Thai Retirement Visas: Banking Information Today, Tax Information Tomorrow?

#RetireInThailand #RetirementVisa #Thailand
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[@bryanbrian1234]

This whole thing at the immigration office collecting bank information is a overreach, this time when I did the Ret Visa renewal they wanted 1yr of statements from the bank, a letter from the the bank, copies of my bank book updated on last day every page signed, I am surprised they did not ask for my Pin and Card as well. There are no safeguards on your info and none of the documents where returned to me when finished. Any employee at the office has enough information to hack the account, sell the information or demand a bribe down the road. This is a issue that needs to be addressed first.

[@jackskellington9195]

All governments and Financial institutions Have all information About everyone There are no guarantees against hacking Welcome to the internet

[@jackskellington9195]

Blame America banking system and taxation, making all other countries having to submit this information

[@roybishop8874]

The Bangkok immigration wanted 2 years bank statements from me . I couldn’t get it done there , I had to get it done somewhere esle. A complete waste of time and huge stress

[@jackskellington9195]

@@roybishop8874 every province and immigration office interpretation of laws and does things just a little differently My immigration they only look at my bank book. See that I signed my paperwork stamp and file while I’m sitting there in and out in 15 minutes. And that every 90 days and yearly visa renew I’m retired and this is one of the very few things I HAVE to do Always pleasant and helpful

[@desertsky4899]

Hua Hin immigration office has always required a 1 year statement..which if you use Bangkok Bank they have to get it from the main office and it takes 5 business days ( sometimes a week) .

[@stickmanbangkok]

I would say there is a better than average chance that things will move in this direction. It seems like all of the groundwork is currently being laid...

[@grahamreid2132]

What a pain the ass....I lived, worked in Thailand off and on from 2000-2012 as a younger man. Now aproaching retirement I would rather eat glass than park any money in this country and have to read tea leaves and eventually drink it. .

[@jackskellington9195]

For the quality of life I get here in Thailand for just filling out a few papers worth it for me

[@genestone4951]

@@jackskellington9195 Sure, it's great right now, but things change. This video is about things potentially coming in the future. And its great that Ben is keeping us informed. For instance, with things here so sketchy does it make sense to pack up everything you own and ship it all to Thailand? Not really. I still maintain a storage unit in my "home" (not really anymore) country, for this exact reason. Foreigner status has ALWAYS been sketchy in the kingdom though, so this is nothing new. It's more about keeping the correct perspective on our status here, as MANY decisions follow from this core understanding,.

[@Boyeaton1]

@@genestone4951 If you are awake to what's happening in the world, you will know that you have nowhere to escape what is coming and believe me, the West is going to be hit far worse than in SE Asia. The only thing that can stop what is happening is for people to wake up and smell the roses. You will own nothing and be happy!

[@jw841]

​@@genestone4951Thailand is not what it used to be. I now spend half my time in Japan and Thailand. I have a lovely place in the Japanese countryside which I own. I have a small business there which I own 100%. And the cost of living is now on par with Thailand. But I get much more as a foreigner in Japan than I do in Thailand. I can even apply for citizenship in Japan which I'm in the process of doing now. I use to love Thailand but its changed alot since the coup and I'm wondering if its still a good place to be in the future.

[@phbusch4634]

@@jackskellington9195 What quality of life? It is too hot to be leading an active life. And sitting at a bar drinking beer and looking at girls which are just after your money does not look to be like a lifestyle to go after.

[@genestone4951]

Bitcoin fixes all this. If they get stupid there are plenty of other countries. Don't worry about it until it's an actual problem. Yet another reason to never buy a condo here. Remember we are guests here, and it will never be more than that. You can pretend to "go native", but you'll ALWAYS be falang.

[@jw841]

Never buy in Thailand only rent. Most important rule to live by when in the Land of Smiles.

[@grahamreid2132]

I know longer feel like a guest, more like like a commodity.

[@billmoeller8897]

Please let us all know if you hear anything about the 2 month visa exemption for the USA that is suppose to be in the works.

[@maxineb9598]

Not just USA, supposedly dozens of countries ghat already qualify for visa exemptions.

