do you know of another country in Asia where that aint the case? Until today, Im not really sure of any.
Thailand Tax -> CC/DC Withdrawals (CDM/ATM)
- Thread starter wellington
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One thing I will say about Elite is they opened the flood gates - in doing so the ru let in a lot of criminals from Taiwan/China etc
Because of that approach they have an air of suspicion towards Elite akin to how they had for the Education visa.
I will also add if the wife wasn't pregnant We'd probably would have approached this differently reverting to our old nomad style of
Nov - Jan Swiss
Jan - May Thailand
May - June Bali
June - July East Afrika
July - Aug Swiss
Aug - Nov Thailand
For those thinking of their tax concerns I can highly suggest Bali, Thailand, and East Afrika (Zanzibar, Danai Beach, Nairobi)
I won't give figures but as a basic if anyone has x amount they need it working for them otherwise it's being debased at a compounded weight / that's the issue with Thailand's new approach as 10m pretty much isn't enough to hire a team to manage - you can outsource but with the fees and risk profiles you only get nominal growth (optical) so you'd be forced to manage it which is then potentially bringing it onshore which brings it potentially under the Thai tax ring fence.
One saving grace is imagine is it's currently only remitted - but I suspect Thailand will introduced a wealth tax at some point for their foreign residents.
Singapore/HK.
Last edited: Apr 10, 2024
Thats not possible, as they always boasted very stringent background checks on the applicants because one has to wait 3 months or more until they come back with the result 😉.
Or are you telling me they just chill for 3 months and then come back with the answer?
good spots regarding east africa. diani beach is interesting 😉
when do that it will ruin the place as basically everyone would leave or not comply. The baht is already showing quite some weakness this year and is one of asias worst performers.
That will take time, so theres at least 5-10 good years left before the place ruins itself with socialism. But the world is a large place.
That said its a global trend. So bearer assets are key to survive the upcoming communist grab of existing wealth.
They did Interpol checks for mine so I imagine for all others and possibly liaise with the domestic police force also - as well as international (home country) - yet a lot of these people still got the visas.
Also note the second carribean passport now runs through the FBI for similar reasons - was a article implying that a whole back
Problem Thailand has is its demographics and its operational cost + corruption.
It lags the west (EU) but is now entering the period it needs to harvest funds from anywhere - vast majority of Thais don't pay tax and the foreigners are the easy touch because there's roughly 1m here and they don't vote.
Agreed on bearer assets
People who want to settle down in Thailand may prefer to own the place they live in. Putting money in a well selected property is not worse than throwing cash in rents, hotels and Airbnbs. We're talking of $500K on $10M that's only 5%, I assume the extra yield on $500K will not be missing.
Need to plan only once: being non-resident for tax purposes in TH the year the investment money is remitted.
One can just invest in a mix of growth/dividend ETFs and crypto depending on risk appetite, all held offshore.
Proceeds remitted tax exempted in Thailand under LTR visa.
yeah thats kinda funny how that works 😉
thats for sure but they can easily leave too as they have no ties to the land, not even legally.
makes sense for some.
But for me the place does not allow for settling down as foreigner, one is only tolerated (with money). What baffles me is that I don't own it either if bought.
I think it that way. 500k @ 5% gives me about 24k rent budget (minus tax if applicable).
Flexibility is key and buying and managing a property there (or any other asian country where I have no property rights) would increase my stress level significantly.
Id change my opinion if I could aquire Thai (or any other asian) citizenship for example and would appear as a local before the land dept. Then Id buy real estate.
Last edited: Apr 10, 2024
Ivent been in Thailand for that long and I've already seen this happen multiple times. It's almost as if it's impossible for them to think laterally and project hypothetical scenarios based on their actions.
Can you share please I cant find it. (I know the Grenada one is run with the US government too because of whatever visa they can get.
Agreed.
Last edited: Apr 10, 2024
Correct.
For someone who has never been to Thailand, @TheCryptoAnt sure understands the way of thinking here.
I'm learning to read Thai language.
Not very advanced yet, so to practice I read books for school children.
Even in those books, many, many, examples of, "impossible for them to think laterally and project hypothetical scenarios based on their actions."
As a result, instead of anticipating problems, the only option presented is fixing problems after they occur.
To be fair about it, this level of psycho-epistemology is not limited just to Thais.
All Oriental societies suffer from a similar problem: arabs, Indians, Chinese, etc.
(The only exceptions are perhaps Japanese and Koreans.)
The thread topic here is Thailand tax and ATM transactions.
As a result of their social behavior and methods of thinking [sic],
I expect the proposed tax policies to be a big mess, with the result the opposite of what was intended.
Investor visa gave you the right to buy half a rai (mine did) free hold.
Also (grandfathered in) but have credit lines with the bank (25m SCB for property - landed/non-landed), credit card etc.
Might have been Grenada.
yes sure, but 51% of the condo is still under Thai majority.
the incidence in phuket showed it again, if for whatever reason they want you gone, so will it be (and assets will be gone too) regardless of former promises made.
