MeePeeMai
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Posts posted by MeePeeMai
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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.
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1 hour ago, RichardColeman said:They need a more better definition of income - savings are NOT income. If I had worked all my life and had saved and had a million quid and paid UK full tax, I find it hard to believe that Thailand would be trying to tax it a 2nd time.
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.
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1 minute ago, tomacht8 said:
What does it depend on? The money comes from savings investments for which, for example, I paid taxes in my home country 7 years ago. How will the Thai tax officials check this? Or will it be such a mess again that you'll have to pay an unofficial processing fee under the table?
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.
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7 minutes ago, tomacht8 said:
Clear as dirt. if I for example transfer 800K Thai Baht from my home bank to a Thai bank for my Non O retierment visa in 2024. Are taxes then due?
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.
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10 minutes ago, TroubleandGrumpy said:
I know one guy that is talking of buying a property next year, and is going to be trabsferring over to Thailand this year and in 2024 a heap of money - but he will only be staying in the country for about 170 days next year. Then in 2025 he will be returning full-time - wish I could easily do that - but he has me thinking.
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.
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1 minute ago, DineshR said:
One thought I did have was to simply send my wife some money every month as under the rules currently, she is exempt from filing if the value of gifts received is less than THB 20 million.
This would probably work for now (until they catch on and change the gift exemption amount).
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9 minutes ago, retarius said:ie spend less than 180 days here and give up my non-O visa (retirement).
Why would you give up your Non-O status? Just file an extension and keep it regardless of how many days in and out.
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11 minutes ago, JackGats said:
Same regarding flying in with wads of currency to exchange at money changers (where they photocopy your passport).
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).
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8 minutes ago, JackGats said:
ATM withdrawal in TH or even paying a hotel with a foreign credit card in TH is tantamount to importing funds into Thailand I think
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.
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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
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4 minutes ago, bdenner said:
Tried searching 77 pages of this thread without an answer:-
Does anyone know how they intend to tax our incoming transfers (if this BS is to be believed)?
Do they expect my KBank to garnish xx% of the 65K Baht I bring in every month to satisfy my retirement extn. requirements in the form of with holding tax as they do with the piddily amount of interest I receive
Unknown at this point, we are all waiting for clarification from the Thai authorities.
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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.
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39 minutes ago, TallGuyJohninBKK said:
Would Thailand here be trying to make tax-free U.S. distributions from a U.S. Roth IRA account suddenly taxable in Thailand if remitted there???
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.
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1 hour ago, hydraides said:
People are so blind.....Wake up!! this is another tip toe .......actually a big one for the cult agenda
Start introducing people to Digital Money............tick
Cause hyper inflation in the coming months ..........tick
Hyper inflation will be an excuse for thailand to raise interest rates to levels of others nations (E.g 5%+) .....tick
Thailand citizens have some of the highest debt/earnings per month in the world.......................outcome = many thais default on loans, mortgages interest payments etc .....tick
Many Thais basically losing future freedoms and won't be able to borrow money from banks etc
America did the same during COVID ($1000 or something for each household) - There GDP is much higher of course) - It caused inflations to go over 10%
Wow people are so freaking stupid........people of thailand should protest so hard over this scheme
Yep, a can of worms disguised as free gold (fools gold it is though).
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15 minutes ago, sirineou said:Of course there are some problems. The stimulus could be saved and not spend at all, or it could be spend outside the country.
Nope, must be spent within 4 kilometers of their documented domicile, can only be used to purchase items on their list of approved items, only used at participating "approved" retailers (i.e. Somchai's streetcorner Somtum cannot accept it) and it has a deadline - use it or lose it. Those working or living far from their house book address will have to return home to use it.
Sorry folks, lottery tickets are not on the list of approved items 555
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From what I hear, after 3 years (of expired tax sticker), it is taken out of their system and cannot be made road legal again.
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32 minutes ago, ericthai said:
you think you're going to get a clear rule? No laws or rules in Thailand are clear. This allows enterprising government employees to make things work for them.
Yes and it also leaves the door wide open for "selective enforcement" .
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Everything good eventually comes to an end and the Land of Smiles has seen its better days.
I can't remember the last time we got some good news here regarding visas, annual extensions and the like.
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41 minutes ago, CTwelve said:As long as you paid tax on the income (either at home or in Thailand) then there's surely no issue.
Well for example, a single filing US citizen has a personal exemption of $13,850 meaning that the first $13,850 of his/her income is not taxed in the USA.
Thailand will see this and might want to tax that portion of your income since no tax was paid (minus the measly 150,000 baht personal exemption that Thailand affords us single folks).
That is just one example, here's another one for you - For those of us who have rentals back in the USA, our annual rental income is subject to income tax minus the itemized deductions i. e. Property taxes paid, utilities paid, insurance for the rentals, maintenance and repairs, landscaping costs, property management fees paid etc.
So there is gross income, adjusted gross income and then taxable income. I don't want to live off of hopium that the Thai RD will accept and acknowledge only the taxable portion of this income.
If they were to dig deep and try to gain access to our foreign tax paperwork this could be a nightmare from hell.
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9 minutes ago, TroubleandGrumpy said:
However, wait until mid-late 2024 when (hopefully) Thai RD has provided clarifications and details of the process
No thanks, you'll be a hooked fish under their thumb after June 27th. Unless it is satisfactorily clarified and resolved prior, I'll be leaving Thailand prior to that date (and returning sometime in 2025).
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1 hour ago, Mike Teavee said:
But I wouldn't be receiving the money, I'd transfer it directly into her bank account from the UK
And there is the reason they might require banks to withhold tax on ALL remittances from a foreign country and then require you to sort it out later (via proof/tax returns should you "request" a refund from the RD).
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2 hours ago, Lemsta69 said:Sorry man but that's 181 complete days. I'm erring on the side of caution and assuming the max. stay is 179 days therefore exit on 27 June 2024 if necessary.
Better book a ticket far in advance as there might be a ton of expats planning to leave on or just before that date!
I'm sure the ticket prices in June will be higher also
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You'll need a negative PCR test issued by a hospital or clinic to enter Laos. Without it you will be denied entry and sent back to Thailand. This happened to a friend of mine about a week ago at the Friendship Bridge in Nong Khai.
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I just came back to the USA on March 08. I used renewme skin clinic at The Hyatt Regency Bangkok Sukhumvit 2F 1 Sukhumvit Soi 13 Rd, Khlong Toei Nuea, Watthana, Bangkok 10110
Near Nana station.
They are trusted and will get the paperwork correct. If you leave at noon the you must go in for your PCR test the day before you leave. I would go in before noon (you can make an appointment on their website but they also take walkins).
I paid 3900 baht for an expedited test result but you won't need the expedited (more expensive) test as long as you go in early the day before your flight.
My flight left at 8:00 am so I had to be at the airport at 5:30am
They will give you the letter that you will need to show the airlines and Customs / Immigration to get home.
For convenience, I stayed at the Ambassador hotel (which is only a 5 minute walk to the clinic and was only 700 baht).
As long as you get tested the day before you leave (more than 24 hours before your flight is fine) but your test must be done sometime on the date right before your flight date.
Google Renewme skin clinic PCR test (for travel) and you will find their website. They do have several different locations but I chose the one near nana station in Sukhumvit as I am familiar with the area.
Bring your passport with you to get tested. They will call or email you when your test result and letter are ready. Then you just go to the clinic and get the letter (ask for them to print it for you/ vs them emailing it to you). You will need the printed original letter to board your flight.
Good luck and safe travels
Bankbook for extension of stay
in Thai Visas, Residency, and Work Permits
Posted
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.