Thailand 0% tax

[TheCryptoAnt]

600k = peace of mind, quick and less stress/annoyance.

This is it. Theres a lot of people in this forum using the expression 'giving away money' to the TH government.
No bitches you getting a 5 yer visa and peace of mind. I rather pay than having to deal with immigration/IRS/government of any type

The banks treat you as "Non Resident" even with a TIN... they ask for your home address back home even if you've not been there for a decade lol, and even when the Government organise your bank account as a investor visa, elite visa, etc.

I always though that in reality nothing stops you from giving them some random address in a random country.
They don't check anything.

 

[wellington]

I always though that in reality nothing stops you from giving them some random address in a random country.
They don't check anything.

True

This is it. Theres a lot of people in this forum using the expression 'giving away money' to the TH government.
No bitches you getting a 5 yer visa and peace of mind. I rather pay than having to deal with immigration/IRS/government of any type

On forums such as Aseannow.com or Facebook (local expat groups) these arguments would make sense, for the vast majority.

However on a forum such as this you'd at least hope the people commenting (aside from moneylaunders, tax evaders etc) have a good understanding on the value of time, and wealth enough to afford to reduce their time losses to jumping through hoops (and then complaining about such).

 

[Mercury]

I sat there and worked it out once FYI.

I sat there and worked it out for several years FYI.

I was used to do it at Bangkok Immigration and didn't mind wasting half a day to apply then another half-day to get my passport stamped after consideration period. Total cost = 1,900 + 3,800 = 5,700 THB/year + gas to drive there and back.

Now if people prefer to avoid that kind of hassle spending 600K for a 5 years Elite Visa, up to them.

 

[RealDude]

I sat there and worked it out for several years FYI.

I was used to do it at Bangkok Immigration and didn't mind wasting half a day to apply then another half-day to get my passport stamped after consideration period. Total cost = 1,900 + 3,800 = 5,700 THB/year + gas to drive there and back.

Now if people prefer to avoid that kind of hassle spending 600K for a 5 years Elite Visa, up to them.

Cheap Charlie

 

[Mike Forman]

This is it. Theres a lot of people in this forum using the expression 'giving away money' to the TH government.
No bitches you getting a 5 yer visa and peace of mind. I rather pay than having to deal with immigration/IRS/government of any type



I always though that in reality nothing stops you from giving them some random address in a random country.
They don't check anything.

They expect an address in your country of citizenship, the address details don't matter to anyone, the country does.

If you declare another country as your residence they would expect proof you are a permanent resident (temporary resident is not accepted normally, as it is temporary and they need your permanent address, which is always your country of citizenship unless you can provide another residence card, even you havent been to your home country for ages) in that country and address proof by utility bill, credit card statement.

At least that's how it is in other countries, for Thailand specifically I can't say but with the CRS implementation they will follow the procedures layed out by the bank HQ and be CRS compliant

 

[khinkali]

Had my first one over a decade ago, was done within 10 minutes, i provided no paperwork, company sorted it and had legal on payroll, can't say for certain whether fees were 'paid', but with the parties involved, i doubt it (sincerely).

If you got a non-B visa and work permit in 10 minutes then either you were incredibly lucky or your lawyer was passing money on. I knew people who were adamant that their work permit and visa were legit, handled in a week or so and paying a lawyer £500 to $1k or more than the government fees to their lawyer, "to get the paperwork right" lol.

I agree that cops higher up the hierarchy can be well paid; also immigration police are making good money on the side.

The company I worked with had >100 Thai employees and only three farang; even then it took weeks and was like pulling teeth to do it legitimately. As I wrote above, it's not necessarily a good approach to pay if you plan to stay a long time. It's hard to get off the bribery train once you're on it.

 

[TheCryptoAnt]

I was used to do it at Bangkok Immigration and didn't mind wasting half a day to apply then another half-day to get my passport stamped after consideration period. Total cost = 1,900 + 3,800 = 5,700 THB/year + gas to drive there and back.

For which visa?

At least that's how it is in other countries, for Thailand specifically I can't say but with the CRS implementation they will follow the procedures layed out by the bank HQ and be CRS compliant

What it its just not possible? as in not having an address, not living there, and all relatives are dead.

 

[Mercury]

For which visa?

Non-Immigrant Visa-O (Thai Spouse)

 

[zzzzzz]

They expect an address in your country of citizenship, the address details don't matter to anyone, the country does.

If you declare another country as your residence they would expect proof you are a permanent resident (temporary resident is not accepted normally, as it is temporary and they need your permanent address, which is always your country of citizenship unless you can provide another residence card, even you havent been to your home country for ages) in that country and address proof by utility bill, credit card statement.

At least that's how it is in other countries, for Thailand specifically I can't say but with the CRS implementation they will follow the procedures layed out by the bank HQ and be CRS compliant

I was looking at CRS self-certification form for Citi bank in Thailand, and they mention only:
"current residence address"
"mailing address" (if different than residence address)
"place of birth" (town/city, country)

They also ask for all tax residences + TIN that you might have. But no question about your address in the country of citizenship.

 

[wellington]

I was looking at CRS self-certification form for Citi bank in Thailand, and they mention only:
"current residence address"
"mailing address" (if different than residence address)
"place of birth" (town/city, country)

They also ask for all tax residences + TIN that you might have. But no question about your address in the country of citizenship.

Think Citi was an American bank (different practices?) -> though recently sold if memory serves.

Actually sailing around the world would cause a huge problem (in the future) historically (if non US) you'd have no tax status unless stopping in a country for longer than usual.
Some say move to Dubai, or here or there -> arguably floating around the world seeing it and stacking $ tax free would be a better experience than sitting in a soulless country.

