Thailand visa - Long Term Resident (LTR) Visa Explained
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- čas přidán 9. 09. 2022
- Long Term Resident (LTR) Visa Explained in Thailand
What are the guidelines and prerequisites for long-term resident visas now that they are open for applications? What differentiates it from the elite visa? Is it really that different from a permanent resident visa? In this video,
we outline the eligibility, requirements, expenses, and application process.
www.boi.go.th/en/index/
#10yearvisa #longtermvisainthailand #retirement #Thailandvisa #thethaiger
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The very expensive way to get around 90-day reporting. I don't see any other benefits
How about 5 year visa for current retirees.
I have huge doubt on some facts.
1. I cant invest in house. Only apaprtment allowed n that is also over priced.
2. In Dubai, i am having own Villa and cars (far cheaper than Thailand). I would love to u maintain same lifestyle if i shift to Thailand. Right??
3. Security in Dubai is 2nd to none. Even at night 2am my wife can go out with her jewllery on alone. No problem at all.
4. In thailand in any case, i have seen thailand Judicial system always support Locals only.
5. Here in Dubai, safety n security is like top priority of govt. Crime rate is minimum to minimum.
6. If u compare apartment price or villa price with Bangkok, Dubai is cheaper.
Kindly explain on these issues.
I am ready to shift to Bangkok. But i will get only apaprtment (over priced), house or villa only with thai partner (51%). Kind of ridiculous. For car i have to pay huge custom n excise duty. All together this deal is still not so lucrative.
Ur advice please...
You can buy a house here as a foreigner and lease the land for at least 30 years.
Too many rules to this LTR visa, all covered with ambiguity.
Why would foreign corporations permit their staff to work from Thailand? Almost all corporations would prohibit this arrangement, either for data security, or once a week or once a month you need to attend a face to face meeting in person and this is not doable to be flying around the world back and forth for a meeting.
If an employed engineer in the west applied and received the LTR visa, his employer most likely would terminate his employment, if they find out he is remote 10000 KM away. What would happen to his LTR visa in this case?
If you are a self employed with your own corporation, in that case you do not qualify because the corporation size does not meet the minimum few hundred millions $ revenue per year.
17% tax rate, but what about taxes owed to the home country? does Thailand has agreements to avoid double taxing people?
Why would a rich investor, take risk and invest millions in Thailand? is it the best investment environment? or is it simply to have the privilege to be in the country?
Either way you think of it, it does not work. I suggest that Thailand immigration to put out more information online in the form of questions and answers
the info implies that once you qualify, you are good for 5 years before having to prove you qualify again. With VPN, most companies are secure. Many countries have tax treaties, and expat work everywhere in the world. It will be interesting what the home country does when Thailand decides it doesn't want its share. more details would definitely help clear things up.
Plenty wealthy people have holiday homes in Thailand that would qualify them for the invested assets. It’s not that crazy
On tax, you're fundamentally misunderstanding how DTAs work. If you're not a US citizen and you're not tax resident in another country, you are taxable only in Thailand. Thailand taxes residents on a worldwide basis but only foreign-source income if it is remitted in the same year it is earned. However, most people don't understand what foreign-source income is. I'll break everything down here:
There is ambiguity around the taxation of remote work online in Thailand - so much so that I've pretty much decided to abandon my plans to work remotely from Thailand - but I thought I'd write this to pass on what I found from my research. Although I do write about tax law for a living, I am not a Thai tax lawyer - this isn't tax advice.
Double tax agreements in the sense you describe only matter for persons taxable in two states - the matter when you relocate part way through a tax year. If you're no longer resident in your home country then don't worry about that. If in a year you are taxable in two states, a double tax agreement sets out taxing rights for each country, providing for double tax relief either through a credit or exemption in one country.
What matters, however, is permanent establishment (PE) rules for your employer (which are in the DTA, if available). What matters for an employer is does your presence for them in Thailand create a presence that creates corporate tax liability for them in Thailand, and payroll tax considerations - that's then what would lead to termination of a contract. This will depend from country to country, but it can be down to simple matters like hiring co-working space, negotiating contracts on their behalf, and making key decisions in Thailand.
Self employed people potentially don't have this issue and you're right that the work permit office will question employer turnover then (but I'm told that the permit office and tax office operate separately). Apparently a well-worded application will be enough, if your client is big enough and happy to accommodate with a letter. What matters is you work for a big enough company, not the capacity in which you work for them. Apparently working for a subsidiary of said company isn't enough - it must be for the HQ, or at least that's what's needed to be said to tick the box with immigration!
It's important to note that the 17% tax rate only applies to LTR for professionals, not LTR for remote workers.
