Thailand to tax residents’ foreign income irrespective of remittance

[thailiban2]

I don't understand why so many posters here are complaining when this category of visa is not really relevant to them. This is not a retirement visa, nor is it a visa for people who are married to Thai wives or people on very low income or low assets. This new visa is clearly spelled out: People who are over 50, income of over 100k p/m or 3m in asset. If you qualify, then you get 5+5 visa. It's just another category of visa, probably aimed at company type expats who are working in the country. The 100k monthly income or 3m asset or medical criteria for where this visa is aimed at is actually very fair, because even the lowest paid 'international company' expats can qualify. (100k/usd$2800 p/m would be on the very low end of salary scale) these folks all have free medical insurance coverage etc. Many have housing and car/driver paid for. So this visa category are targeting these people and the mid/senior management who are working in the country or high net wealth individuals. I think a lot of people here are trying to read in between the lines when it may not be too applicable for them.

[Jingthing]

Seriously?

 

http://www.khaosodenglish.com/news/business/2016/11/24/details-10-year-visas-meet-mixed-reactions/

Quote

There seemed no clear answers as to whether the visa would be a new offering or replace existing retirement visas.

 

[anotheruser]

The world is a vampire...

[jwest10]

Yes have emailed Kanchanaburi  Immigration and there is not that much information and yes looked at the site and the only place mentioned was on thai visa and stating the Government cabinet agreed on a 10 year visa.

However as someone has pointed out to me and it is my understanding also, that this new 10 year option is just this another option and the year on year permission to stay will continue.

In addition raising the amount by nearly 4 times would be ridiculously high and think it is another option and in any case in the past one could apply for a new passport, 6 months before maturity, but say for example one has 3 or 4 years left on the validity of the current passport, how would one be able to stay in Thailand.

Yes have emailed my local Immigration Office asking a few  quiestions and really believe that the existing options ie permission to stay for another year will still be in existence and the new one, probably geared to the first time applicant, who is 50 years or older.

I know of no one who has a spare 3 million cash lying around do any of you??

Also, this has been raised before and property has been acquired for a Thai wife and Grandchildren (but really treated as Daughter) a home or homes, to which of-course benefits the local Thai community and ofcourse the whole Family and the value increasing substantially, but this never taken in to account.

[jwest10]

On 25/11/2559 at 1:25 PM, mcfish said:

LISTEN UP everybody

 

I just did a 90 day report at Jomtien and when that was done I asked the lovely lady immigration officer about the 10 year visa

 

The ANSWER?

 

Yes its currently being processed so sounds like it will happen

 

I then asked will it replace my retirement extension?

 

the ANSWER?

NO 

 

her exact words..up to you ,can stay on retirement extension or go 10 year(5x5).up to you!

 

mcfish  Yes indeed my understanding of it is is another option, available and amazing nothing been mentioned, apart from just over a week ago. 
I have emailed my local office and sometimes it seems people are unaware of this new 10 year one or when it would start. Probably for new applicants?

[TechnikaIII]

On 11/24/2016 at 1:48 PM, alocacoc said:

What concerns him is the requirement that one must have health insurance covering hospital stays and annual coverage worth at least USD$10,000.

“I’m not sure about the compulsory medical insurance, though,” Carter said. “Never encountered a rule like this before.”

Many insurance companies do not cover at the required level, he added.

 

I don't get it. 10000 USD is nothing. I spent 700 000 baht in one week at Bangkok Hospital. Then, my intl. insurance is not limited to a certain amount of money.

 

And, how can someone retire abroad without a health insurance? That's insane.

Cripes! 700,000 baht for one week?

I was recently in a Thai hospital for 10 days, which cost me 12,000 Baht, and no, I did not leave off any zeros.

[Jingthing]

mcfish  Yes indeed my understanding of it is is another option, available and amazing nothing been mentioned, apart from just over a week ago. 
I have emailed my local office and sometimes it seems people are unaware of this new 10 year one or when it would start. Probably for new applicants?

It hasn't even been confirmed that this new visa will be available to start with in Thailand if it ever happens. The current O-A visa is only available from some home countries. If it's going to be like that or if it replaces the O-A even less reason for Thai immigration officers to know about it at this early stage.

[charlesschil]

When will this visa start?

[Jingthing]

Just now, charlesschil said:

When will this visa start?

The starting date has not been announced.

