THAILAND AND REMITTED INCOME (since last official new rules).
- Thread starter toums
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It's just the point of showing savings I take issue with - I am British so perhaps our thought process is different - the chap maybe European and they've been conditioned to mass surveillance and control - ergo now having fridges report on them and find it on, or biometric Mastercards etc.
But in the world I grew up in.
It's no one's business what savings you have but yourself and the banks you use for their DD reason only.
Savings are “saved from income or other” post tax so it's not even the tax man's business in your home country.
Then to say it's ok or to openly share information with the Thai tax man is in my opinion a step too far - if they believe they have a claim to tax then they should file a case and you as the other party should just present the information and see the case dismissed.
End off.
The moment states want you to do reporting on your savings it's time to get out as they are eyeing you up for dinner.
But in the world I grew up in.
It's no one's business what savings you have but yourself and the banks you use for their DD reason only.
Savings are “saved from income or other” post tax so it's not even the tax man's business in your home country.
Then to say it's ok or to openly share information with the Thai tax man is in my opinion a step too far - if they believe they have a claim to tax then they should file a case and you as the other party should just present the information and see the case dismissed.
End off.
The moment states want you to do reporting on your savings it's time to get out as they are eyeing you up for dinner.
If money was earned before 2024, it should not be taxable. If you earned it in 2024, it depends on the source and any applicable double taxation agreement.
Yes, I have the LTR Visa, so I had to show them my savings to qualify (portfolio/bank statements).
All that I'm saying is that you want to be able to prove, whenever required, that you had X amount of money before you become a tax resident.
The idea is to be able to spend your savings in Thailand tax free, as I do when I'm in Thailand.
Probably better to get someone to help you, a immigration lawyer that can help you based on your personal situation.
I understand you, I've spent most of my life hiding my wealth from uncle Sam, but when it comes to Thailand and given the new regulations, you want them to know that you had X amount of money before you became a tax resident, so they let you remit that money without having to pay taxes (imagine if you end up paying taxes on money that you already paid taxes back home, not cool).
Unfortunately for you, then you are by the sounds of it American, in the UK though (where i have citizenship, but haven't resided nearly 2/3'rds of my life) we don't have such, and when a Government introduces such i'd begin to question the motives, and look to de-nationalise.
In the UK, i was once paying 5-10,000 some months in taxes, the funds were bailing out Irish bankers, whilst the infrastructure in the UK collapsed, poverty sky rocketed, crime/drugs also.
I at that point realised that the UK wasn't the place to be and took my skillset elsewhere.
More people should do this, i was talking to a PhD specialist in a field that currently is essential for national security for a country earlier today - a friend, he's also realising this and is now looking to move elsewhere for the 20-25 yrs he has remaining to lock in some sort of nest egg that isn't taxed, debased, and more importantly wasted.
I spoke to my sister just last week, she/husband/kids are looking to move to Puerto Rico (i advised against), other sister, Vet, husband Scientist moving to the US (for them it makes sense, their salaries will 5x) then retire to Caribbean, my father is talking about moving out to live with us when he retires.
Basically you have a very short time span and should look to where you get the best return for the time you have to invest, for the time is your value, and you should then jump, and drop citizenship when settled if the citizenship keeps to chained to what you left.
You made the right decision by moving out of the UK.
The Western world is doomed. Luckily the world is a big place, EU politicians hate that!
I wouldn't be surprised if European countries follow the US and they start asking you to pay taxes back home just cause you have a EU passport (always a good idea having two nationalities.)
New official information about it.
https://www.rd.go.th/fileadmin/user_upload/lorkhor/newspr/2024/FOREIGNERS_PAY_TAX2024.pdf
https://www.rd.go.th/fileadmin/user_upload/lorkhor/newspr/2024/FOREIGNERS_PAY_TAX2024.pdf
We talked sometimes about this situation :
" Income from sources outside Thailand derived by a foreigner who is not Thai tax resident although later remitted such income into Thailand.CASE 2is not subject to Thai Tax ".
Maybe less straighforward to prove/justify it than to remit income the same year you spend less than 180days, but obv still possible according tax authority..
" Income from sources outside Thailand derived by a foreigner who is not Thai tax resident although later remitted such income into Thailand.CASE 2is not subject to Thai Tax ".
Maybe less straighforward to prove/justify it than to remit income the same year you spend less than 180days, but obv still possible according tax authority..
https://www.bangkokpost.com/thailand/politics/2847093/srettha-dismissed-as-pm-after-court-ruling
Its just like any other day, but the current PM is gone.
So will be the tax plans and the reefa ban, probably, or not... Who knows 😉
Last edited: Aug 14, 2024
Its just like any other day, but the current PM is gone.
So will be the tax plans and the reefa ban, probably, or not... Who knows 😉
Last edited: Aug 14, 2024
Current/prior PM was pro BRICS... but also aligned with the West (50/50) now we just need a coup...
Cancellation of CRS, etc
Hi, can you please advise something on the "invested in Thailand" requirement for global wealthy citizens? I'm thinking on getting that LTR, but bank deposits are ~2%/year, government bonds roughly the same. Kind of funny when US bonds are 4%+ Local stocks are allowed but must be held for a year to become admissible. So it's either starting a bona fide company and directly contributing to the capital or buying a condo I believe. Did you go the real estate route? Was it difficult to apply for (=do you need an agent/lawyer really? Seems straightforward)? Thanks in advance.
Check the % debasement by their 10k socialism project currently going through
Also political instability with return of thaksin family means a coup within 3 years
Thaksin family is pro US / Western interests
Military don't like that as they like a neutral relationship and wealth generation and retention
So a coup is gonna happen again at some point - they thought they got rid of the puppet this week only to see them install thaksin daughter
Hence General slapping the reporter silly on tv whilst being asked for his thoughts
Once the military get back in - tax is out of the window as that's the deal they do with the wealthy to support them whilst in power
Also political instability with return of thaksin family means a coup within 3 years
Thaksin family is pro US / Western interests
Military don't like that as they like a neutral relationship and wealth generation and retention
So a coup is gonna happen again at some point - they thought they got rid of the puppet this week only to see them install thaksin daughter
Hence General slapping the reporter silly on tv whilst being asked for his thoughts
Once the military get back in - tax is out of the window as that's the deal they do with the wealthy to support them whilst in power
it doesnt matter at the end for you as a stinky foreigner. Enjoy life, spend and most important keep your head down and dont interfere in what is theirs.
Tax free status for the elite visa is in the cards because Thaksin created this program.
good call. Seems highly likely.
I didn't invest in Thailand, I went with other options available under the LTR Visa, no need for investments.
No and yes
For the next period of time you will have the military and hardline royalists butting head with the northerners
Fortunately we know how this ends - few dead corpses and a return to our beloved military dictatorship where they are content as long as they can skim a few beans whilst not being too much of a pain for us Falang
Bonus point as they are not so cozy with the West (like power) so means better relationship with BRICS / China
For the time being though chaos and theatrics
I do love my Thai coups
Probably wise we did 300 and it was a total write down
For those not in the know
Thaksin
Thaksin sister
Thaksin daughter
So this is the third attempt of the US to plant their guy (girl)
Basically went from yellow (miltary) to grey (neither side but lean to red) now to red
Yellows won't stand for it once they see socialism on full drive and then getting poorer whilst the red leadership bails out the red peasantry for power
Thus protests occur and military get involved and then we start the merry go around again
Last edited: Aug 18, 2024
Do you personally see a 'high' probability that a coup happens quickly within a year ? Or more in medium term 3years+ ?
Because she got just elected right now..
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