I bring up sailing as Thailand (south) is a major stopping off point for people sailing around the world and a lot live in the region with the country being a base of operations for major overhauls for and weather system changes.

 

[yngmind]

Think Citi was an American bank (different practices?) -> though recently sold if memory serves.

Actually sailing around the world would cause a huge problem (in the future) historically (if non US) you'd have no tax status unless stopping in a country for longer than usual.
Some say move to Dubai, or here or there -> arguably floating around the world seeing it and stacking $ tax free would be a better experience than sitting in a soulless country.

I bring up sailing as Thailand (south) is a major stopping off point for people sailing around the world and a lot live in the region with the country being a base of operations for major overhauls for and weather system changes.

Thai is also cheap.

I will save $50K annually because of the cost of living here.

 

[RealDude]

How do you cope with the 9 months of bad weather between February to October with monsoons and temperatures around 40 °C (104 °F) in Thailand/SEA?

Not to mention the burning time.

 

[Mike Forman]

How do you cope with the 9 months of bad weather between February to October with monsoons and temperatures around 40 °C (104 °F) in Thailand/SEA?

Not to mention the burning time.

Each have their lifestyle preferences, some people prefer to live in a country where it's most of the time sunny and warm, where you are able to jump at any moment in the pool or the ocean and surrounded by palm trees and lush green. This instead of Northern Europe where people half of the year live under depressive weather conditions where it's cold, cloudy and rainy.


Not sure if you have lived in SEA. Same could be asked how does someone cope in Northern EU with 8 months a year cloudy, cold and raining,being lucky you can walk two months a year in a shirt and having the dream the whole year to travel to that sunny beach country.

Sometimes rainy days/weeks in SEA are a relief, cools down the heat and its a good time to spend some time inside. There are very seldom 2-3 weeks where it non stop rains, mostly it rains a few days or hours, and you can still walk in your shirt and get a free warm shower.

During the hot days you spend your time in the afternoon inside your office, home, resto, mall with airco or at the pool.

 

[RealDude]

„Being lucky you can walk two months a year in a shirt“

Where?

 

[backpacker]

I was looking at CRS self-certification form for Citi bank in Thailand, and they mention only:
"current residence address"
"mailing address" (if different than residence address)
"place of birth" (town/city, country)

They also ask for all tax residences + TIN that you might have. But no question about your address in the country of citizenship.

That's how it should be. Banks in major financial centres handle CRS this way since it is 100% compliant with the OECD compendium.
Country of citizenship is irrelevant for the purpose of CRS - it goes by residency/tax residency.

 

[Mercury]

If one meets the criteria there is the new Long-Term Resident (LTR) Visa that sounds very interesting.

Cost = 50,000 THB for 10 years.

Privileges among others:
- 10-year renewable visa (5 years first then 5 more years if you still meet the conditions)
- 1-year report to the Immigration Bureau (no more 90-day reporting)
- Multiple re-entry permit
- Tax exemption for overseas income
- Fast-Track service at Thai airports
- ...

Different types of visa notably:

- Wealthy Global Citizens
"Wealthy individuals holding at least USD 1 million in assets and investment in Thailand
+ Personal income of a minimum of USD 80,000/ year in the past two years
+ Investment of at least USD 500,000 in Thai government bonds, foreign direct investment, or Thai property
+ Health insurance with at least USD 50,000 coverage or social security benefits insuring treatment in Thailand or at least USD 100,000 deposit"

- Wealthy Pensioners
"Retirees aged 50 years and older who have an annual pension or stable income
Personal income of at least USD 80,000/year at the time of application
In case of personal income below USD 80,000/year but no less than USD 40,000/year, applicants must invest at least USD 250,000 in Thai government bonds, foreign direct investment, or Thai property
+ Health insurance with at least USD 50,000 coverage or social security benefits insuring treatment in Thailand or at least USD 100,000 deposit"

Need to check what is their definition of stable income though.

More information about LTR Visa Tax

 

[TheCryptoAnt]

How do you cope with the 9 months of bad weather between February to October with monsoons and temperatures around 40 °C (104 °F) in Thailand/SEA?

Not to mention the burning time.

Inverse to coping with the 9 months of bad weather in Europe.

Same same but different.

 

[RealDude]

Inverse to coping with the 9 months of bad weather in Europe.

Same same but different.

Lets wait for 2022

2020 was Europe's hottest year on record 'by a considerable amount,' scientists say | CNN

The year 2020 was Europe's hottest on record, according to a report published Wednesday by the American Meteorological Society, which also found it to be among the top three hottest years globally.

edition.cnn.com

At least 15,000 killed by hot weather in Europe in 2022: WHO

At least 15,000 people have died in Europe because of hot weather in 2022 so far, the World Health Organization said Monday, with Spain and Germany among the worst-affected countries.

phys.org

 

[TheCryptoAnt]

Lets wait for 2022

2020 was Europe's hottest year on record 'by a considerable amount,' scientists say | CNN

The year 2020 was Europe's hottest on record, according to a report published Wednesday by the American Meteorological Society, which also found it to be among the top three hottest years globally.

edition.cnn.com

At least 15,000 killed by hot weather in Europe in 2022: WHO

At least 15,000 people have died in Europe because of hot weather in 2022 so far, the World Health Organization said Monday, with Spain and Germany among the worst-affected countries.

phys.org

You are against global warming because you care about the planet.
Im pro global warming because I cant handle cold weather.

We are not the same.

Its 2023 now tho.

 

[RealDude]

Its 2023 now tho.

Oh, a psychic. How will cryptocurrencies develop in 2023?