I ve heard about all these structures and such, but I doubt anything will stand these tests.
Thanks for sharing your experiences again. For Bang Tao i was mostly talking for the beach, for me it's my favorite in Phuket.
Sadly, I always skipped Phuket Town but I have the cliché that it was only tourists.. Then I have to go to make my own opinion 🙂
Just tourist visa (visa exemption and extension?) I am afraid to be denied one day by the visa runs..
As said also @scooterguy most probably the easiest with less headache is to spew the money in the Elite.. Probably for 5 years, I don't want 'commitment' for now for 10 years.
I understood you can play with the tax residency or not every year (by spending some years 180days+ and being officially tax resident in TH in year X) and spending less than 180days year Y and you can in that case remit ANY money in a thai bank without any tax (year Y).
Look like a nice yearly plans 😎
However how you connect this with tax concern? As far i know Bali (indonesia) doesnt have territorial tax scheme and globally not attractive, so I doubt you can use Indoenias to optimise and same in Africa (Zanzibar or Kenya : never been yet by the way, but on my list).
It's the main point of my main thread (10+ optmiziation). How you can play in the case you are less than 180 days a year (sometimes) in Thailand. Let's say you are 7-8 months in Asia a year (5 in Thailand if you wanted to remit something this year. or not) + 2-3 months around (bali and other SEA countries). Then you are 4 months in Europe. Let's say 2 months in Budapest, 1 in France and 1 traveling around.
You cannot settle any 'official' tax residency on that way ? (in a specific year if you spend less than 180days in Thailand)
That's why i was talking on the side to take the Emirates residency (emirates id) as an additional layer, but I don't know if it's really help something in that case if you don't spend the 90days minimum a year there..
I currently dont have this problem in Portugal under NHR tax scheme because it doesnt required by law the 183days, till you maintien your home there (and it's still there I spend till now the most time in a year). However by making the decision (and its what i want) to spend 7-8 months+ a year outside Europe (and i really like thailand and BKK, at least for my 'main' base) , it's look like more complicated to fit everything in a good/proper way..
Last edited: Apr 10, 2024
thats a good way.
Smart with the school, did not think about that one yet.
Looks like the impact is gonna be significant.
Why do you need an official tax residency?
If you don't meet any of the 3 France tax residence requirements you have nothing to scare about.
As long as you can prove a residence address in Thailand (by lease or title deed), France will consider you as Thai resident.
The point that some years you won't be tax resident in Thailand because of not meeting the TH tax residence requirements is irrelevant.
I don't see why applying for Elite compare to LTR is less headache unless you can't show the money.
LTR is cheaper and offers more benefits including tax exemption.
Well looking at some of the commentary (usually a lagging indicator) I am not sure just yet - what will say is they are already moving forward with the the wallet thing 10k to debase their currency in-line with the $ debasement so as to have attractive export optical prices - also it aids with the votes - so product/services will rise and they'll be able to squeeze more taxes out of non citizens residing as their cost of living rises.
Even the marinas are not immune rising 15% already
Even the marinas are not immune rising 15% already
interesting.
also noticeable from the article, it seems 50M earn less than 70k B/month and have less than 500k B in their accounts (out of 70M give or take).
Only these 50M will get the cbdc while the 20M don't (in case it wont be postponed again and times over).
So another policy in the making which will have as consequence a reduced balances held inside the banking system 😉.
Ah, that explains a lot!
Until reading that, I just couldn't figure out why the 10K give-away was really being considered.
Thank you, @wellington, for your insight.
I am not afraid about France as I really dont spend time there (1month a year), and no tie (no business/income/ no wife-kids).
My current tax residency is Portugal (under NHR tax scheme), and i have also a base in Budapest. So if one year I spend less than 180 days in Thailand (so not thai resident according to their 180days+ rules) and I don't fill any tax form, I am more concerned if my previous tax residency (Portugal) or Hungary (as I have a base even if i spend less 90days a year there) can challenge something as I would not able to prove a tax certificate or something like from Thailand..
I never had this situation until now as I optimized 'easily' my passive income tax and crypto tax (before i was resident in malta, since covid in Portugal under NHR), so I have all papers in order, 100% clean.
I don't know if it's a big deal or can be solved in a easy way..
For LTR I saw they ask a lot of papers for this visa compare to the ELITE one (+ a 500K$ minimum investment). I can consider it to buy something, but maybe during the first year.
I can prove easily the 1M.+ asset. but they ask also 80K/year in passive income the past 2 years. Most of my passive income (dividends, interests, crypto etc..) wasn't remit into my bank accounts ; i can prove it for now, but not for the past 2 years (if it's mandatory to prove the past 24months 80K a year of passive income remitted in bank accounts). If it can be from exchanges and brokers, then i can prove it.
Thai gov just following the Fed debasement”¦
It's a plus because it buys votes
Elite was simple - scan of every page in passport - fill out a form and the agent did the rest
I've read reports saying that 12 months passive income history was OK.
You should definitely ask BOI directly explaining your situation, you may find out they could be more flexible regarding their requirements. This is Thailand.
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