Defining Remittance in Thailand & Living From Offshore Company

[Radko]

It is for sure hard to predict. My point is that when you convert 500k USD into THB, any rounding error over 10 years can far exceed the 40k of the elite visa.

I understand, but it's not $500K that you need to invest, is $250K. I don't know if that makes any difference.

Have they published the new requirements for the Elite Visas? I know they were planning on making it a lot more expensive .

 

[Liam13]

Jan 2024 update:
PLATINUM Membership

• Membership validity of 10 years.
• A 5-year multiple-entry tourist visa, renewable for another 5 years.
• It costs 1.5 Million Thai Baht with no annual fee.

 

[wellington]

I am also residing in Cyprus and currrently considering Thailand. I am thinking of the Elite visa for 5 or 10 years. Please correct me, but I understood that you can stay as long as you want with the Elite visa and you are not considered tax resident unless you explicitly apply for one from the Ministry of finance...?

No, in Thailand it's 180 days on Elite in the tax year = tax resident.
Visa allows you to stay as long as you like though until it expires, have to get a new annual stamp and 90 day report though.

Jan 2024 update:
PLATINUM Membership

• Membership validity of 10 years.
• A 5-year multiple-entry tourist visa, renewable for another 5 years.
• It costs 1.5 Million Thai Baht with no annual fee.

Annual fee is 1,900 when getting the new annual stamp....

Have they published the new requirements for the Elite Visas? I know they were planning on making it a lot more expensive .

Think it was 500,000 THB (basic) -> 600,000 THB (beginning Russia/Ukraine) -> 900,000 THB (realising so many Russians were moving and bringing their wealth).

I understand, but it's not $500K that you need to invest, is $250K. I don't know if that makes any difference.

Another alternative is Investment Visa, that's what i did, you can own half a rai with that legally in your own name.
-> I moved to elite a few years ago but it still honours ownership etc.
was 20m THB back then might be same or 40m THB now.

*seems to be one investment visa 10mb now, and another 40mb both potentials for owning land of the back off.

Can't be asked to dig into though.

FYI these investment visa is the only way a foreigner can legally own land in their own name in Thailand but it comes with restrictions (size etc)/disposal etc.

 

[JackieTsan]

Hello gents,
Not like as you say, I did this research very deep and the feedback was that for this income I would have to pay a lot of tax in Thailand (up to 35%) as it's considered permanent establishement. And there are other things that depend which were hard to solve. If you know something else, please share.
Also: Elite visa does NOT give you tax residency. Ask reliable agents or write to Elite visa directly (many agents say yes you do and then you are out).

 

[pomo]

Hello gents,
Not like as you say, I did this research very deep and the feedback was that for this income I would have to pay a lot of tax in Thailand (up to 35%) as it's considered permanent establishement. And there are other things that depend which were hard to solve. If you know something else, please share.
Also: Elite visa does NOT give you tax residency. Ask reliable agents or write to Elite visa directly (many agents say yes you do and then you are out).

Tax residency is not directly related to visa. Spending 180+ days in the country per calendar year will make you tax resident no matter which visa you are on, including Elite. Read first section here for authoritative source, no need to ask agents or elite.

 

[JackieTsan]

to qualify there are basically three options (I excluded one which involved working for a Thai company as it doesn't have the tax exemption):

1. Show $1M+ funds and invest $500k in Thailand
2. Be over 50 years and have $80k/y in passive income
3. Have $80k/y in active income from a publicly listed company (or a private one with turnover of $150M+)

First one doesn't make sense imo, second is best if you can qualify. Third probably not your situation.

But as I was told you pay tax for the 2. For the 80k use per year the tax is around 640k baht that means around 20k usd tax per year, am I correct?

 

[pomo]

No, if you are granted the LTR visa overseas income is fully tax exempt.

If you are here on a regular retirement visa, still only what you transfer to Thailand is taxable.