Thailand: tax bomb for expats

From January 1, 2024, expats living in Thailand will also have to pay tax on their foreign income.

The Thai government has issued a new regulation that fundamentally changes the taxation of foreign income for expats in Thailand.

Previously, expats were only required to pay taxes on foreign income if it was remitted to Thailand in the same year in which it was earned.

However, the new regulation applies to all foreign income, regardless of when it was earned or remitted to Thailand.

**This means that expats living in Thailand will now also be able to access their income from sources such as **

  • work abroad
  • Investments abroad
  • assets abroad
  • have to pay taxes.

Tax rates on foreign income in Thailand are progressive and range from 10% to 37%.

However, expats with a 10-year Thai visa can receive a tax exemption on their foreign income.

The new regulation places a significant burden on expats in Thailand.

It will mean that many expats will have to rethink their life plans in Thailand.

The changes are particularly relevant for high-income expats who were previously exempt from taxation on their foreign income.

The new regulation is another step by the Thai government to increase its tax revenue.

It shows that the government does not spare expats when it comes to financing the national budget.

Unleash Your Thai Dream: Embrace Freedom and Opportunity with the 10-Year Thailand Visa

 

Imagine yourself immersed in Thailand’s vibrant culture, sun-kissed beaches, and endless possibilities. Now, with the new 10-Year Long-Term Resident Visa (LTR Visa), your dream can become reality.

Tailored for High-Potential Achievers:

This exclusive visa targets exceptional individuals like you:

  • Global Citizens: Invest your wealth and expertise in Thailand’s future.
  • Affluent Retirees: Enjoy golden years amidst paradise with a stable income.
  • Remote Work Professionals: Thrive in a digital nomad haven while contributing to the economy.
  • Highly-Skilled Talents: Elevate your career and share your expertise with leading Thai companies.

Live, Work, and Connect:

The LTR Visa grants you unparalleled freedom:

10 years of residency: Make Thailand your home base.
Work flexibility: Build your career or pursue entrepreneurial ventures.
Family Haven: Bring your loved ones (spouse and children under 20) and experience Thailand together.
Seamless Integration: Access healthcare, education, and banking like a local.

 

Effortless Eligibility:

Each category has clear requirements, designed to ensure a smooth process:

Financial Stability: Demonstrate your financial commitment through minimum income or investments.
Professional Excellence: Showcase your expertise and track record (applicable for professionals).
Health Coverage: Secure your well-being with adequate health insurance.

Start Your Thai Journey Today:
Don’t settle for ordinary. Embrace the extraordinary with the LTR Visa.

 

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Highly-Skilled Professionals

For professionals or experts in targeted industries working for Business entities, institutions, government agencies in Thailand.

An annual income of at least USD 80,000 for the past two years.

Applicants with an annual income ranging between USD 40,000 and USD 80,000 may also be eligible if they have a Master’s degree or above in science and technology or special expertise relevant to the job assignment in Thailand.

There are no minimum income requirements for applicants who are intending to work in government higher educational institutions, research centers, specialized training centers or government agencies.

Business must be in one of the targeted industries.

The applicant must have at least 5 years of experience in the targeted industries or have a PhD in relevant fields or work for a Thai government agency.

Spouses and Dependents

Must be legal dependents of the applicant (spouses and children under 20 years of age)
Same-sex marriage or partnerships are currently not currently recognized under Thai Law.
Health insurance with at least USD 25,000 coverage.
Children will only be eligible as dependents until 20 years of age.

Important Considerations for Your LTR Visa Journey:

While the LTR Visa offers incredible opportunities, it’s important to stay informed about potential changes to program requirements. We recommend checking the official Thailand Board of Investment (BOI) website for the latest updates before applying.

Navigating the Visa Process:

Your LTR Visa application is submitted to the BOI, and upon approval, grants you a five-year initial stay, extendable for another five years. Remember, your total residency cannot exceed ten years.

Maintaining Your Visa Status:

If you plan to reside in Thailand for more than a year (365 days), you’ll need to report your residence status to the BOI.

Tax Benefits and Work Permits:

Highly-skilled professionals under the LTR program enjoy a reduced personal income tax rate of 17%. Additionally, you’ll receive a digital work permit alongside your visa. Others can obtain work permits after visa issuance, but securing employment beforehand is crucial.

Application Timeline and Tips:

Processing times can range from 4 to 8 weeks, depending on your application’s strength. Submitting all required documents upfront is key to avoiding delays. The BOI may request additional documents during the process.

Expert Guidance for Your LTR Journey:

GCI UNIT Worldwide and its partner are here to help! We’ll assess your eligibility, identify the best category for your application, and guide you through the entire process. We meticulously pre-screen your documents and only submit applications confident in meeting BOI criteria. Throughout the journey, we’ll liaise with government agencies and keep you informed.

Visa Collection and Beyond:

Upon approval, you have 60 days to collect your visa in Bangkok or at a Thai embassy/consulate abroad. We can accompany you to the BOI in Bangkok for visa collection and assist with subsequent work permit applications.

Ready to Embrace Your Thai Dream?

Contact GCI UNIT Worldwide today and let us help you navigate the LTR Visa process and unlock your Thai adventure.

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TCME – Group worldwide is a leading professional international foreign trade relations investment and consulting firm, with 17 different departments spread in different countries around the world, with its head office in Malaysia.

We’ve helped thousands of people take their businesses abroad, legally reduce their taxes, and become dual citizens. We focus on high-net-worth individuals and their families as well as businesses, where we design and implement bespoke, holistic strategies for successful investors and entrepreneurs to legally reduce their tax burden, diversify and protect their wealth, invest abroad, a second citizenship and to live a freer life worldwide.

Another special area of our full-service consulting is the investment opportunity and solution in Europe, especially in the Balkans, Africa, Asia, the United Arab Emirates, the Caribbean and the Pacific.

Our legal team and our 200+ multi-disciplinary team have more than 25 years of global experience in the different Consulting Areas. Governments as well as the super-rich trust in our expertise in consulting. If you are looking for it, please feel free to contact us. We create a holistic plan that serves your purpose.

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If you would like to discuss your internationalization and diversification plans, book a consulting session* or email us under: [email protected]

*A counseling session is a conversation about your portfolio and goals. It does not constitute legal, financial, tax or investment advice.

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Level 33, Ilham Tower, 8 Jalan Binjai,
Kuala Lumpur 50450, Malaysia
www.tcme.company
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