JohnnyBD

I wonder, if someone borrowed $100,000 USD and remitted it to Thailand, would that be non-assessable income? If one could prove it with loan documents? What do you think?

Jim, please look at what hwas wrote in his post about what BOI told him. He said we are not grandfathered in. All income prior to getting a LTR does not qualify as tax exempt.

Thanks for posting. I was planning to wait and get my LTR in May 2025, but based on their response, any income I earn in 2024 & 2025 up until May 2025, and then remit to Thailand is not tax-exempt. That's bad news for me. I will need to make adjustments to my plans.

I copied and posted the exact email from the Law firm (Company) that was sent to me. I xx'd out the first name, but left International, so you can probably figure out who it is. Did BOI respond to you in writing, by email or was it by word of mouth? Not doubting what you say, but it would be nice to see their official response. I am very hopeful that what you wrote is the rule, then I won't have any worries. Thanks...

I could see this statement as meaning, any earnings in 2023, becomes savings in 2024 and will not not be taxable if remitted by LTRs in 2024. And, any earnings in 2024 then becomes savings if remitted in 2025. Mr. Dogmatix below seemed to have a pretty good explanation that makes sense. I'm just trying to figure out the rules as it applies to my situation, so I don't get hung out to dry next year.

I agree. It surpised me too. I know he used before 2024 income as just an example, (because RD has already said pre-2024 income doesn't count for anyone), but when he talked about income in 2024 being taxable if remitted in 2024, that really surpised me. What's the point in getting a LTR visa if that's the case. That doesn't give LTRs any special privileges over non-LTRs. It just confirms to me that everyone is not on the same page, not even some of the agencies. I wonder what some of the LTR visa holders will think of this. Maybe these questions have already been answered by BOI on their website. I hope so...

I just received the following email regarding monies remitted to Thailand for LTR visa holders. It will definitely factor into my decision on whether to buy a LTR visa or just stay in my home country for 7 months next year when I need to remit big monies for a new condo and to replenish my THB accounts. Dear Sir, LTR Visa holders are tax exempt from income remitted into Thailand as long it wasn't earned in the same year. For example, any earnings before 2024 (savings) remitted into Thailand in 2024 will not be subjected to income tax. Pension and dividends earned in 2024 and remitted in the same year would be subjected to income tax. We advise our clients to wait until the following tax year (calendar year in Thailand) to remit this income. Most people who hold the LTR will not have to pay tax as their savings are much more significant than their annual earnings. You would meet all the requirements as a "Wealthy Pensioner" based on the information you provided. The success of your application will be dependent on the supporting evidence you are able to provide. If you have any questions or would like to retain our services, please do not hesitate to contact us. Sincerely, Xxxx Xxxxx International * I blocked Company name to be polite

Hi Ben, If you wouldn't mind posting what you find out from BOI, it would be greatly appreciated. I was planning to stay out of the country next year for 7 months to be safe, but I would prefer to get the LTR visa if the rules state that monies remitted (in my case, a combination of Social Security, pre-2024 monies and 2024 monies) are tax exempt. If I had to remit just non-assessable monies, I could do it, but it would be easier not to. Thanks again...

Hi Jim, I noticed on another thread, that it appears you may have the LTR visa. I have a question... Is it your understanding that once you get a LTR visa for Wealthy Pensioners, all of the money you remit to Thailand is tax exempt (no TIN, and no tax return need be filed), even if you're here for more than 180 days?, And, that you are tax exempt each year going forward as long as you have the LTR, not just the first year you get it? I'm currently on marriage, but am thinking about switching to LTR because next year I need to bring over about 10MM baht to pay for condo and replenish my THB accounts that I am using this year to avoid bringing any money over. Thanks for your reply...

Hi Ben, Just a question... Is it your understanding that once you get a LTR visa for Wealthy Pensioners, all of the money you remit to Thailand is tax exempt (no TIN, no tax return need be filed), even if you're here for more than 180 days?, And, that you are tax exempt each year going forward as long as you have the LTR, not just the first year you get it?

