The Thailand Privilege Card (TPC) has conceded that the new foreign income rule is a deterrent to Elite visas. The Thai Revenue Department (TRD), as is well known, announced that “assessable” income earned abroad and transmitted to Thailand after 31 December 2023 is potentially taxable if the recipient resides here for 180 days or more in a calendar year. TPC president Manatse Anawat said the ambiguities in the new interpretation were certainly a drawback to longstay visa applications.
The issue has started a war of words in social media with some experts urging immediate expat registration with a Thai tax specialist: a future audit by TRD could punish them with fines or worse. But critics say that the whole affair is overblown especially for pensioners (there has been no change in the actual law) and advises the expat public to beware of foreign tax advisers who are not qualified to give financial advice about Thai taxation matters. There are also complications about double taxation treaties, use of foreign credit cards and the meaning of “assessable” income, all of which deny simplistic generalizations.
Mr Manatse also conceded that the Destination Thailand Visa is a significant competitor to Elite visas. DTV has surged since its inception six months ago although, unlike Elite, it requires registration as an “activity” tourist such as remote working for foreign companies or adult training in boxing or cookery. Immigration lawyer Jessataporn Bunnag said that the longstay alternatives to Elite were now a significant factor. Another separate program is the 10-year Long Term Residence visa under the aegis of the Board of Investment.
None the less, TPC expects to see as growth of around 10 percent in 2025, fuelled partly by long-stay visitors and stakeholders from India and the Middle East. Mr Manatse confirmed that Elite bonuses were under review, especially in medical matters. The company has recently signed a memorandum of understanding with BDMS wellness clinic, which has many foreign clients, offering additional packages. He concluded that medical tourism was a key promotional factor in those countries rich with potential clients for longstay status.
