By Barry Kenyon

Anything and everything about Thailand
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thaiophilus
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Re: By Barry Kenyon

Post by thaiophilus »

Jun wrote:
Wed Nov 02, 2022 3:09 pm
I'm not entirely sure what Barry Kenyon is talking about here.

UK residents are subject to UK income tax and have the tax free personal allowance.
Residents of other countries are not subject to UK income tax, so have no need for the tax free personal allowance.

If anyone does know what scenario he's talking about, I'd like to hear about it.
I thought it was quite clear. He's talking about UK citizens who are not resident in the UK and whose status is “non-ordinarily resident”.

UK citizens living abroad still pay UK income tax on their UK income, unless their host country has a double-taxation agreement with the UK: https://www.gov.uk/tax-uk-income-live-abroad

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Jun
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Re: By Barry Kenyon

Post by Jun »

Thank you. Now I get it.
I tend to read tax rules that affect me now quite carefully.
However, for rules that may affect me if I make lifestyle changes in a few years time, I tend to skim it. One day that could prove expensive.

If the tax burden is unreasonable, I suppose the obvious response is to try for some further optimisations, such as non-dom status, or moving investments abroad, so that the income doesn't arise in the UK in the first place.

I gather moving a pension abroad is quite hard work, with QROPS.
There is currently no tax on ISA investments, so those aren't a problem.
I see no reason why other liquid investments could not be moved to a more tax friendly jurisdiction like Singapore.

Then there's the British obsession with property. Despite unfavourable tax treatment for UK residents, owning rental property is still surprisingly popular. However, I see why expats might consider it, as if they decide to return to the UK, at least it's some kind of safety net.

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Re: By Barry Kenyon

Post by billyhouston »

There is a suggestion that Sunak will abolish the Personal Allowance for those living abroad. The effect of this would be that the 'higher rate' will start at around £35K. He might do this because he could get away with it, just as NI pensions are frozen in some/most countries.

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Re: By Barry Kenyon

Post by Gaybutton »

Thai baht gaining against the UK pound again

By Barry Kenyon

November 4, 2022

The UK central bank’s confirmation that the country will be in formal recession until at least 2024, the longest period in history, has again weakened the pound. Currency conversions of the pound to the baht have deteriorated from 44 to 42 units in the past week. The bad economic future eclipsed a huge 0.75 percent rise in UK interest rates to 3 percent – a record-breaking attempt to reduce inflation by making the cost of borrowing money higher – which would be expected to boost the pound in calmer times.

Standard Chartered plc said that the pound had been rocked by volatility in UK financial markets and internal political turmoil in recent weeks, but the gruesome economic reality is that Britain imports far more than it exports. Many financial experts had warned that Brexit might well encourage this negative trend, although others argue that the benefits of breaking out of European integration will come later. The pound has slumped 12 percent against the dollar in recent months, although this has more to do with the popularity of the American currency with high interest rates there in a time of world uncertainty created by the Russian war in Ukraine.

Meanwhile, the Thai baht is not at the center of world financial attention, but has some positive news to back the currency. International tourism to Thailand has rebounded spectacularly with access through both air and land borders having improved greatly. Thai exports are doing very well, assisted by sliding shipping costs and a cheaper currency. Petrol and diesel prices at the pumps are 15 percent higher than before the invasion of Ukraine, but still lower than in many competitor countries. The Thai central bank expects the current account deficit to have turned into a surplus of around US$3 billion by the end of 2022. However, the central bank cautions that global insecurity makes macro predictions somewhat tentative.

https://www.pattayamail.com/latestnews/ ... ain-415226

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Re: By Barry Kenyon

Post by Gaybutton »

Thailand’s 10 and 20 year visas face surging Chinese demand

By Barry Kenyon

November 5, 2022

Chinese charter-group tours to Thailand remain banned for now because of Beijing’s ongoing anti-covid crackdown. But the Civil Aviation Administration of China notes that scheduled flights between Bangkok and principal Chinese cities have now achieved 70 percent of the frequency prior to the pandemic. Meanwhile, Chinese health bureaucrats are working on plans to soften the country’s “dynamic zero” covid policy. They propose cancelling the unpopular policy of fining airlines which bring infected passengers into the country and also replacing compulsory quarantine for arrivals in hotels or state facilities by unsupervised home isolation.

More and more well-to-do Chinese are seeking out Thailand’s latest batch of long residence visas. Sales of Thailand’s Elite cards to Chinese nationals have surged 185 percent, according to a report in the Bangkok Post quoting the chairman of Thailand Privilege Card. There are now 7,350 Chinese members of the program out of a total of around 20,000, far and away the largest single nationality segment. The most popular Elite choice (there are several options) is the 5-year Elite Flexible One program which is specifically designed for investors wishing to purchase property units worth at least 10 million baht (US$320,000) by partnering Thai registered property developers. This Elite card can then be upgraded to a 20 years visa.

