New Long Term Visa - Not Easy To Obtain.

georgefromcanada said:
https://thethaiger.com/hot-news/expats/ltr-visa-lures-just-2920-applicants-in-four-months


2920 applicants in 4 months and under 200 of them wealthy. This isn't going to be a game changer.
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I'd like to see someone from Thaiger or Bangkok Post grill them over how many of the 'wealthy pensioner' applications have actually been approved, and how many of those approved under the $100,000 USD 'one year before application' in bank savings account provision. I'd guess very few. They don't seem to be willing to understand that money on deposit in a USA Federal Money Market account is not a bond, as you can always take your money out at full value. We're now getting 4.5% interest on this safe investment, so only very foolish 'wealthy pensioners' would have their money sitting in a bank savings account earning next to nothing while inflation goes up.
 
Mel Malinowski said:
I'd like to see someone from Thaiger or Bangkok Post grill them over how many of the 'wealthy pensioner' applications have actually been approved, and how many of those approved under the $100,000 USD 'one year before application' in bank savings account provision. I'd guess very few. They don't seem to be willing to understand that money on deposit in a USA Federal Money Market account is not a bond, as you can always take your money out at full value. We're now getting 4.5% interest on this safe investment, so only very foolish 'wealthy pensioners' would have their money sitting in a bank savings account earning next to nothing while inflation goes up.
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Mate, as I have already posted, WHF would you bother to committing vast amounts of cash in this burg @ paddy rat interest rates.
I only have what I need to survive in my banks here to which I top up monthly from my Australian pension fund.
I am quite satisfied with the performance of my overseas, Australian, investments earning me 7-11% annualy- tax free.
Basically, if you can't afford to loose, you can't afford to gamble.
 
No change in policy from the Board of Investment. One might wonder if some B of I members are profiting from the useless health insurance policies they're forcing on 'wealthy pensioners'. That is the only reason I can see to reject substantiation of ample resources to pay for your own health care. I am declining their offer and sticking with annual 'retirement visas' despite it requiring the keeping of 800,000 THB permanently in a Thai bank account earning essentially no interest (the banker's lobby wins out). The inflation cost of this is at least 40,000 THB a year. Part of the price of admission to the land of smiles.
 
Mel Malinowski said:
No change in policy from the Board of Investment. One might wonder if some B of I members are profiting from the useless health insurance policies they're forcing on 'wealthy pensioners'. That is the only reason I can see to reject substantiation of ample resources to pay for your own health care. I am declining their offer and sticking with annual 'retirement visas' despite it requiring the keeping of 800,000 THB permanently in a Thai bank account earning essentially no interest (the banker's lobby wins out). The inflation cost of this is at least 40,000 THB a year. Part of the price of admission to the land of smiles.
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A minor point - it is not necessary to keep ฿800,000.00 permanently in a Thai bank account. Only for 5 months of the year; ฿400,000.00 for the other 7 months.
 
Yorky said:
A minor point - it is not necessary to keep ฿800,000.00 permanently in a Thai bank account. Only for 5 months of the year; ฿400,000.00 for the other 7 months.
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I haven't found what I consider a prudent, safe way to get better income during the other 7 months within Thailand, and sending it abroad has issues. Any suggestions? I am currently moving money over when there are exchange rate opportunities (brief high rates, like 35THB/USD recently) and keep about 3M THB in K-Bank at almost no interest to fund family assistance and building. A second issue is at what point would I get enough income to have to file/pay Thai tax on the income? The bank deducts something like 10% anyway.
 
Mel Malinowski said:
I haven't found what I consider a prudent, safe way to get better income during the other 7 months within Thailand, and sending it abroad has issues. Any suggestions? I am currently moving money over when there are exchange rate opportunities (brief high rates, like 35THB/USD recently) and keep about 3M THB in K-Bank at almost no interest to fund family assistance and building. A second issue is at what point would I get enough income to have to file/pay Thai tax on the income? The bank deducts something like 10% anyway.
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I believe that you have to have a total income of above ฿150,000.00 p.a. before you are liable for income tax. However, the bank deducts "withholding tax" of 15% on all income from interest payments. That tax is reclaimable should you not exceed the ฿150,000.00 p.a.
 
Ivor the Engine said:
Your tax bill is halved if your married to a Thai citizen.
I am unclear about this, but had 100% of last years bill refunded because I'd reached the age of 65.
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Do you mean the non-taxable income is doubled, e.g. ฿300,000.00?

Or you only pay 7.5%?
 
Mel Malinowski said:
No change in policy from the Board of Investment. One might wonder if some B of I members are profiting from the useless health insurance policies they're forcing on 'wealthy pensioners'. That is the only reason I can see to reject substantiation of ample resources to pay for your own health care. I am declining their offer and sticking with annual 'retirement visas' despite it requiring the keeping of 800,000 THB permanently in a Thai bank account earning essentially no interest (the banker's lobby wins out). The inflation cost of this is at least 40,000 THB a year. Part of the price of admission to the land of smiles.
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I had a B.O.I. company for 15+ years.
Other than being able to have a 2 year WP and visa it was the most hopeless govt dept to deal with. Monthly accounting, weekly floor plans and ridiculous hoops to jump through.
It was OK at airports for express lanes but I had the APEC card, so it wasn't value there either.
Accountants love you for having BOI though!...[and you have to have an accountant]
 
Ivor the Engine said:
I paid 3600b (PAYE) and all of that was refunded. NO idea why, but I cashed in the cheque rather promptly!!!!!
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How do you go about getting a refund? Is the 150,000฿ per annum just apply to income earned in Thailand? My wife is going to have to eventually deal with filing an American income tax return (after I die), as I've set up a trust to provide her with lifetime income. She'll also get my social security, all deposited in an American bank. Hopefully as an eventual dual national, the US income won't need reporting in Thailand for her.
 
