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BillStrangeOgre

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Posts posted by BillStrangeOgre

  1. 1 hour ago, Nick Carter icp said:

    Your tenancy agreement will probably state that your tenants need to inform of of any mail you receive , just ask the tenants to post the mail to you or get them to open the mail and scan it and e-mail it to you 

    I've just had my tenant send a UK SIM card to me here in Thailand using Royal Mail. I sent her a £25 ASDA gift card, she was very happy to do it.

  2. 20 hours ago, LivinLOS said:


    Yes but it would be even easier to park those GBP funds in a non UK linked account outside Thailand and ensure your Thai liability does not happen even if you were here >180 days. 

    Also the secondary factor would be the UK would still have claim on any UK 'domestic source' income, and in fact the UK can lay claim to 'sufficient ties' to the UK (still owning a UK car, uk property, kids going to school) they can be very harsh as the famous Gaines-Cooper case showed. If you pay the liability elsewhere it becomes a tax credit issue but when you try to slip between the cracks, as many western earning Thai resident expats have done its still a lot riskier / harder and you really have to have your UK connections severed. 

    EDIT Gaines-Cooper https://www.blevinsfranks.com/gainescooper-and-uk-tax-residency-the-courts-judgement/

    True and the tax man could probably make a good case for claiming I am a UK resident for tax purposes.

    My funds will be coming from profits (hopefully) trading crypto currencies this year on a foreign domiciled exchange. No way the taxman would have any idea about that unless I repatriate the funds to a UK bank account.

     

    The problem is opening a non UK linked bank account outside Thailand with all the KYC. I can do that here in Thailand relatively easily

  3. On 3/8/2024 at 2:14 PM, Mike Lister said:

    No, that's not correct!

     

    You must remain in Thailand for a cumulative 180 days per calendar year, in order to become tax resident. Please read the document in the OP, linked below. That means,, any number of individual visits of however many days each you chose, or one visit of a long duration, totalling more than 180 days:

     

     

    Reading the Tax Guide...

     

    TAX RESIDENCY 

    21) If you stay in Thailand for more than a cumulative 179 days, between 1 January and 31 December each year, you will be and always were considered to be Tax Resident in Thailand during that year, almost entirely  regardless of the type of visa you have (special tax exempt classes of visa excluded). It doesn’t matter that you may be Tax Resident in your home country or elsewhere or that you pay tax in those countries, Thailand will still regard you as Tax Resident. Tax Residency and Immigration status (and the visa you hold) are different things. Tax residency is based solely on the number of days you spend in Thailand. A day appears to be counted using the entry and exit stamps in your passport, unlike many other countries where it is determined by where you are at midnight. The number of days counter reverts to zero, on 1 January each year.

     

    So, theoretically if on a Type-O or a Type-OA for reason of retirement and I don't spend more than 180 days in the country, then funds I import into Thailand and placed in a sterling bank account here are not taxable?

  4. 1 hour ago, Liquorice said:

    Costa are still the same, 1,900 BHT for an extension of stay application. Re-entry permits are 1,000 BHT for a single entry, 3,800 BHT for a multiple entry.

    Once you've registered your place of residence with Immigration (TM30) you may have to submit the very first 90 day report in person, but thereafter it can be completed in person, by post or online.

     

    I would say that depends on how organised you are.

    Personally, I have copies of the required documents already prepared well in advance.
    You can apply for the extension at least 30 days, 45 days at certain offices prior to your existing permission of stay expiring.

    On the day of application, merely a visit to the bank to obtain a letter and statement, then proceed to the office to submit the application.

    Processing the application varies dependent on the size of the Immigration office and how many foreigners are applying.

    CW is a busy office.

    Thanks for that

    And thanks to everyone who replied. Some great info here...cheers  

    • Thumbs Up 1
  5. 2 hours ago, DrJack54 said:

    Immigration will accept bank letter and bank statements up to 7 days early.

    Be aware that some offices insist upon update on day of application and even "activity on day of application. 

    A small deposit achieves both.

    Don't be concerned the balance does not match the bank leter

    Thanks.

    Seems like quite a complex procedure, with a lot for me to consider before I decide to go ahead. Not least that I will be dealing with immigration at CW, costs are increasing I've heard, then there's 90 day reporting which can be done online? 

    Is the renewal process after 12 months fairly easy in comparison?