I did a lot of research into this, including talking to a local tax lawyer and the tl;dr is that the LTR for remote workers = paying full tax in Thailand.
It's attractive mainly for those wanting to be in Thailand for non-tax purposes, where they don't want the hassle of 90-day reporting, the cost of Elite, and seek surety of a digital work permit.
Potentially there is a business deduction (reducing taxable income by 60%) for those working in a self-employed capacity. This is Section 40(7) income, from what I can work out, although it is unclear whether it is limited only to construction workers (it seems not to be but should ask a local tax pro). Unfortunately I looked into this only after talking to one and because I'm unsure whether to move to Thailand I haven't paid to also discuss this.
The 2021 PIT form filing instructions say this income is "Income from contracts of work":
● You supply your own equipment and other materials which are essential for the work. Your employer does not provide them.
● You control the hours of work.
● The work can be either temporary or permanent.
It says: "You may choose to deduct a fixed-rate expense by checking the “60 percent” box and entering 60% of the income stated in Line 1, or an actual expense by checking the “Actual” box and entering the actual expense necessarily incurred."
Because the PIT system is progressive, a 60% taxable income reduction, for me, led to a 75% reduction in liability. For example, someone earning 100k in a year who would otherwise have a liability of 20k might only pay 5k after the deduction.
There are plenty of videos out there that suggest you can pay 0% tax in Thailand, legally. Having spent two months going around in circles with this, I'm fairly certain that this simply isn't the case - that is, unless you are truly earning foreign-source income (typically passive income from stuff like property rentals, which are typically taxed at source). There may be ways to obfuscate the nature of your income but interposing legal entities offshore doesn't change the fact you're working remotely from Thailand - and you're literally going and filing papers with Thai authorities telling them such.
It's apparently the case that Thai authorities don't care enough to challenge foreigners working online about not filing and paying taxes but that might not be the case forever and the statute of limitations is lengthy and penalties are high. IMO, it's not worth the risk, particularly given the local legal system. It's much better to have your ducks in a row.
Hope this helps someone!
Public corporations meeting the revenue requirement would not want to risk Permanent Establishment; the risk that the company becomes liable for Thai Corporation tax because 1 employee wants to work remotely in Thailand. Technically only applies to those in sales or who habitually exercise Power of Attorney in contracts.
Has anybody got any advice for a freelance photographer wishing to move there. Wanting to avoid the Thai staff requirement of 4 Thai persons which would make it obviously impossible. Wanting to shoot weddings and events there and with work permit. Any thoughts on what visa would work?
Thank you for this video. Minor correction for the Wealthy Global Citizen LTR visa: the requirement is not to invest USD 1m into Thailand but USD 500k by means of Thai government bonds, investment in a Thai company, or property (condo). The USD 1m requirement is related to both domestic and foreign assets in total.
Thanks Andre
The Land of Smiles and the big Welcome of yesterday is fast diminishing each and every Video makes Thailand less attractive ,There is a sad sense of greed in the planning ,Remember the Budget Tourists of Kao San Rd back in the 80s they actually made Thailand what it is today..Just open and Welcome the people again ,Im off to Vietnam this Year which has the Welcome Thailand used to have .
How is taxation working for remote workers?
When the department of Tourism and Sports get together and brainstorm on a Friday night with a case of Sangsom this is what you get.
Thanks.
Welcome!😊
Does anyone recommend a health insurance company please, thank you!
You could try looking at AXA Thailand, Michael!
Could you please talk about 1 year visa requirements when i am in thailand not in embassy in my country and new visa on arrival 30 days plus 45 ?
Kapunmakrub
Can U plz explain 17% income tax for highly skilled professional on LTR ? Does it also apply to Digital Nomads ? I mean , would a digital nomad be paying taxes in both the countries ?
This is only for incoming in Thailand, not from abroad.
Doubt it but good luck. Wish they would treat retirees better, visa wise, as while they may not be millionairres, the input to the Thai income is substantial and consistent. It is nice the LTR is available to retirees butbthe $$ amount is not specified. Anyone know?
Richard, as a Wealthy Pensioner under the LTR, you need to demonstrate receipts of pensions and/or fixed personal income of at least USD 80,000 per year as of the date of application. Alternative the equivalent of USD 40,000 per year plus investing USD 250,000 in Thai government bonds, a Thai company or property (a condo). The price for the LTR visa is THB 50,000, but it only gets you the first 5 years. I understand that for the second 5 year renewal you will be charged again. So THB 10k a year.
