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MeePeeMai

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  1. Not true. Holes are punched in the old USA passport (thereby invalidating it) and returned to you along with the new passport. The holes indicate that you have been issued a new passport.
  2. 5555 that's dirt cheap! My monthly electric bill (on my rented home) in Hawaii runs between $455 to $550 a month! I have friends (families with kids) there that pay $750 a month That's more than my rent/electric/water/cellphone/insurance and fuel costs are here in Thailand.
  3. I agree but the problem might be in obtaining the "required documents proving that this money has already been taxed and at what percentage" requested by the RD. You know how the Thai's love paperwork and always insist on lots of "official" documents from the banks etc. which have been Authenticated and signed by so and so and approved by so and so and officially translated by the Thai MFA etc.. A perfect example of how quickly this could go South is the whole Insurance debacle for O-A visa applicants with Health coverage in their home countries (not wanting to purchase additional health insurance from the short list of "approved" Thai insurance companies) . Already have insurance which meets the criteria in your home country? No problem, just fill out this form and have three senior Board Members from your insurance company sign and attest to it (which proved to be impossible), have it notarized and you're good to go. Many tried and I don't think anyone succeeded getting said paperwork signed and approved. They have their ways of squeezing folks into submission by requesting documents which are either extremely difficult to obtain (as requested) or prohibitively expensive (as in you must travel to your home country every year to get the required "proof" or paperwork in which case it might be easier and cheaper to just raise the white flag, surrender and pay the taxes regardless). I for example (a US citizen), will be leaving if they start taxing my international transfers and then tell me that I need to file a tax return and "request" a refund.... OR if they force me to file an annual tax return by March 31st (my US tax filing deadline isn't until Oct as US citizens living abroad get an automatic 6 month extension to file) and pay the Thai taxes since at that point I will not have the proof needed that the US taxes on my pension and other income has already been paid. I am NOT forking over money for taxes in Thailand and then having to pray that I see a refund on that money 6 months to a year later. I moved here to live a simple life in retirement and if they decide to complicate it more than it already is, then I have other (less complicated) options to choose from.
  4. Sorry, I edited my post above - here is a copy and paste from it Depends on many different factors, such as is the 800k baht already taxed in your country? Does your country have a Double Tax Treaty with Thailand? Also depends on the final wording (if there ever is any) of the new rules etc... Basically, no one can answer this one right now definitively but it might be a good idea to bring that money in this year (as long as that money was earned in 2022 or earlier). Better to be safe than sorry.
  5. Depends on many different factors, such as is the 800k baht already taxed in your country? Does your country have a Double Tax Treaty with Thailand? Also depends on the final wording (if there ever is any) of the new rules etc... Basically, no one can answer this one right now definitively but it might be a good idea to bring that money in this year (as long as that money was earned in 2022 or earlier). Better to be safe than sorry.
  6. If too many folks dodge the 180 day rule by leaving for 6+ months a year (to avoid being a tax resident), then I would eventually expect to see a new rule (or law) that forces those with an O or O-A type long stay visa to spend at least 180 days in Thailand per calendar year or lose your current status/extension. Malaysia has a rule that those with an MM2H retirement visa must spend at least 90 days per year in Malaysia to be eligible (so don't say that it couldn't happen in Thailand). I hope all this worrying is for naught but I am also one who likes to have a back-up plan or two in case things go sour (this is the main reason I have not cut all ties with my motherland) and I am always running scenarios in my mind to be prepared and ready if a push comes to a shove.
  7. Why would you give up your Non-O status? Just file an extension and keep it regardless of how many days in and out.
  8. True, this might come under the radar but having a Thai person exchange the currency for you occasionally might be better (as long as this person does not exchange too much/too often), unless it is your spouse, then you could claim a "gift" exemption (which is currently 20mil baht per year but IMHO, this rather large loophole might be modified and lowered soon).
  9. Paying anything with a credit card is not income, it is a loan (debt) which is not taxed other than the 7% VAT added to your purchases.
  10. Shopee hands down, most everything is cheaper, there's more selection and more competition from the sellers for your business. I have never dealt with their customer service because I have never had a problem (other than the time a scammer sent me an old dirty t-shirt and wanted 280 baht C.O.D. in which case I had the delivery driver open it and I promptly refused the package). I used to use Lazada exclusively until I discovered that Shopee seemed to be much better (and cheaper). I think Lazada charges higher fees to the sellers because I see the same sellers on Lazada selling the same item on Shopee at a cheaper price. My .02 cents
  11. Unknown at this point, we are all waiting for clarification from the Thai authorities.
  12. Here's something to think about, It's well known that many of the ultra rich in the USA don't have much, if any "taxable income". They live off of debt and loans since borrowed money is not currently taxed in the USA (it is not income, it is a loan). They will often take loans out on properties (never selling) or borrow money using stocks/gold or silver/real property/art collections etc. as collateral and use this borrowed money to live off of (to avoid taxes). When the asset values increase and as the debt to value ratio decreases on their collateral, they simply refinance or borrow more money etc... and pay off old loans with new (borrowed) money. This of course becomes more difficult (and expensive) in the current environment of FED rate increases and the bond market (monetary policy) but is still done regardless. For those with an American Express card (for example) or other means to get a credit advance or loan here in Thailand, you might be able to get a large cash advance from an AmEx or other credit card here a few times a year to live off and simply pay back the "loan" balance on your credit card by using your USA checking account. This would not be taxable income coming into Thailand, this would be a loan on your credit card. I realize that their are fees for cash advances but if the balance is paid in full every month on the credit card then there is no interest on the loan amount and my card AmEx gold card has no limit and I have previously taken out 20k USD in cash advance while in Indonesia (a phone call and approval was required of course). For those who might be caught in a dragnet of Thai taxes, by using a US credit card for as many purchases as possible, paying the balance monthly from a US checking account and/or utilizing loans and cash advances from a credit card might help ease the tax burden of money over the 150k/190k Thai exemption thresholds. Some folks have a HELOC (home equity line of credit) available or some may have money from a second mortgage or cash out from a first mortgage still in an account. This is loan money, NOT income, so sending this money to Thailand should not be taxed in my opinion. There is of course interest due on long term loans (if not paying the balance in full) but by borrowing money on a HELOC and transferring that loan money to Thailand, then using one's income in the USA to pay back the loan, one could essentially live in Thailand on borrowed money. One would need to do a cost analysis to see if it might help or not and as far as I know, Thailand does not tax residents on money obtained through a loan. Just thinking out load.
  13. Just remember that only the GAINS are tax free in a Roth account (if over 59 1/2 years and you meet the 5 year rules)... Any and all "Roth Conversion" monies have already been taxed by the IRS (conversion amounts can be withdrawn anytime since the taxes have already been paid) so if remitting money from your Roth account, just keep track of your conversion dollars and take "distributions from your conversion fund balance" first before ever tapping into your "interest or gains" money. i.e. If the Thai RD department questions your Roth distribution funds which you transferred to Thailand just be ready to show that that money has already been taxed by the IRS during prior Roth Conversions from your IRA Let's hope it never goes this far but being prepared and planning is key.
  14. Yep, a can of worms disguised as free gold (fools gold it is though).
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