At the moment, the property purchasing is limited to condominium units. But if Thai law is changed to allow wealthy foreigners to purchase landed property – the matter is currently in the public spotlight – the Flexible One program could be a suitable route. Although Elite cards do not include the granting of a work permit, special decree amendments already made to the alien labor act mean that attending business meetings and acting on behalf of a foreign corporation no longer carry threats of fines, jail and deportation. About half of all condominium units registered in foreign names in Bangkok, Pattaya and other Thai resorts are Chinese owned.

Chinese nationals are also the biggest number of applicants for Thailand’s 10 year LTR (long term residence) visa which was launched on September 1. No recent figures have been released by Thailand’s Board of Investment, but Chinese news agencies claim that Chinese nationals cover 60 percent of the modest 2,500 applications to date. This is likely true as Chinese applications for Cambodia’s competing Second Home Program comprise similar numbers.

Although the LTR route offers a digital work permit, which Elite does not, there is a lot of overlap between the schemes. The fact that Elite is cheaper and less bureaucratic, does not require mandatory health insurance and excuses holders from tax on overseas earnings may be deciding factors in the eyes of Chinese investors wanting a regular base outside of the mother country. European expats may snap and snarl at these long stay visas as they grapple with the ever-changing immigration rules for one year renewals. But Thailand isn’t looking in their direction right now.

https://www.pattayamail.com/latestnews/ ... mand-41529

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Re: By Barry Kenyon

Post by Dodger »

Barry's article is a bit confusing to me because so far China has showed ZERO leniency towards its "Zero Covid Policy" and it's hard to imagine the surge in airline bookings between Bangkok and China described in his article.

The surge in Elite memberships Barry mentioned seems to be quoted from a Bangkok Post article written by someone who has a direct interest in the sales of these memberships (probably Thai/Chinese) which frankly leaves me very doubtful of the numbers.

Also, it's been widely reported for the past decade that world-class luxury resorts are cropping up all across China aimed not only at attracting foreign visitors. but also to increase domestic tourism among the Chinese wealthy class.

Why wealthy Chinese, or for that fact wealthy people from any country, would chose Thailand right now is a real head scratch for me. Maybe I'm wrong, but I seriously doubt we'll be seeing throngs of wealthy Chinese flacking here (or anywhere) any time soon.

Personally, I hope their Zero Covid Policy never goes away.

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Re: By Barry Kenyon

Post by Gaybutton »

Dodger wrote:
Sun Nov 06, 2022 8:42 am
Barry's article is a bit confusing to me because so far China has showed ZERO leniency towards its "Zero Covid Policy" and it's hard to imagine the surge in airline bookings between Bangkok and China described in his article.
I'm wondering if he meant Taiwan and/or Hong Kong Chinese for some of what he's talking about. Otherwise I'm confused too.

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Re: By Barry Kenyon

Post by BKKDreamer »

This article was posted by The Thaiger.
It speaks about this Chinese surge in Elite visa applicatons.

https://www.gayguides.com/forums/topic/ ... se-demand/

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Re: By Barry Kenyon

Post by Jun »

Dodger wrote:
Sun Nov 06, 2022 8:42 am
Why wealthy Chinese, or for that fact wealthy people from any country, would chose Thailand right now is a real head scratch for me.
Where else do you think they should go ?
Bear in mind, in China, people are frequently carted off to quarantine even if they are a close contact of a covid case & whole cities are locked down at times.


Dodger wrote:
Sun Nov 06, 2022 8:42 am
Personally, I hope their Zero Covid Policy never goes away.
It's a strange policy.
They justify it with "there is no alternative" and warn of lots of unvaccinated elderly. The no alternative is pure BS & a country like China would have ways and means of coercing its elderly to take a vaccine, if they wanted to.
So WHY ?
1 Do they know their vaccines are poor and are they waiting for their own mRNA vaccine to be ready ?
2 Is it just an excuse to tighten up on travel freedoms and make it more like old style communist countries ?
3 Or do they really believe "there is no alternative", despite life going on as normal in most other countries ?
4 Is it one long drill, ready for the next one out of the lab ?

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Re: By Barry Kenyon

Post by Dodger »

Jun wrote:
Sun Nov 06, 2022 3:58 pm

So WHY ?
2 Is it just an excuse to tighten up on travel freedoms and make it more like old style communist countries ?
1 Do they know their vaccines are poor and are they waiting for their own mRNA vaccine to be ready ?
3 Or do they really believe "there is no alternative", despite life going on as normal in most other countries ?
4 Is it one long drill, ready for the next one out of the lab ?
How about 5. They fucked up the entire planet for 3 years with THEIR VIRUS...then rushed to develop a half-baked vaccine that doesn't work...and are now afraid that if there's a repeat Chinese travelers could be banned from visiting every country on earth for the next 100 years.

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