     

    Thanks again

  6. 6 hours ago, DrJack54 said:

    Yes. 

    This is what I do. Others have their own MO.

    I make appointment for extension based on retirement.

    Attend immigration with enough time to deal with bank.

    Do not go to teller. Obtain ticket for bank letter.

    The clerk will know exactly what you need.

    Ask her to deposit 100b into your account and do bank letter (also 100b) 

    Ask her to photocopy this updated last page. 

    Note previously CW were happy with photocopies of my bankbook pages.

    Recently they required bank statements.

    That can be done in week prior to appointment.  I do it day prior. 

     

    So yes can all be done same day.

    Be aware Bangkok Bank requires several days to provide bank statement. 

    My bank (kasikorn) like many others can do it on the sport however takes time. 200b.

     

    I'm assuming immigration will accept a bank statement from the day before if you have an updated passbook (including original) with the certificate of balance 800,000thb and proof of 100thb paid in, same day as the application is submitted? 

  7. 4 minutes ago, DrJack54 said:

    Because it's not 3 months prior to application for 12 month extension.

    It's 2 months prior.

    When you obtain a 12 month extension it's has a stamp with "admitted till date" 

    Referred to as permission of stay.

    If you plan to exit Thailand you need to purchase a reentry permit. 

    The until date on the permit will match the extension stamp. 

     

    Which immigration office. 

    Thanks, didn't see this before above posting

  8. 6 minutes ago, Sheryl said:

    If you enter visa exempt you can only stay 60 days not 3 months.

     

    Aside from the methods mentioned you could also get a Non-O visa to begin with. That eliminates one whole step in the process and you'll get a 3 month stay on entry.  Then  do a one year extension of stay. Make sure you get a non-O and not a non O-A. You need to have had the 800k in bank for 2 months before the one year extension. 

     

    Check first that the Embassy in Korea will issue non-O to non Koreans. 

     

    Each extension of stay is for one year so would need to be back in Thailand to renew before then. 

     

    If you leave the country be sure to get a re-entry permit otherwise your extension based on retirement will be voided and you have to start all over again 

     

    Re-entry permits (single or multiple entry) can be obtained at same time you do your one year extension. 

    Thanks for that.

    On the one year extension and with the re-entry permit in hand before I leave, how long can I stay out of Thailand before the extension is voided or is valid if I stay out until the extension is finished...just want to get some sort of timeline.

    Thanks again

  9. 14 minutes ago, soisanuk said:

    Each Immigration Office may have their own requirements, which can differ from the main Immigration Rules.

     

    If you will be using Chonburi (Pattaya) Immigration, they currently require that the 800k be on deposit in a Thai bank in your name at least 2 months before you apply for the Non-Immigrant O Visa (the "Immigration Rule" does not require this 2 month period, only that it be on deposit on the day of application).

     

    Also, the Application has to be approved by Immigration HQ in Bangkok and they require at least 15 days to process it. So, you will need at least 15 days remaining on your initial Permission to Stay at the time of application (best to check with the Immigration Office where yo will apply as there have been reports that some require at least 21 days be remaining).  If you enter Visa Exempt and receive the initial 30 day stay, you can extend it another 30 days at an Immigration Office in Thailand if needed to allow enough time for for processing the Application for the Non-O Visa.

     

    After receiving the Non-O Visa, continue to keep the 800k on deposit as it is required to be on deposit at least 2 months before applying for the Extension of Stay (this is the "Immigration Rule," and is followed by Pattaya Immigration, but there reports that a few Immigration Offices will require 3 months on deposit beforehand). 

     

     

    Okay, didn't see this before posting above.

    Cheers

  10. Thanks for all the replies everyone.

    I already have a Thai bank account. One area of concern is the requirement to have the 800,000thb in my account for a full 3 months prior to the extension being granted. How does that work if I can only stay 3 months when I enter?

     

    Another quick question...Once I have the 'retirement' visa, if I leave Thailand how long can I stay out before the thing is no longer valid?

    Thanks for taking the time to answer these questions which I'm sure have been asked a million times before.

    Bill 

     

  11. Hi, I'm a 67 year old Brit who's thinking of applying for an extension based on retirement.

     

    Firstly, I'm here on a 30 day permission to stay. I will extend for another 30 days in a few weeks then leave for Seoul, S.Korea for month in April. Is it best for me to return to Thailand on a visa (tourist?) and then begin the 'retirement' process?