The details of this visa have not been finalized (or announced).

There is also the chance that it won't start at all. 

[dazzz]

On 11/24/2016 at 5:27 PM, anotheruser said:

 

It isn't anybodies fault but your own that you didn't consider what will happen if your currency goes down or hedge yourself against it. 

 

Anybody on a fixed income moving to a foreign country has to consider such a thing. You act as if it would take a genius to consider this. Sorry that poor planning and a reckless move put you in this situation but as the other poster said it isn't Thailand's problem.

sorry got locked out for a while . So mr genius where does it say in my post it it was somebody elses fault . So mr genius you say that 10 years ago you could have predicted the pound would fall from 76 to 43 baht to the pound . wish you had told me , i would have bought lots of bahts same as you as you must be very rich now knowing all this info , clever you .
 Why was it poor planning or reckless you arrogant *** . I still get 43,000 a month my wife gets 35 ,000 a month as a teacher will have my state pension in 3 yrs i have 2 adopted kids(unofficial) a fantastic life and on 78,000 a month am not poor just not as rich as the you. Not rich enough for this type of visa and do not like being slagged off along with all the othe farangs who live here on limited income by the sickos who have lots of money and think they are better us .
 

[anotheruser]

Just now, dazzz said:

sorry got locked out for a while . So mr genius where does it say in my post it it was somebody elses fault . So mr genius you say that 10 years ago you could have predicted the pound would fall from 76 to 43 baht to the pound . wish you had told me , i would have bought lots of bahts same as you as you must be very rich now knowing all this info , clever you .
 Why was it poor planning or reckless you arrogant *** . I still get 43,000 a month my wife gets 35 ,000 a month as a teacher will have my state pension in 3 yrs i have 2 adopted kids(unofficial) a fantastic life and on 78,000 a month am not poor just not as rich as the you. Not rich enough for this type of visa and do not like being slagged off along with all the othe farangs who live here on limited income by the sickos who have lots of money and think they are better us .
 

 

Nobody could predict the pound falling. However anybody can imagine that currencies may fluctuate. Years ago this was probably easier to not see and fall into. these days there is so much information online about the risks of moving to a foreign country it is easy to see.

 

Regardless if you move to a foreign country with out taking currency fluctuations and inflation into account it is reckless.

 

Do you think Thailand is going to become cheaper in the next ten years? 

 

 

[Oziex1]

The clean beach in the photo where is it? 

[dazzz]

On 1/13/2017 at 9:22 AM, anotheruser said:

 

Nobody could predict the pound falling. However anybody can imagine that currencies may fluctuate. Years ago this was probably easier to not see and fall into. these days there is so much information online about the risks of moving to a foreign country it is easy to see.

 

Regardless if you move to a foreign country with out taking currency fluctuations and inflation into account it is reckless.

 

Do you think Thailand is going to become cheaper in the next ten years? 

 

 

your talking crap really so not much point . A fluctuation is around 5% , 40% is NOT a fluctuation is it ?It is a crash and nobody not even mr genius you could have predicted that . I thought when i came to thiai 76 was to high and thought the true value would be around 60-65 but not 43

[anotheruser]

7 hours ago, dazzz said:

your talking crap really so not much point . A fluctuation is around 5% , 40% is NOT a fluctuation is it ?It is a crash and nobody not even mr genius you could have predicted that . I thought when i came to thiai 76 was to high and thought the true value would be around 60-65 but not 43

 

Okay sure I am talking crap. Whatever the case many people living abroad will have plans to hedge their savings in different currencies. If you didn't plan ahead then I might be talking crap but you are the one now eating crap. Up to you

[JetsetBkk]

On Friday, January 13, 2017 at 9:13 AM, dazzz said:

sorry got locked out for a while .

 

I can understand that.

 

[dazzz]

15 hours ago, JetsetBkk said:

 

I can understand that.

 

Why can you understand that? Because i do not like sanctimonious rich gits slagging off people with less money than them ?
 Because i do not believe anyone could predict the pound dropping to 43.
 because i could not predict the greek crisis which was part of the problem .
 Because i did not predict brexit as most of uk did not . please give your reasoning as i am a bit perplexed.
 Its a pity the genius was not around for the wall street crash of 1929 or his predictions could have saved a lot of suicides
 The reason was i lost my bit defender wallet which had my passwords and as i had been on tv for a long time could not remember it. TV would also not recognise my email address even though they sent me emails everyday so i could not reset my password then after a few weeks suddenly accepted the password i was using and my email address. Perhaps tv does not like people who are not rich  ?