[@b4bmm]

It seems to be heading that way. We shall see if sense will prevail. Just spent $30k on an elite visa earlier this year. Looks like it's time to go somewhere else that values my $ and the near 6 ($A) figures I spend every year here. I will get the value out of my elite visa for as long as I can, once they start asking me to pay tax I'll be gone.

[@Tugela60]

Most other countries will be doing similar things sooner or later, so good luck with your new home in Antartica 😂

[@susanzimmerli5178]

Then your on your way or? As far as I inderstood they are already asking to pay tax

[@genestone4951]

@@susanzimmerli5178 It looks to me like filing that first tax form will be the mistake that people make. Never file, and you wont be on the tax radar.

[@susanzimmerli5178]

@@genestone4951 only if they ask for previeous tax contributions when appliying for the next extension of stay sometimes in the near future....

[@Joseph_Smith2024]

I don't think it's about finding an alternative to Thailand - rather, include Thailand in an annual rotation through three tax jurisdictions, for a few months each. The era of the tax exile retiree is upon us.

[@roybishop8874]

What a hassel ? Everything is not simple anymore

[@Jon.......]

Seems you could maintain the minimum amount required in a Thai bank and use your pension as income. But keep a larger account in your home country and use a home country based bank credit/debit card to make most of your non-essential purchases (travel, electronics, entertainment, etc). There's probably more to it than this if you have additional income that you don't want reported to Thai authorities.

[@genestone4951]

Yes this pretty much. But at least for the US, money in the bank is not nearly as safe as it used to be. Gold and Bitcoin are the way forward imo.

[@jw841]

This is pretty easy for non Americans. But Americans are the most monitored and tracked people on earth when it comes to money and taxes. After seen what my American friends have to go through when abroad all I can say is I'm very glad not to be an American.

[@arolavs]

Of course it can be about taxation tomorrow, we maybe have to show R.O 21, Income Tax Payment Certificate, in the future. Your Region tax office can give you this R.O 21 and also 22 after declaring your taxation. Region offices are 12, Bangkok has 3, Chonburi, Korat, Udon Thani, Chiang Mai++.

[@DogRedful]

WRT the income tax issue…the uncertainty and potential compliance issues could be worse than the actual tax…all of this feels penny wise and pound foolish…driveway expat inflows to get a few income tax crumbs.

[@arolavs]

@@DogRedful Only read your DTA and find out how to plan your taxation in the best way for 2024. Do not put your head in the sand ;)

[@Tugela60]

​@DogRedful You will have to do similar things no matter where you live if you derive income from offshore. Most countries are harmonizing their tax structures so they can weed out tax evaders.

[@DogRedful]

@@Tugela60 I’m an American citizen with a Thai wife/fullfilling family obligations for a couple more years before it’ll be possible to move full time to our Thai home. Regardless of where I live, have to file more complex than average American returns on world income…the uncertainty/complexity/cost of stacking Thai tax compliance on top of an already complex situation has me watchful/considering spending less than 180 day per year on Thailand. For the prospect of collecting some income tax…a small village could be losing @$70k or $80k of work/sales inflow.

[@peteredan7352]

Strange, my immigration office have always wanted photocopies of my bank pass book and a letter from that bank stating my current balance and that is on the day of my application to renew my married visa?

[@mangostickyrice555]

Thumbs up 👍 Hart

[@tonyfromitaly2761]

With a retirement visa, if I wanted to leave Thailand, could I transfer the 800,000 baht abroad or will I lose it? Thanks

[@tingtong5898]

My plan would be to use the 800K for living expenses in the last year of living in Thailand.

[@samsungkansamsungkan3750]

If we pay taxes in Thailand do we get any benefits from this

[@arolavs]

Tax never gives any rights or benefits in any country. Only Soc.sec does!

[@les8518]

@@arolavs I recommend that you keep this to yourself and not broadcast it around.

[@jackskellington9195]

Yes, the benefit you will get is knowing that you contributed to help pay for the instruct that you use living here in Thailand you have water you have sewage, fire department, police

[@arolavs]

@@jackskellington9195 Yes, if we live in another country, it is also normal to know everything about our tax situation.

[@arolavs]

@@les8518 I can say it in another way, we get the same rights as our wifes.

