I am familiar - all I will say.
Either a coup was planned and rejected above OR the country is completely controlled from Western Interests and will continue to push out Western objectives
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Thailand new change - world wide income at Thai tax levels to be taxed
- Thread starter wellington
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Either a coup was planned and rejected above OR the country is completely controlled from Western Interests and will continue to push out Western objectives
Depends on an individual's net worth. I think that after a certain point it makes more sense than Thailand, since with the MM2H program remittances are completely tax free.
I agree that it's not perfect though, but this is normal across SEA. All these countries always come up with new visas, but all of them include annoyances that seem to be added on purpose.
yeah, for now at least. They also do as they wish, but you can be ignorant there as well.
its normal since its a highly xenophobic region. Youre like an atm at first and then a foreigner
.yeah, for now at least. They also do as they wish, but you can be ignorant there as well.
its normal since its a highly xenophobic region. Youre like an atm at first and then a foreigner
Citizens are also seen as ATMs by the tax offices.
I guess one goes where one's duty as an ATM is cheaper and/or comes with certain benefits that compensate for being an ATM.
sure but they have following benefits
* no double price system whereas the foreigner pays 4x or what not
* can stay indefinitely wherever they want inside the country
* no visa bs like 90 days and whatnot
* can access "undefined" channels easier to mitigate issues
* can own land
* can own businesses 100%
* can own voting stocks and not just non-voting derivatives (foreigner quota stocks are very bad since liquidity is horrible)
* access to cheap healthcare and education system
* can open xyz function on the banking apps with ease while for the foreigner 95% is blocked.
etc etc
exactly this.
Its funny enough that since a certain person which rhymes with "toxin" has left Dubai, the countries policies are in head over heels with tax, all kind of digital bs, messing up visa system and and and.
Is that person such a powerful entity in the country?
Yes, I agree, although there are some exaggerations on your post. Outside of the tourist areas or national parks foreigners don't pay 4x the prices of anything. I even pay less than locals in many places where I get special discounts for being a regular (fruit stands, gyms, restaurants, etc.).
The other stuff you say is definitely true, but again it's all about whether it compensates or not. In many places you can own land or vote, but at the same time living there costs 6x what it costs to live in SEA.
It's a constant struggle in my head, and probably a common struggle in others who live in SEA. Should I keep living cheaply here, or go somewhere more expensive but where in general terms I'll be treated like a human again?
well not really exaggerations. Its also on healthcare, women / men (or this in between), nightlife, rentals, business deals, interest rate, restaurant, visa the list goes on and on and on. Its all a form of tax.
So its very relevant since i have 0 interest to live in some remote village where id not pay the foreigner tax.
However the treatment is ok. Its pretty much everywhere like that to some degree outside the town you grew up in, which would turbo charge if they knew you made it big.The other stuff you say is definitely true, but again it's all about whether it compensates or not. In many places you can own land or vote, but at the same time living there costs 6x what it costs to live in SEA.
It's a constant struggle in my head, and probably a common struggle in others who live in SEA. Should I keep living cheaply here, or go somewhere more expensive but where in general terms I'll be treated like a human again?
But in the case you would stay less than 180days a year in TH. What would be your plans in that case, by mixing with the other countries you mentioned (Kenya, Bali, HK...).
In some previous topics, if i'm not wrong, you mentioned it. If TH would be more strict (or too stupid) with new laws, you can consider to stay below the 180days.
Other countries would be Irrelevant to any other plans as there’s no tied tax potential wise when nomadic
Gypsy
I've never said Thailand would be “stupid” - you have me confused with someone else - I’ve long advocated for strict compliance with Thai laws when it comes to taxes.
But like I said - on a personal level I am already personally covered tax wise with a credit using the principle rule and good accounting to show personally I am in a tax credit based on savings rules.
I’ve also readily advocated people make plans if they reside within Thailand whilst earning an income - which I do not - I get dividends every 5-10 yrs - hence tax credit.
The only real change my end is IF they start taxing companies overseas where their non-active shareholders (majority) reside in Thailand but operations are outside of Thailand - and even then the activity usually occurs in dividends years.
That will always be the de-sticky point for me.
Otherwise dividends years is a year of being a nomad.
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Seing what Thailand really is, Id not feel too secure about some law protecting me and be extra careful.
Like with immigration and other areas, they can and do make special rules up on the fly, esp if they know how wealthy you are.
I've enjoyed three lengthy 5 yr criminal court cases in Thailand in the years i've been present (as a plaintiff/affected party) to recognise the whims of a individual - once it goes past the police officers attending - i.e feelings or attempts of objectives hold no merit in the court of law as much as people believe that the justice system can be bought off - it can't - too many checks and balances, and too many holes to fall apart (i.e trials have three judges, and a criminal prosecutor -> thats four people immediately that falls apart if just once doesn't agree).
Hence even now the Red Bull Guy they continue to indict those that didn't do their jobs (prosecutor, police etc) the courts are secure its below that you have ability to manoeuvre - at a high cost, when dealing with tax matters if you are in the right, push it to court, if you are in the wrong play ball and pony up before it gets to court.
The court of law is clear when it comes to enacting the revenue departments tax details IMO, its all about accounting.
Anything else is merely noise whilst lawyers, accountants, Gov officials verify their idea, or verify your position.
Had a guy cutting new cedar tiles for the roof last week, his jumper got caught in the blade (angle grinder with wood cutter fitting) went through his arm (2 inches deep, 5 inches long).
Rushed him (immediately) to hospital, his arm wasn't bleeding as the blade seared as it went through sealing veins and skin.
