Just got the answers now.
This was the reply I got from Siam Legal.
1) with an elite visa can you easily open regular local bank accounts?
Yes, with th︁ Thai Elite Visa, you can open both Thai and foreign currency accounts. You can obtain︂ bank book, ATM cards and online banking.
2) are you considered a resident with an︃ elite visa and will there be any CRS reporting abroad? As I've read in different︄ places that you are a tax resident if you stay in Thailand over 6 months︅ (180 days). Does that change anything for CRS reporting?
Yes, you can be considered as︆ tax resident. However it is good to note that Elite Visa is a categorized as︇ tourist visa still. You are permitted to stay up to 1 to 2 years per︈ visit in Thailand. You can voluntarily pay tax in Thailand if you have resided more︉ than 180 days in Thailand.
3) Do banks ask you on account opening where your︊ permanent address is or they just record your Thai address and report it locally?
For opening a bank account before getting the Elite Visa or even after getting the Elite︋ visa, you only need to list down a Thai address. It can be your address︌ that you are renting or address of someone you know. Your address abroad will also︍ be asked.
4) is it possible to open a multi currency (usd, eur,..) bank account︎ in Thailand with a local bank (not HSBC, citi,..) like Bangkok Bank or Krungsri, etc.️ Can you get dual currency atm/credit cards?
Once you have Thailand Elite Visa, you can open any currency at Bangkok Bank, Kasikorn Bank, Krungsri and even CitiBank.
5) is it possible to open a true money ewallet account with an elite visa? From what I've read a work permit is asked?
Once you have an Elite Visa and Elite Member card, yes, you can sign up for True Money ewallet.
6) what are the legal tax implications if you transfer monthly some money to Thailand or if you transfer a lump sum from your personal savings (e.g. 300k usd)?
Since Thailand Elite Visa is still︀ a tourist visa, you can just voluntarily pay tax if you wish. There is no︁ mandatory tax payment but transfer fees will be paid as well.
OK, So for me︂ personally, Ill take the risk and get the visa. Im tired of doing visa runs︃ every 2-3 months and the 45 day visa is finishing up in March. As long︄ as I can make up the money Im losing on getting the elite visa with︅ how little im paying in tax and cost of living.
Also, with going with these︆ guys, you get the regular benefits and a few other quick perks:
Benefits of Thailand︇ Elite:
-Ability to apply for 5-year multiple entry special privilege visa
-Each entry to Thailand︈ allows you to stay for 1 year
-Assistance for 90-day reporting as required by law︉
-Assistance to open a bank account and driver's license
-Airport transfer service at the airport︊
-Expedited passport control processing at the airport
-It can be upgraded to 20-year Elite Visa︋ within 5 years
What SIAM LEGAL offers exclusive privileges as your agent:
* Note: Notary is limited to a one-time, one document for the applicant only.
This is all as of 18/01/2023 and probably subject to change
Whether or not this is beneficial to you guys or so, Im not sure, but it might help out.
What Im thinking of doing is residing in Thailand and if I'm asked my tax residency, to say its thailand (if ive been here over 180 days). Ill look at getting a TFN but not necessarily use it, mostly︀ have it for proof of tax residency. I'm not earning anything in Thailand and shouldn't︁ be paying any tax on anything as it is. So if someone asks, they can︂ clearly see that the company is stationed elsewhere (dubai? SVG?) and that Im living in︃ Thailand, regardless of visa, but also have a TFN for tax purposes.
The worst they︄ could do is ask "how much did you personally earn?" which would be "0 dollars︅ personally" or some small amount of money that if they ask for back taxes, would︆ be easily paid off as a "fine".
-Skenners
This was the reply I got from Siam Legal.
1) with an elite visa can you easily open regular local bank accounts?
Yes, with th︁ Thai Elite Visa, you can open both Thai and foreign currency accounts. You can obtain︂ bank book, ATM cards and online banking.
2) are you considered a resident with an︃ elite visa and will there be any CRS reporting abroad? As I've read in different︄ places that you are a tax resident if you stay in Thailand over 6 months︅ (180 days). Does that change anything for CRS reporting?
Yes, you can be considered as︆ tax resident. However it is good to note that Elite Visa is a categorized as︇ tourist visa still. You are permitted to stay up to 1 to 2 years per︈ visit in Thailand. You can voluntarily pay tax in Thailand if you have resided more︉ than 180 days in Thailand.
3) Do banks ask you on account opening where your︊ permanent address is or they just record your Thai address and report it locally?
For opening a bank account before getting the Elite Visa or even after getting the Elite︋ visa, you only need to list down a Thai address. It can be your address︌ that you are renting or address of someone you know. Your address abroad will also︍ be asked.
4) is it possible to open a multi currency (usd, eur,..) bank account︎ in Thailand with a local bank (not HSBC, citi,..) like Bangkok Bank or Krungsri, etc.️ Can you get dual currency atm/credit cards?
Once you have Thailand Elite Visa, you can open any currency at Bangkok Bank, Kasikorn Bank, Krungsri and even CitiBank.
5) is it possible to open a true money ewallet account with an elite visa? From what I've read a work permit is asked?
Once you have an Elite Visa and Elite Member card, yes, you can sign up for True Money ewallet.
6) what are the legal tax implications if you transfer monthly some money to Thailand or if you transfer a lump sum from your personal savings (e.g. 300k usd)?
Since Thailand Elite Visa is still︀ a tourist visa, you can just voluntarily pay tax if you wish. There is no︁ mandatory tax payment but transfer fees will be paid as well.
OK, So for me︂ personally, Ill take the risk and get the visa. Im tired of doing visa runs︃ every 2-3 months and the 45 day visa is finishing up in March. As long︄ as I can make up the money Im losing on getting the elite visa with︅ how little im paying in tax and cost of living.
Also, with going with these︆ guys, you get the regular benefits and a few other quick perks:
Benefits of Thailand︇ Elite:
-Ability to apply for 5-year multiple entry special privilege visa
-Each entry to Thailand︈ allows you to stay for 1 year
-Assistance for 90-day reporting as required by law︉
-Assistance to open a bank account and driver's license
-Airport transfer service at the airport︊
-Expedited passport control processing at the airport
-It can be upgraded to 20-year Elite Visa︋ within 5 years
What SIAM LEGAL offers exclusive privileges as your agent:
- Free assistance in︌ Opening a Thai bank account
- 1-Night Free Hotel Stay at Marriott Hotels in Bangkok, Phuket︍ or Samui
- Free Notary service*
- VIP telephone number to answer any legal or immigration questions︎ or assist you in an emergency.
- One hour free consultation regarding immigration issues.
- Two hour️ free consultation regarding legal issues (property, corporate, litigation).
- We do not charge you any fee aside from the Thai Elite membership fee.
* Note: Notary is limited to a one-time, one document for the applicant only.
This is all as of 18/01/2023 and probably subject to change
Whether or not this is beneficial to you guys or so, Im not sure, but it might help out.
What Im thinking of doing is residing in Thailand and if I'm asked my tax residency, to say its thailand (if ive been here over 180 days). Ill look at getting a TFN but not necessarily use it, mostly︀ have it for proof of tax residency. I'm not earning anything in Thailand and shouldn't︁ be paying any tax on anything as it is. So if someone asks, they can︂ clearly see that the company is stationed elsewhere (dubai? SVG?) and that Im living in︃ Thailand, regardless of visa, but also have a TFN for tax purposes.
The worst they︄ could do is ask "how much did you personally earn?" which would be "0 dollars︅ personally" or some small amount of money that if they ask for back taxes, would︆ be easily paid off as a "fine".
-Skenners