[@gotamd]

I’d frankly be surprised if Thailand never started reviewing tax compliance as part of the visa renewal process. They’ve already made it clear that they want to broaden the tax base in a way that ensures coverage of all resident aliens. Checking for tax compliance at visa renewal is a logical step whether or not we like it.

[@pattayaglutton3729]

Ben, my question is. I have 800,000. Baht in a Thai Bank account to keep a Retirement Visa. If they decide to Tax it. It now drops below the 800,000. Baht. Do I no longer qualify for the Retirement Visa? Your thoughts please.

[@sahpraphaphorn6240]

😂

[@Tugela60]

Since you won't be a tax resident at that point, the money is not taxable. It will only apply to money brought into the country after you become a tax resident.

[@pattayaglutton3729]

@@Tugela60 Thanks for the info.

[@jonasrull2902]

Keep more than 800.000 on the account. If there is a fee or something.

[@genestone4951]

Keep in mind that the Thai bank account should be interest bearing (at least mine is).

[@mattlawrence7130]

The more I look into moving here, the more the process seems very Russian. The want to keep expats under a microscope. Most European countries are much simpler to deal with.

[@SuperBotanica]

money is increasingly becoming the enemy

[@jackskellington9195]

Yes, the benefit you will get is knowing that you contributed to help pay for the instruct that you use living here in Thailand you have water you have sewage, fire department, police, roads ,

[@Jon-bp6xl]

How many street vendors and Thai in general contribute to their government for the same reasons you have stated. 😮

[@jackskellington9195]

@@Jon-bp6xl Those with more resources should pay more And help the more vulnerable in any country

[@scottfree993]

​@@jackskellington9195yes, a 2 tiered system

[@bryanbrian1234]

@@jackskellington9195 Bro, the one year retirement Visa is basically a tourist Visa that last for one year and you pay for the privilege to have it, saying this tourism is 60% (guessing)of the economy so a lot of the money that is spent here is already going towards the things you mentioned. I can assure you that taxing the retired people even more will not help any of the above mentioned topics it will just create more corruption, enough will never be enough I'm 100% sure about this (I would say this about any county not just Thailand), also I pay for the infrastructure in my home country that I don't use but I would never ask a Thai tourist to fill out a tax form and start dealing with the IRS just because there using the in place infrastructure, the expatriate community is so small that there use of these services are minimal and already paid for as a collective through fees and other taxes (VAT) etc... you have a very naive view of the world. If I was allowed work or make money here in Thailand I would be happy to pay my fair share on my earnings but it is against the law for tourist/retired people to work in Thailand. I could go on but I won't.

[@bryanbrian1234]

Bro, the one year retirement Visa is basically a tourist Visa that last for one year and you pay for the privilege to have it, saying this tourism is 60% (guessing)of the economy so a lot of the money that is spent here is already going towards the things you mentioned. I can assure you that taxing the retired people even more will not help any of the above mentioned topics it will just create more corruption, enough will never be enough I'm 100% sure about this (I would say this about any county not just Thailand), also I pay for the infrastructure in my home country that I don't use but I would never ask a Thai tourist to fill out a tax form and start dealing with the IRS just because there using the in place infrastructure, the expatriate community is so small that there use of these services are minimal and already paid for as a collective through fees and other taxes (VAT) etc... you have a very naive view of the world. If I was allowed work or make money here in Thailand I would be happy to pay my fair share on my earnings but it is against the law for tourist/retired people to work in Thailand. I could go on

[@Bruski68.]

Yeah, the Thai government seems to be trying to chase away retirees with these stupid tax laws, I know that I was considering retiring to Thailand, but am now reconsidering my other options, in lieu of these new laws.

[@phbusch4634]

I agree. It is not paying some taxes, it is the process behind it all and the hassle and the corruption and waste of time! First thought to give it a chance but my wife and I have decided it is not worth it to sit in the heat and be inactive all day long. The cheaper food is not worth moving to Thailand. I might spend 2-3 month there over the winters but nothing more.

[@bigd213d]

As the title of this video suggests?

[@loganclements4332]

I’m so glad he no longer says the word “suggests”.