FERRET said:
Mate, as I have already posted, WHF would you bother to committing vast amounts of cash in this burg @ paddy rat interest rates.
I only have what I need to survive in my banks here to which I top up monthly from my Australian pension fund.
I am quite satisfied with the performance of my overseas, Australian, investments earning me 7-11% annualy- tax free.
Basically, if you can't afford to loose, you can't afford to gamble.
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Great returns, Ferret. We cannot get those rates in USA currently other than from rather risky 'junk bonds'. I got lucky dabbling in the stock market recently. Having just bought a Tesla in USA, I liked Tesla's prospects and bought several thousand shares when it dropped from its $415 high in 2022 to $185 last November. It then proceeded to drop to $107! Oh well. I waited. When it bounced back up to $250, I sold it, getting a bit nervous about competition from China, netting $140,000 gain, enough to pay for my Tesla more than 2x. Sometimes you get lucky. It then went up to $285. Oh well, market timing is hard. It's now $257. I don't trust the current USA stock market bubble, but I've been wrong before, most of the time! I usually avoid gambling on market timing, as I know less than most of the big players, so I just keep a modest index fund investment on the whole USA market. I don't understand the Thai market at all, and am avoiding investing there or in Thai businesses. My recent experiences with the Thailand Board of Investment are not encouraging.

Have you heard the joke: "How can you make a small fortune? Start with a large one and buy a winery."

Has anyone here set up with K-Bank to put your money in better interest earning options? I think they're only available to Thai citizens, and I don't really understand them and thus am cautious.
 
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Yorky said:
A minor point - it is not necessary to keep ฿800,000.00 permanently in a Thai bank account. Only for 5 months of the year; ฿400,000.00 for the other 7 months.
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They do look carefully at your bank statement. They're requiring you get it same day as when you go in to renew! Do you remember the exact rule? A certain time before applying, and then 3 months after?
 
Ivor the Engine said:
Please remember this is Thailand, so different rules applies to different offices and officers on different days!
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When I think of investing in the (American) stock market,
I try to remember how Leonard Cohen put it in his song

'Everybody Knows'

Everybody knows that the dice are loaded
Everybody rolls with their fingers crossed
Everybody knows that the war is over
Everybody knows the good guys lost
Everybody knows the fight was fixed
The poor stay poor, the rich get rich
That's how it goes
Everybody knows
;)
 
Mel Malinowski said:
They do look carefully at your bank statement. They're requiring you get it same day as when you go in to renew! Do you remember the exact rule? A certain time before applying, and then 3 months after?
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I don't think the rule says that you must obtain a bank statement (and letter) dated the same day as the application for the extension, but that's how the officers have decided to interpret it. Regarding the "3 months after" rule, I have not (yet) been asked to provide proof of this although the officers do take some time inspecting my bank passbook for the previous year.
 
Yorky said:
I don't think the rule says that you must obtain a bank statement (and letter) dated the same day as the application for the extension, but that's how the officers have decided to interpret it. Regarding the "3 months after" rule, I have not (yet) been asked to provide proof of this although the officers do take some time inspecting my bank passbook for the previous year.
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I have heard of people having to present proof to get thier next 90 day report completed.
 
Ivor the Engine said:
I have heard of people having to present proof to get thier next 90 day report completed.
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Year before last, they (immigration office Chong Chom) saw that my balance had dipped to 720,000 at one point 2 months after renewal, and threatened to fine me. I think we resolved it by buying snacks and drinks for the whole office ;) At least they will negotiate. I had a funny 'border' experience in Indonesia some years ago. Flew in to Manado, North Sulawesi on the way to Gangga Island Resort with my wife. The official said that I did not have a full page free in my passport for their admittance stamp, and would have to go back to Singapore. But no flights left that afternoon. I suggested we discuss it, and so he took me into a back room (no witnesses) and I asked him if there wasn't a solution possible. He said $600 USD would solve the problem. Ah, a negotiation. I settled for $300 USD. The resort was waiting to pick us up, and the manager was pissed. He said that the head of immigration in Manado was in on it, and they had been targeting wealthy foreigners to shake down. The government in Jakarta wouldn't do anything about it.
 
Mel Malinowski said:
Year before last, they (immigration office Chong Chom) saw that my balance had dipped to 720,000 at one point 2 months after renewal, and threatened to fine me. I think we resolved it by buying snacks and drinks for the whole office ;) At least they will negotiate. I had a funny 'border' experience in Indonesia some years ago. Flew in to Manado, North Sulawesi on the way to Gangga Island Resort with my wife. The official said that I did not have a full page free in my passport for their admittance stamp, and would have to go back to Singapore. But no flights left that afternoon. I suggested we discuss it, and so he took me into a back room (no witnesses) and I asked him if there wasn't a solution possible. He said $600 USD would solve the problem. Ah, a negotiation. I settled for $300 USD. The resort was waiting to pick us up, and the manager was pissed. He said that the head of immigration in Manado was in on it, and they had been targeting wealthy foreigners to shake down. The government in Jakarta wouldn't do anything about it.
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Back in 90s we flew into Bali with open return tickets. "You must have fix dated return tickets" we were told. "But I don't know when we are returning (to Malaysia), it depends on my office workload". "You must have fixed dated return tickets" he repeated, "Go to the Malaysian Airways desk and have them converted to fixed dated tickets". "OK" I agreed.

I didn't though.
 
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