[needforspeed]

On Sunday, November 27, 2016 at 11:38 AM, Deepinthailand said:

I would suspect agents are already looking for workarounds. It seems they want medical insurance on application. so what's to say if you pay it monthly after the first month it gets cancelled it's a five year visa so who's going to check???? Thinking about it how are they going to verify you keep the 3 m in bank???

Deposit the amount on their account, problem solved.

They not that stupid.

Or every 6 months bank statement update

Edited January 17, 2017 by needforspeed
wrong answer

[Deepinthailand]

9 minutes ago, needforspeed said:

Deposit the amount on their account, problem solved.

They not that stupid.

Or every 6 months bank statement update

Are you sure there not that stupid TIT

[lcp0761]

The financial requirement and Thai health insurance are "no starters".

What is the real benefit to the Retiree from this proposals!

Do they think falang is stupid and they let their money sit in a Thai bank with no interest paid.

Also, for the Thai health insurance issue, there should be an exception for those who apply who can prove they currently have health care insurance.


Sent from my iPad using Thaivisa Connect

[TallGuyJohninBKK]

I'm not sure I'd characterize the reactions I've read as here "mixed."  That description would be quite generous.

 

Closer to the mark, I'd say, would be something like -- "almost universally panned."

 

[George FmplesdaCosteedback]

I said this last year when the idea was first published: completely  unworkable, only stupid wealthy people would ever consider this.

No thought gone into it, just another "bright idea" by someone with few brains. It's just another bullet in the foot.

Insurance cover for over 60s is a nightmare, even if you have had it for years it gets very much more expensive.

As long as the current extension of stay is available I can't see anyone applying for this nonsense. If they intend to replace the current system with this, I'm off, and I won't be the only one...

TIFT.

[bluesofa]

I noticed in the report, it quoted a Belgian journalist talking about renewing his (Non B?) visa, saying, "I have to go through hundreds of paperwork a year."

 

One year, when renewing my Non B at immigration, I counted how many times I had to sign my name to verify various documents.

OK, the copy of the company accounts was probably four pieces of A4 photocopied, for example, but It came to 150 times I signed my name.

 

[David Walden]

I live half my days in Cha-am and the other half in Western Aus, I arrive with a 60+30 day tourist visa.  The 30 day visa extension is a pain in the neck sometimes problems in Aus or Thailand as it usually takes most of the day plus Bt1900 for this extension... Usually I pay about Aus $300 for  return trip Perth to BKK AisAsia..  I am 75 y/o and quite good health.  By doing this I can suspend my private health cover and Medicare cover (this happens auto when I leave Aus, re- activates when I return).  My aged pension stays at $888.30 for the first 6 weeks whilst in Thailand and the reduces about Aus $50 P/F.  For a single man you can live quite comfortable on this amount.  I do have a bit of extra super under the threshold which I top it  up with but never spend the top up in Thailand.  Don't have to unless I get a girlfriend (they can be expensive and freely available if required???). 

 

When in Thailand I have a nice room (Bt8000 p/m) plenty of social activity almost each day (some days I stay in for a rest, too many friends). I cook lots of my own meals during day time and eat out most nights. Seldom do I spend more then Bt40,000 per month, this includes a Honda Click, massages 3 times a week (same girl, lovely).  I eat well have a few beers (or rum), always tip the waitresses (not a lot).    Would you believe I some times do karaoke.  What at 75 y/o?  " my second childhood and loving it".

 

I come back to Aus get any medical or dental (almost free).  I have to come back to Aus to have a rest mainly from the crazy drivers in Thailand.  I only use my Honda Click around Cha-am and not much at weekends.  The roads are usually gridlocked at weekends with thousands of Thai s going to the beach and never getting their feet wet.  Ahhh well TIT.  Good luck to them.  If Thailand was the same as Aus I wouldn't want to go?

 

There are lots of places all over Thailand as good as Cha-am.  For me 3 months at a time is just right.  3 months in Cha-am and I'm ready to go back to Aus.  3 months in Aus and I'm as Keen as mustard to get back to Thailand fixed and ready to go.

 

They just need to fix the Visa business and fit in with the rest of the world???  

Edited July 9, 2017 by David Walden