[@randyfournier8299]

Hello, I escaped extreme psychological abuse from my ex and her cohorts who suddenly appeared out of the woodwork. I believe she would have wanted me falsely accused and arrested. I escaped poisoning, being drugged, attempted murder which by studying narcissistic abuse on KZbin I was able to not react or be gaslighted or further emotionally bullied or abused thereby saving my life. The question I have is how can I know that if I enter Thailand and present my passport that I won’t falsely be detained, keep in mind my ex has family that are Thai police.

[@randyfournier8299]

I had all the narc fixings, isolation, ruined reputation, smear campaign, financial abuse, theft of my house, car all my belongings left behind including gold and platinum music project trophies albums I did in the 80s, I didn’t hurt anyone and was generous and big hearted, got completely played started with love bombing which made me think I had the one in a million marriage, I ignored the red flags, I believe she was already married, may even have kids. It’s just terrible!

[@randyfournier8299]

I believe there was a life insurance policy I was secretly paying so having me unalive was necessary.

[@randyfournier8299]

The abuse starts really when no one believes you, all they believe is you have mental problems. It’s terrifying and crushing to say the least, even those who you were close to who had your back all of a sudden treating you with disdain, confusing as well, until you know you are dealing with psychopaths and narcissists.

[@randyfournier8299]

Meanwhile your abuser has a squeaky clean perfect public image, of course it’s an act but so many buy in, and this may include the authorities.

[@randyfournier8299]

It’s possible there is nothing to worry about too so that’s why I want to know how to find out.

[@01menyou]

All these changes and revisions are about what they need to tax crypto. Crypto lives outside the banking system and enables capital flight. Significant tax rises in, say the UK, will result in some who can fleeing. Crypto is how exit taxes and worldwide taxing of the individual will be confronted. Thailand is completely in bed with the WEF. If you haven't already bought some Bitcoin, you're going to wish you had. I doubt it'll be years out, either. The infrastructure is built. Blockchain stops fraud, including tax fraud.

[@genestone4951]

If by "crypto" you mean Bitcoin, then I agree...all the rest is shitcoins. Now, I make profits with shitcoins, but the whole point of shitcoins is to get more Bitcoin. That's literally the whole game. Use DEX's to avoid taxes, as CEX's are roach motels for government and their tax schemes.

[@Boyeaton1]

I just watched a video from Parallel systems 'Fink Reveals the Endgame' and it fits in nicely with Bitcoin and tokenization.

[@GerardGerardcayol]

FAKENEWS 😂😂😂

[@genestone4951]

This is not news, its a STRATEGY video....how you plan and think in Thailand is extremely important.

[@GeFarr]

5 idiotic people

[@flashback2940]

The best thing is that I am a citizen and born in the Arab Gulf countries. I do not need to pay tax. I applaud Thailand for these decisions so that no one benefits from the cheap living conditions in Thailand and the reduction in their number because they are filling the country. More taxes, please, so they can avoid the currency differences. Victory for truth and no for exploitation

[@Tom-Yum-Gai]

so when will they tax air? Can they be guilty of murder if any country a person passes thru taxes them until they have no money to eat, or put a roof over their head? The criminals will still enter, locals will still exploit loopholes and the government will go to even more silly extremes trying to "encourage tourism" while it becomes a country widely known to shake down anyone who gets too close. I have had a Laos Imm officer rob me of $10 by putting small tears in PERFECT bills while turning them around and around AND I had an old Imm guy with a chest full of salad try and palm a $10 bill quickly stick a couple 20s i had out into my passport and indicate yes yes 35 for Visa....AFTER I had told him I wanted the 30 visa, pointed to it, etc. I stopped his hustle but these are criminals working in government. Anyone with a brain should keep an eye on these places. Soon I think only morons or lawyers will visit these places

[@bryanbrown8079]

OK What I want to know. Is if your here on a retirement visa and you have the 800k parked in Bangkok Bank. If I die suddenly, how other than my Thai wife grabbing my phone and transferring that 800k into her bank account how else can the money get transferred to her. Asking for me not a friend 😎

[@JBW-Phuket]

You make a will like everywhere else in the world.

[@bryanbrown8079]

@@JBW-Phuket thanks but maybe I’ll wait for a professional response