@@aublumberg Thanks, I finally did find it at immigration site and as I read the requirements I relaized it is nuts and not for the average Joe. Also, the TEN years is five years and extendable ONE time. Plus, the quote I saw for the visa was $14,000 or similar. Thanks for the reply. I will stick with the O Retirement Visa
Non of this makes any sense. Groups that have Millions of Euros/Dollars don´t need this visa, because hey can easily afford the Elite Visa. And "digital nomads" for "big companies" do not exist, because they have a contract in their country of residence, so also have to pay their taxes at home and can not stay in Thailand all year long. Digital nomads work as freelancers.
There will not be a lot of applications.
Totally agree with you. I am a software engineer working remotely, I live in this beautiful country pretty good, every month I inject not less than 2000$ in the economy, but for some weird reason it seems that it is not good enough for this gobern. And I know many other expats with lower salaries working remotely, and they can live here with 1000$ approximately. If all of us leave the country I think it won't be good for the economy, that's why I really do not understand this .... no sense requirements. Only a very very small % can match this requirements. And the other thing, most of the big companies employees cannot work remotely for a long time, then.. this visa is for who?
Just repackaging the same pitch: Please come here with your fortune and spend it here. I love Thailand dearly, but they're really not doing much for what should be their biggest demographic: middle to low earners who love the low cost of living and will gladly spend all their money here. Attracting large numbers of those would be a great scheme. Unless anyone can correct me on this.
If you qualify why would you waste money on Elite when LTR is a fraction of the price? Just because you are wealthy doesn’t mean you are stupid and just waste your money, often quite the opposite and you have been careful
@@WylieWestie You have to disclose source of income for LTR. Elite you don't need to disclose what income you earn and from where.
@@w0rld_d Yes of course, that's one of the requirements. But if you qualify and have that source of income then for me it's a no brainer. Obv everyone has different needs and requirements though and some will still prefer Elite. For me I don't see the benefit of Elite over LTR if you qualify for LTR.
I see a lot of comments from retirees who presumably cant afford the Elite Visa or have enough retirement income to qualify for this new 10 year one. Frankly speaking, unfortunately for the Jai Dee Falang with just less retirement income, Thailand has had a huge problem with old drunks and derelict youth marrying Thai women (and often abusing them) and not contributing to the positive aspects of Thai culture or much to the economy. I can totally understand why they are trying to attract a wealthier and more educated class of people from around the world. They hope for a stronger economic population and less of a derelict drag on their culture. Whether or not it will be successful remains to be seen.
How much pension per month must the rich retiree prove?
Is this the presenter’s voice or a voice over?
It's the presenter's voice
I don`t get it. If you are wealthy enough to meet the criteria, simply buy the Elite-Visa. Who needs this?
LTR is way cheaper so why would you pay so much more if you qualify?
Different visas for different purposes. Elite visa is a long-term tourist visa that does not provide work authorisation.
Well I easily met all the requirements for the work as professional from Thailand, so they made up one not on the list and rejected my app. Maybe this LTR visa is a big PR stunt and they really don’t want to approve anyone for this? Or maybe they expected a bribe? I feel like there is something fishy going on here.
Did they tell you which criteria you allegedly didn't meet? I had a clarification email as well claiming I fell short of something but then I clarified and it went through. It's all still very new and they are still learning the ropes ...
@@aublumberg yes not enough of my work was done in Thailand (I travel SE Asia for work)
@@johnbaker26 I was plainly told no digital nomads or freelancers. I'm neither.
I'm not employed though - I have a contract for services instead. I satisfy income threshold and my client is large enough (I've worked for them for over a decade). Any clarification on this would be handy. Thanks!
@@aublumberg What was it that you fell short of, if you don't mind sharing? - was the visa fee at stake had you failed (would you lose your money if rejected)? Do you expect to pay 17%?
@@w0rld_d They requested certain income proof documents which I had already submitted, so just a clerical error on their part. I submitted the same docs again and it went through. You only pay the visa fee after the visa is approved, so no issues there. This is not tax advise (please seek qualified advise) but to my understanding LTR-T provides tax exemption from overseas income. The exemption from Thailand income tax on foreign-source income for LTR Visa holders is a right (a legal right) that is granted under a Royal Decree, in this case, Royal Decree (No 743). And in order for you to be entitled to this Royal Decree right, the Director-General's instructions are that you are required to comply with, and continue to comply with, the Board of Investment's rules, procedures and conditions for the LTR Visa.
The sound doesn't correspond of the lips' movements of the speaker. Sound's rearrangment problem ?
Thailand definitely needs to treat all retirees and married to a Thai nationals with more respect in regards to the visa circus ..it should be much easier to obtain a visa that the circus it currently is.. every retiree and or spouse sinks a fair chunk of money into the kingdom.
