Exclusion," which the Bush administration tried to eliminate.

[gdhm]

Change your bank

Royal Bank of Scotland accepts my Thai address

Hi Astral.

Thanks

I am pleased to here about the Thai address, BUT I thought NO UK bank permitted (or was permitted) to allow UK citizens living abroad to open a current account unless they reside in the UK.

Are you able to confirm or deny this for certain

Regards

Dave

[LoveDaBlues]

Haven't you ever seen an American Federal Income Tax Form? Actually not as difficult as some make it out to be.

HOW MUCH DID YOU MAKE?.................$70,000

HOW MUCH DID YOU SPEND?............. - 50,000

YOU OWE THIS MUCH TAX --------------> 20,000

These deductions have to be admissible. Of course it is easy to cheat and come up with some numbers to minimize your taxes, but I meant in a legal way.

Actually, for a lot of Americans it's VERY HARD to cheat. For example, say you work in City Government at a decent wage. A record is sent to the Federal Gov't of your wages and taxes paid. For any income from a bank (say a CD or Money Market interest) a statement of this interest income is also sent to the Feds. In fact, all agencies and companies are required by Federal law to report all payments issued.

If you deal with a lot of cash money then you can easily cheat and not get caught. Example, I'm a plummer and install a new hot water tank; you pay me in cash.....cha-ching no taxes paid on that!

[cclub75]

As I understand it, tax residents are subject to Thai income tax on any income from foreign sources that they bring into Thailand. As I understand it, taxable income includes payment for services, dividends, interest, rental income, and most capital gain. You may wish to check with a Thai tax advisor.

Not necessarily, if there is for instance a treaty to avoid double taxation between the 2 countries.

(for instance, rent income from a property owned in the UK will be taxed in UK, but not in Thailand even you are thai resident, thanks to the treaty).

[gdhm]

Whoa... sure is difficult to minimize taxes for you americans eh.

You can say that again. Wait, please don't: it's aggravating enough.

I think Americans are the only ones who get taxed on their worldwide income, from all sources, with the exception of the $80k "Foreign Earned Income Exclusion," which the Bush administration tried to eliminate.

Sorry but you are mistaken.

Spain also taxes on Worldwide income and assets too. (Wealth tax and income tax, 2 I know of).

Dave

[wpcoe]

Whoa... sure is difficult to minimize taxes for you americans eh.

You can say that again. Wait, please don't: it's aggravating enough.

I think Americans are the only ones who get taxed on their worldwide income, from all sources, with the exception of the $80k "Foreign Earned Income Exclusion," which the Bush administration tried to eliminate.

Sorry but you are mistaken.

Spain also taxes on Worldwide income and assets too. (Wealth tax and income tax, 2 I know of).

Misery loves company. Much solace to know we are not alone. Yo hablo español tambien.

[younghusband]

Change your bank

Royal Bank of Scotland accepts my Thai address

Hi Astral.

Thanks

I am pleased to here about the Thai address, BUT I thought NO UK bank permitted (or was permitted) to allow UK citizens living abroad to open a current account unless they reside in the UK.

Are you able to confirm or deny this for certain

Regards

Dave

There is a whole industry supplying banking services, including current accounts, to UK expatriates.Mostly this is based in Channel Islands or Isle of Man, where there are certain tax advantages eg tax not being levied on interest at source (though recently UK residents in Europe have lost this concession).No problem so far for UK residents in Thailand.

In other words your information is completely wrong!

[gdhm]

Change your bank

Royal Bank of Scotland accepts my Thai address

Hi Astral.

Thanks

I am pleased to here about the Thai address, BUT I thought NO UK bank permitted (or was permitted) to allow UK citizens living abroad to open a current account unless they reside in the UK.

Are you able to confirm or deny this for certain

Regards

Dave

There is a whole industry supplying banking services, including current accounts, to UK expatriates.Mostly this is based in Channel Islands or Isle of Man, where there are certain tax advantages eg tax not being levied on interest at source (though recently UK residents in Europe have lost this concession).No problem so far for UK residents in Thailand.

In other words your information is completely wrong!

Hi younghusband,

Thanks for this info.

I am not sure my information from my bank was completey wrong for what I actually asked them, BUT I was certainly too vague in what I wrote in this thread.

What my bank said was that non residents cannot open NEW accounts with a UK mainland based bank UNLESS they are resident in UK with a UK address.

They did say I could open an account with their Overseas/international banking operation.

However this did not offer an equivalent current account with FREE banking that I was seeking (and with ATM card use overseas on the the same NO commission charge basis on my Flex current account). Nationwide Building Society is the only UK banking operation as far as I know that seems to offer this perk

Kindest regards

Dave

[gwkenny]

Investment income is always taxable for U.S. citizens. The $80k exclusion is only for earned income, earned overseas. Interest from investments held in Canada by a U.S. citizen do NOT qualify for the "earned income exclusion."

Seems there is almost always an exception. US Treasuries and other US government securities are tax-exempt for Americans.

Banks will not grant Current (checking) accounts to ordinary individuals, only businesses.

You can still get a credit card.

I'm about as ordinary as anyone can be. Guess what? I've got one

Though, as indicated elsewhere, I really don't use it near as much as I thought I would.

g-