Was operated on within 5 mins of arrival, and back at work 4 days later (not allowed to do cutting or anything strenuous).
In the UK my grandfather had a fall, it took 18 hrs for him to be seen, he eventually did get seen and then put in a ward, within 4 months he was dead after catching something in hospital.
In Thailand people complain about the costs of these things but reality is in the UK i was paying 5-6000 in taxes a month a decade and half ago, people were destitute on the streets, jobs were hard to come by, crime was rampant, yobs everywhere, councils not looking after things etc.
These days
Wife insurance 40,000 THB
My Insurance 100,000 THB
Kids Insurance (3) 180,000 THB
= 320,000 THB a year = 7,272.71 GBP P/A
Bins / Lighting / Policing / Firefighting / etc 1,200 THB = 27.27 GBP P/A
The cost of taking a boat into a marine park such as 400 THB ea = 9.09 GB, or the non hunting-monkey mountain national park opposite my home 300 THB = 6.82 GBP
In my view, its kinda irrelevant and idiotic when you hear people complaining about this or that fee, or this or that cost, when the comparison is to 2/3 etc decades ago when the West was still functioning and value for money existed.
The argument that well Thais get it for free or for less, etc, in the West you all pay or don't pay is laughable, you don't see these people griping over buying alcohol or this and that etc.
And with the stunning natural beauty on your door step opposed to grey buildings and grey faces, etc why would you even start comparing.
I’d rather debate about the taste of wine with the Swiss people (and one krout) on a Friday at market instead.
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Ok but in that situation (if spending less than 180 days a year in TH) and traveling in your other spots you like the rest of the year, you would be no tax resident in ANY country. Correct?
It depends on your citizenship or citizenships - in my case - yes if not resident more than 180 days in any country then yes tax free (but that again comes down to a few things on assets i.e i pay a tax in Europe (wealth tax) as non-resident, non-citizen, in the UK, you'd have takes if you own property or business interests etc.
Additionally in my case I have 0 annual income (not employed by the company) an a shareholder.
I own the majority of a company overseas but don’t get any dividends annually and don’t partake in its day to day operations or revenue sides etc
Because of the way the company operates it doesn’t liquidate its position for 5-10 yrs and when it does in that year or proceeding year or years I get dividends if there are any.
Due to knowing ahead of time roughly a year out - I can tax plan - previously it just meant maturing funds overseas and bringing in as needed due to Thailand territorial tax or other countries laws (Dubai, HK, etc)
Now it means travelling for 7 months (at worst case)
BUT because I’ve always rolled over 99% of dividends as re-investments I am grandfathered in with the savings rule meaning the principles prior to 2024 are tax free when i decide to draw it down.
So technically I don’t need to “travel” just take out principle and live off that until I die or travel and redeem dividends or live in a tax haven (caymans etc).
Its important to have a discussion/sit down with the Revenue Department (like i did) as every nationality, and every person is different.
In my case nothing really changes except redemption of dividends in-line of principle investment(s), Good Easy Follow Accounting, and Thailand not bringing onshore overseas operating companies because their shareholders are residents (basically overseas employee / management etc being scrapped for domicile of resident main shareholder(s)
One other area people need to consider is domicile based taxation
I.e if a citizen of say the Uk which doesn’t consider you tax resident when non resident x years and no connections to the Uk, but floating around (non 180+ days in any country) - but having a home in say Thailand etc for Thailand may consider you tax domiciled within it even if floating around - this likely impacts Europeans more for non residents etc
Additionally in my case I have 0 annual income (not employed by the company) an a shareholder.
I own the majority of a company overseas but don’t get any dividends annually and don’t partake in its day to day operations or revenue sides etc
Because of the way the company operates it doesn’t liquidate its position for 5-10 yrs and when it does in that year or proceeding year or years I get dividends if there are any.
Due to knowing ahead of time roughly a year out - I can tax plan - previously it just meant maturing funds overseas and bringing in as needed due to Thailand territorial tax or other countries laws (Dubai, HK, etc)
Now it means travelling for 7 months (at worst case)
BUT because I’ve always rolled over 99% of dividends as re-investments I am grandfathered in with the savings rule meaning the principles prior to 2024 are tax free when i decide to draw it down.
So technically I don’t need to “travel” just take out principle and live off that until I die or travel and redeem dividends or live in a tax haven (caymans etc).
Its important to have a discussion/sit down with the Revenue Department (like i did) as every nationality, and every person is different.
In my case nothing really changes except redemption of dividends in-line of principle investment(s), Good Easy Follow Accounting, and Thailand not bringing onshore overseas operating companies because their shareholders are residents (basically overseas employee / management etc being scrapped for domicile of resident main shareholder(s)
One other area people need to consider is domicile based taxation
I.e if a citizen of say the Uk which doesn’t consider you tax resident when non resident x years and no connections to the Uk, but floating around (non 180+ days in any country) - but having a home in say Thailand etc for Thailand may consider you tax domiciled within it even if floating around - this likely impacts Europeans more for non residents etc
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Malaysia or singapore are the only decent tax residency options in the region, spend less than 6 months in Thailand and you are good, maybe living in northern Malaysia and maintaining tax residency and just driving to Thailand wouldn't hurt. I am seriously considering Malaysia too once I am done with Malta.
Living as a foreigner in northern Malaysia is... A truly horrible idea. You should probably do at least a little research about the prevailing culture and state of matters in northern Malaysian states before contemplating such move.
I’ve been a few times in Penang island and it’s amazing and there is a big expat community that does activities constantly. The beach sucks but the people and food is way better than Thailand. Also you are half an hour flight away from Phuket for some party life in case you are missing that
