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cmjc

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About cmjc

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  1. Is HK a member of Asean at all?
  2. Timely thread: I asked yesterday at Bkk Bk about opening a US$ account here, and no mention was made of upper limits, or confirming what the funds were for. Probably because there's no currency conversion involved.
  3. Q/ You don't need to pay tax in Thailand on funds transferred since you were already taxed on earning it in the UK. /Q Thank you tonray: Whilst that is plainly understood from the rd.go.th website, what is not yet answered is the question I have asked here, about what do the Thai Tax authorities regard as "earned"... specifically, for a Thai-tax resident, is the redemption of shares (in an investment fund) to cash reckoned as "earned", and therefore taxable? We patently await a definite factual answer, over opinion.
  4. All factual sensible replies appreciated, the rest are of no value to anyone.
  5. Thank you for your response topt, doubtless I'll do that, but I'd still like to know for sure, and with so many retired financial bods here, an definite answer will surface in due course. In my experience the UK tax folks are very fair and approachable, and it'd be wonderful if that were true in SEAsia, but as the cub scouts chime... "Be prepared!" C'Mon you lot...
  6. Bumping in hope of an answer to my Qun. 1) Meanwhile, I checked the Transferwise protocols, and decided to avoid it for the following reasons; a) Despite it being a UK financial institution there's NO Financial Security Protection whatsoever. Unless you depend on Sir Richard's 'infallible' judgment :) b) Transferwise Personal borderless accounts only allow movement of maxima; US$10,000 and US$20,000 for a Business account. So that would not even cover my 25K requirement. Reminder: Answer Qun. 1) if you know the facts.
  7. Thank you topt, I appreciate your advice. Apologies for the undefined acronym; Tld means Thailand. In the adjacent thread, post #16 https://www.thaivisa.com/forum/topic/1002533-bangkok-bank-new-york/?do=findComment&comment=12279943 The poster confirms that for larger fund movements Bkk Bk cap their receiving fee at 500 baht, whereas Transferwise reap an uncapped percentage. So balance that fact with any benefit from Tw giving a better fx rate. Regarding your first point: I don't intend involving the Thai Revenue Dept, but I do want to make the transfer in the most tax efficient way, so that when I do register, I know that I owe no tax, and have the documents to prove it. So if somebody can answer my question 1) ... about how Thai Revenue define "earnings" (ie. are the funds from my savings shares counted as savings or earnings?) I'd appreciate knowing that in advance.
  8. Thank you Pib, for that good news and comprehensive reply. I'm surprised Bkk bank is cheaper than Transferwise, but from your data it +would be+ for a 25,000$ fund movement (retained as US$). I'll have to go to my Bkk Bank branch and set up the US$ account ready to receive the transfer. Thank you.
  9. Excuse me butting in on this conversation, perhaps with your experience of Bkk Bk NY somebody could answer this question. How much do they charge to send US$ to my Thai Bkk bank US$ account? Since there'd be no Fx conversion, I'm guessing they take a percentage of the amount transferred as a fee, and that will be way over the 500 baht maximum for baht TT's.
  10. My savings have been in a Share Fund for decades, denominated in US$ and dividend re-invested, and since the post-Brexit fall in the GBP, I'm considering cashing some shares to finance the retirement extension of a Non-O visa. I'll retain the redeemed funds as US$ in a Thai BKK Bank account, initially on call, later on fixed deposit, after I'm sorted and settled. How do Thai tax rules apply to such fund movements? Specifically... I read that funds sent to Thailand will be taxed if transferred "the same year they are earned". 1) In their terms; do my redeemed shares count as earned, or as my savings? 2) If I redeem the shares in mid December 2017, but wait for the change of calendar year before transferring the funds to Tld in January 2018, will they then be exempt Thai tax? 3) Complicating matters; to avoid excessive bank charges, I'm considering using Transferwise (Estonian start-up, backed by Richard Branson's cash) to make the transfer, if indeed they allow you to move large sums of US$ to Tld., and retain them as US$. (I've not asked yet). Supposing they do; their system of 'fund movements' means the US$ will appear in my Thai US$ account as though sourced from Tld, so I'm concerned the transaction will appear suspicious to the Thai Revenue Department (either as 'earned locally', or as a 'laundering method'). How do I prove to the satisfaction of the Revenue Dept. the fund movement is of my own legitimate savings, and not taxable Thai earnings? Sound advice is appreciated by all.
  11. Thank you Sir! Q/ Have you considered applying at your local immigration office for the visa. Just show your bank book and letter from the bank. /Q I'm in between two Imm Offices, one is very pleasant, the other decidedly UNpleasant to all-comers. Last week I enquired at the nice IO, and they informed me that if I have a Non-O they +can+ extend that to retirement, but if I only have a SETV, I must get that converted at the UNpleasant IO. This information is a change from what the same office told me 3 months ago, but the IO seemed to be certain about it. I suspect it's based on precisely where you reside and I just edge into the boundary of the UNpleasant IO. Which is why I'm asking here about obtaining a Non-O.
  12. Thank you Sir :) I assume that those requirements will be the same for Vientiane, but I hesitate because I recall reading VN also asks for a Thai Police Clearance Certificate, which sounds very daunting for non-crims! :)
  13. Each Consulate counts up how many visa have been issued by them in each passport, the time since does not appear to matter. Juggle Vientiane, Savanakhet, Penang, then obtain a new passport until you reach 50 years old.
  14. Thank you Sir! Q/ The proof of retirement could be a statement done at your embassy. Others have used that. /Q Would a statement in English and in Thai notarised by a Thai Notary Public suffice? UK Embassy charges are prohibitive.
  15. Thank you Sir, Q/ They will want proof you are retired along with the money in the bank. /Q The 800K (as US$) in Thai bank is no problem. Previously self-employed, now living off savings, no pension; so what would be accepted as "proof" I'm not working? So no requirement to show a ticket out of Tld, or rental agreement/hotel booking? Just for completeness; In Vientiane Thai Consulate I spotted a notice last week saying SETV are free from December 1st to February. That would apply to Savanakhet as well, but I wonder if it covers a Non-O application. Guessing not.
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