     

    Is there somewhere I can get comprehensive information of what I have to do (paperwork, requirements etc) to become retired here in Thailand? 

     

    Thanks

    Bill

  12. 31 minutes ago, TigerandDog said:

    that would be totally dependent on the wording of the UK/Thai tax treaty.

     

    Using the aussie/Thai tax treaty as an example it states that as I'm a resident for tax purposes in Thailand and not Oz under our tax treaty Thailand has the sole rite to tax any funds I bring into Thailand from 1 Jan this year and that Oz cannot tax me at all. The ONLY exclusion to be taxed in Thailand would be for me to be able to prove that those funds were either savings or earnings prior to 1 Jan 2024.

    If I'm taxed in Thailand on those profits does anyone know the rate?

    Thanks

  13. 6 minutes ago, flyingtlger said:

    Why risk having to pay taxes by depositing funds on profits from your investments in Thailand, especially now since the Thai government is stating they will crack down of taxing all foreigners' income living in Thailand?


    Just open a bank account that required for your retirement visa and wire transfer a set amount every month from your bank back home.

     

    A friend of mine did something similar, he had a relative that lived back in his home country and he would use his relatives address to receive all his mail from the bank. He would send a set amount to his bank in Thailand every month or every other month....

    If he was proving residency in the UK through his relative's address wouldn't he then be liable to UK tax on his profits?

    • Like 1
  14. I've been using Halifax Clarity card for years and was always impressed with the no charges for foreign ATM withdrawals. Although I don't make ATM withdrawals in Thailand as no way around the local charges.

    The exchange rate was always good, even beats EX.com spot rate so shocked to hear this. I tend use my Monzo card to make payments when outside the UK and I'll use the Clarity card online.

    I use Wise to transfer funds between my UK account and my Thai bank account but I recently heard that Wise has been blocked for making card payments in Thailand but can't personally confirm this

  15. 11 hours ago, lkn said:

    More money = more people interested in buying?

     

    That means increased demand, but supply cannot be increased to follow demand.

     

    Economics 101 says that when demand is larger than supply the price will go up.

     

    So how do you conclude that more money going into bitcoin will lead to a less volatile price?

     

    Also, the way you say “more money comes into BTC” makes me wonder if you have tought through how bitcoin sales actually work: If I buy a coin for $65k then I will pay someone else for this coin, this someone may take the $65k and spend it on a new car or similar, so the money is no longer there. There is not a big pool of money that can be used, when people wants to cash out of bitcoin. If you want to cash out, a requirement is that someone else is willing to buy your coin from you, there is no market maker that will step in or some pool of cash you can take from, and leave your bitcoin somewhere else. And this is why the price is so volatile, it’s like baseball trading cards.

    The larger a market becomes (capitalisation) the more money it takes to move it one way or the other (volatility)

    And yes, as more money flows in that means increased demand and prices go up. But a percentage of that inflow will remain in the market. Not everyone sells when prices go down. Over time the market gets larger and therefore it takes ever larger volumes of selling or buying to move the market. Less volatility.

    • Agree 1
  16. 41 minutes ago, lkn said:

    With stocks, it is not that when a stock becomes expensive, it takes more money to move the price further.

     

    The price is based on the underlying performance of the company, so while you may find that e.g. Apple has grown so big, that they are selling a new iPhone every single year to every person on the planet, and therefore they can no longer grow their profit and therefore their stock stops growing, as a share in Apple is really just partial ownership of the profit generated by Apple, so if that has sthbilized, so should their share price.

     

     

    But there are many examples of large companies growing even larger. Apple was the first company to hit a $1 trillion dollar market cap in 2018, and only two years later, they hit $2 trillion. Today we have several companies worth more than a trillion dollars, and lock at NVIDIA’s meteoric rise, but this is all about companies selling goods and services with a profit and growing their market.

     

    You simply cannot compare this dynamic to price of crypto coins, as there is no underlying activity that we can use to value things.

     

    So again, why do you think more people buying BTC will cause less volatility? With the stock market, it is sort of the opposite, all the retail traders cause more volatility because they generally lack the skills to properly value stocks, so they buy and sell based on emotions. With BTC you only have these traders who buy and sell based on emotions, as all models to price BTC is based on either technical analysis (emotions) or stock-to-flow, but that is not much different from TA.