Someone should do some digging and find out how many foreigners have visas and what type. Would be interesting. Hint, hint.
My guess is zero
@@philread7668 OX? OA?
ok, right on it
Fantasy economics and utter dreamland nonsense as usual. You know for an investment of $300k you can live in Portugal. EU resident. Without all the Thai restrictions. And no time limit. And of course you can buy your own house. For a million you can apply to US, Canada, Ozz, UK NZ. Thailand needs to get real
But the women are not as pretty 🤣
1 Trillion baht. Ok then 😂
A million per retiree per year. Now haven't we heard similar figures before? HMMMM.
Take care n bye...
The world is truly upside down. And Thailand is doubling down. These visas are mainly targeted at Chinese. China is going thru a major banking and financial crisis of their own. In Hebei Province your savings is now worth 50 percent less. And the wealthy all across China are having to face insurmountable obstacles to moving their own funds anywhere else.
Start saving my pocket money up
Wishful thinking Thailand ain’t all that… Really
if you're a millionaire just get Thailand Elite & base your company & assets in Hong Kong or Singapore. A sensibly priced Digital Nomad visa at around 20,000-30,000thb per year would sell like hot cakes. Proof of minimum funds in bank, insurance & a real job should be the only criteria.
Elite is fine if you don't need a work permit. The key difference with LTR is that you are allowed to work.
The criteria is utterly stupid because no one will be invest this much. The criteria should be all the other points except the investment. If they want they can increase the income from 80k to 160k to make sure only the wealthy will enter the country. Once these wealthy guys are in they will obviously spend money in the country and contribute
You can’t say no one will because people have and do. Sounds like maybe you qualify on salary but don’t want to invest (which is entirely your choice) so don’t qualify and are upset by that
The link is not working, even with vpn.
There is not any meaningful information, you have missed anything.
I think that most of the tourists from Europe that go to Thailand before the pandemic doesn't come back again. Thailand is to expensive for most families and we travel in Europe instead. Only the sex tourists and the ones who have family is interested to come back
That’s just so not true.
@@WylieWestie I don't know anyone who goes to Thailand this year except the ones with family in Thailand or the sex traveller. But you are little right. There will be lots of Russian nazi in Thailand. They are welcome in Thailand
@@MrHasse74 you clearly don't know many people then 🤣
@@WylieWestie you don't know much. I have no friends from Sweden that goes to Thailand this year. And everything is because of Thailand let russia nazi come
BTW, the work from Thailand option, it's still likely you have to pay tax on the income from your overseas employer as it is classed as Thai sourced income. I'm having to now consult a tax accountant in Thailand to explain what the tax laws with this visa is since I've had mixed guidance/responses. So the only thing stopping me from getting this visa is not the requirements, but more information available on the tax that will be levied. The overseas income tax exemption is just foreign investments or doing some of that work back home in your home country. It does not include the income earned while residing in Thailand I believe.
definitely unclear. Seems like there is no Thai tax as a digital nomad, and depending on your country, they may not charge you tax on income if you live outside the country for more than 180 days. Lots of tax treaties. Unclear if Thailand doesn't want it, if your home country will want all. I'm OK with paying full home country tax if they want it. Cost of living is much lower in Thailand and I will still come out way ahead.
They issued a Royal Decree No. 743 in May 2022 and section 5 outlines the tax exemption for Wealthy Global Citizen, Wealthy Pensioner, or Work-from-Thailand Professional. I agree with you completely that the tax exemption aspect must be crystal clear and this decree seems to be the approach. I'm planning to seek further advise from a tax professional in Thailand on this matter.
I think you only need to pay tax for the incoming in Thailand, not abroad.
@@dontysk that is not correct in general, depends on the circumstances. If for example someone resides 180+ days in Thailand per calendar year, income earned overseas is also subject to Thai personal income tax if it is remitted to Thailand in the year it is earned.
@@aublumberg If I am wrong I really will appreciate if you can share a link or something about this because I tried to find this for a long time, and people i asked always said that incoming from abroad is not taxable in Thailand. Thanks
Just pay the buyin at the thaipoker table
How can one stay in Thailand for a year now?
3:30 the problem in not those skilled workers wanting to come to Thailand. The problem is Thai companies willing to hire workers from wealthy countries that earn top dollar and those employees having to explain why they are willing to work for less (Since the thai companies can't afford to pay them higher anyway). The ltr visa for those high skilled professionals is useless if they still have to earn above 80K USD because no Thai company will pay above 80K usd. The fix is changing the mindset of the thai companies, not enticing the foreigners.