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mahjongguy

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About mahjongguy

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  1. "Just as an aside does any other country issue an extension of stay or do they all just issue a new visa when required or extend the original visa by changing the validity dates?" Thailand is not essentially different from most other countries. A visa allows you to approach a border and request entry. If admitted, you are given permission to stay for a specified period. If conditions are met, that stay can be extended. The expiration date of the visa itself is not amended.
  2. Thai Retirement Visa

    Or it may be possible for the OP to qualify based on income, maybe even on cash + income.
  3. That seems very logical, and useful. Thanks.
  4. In 2014 my Thai friend renewed his Thai passport. He then got a multiple-entry US visa. Next year he will need to get his Thai passport renewed again. For the following five years, will he be able to enter the US using his new passport along with the visa in his expired passport?
  5. Yes, after your extension has been renewed you are free to nibble away at the account month by month or withdraw all of it if you want. But you can only do that in a regular savings account, not a fixed account. Recap: regular savings accounts are not subject to withholding taxes except when your total interest exceeds 20,000 baht at that institution.
  6. " I also didn't list as part of the paperwork burden that someone with significant assets in Thailand should probably figure out some kind of a will to cover those assets, too. Of course if you own a place to stay you probably already have one, but if you're renting, the 800k account might be the only significant asset you have in country. " As you say, having a Thai will is on-topic because 800k is too much money not to care about where it ends up. But even if you go the stated income route and only have a motorbike and a TV and a few baht under your mattress, would you want that to go to the government for lack of a will? It's very simple to arrange and there should always be someone you'd like to see designated as beneficiary. It's especially important because Thai banking laws don't allow specified beneficiaries.
  7. "1) Assuming I put the money in a fixed term deposit account, I'd have to do extra work to get the 15% of the interest returned that was withheld. The threads about that say it's not a huge hassle, but it's still paperwork." It's never fun to go to a government office but for a tiny late fee you can just go once every three years. "2) And as US person, I'd have to do the FINRA filing, which I've never done before. That's online, and supposedly very easy, too, but it's still (virtual) paperwork that you have to remember to do." Filling out Form 114 online isn't fun but it doesn't take long. The bigger hassle, if you have more than just the single fixed account, is keeping track of the maximum balance during the year for each account. "3) The Thai interest is US taxable income (they make the laws, they don't have to be reasonable), so you have to pay tax on the interest even after you get back the 15% from Thailand. I do my own taxes (using a program), so I'd have to somehow come up with the equivalent info that would be on a US 1099-INT form." Using TurboTax, I typed in "Bangkok Bank" and "$852.41". Not much of a chore to enter nor to determine the amount, mainly because the interest from regular accounts are only paid twice a year, in June and December, making it easy to track. "4) I also know there's a question in the tax program's interview about whether you "have signature authority over a foreign account with more than $10,000 in it". The answer to that question would be yes, and I don't know what kind of a rabbit hole you end up down as a result of that. It all sounds like a lot of small hassles that add up." You get asked twice, once in regard to the need to file an FBAR Form 114 online (now required by April rather than June) and once in regard to having bank accounts and other interests (investments, partnerships) that add up to $50,000 or more. TurboTax might need to prepare a Form 8938 to be submitted along with your 1040 and other forms. However, in my case, as a full-time resident here, the bar is raised to $200,000, which lets me off. So, that's my take on the overall hassles of the 800,000 baht method. A mixed review, but what tips the balance for me is the fact that I sleep better at night knowing that I've got money in Thailand. Living here for thirteen years has convinced me that having a stash at a nearby bank is a worthwhile comfort.
  8. " If there is an amount which triggers the withholding, I don't know but obviously it's less than the 20,000 baht mentioned by others. " Tax is always withheld from fixed savings accounts, regardless of the amount of interest paid. Tax is not withheld from regular savings accounts unless and until the amount of interest paid to that individual by that institution in that calendar year exceeds 20,000 baht.
  9. Thai banks will apply withholding to the regular savings accounts of any customer who has reached a total of 20,000 baht in interest. Rich Thais avoid this by spreading their millions across different banks. Just a reminder - money withheld is not tax, it's an involuntary contribution towards possible taxation. If your taxable income falls below the start point of the tax tables, the withheld amounts will be returned. In fact, if you file for a refund before April 1, you can request repayment for 2017, 2016, and 2015.
  10. Same as me, if you ever need a hip transplant you can travel to the U.S. and get it via Medicare. Odds are, though, that the most likely thing to cost you a big wad of money is an accident. Even if you never get on a motorcycle you can still get creamed trying to cross the street, or just take a fall in the bathroom and bust your noggin. For that purpose, you might investigate the cost of Personal Accident insurance. There are important limitations in the fine print and a low cap on the total payout, but the premiums are affordable. Besides, any full health insurance you could buy, at whatever price, will not cover any pre-existing conditions, so from a practical standpoint they aren't much better than accident insurance.
  11. I thought the OP was implying that he wanted to preserve some aspect of his visa + stamps. My error.
  12. Does the OP have a Re-Entry Permit for his current Permission To Stay? If not, he should get one, or there will be nothing to transfer.
  13. The trigger for reporting is a total of US$10,000 or more in all your overseas accounts.
  14. "... I'll apply for a TIN and declare a nominal amount. " The application form for a TIN (L. P. 10-1) does not ask you to declare or estimate income. It only establishes your identity.
  15. It's a fine point. The accounts that most people get from government banks don't have 15% withholding but that's due to the type of accounts they are allowed to offer. GSB and the others promote unusual accounts that are somewhere in a grey area between savings and fixed. They offer much better interest than savings accounts along with somewhat more flexibility than regular fixed accounts. Not to mention odd stuff like lottery-type drawings. The nearest GSB branch has twice said No to me because I am a retiree and don't have a work permit. Their HQ hotline has told me to go back with a residence cert and force the issue. Maybe I will someday, but there's a limit on how much effort I put into chasing interest.
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