    I think you'll find the share price is not set on the underlying performance of the company but sentiment. More investors buy than sell the price goes up and vice versa. That's how the market works

     

    Remember the dot com bubble! New internet start ups with absolutely no cash flow attained million dollar valuations. Their share prices weren't based on the underlying performance of the companies...there was no underlying performance! 

    What drove the price was sentiment. Simply more investors believing the price would go higher.

     

    So yes you can compare crypto to shares in as much as both markets work the same way, supply and demand.

     

    • Agree 1
  17. 3 hours ago, TigerandDog said:

    not a mistake. I set a target price to sell at and stuck with it. I learnt with one of my other coins that when you set a target don't deviate. That coin had tripled in price to what I paid and I got greedy and decided not to sell. The next week the value dropped to zero. Wasn't going to deviate from the planned course of action again.

    I understand and it's usual to set realistic targets but I don't think $60-64,000 is a realistic target for BTC in this cycle.

    BTC usually hits it's highs 12-18 months after the halving and even if you believe in diminishing returns it's due to go a lot higher.

    If I was worried i would take out my original investment now and just leave in the profit and start to DCA out later.

    Best of luck

     

    • Thumbs Up 1
  18. 11 minutes ago, lkn said:

    More money = more people interested in buying?

     

    That means increased demand, but supply cannot be increased to follow demand.

     

    Economics 101 says that when demand is larger than supply the price will go up.

     

    So how do you conclude that more money going into bitcoin will lead to a less volatile price?

     

    Also, the way you say “more money comes into BTC” makes me wonder if you have tought through how bitcoin sales actually work: If I buy a coin for $65k then I will pay someone else for this coin, this someone may take the $65k and spend it on a new car or similar, so the money is no longer there. There is not a big pool of money that can be used, when people wants to cash out of bitcoin. If you want to cash out, a requirement is that someone else is willing to buy your coin from you, there is no market maker that will step in or some pool of cash you can take from, and leave your bitcoin somewhere else. And this is why the price is so volatile, it’s like baseball trading cards.

    ...just as stock market have got larger so it takes ever more money to move the market substantially (volatility)

    FTSE, Dow Jones, Nikkei etc rarely move by large amounts in a short period of time as BTC does. BTC volatility will decrease as the market capitalisation increases 

    • Thumbs Up 1
  19. On 2/29/2024 at 9:35 PM, NickyLouie said:

     

    The Blackrock etc ETF's set the foundation for BTC legitimacy, it's still in its infancy but sky's the limit at this point.

     

    ...and all that institutional money that will flow in (we're seeing it now with the launch of the ETFs) will stabilise the price over the long term.

    As more money comes into BTC the price will be less volatile and so more attractive as a store of value

    • Thumbs Up 1
  20. 9 minutes ago, BenStark said:

     

    That piece of paper was backed by an asset called gold

     

    9 minutes ago, BenStark said:

     

    That piece of paper was backed by an asset called gold

    That's what they told us and they even wrote on each bit of paper that the government guarantees the debt! 😉

    Still a huge leap of faith for the populace to accept it over hard assets, yet it did catch on.

    I have no worry that a crypto currency wether it's Bitcoin or not could be accepted and one day will be 

    • Love It 1
  21. On 2/29/2024 at 6:28 PM, lkn said:

    A currency (like USD, EUR, etc.) is a medium of exchange, not an investment vehicle to “gain wealth”.

     

    As for scarcity and traditional assets, lots of assets have scarcity, prime real estate would be a good example. Also, traditional assets generally have intrinsic value, e.g. if I own all the copper in the world, I could set my own price, because people need copper for certain things (although set it too high, and people will find substitute materials), but if I own all the bitcoins in the world, who would actually have a need for them?

     

    What we “no coiners” fail to understand is how this is not just a giant zero-sum game. A rather succesful one, I must admit, but still just a zero-sum game with nothing of value having been produced.

    True but how did it work when the first government convinced us to accept a piece of paper in exchange for a real world asset? 

  22. On 7/30/2022 at 8:07 PM, Farang123 said:

    Good time to buy or will it become worthless in the not too distant future?

     

    It's been written off so many times in the past.

    Major banking/investment institutions are now becoming involved through ETFs etc which will also draw in retail investors.

    Those institutions have trillions under management and if just 1% of those funds are put into BTC then the price will be going much higher. 

     

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