Only the UK, that I can find. Jim, I read his comment as meaning "Is there any country that taxes non-resident non-citizens on foreign-sourced remittances?" In other words, does the UK tax Americans who are non-residents and who remit money into the UK from the US while there? I think the answer to that is probably, no. I don't know of any country that does that.

Will Roth IRA distributions be treated as assessable income? In my case, all contributions & conversions are pre-2024 and have already been taxed. The order of distributions as per the IRS is; contributions first, conversions 2nd & earnings last.

Yes, I have question. Under Royal Decree 743, it appears to indicate that LTR visa holders will NOT have to pay income tax on any assessable income remitted into Thailand in the following year after it was earned. I also could read this as applying to 2024 only, since all pre-2024 monies are not taxable as per TRD guidance. The Decree doesn't specifically state it's for every year going forward. What are your thoughts on this and do you know if there's any other guidance on this issue? I would not want to switch to a LTR visa, and then find out later it was just a 1-year tax exemption. Thanks... Section 5 Income tax under Part 2 of Chapter 3 in Title 2 of the Revenue Code shall be exempted for a foreigner categorised as Wealthy Global Citizen, Wealthy Pensioner, or Work from-Thailand Professional who is granted a Long-Term Resident Visa under immigration law for assessable income under section 40 of the Revenue Code derived in the previous tax year from an employment, or from business carried on abroad, or from a property situated abroad, and brought into Thailand

Scaremongering. The scaremongering and over-the-top opinions being posted by some are just making me more anxious about this issue than I need to be, so I will stop reading for now and will check back with you in 2025 to see how things are shaking out. Mike, I wanted to say thanks so much for all your hard work creating the Tax Guide and for responding to questions on this issue in a reasonable way. I saved a shortcut to your Tax Guide for future reference. Thanks again and take care...

Let's hope they won't be flagging & questioning every non-resident/tourist for example, who remits money to buy a condo and then later retires and becomes a resident.

I know I am, but so is the notion that non-tax residents need to prove to Thai RD that we are non-tax residents by showing our passports, boarding passes, etc.

When you meet with them next week, please ask them if a non-tax resident and/or tourist needs to report any remittances or number days in-country to prove they are not a tax resident. Thank you...

I agree with you whole-heartedly...

Bump, ..... answer please So, he is saying the millions of tourists who remit monies to Thailand will have to go to RD and prove that they were not a tax resident? Where is he getting this from?

So, you're saying the millions of tourist who remit monies to Thailand will have to prove to RD that they were not a tax resident? I don't think so. Where are you getting this from?

Ok... So, even if the Thai RD knows how much I remitted to Thailand by way of swift transfers (when not a tax resident), what will they do? Will they check with Immigration to verify that I was not a tax resident? What about the millions of other tourists that remit money into Thailand, will they check with Immigration on them too?

Sounds good to me. I hope all tax officers see it the same way. My question is, how would the Thai RD even know how much you remit to Thailand if you are not a tax resident that year and you DO NOT file a tax return?

I think it would be best if you consulted with a Thai tax firm rather than relying on other peoples opinions, but I will give you my thoughts on your questions below: a) Do you have to obtain a TIN? I do not know. I will not be getting a TIN. b) Do you have to file a tax return? I do not know. I will not be filing a tax return since I'm not getting a TIN. I will be here 11 months this year, so I will be considered a tax resident, but I won't be remitting any assessable income. I guess if every tax resident is supposed to get a TIN, then they better start getting the tens of millions of Thais to sign up for a TIN.

Thanks for your very kind reply. Some days I feel like I have a handle on this tax thing, and then some days I get a little anxious when I think about the consequences of messing up due to the vague rules. I don't like to unknowingly cause myself misery.

Sorry to say, but all of these vague TRD rules are leading me to plan on leaving Thailand for 6 1/2 months every year, so that I am not a tax resident, or either buying the LTR visa starting next year when I need to remit some big money to buy our new condo. It's a shame, because I'm married to a wonderful Thai lady for past 7 years. If I was single, I wouldn't be here.