Banks just haven't caught up yet. They will fix it eventually. I view the DTV as a tax trap, as Thai tax laws recently changed, and the Common Reporting Standard (CRS) went into effect in Thailand in January 2024.
For 5,000-10,000 THB, Siam Legal provides documentation to open bank accounts with Bangkok Bank in Chiang Mai,Pattaya & Phuket
I hold the 2-year temporary license, which expires tomorrow, October 11.
However, I need to obtain the 5-year permanent license, as it can be used internationally for KYC, whereas the temporary license cannot.
Historically, they have only issued the 5-year license to resident visa holders, and it seems that the DTV may fall under a TR visa class type, not Non-O.
That being said, the Elite Visa also falls under the TR visa class type, and holders are able to receive the 5-year license.
However.. Banks aren't yet recognizing the DTV, and I’m also concerned that the Department of Land Transport (DLT) office may not recognise it either.
(The Permeant 5yr can also be used in 10 ASEAN countries)
I hold the 2-year temporary license, which expires tomorrow, October 11.
However, I need to obtain the 5-year permanent license, as it can be used internationally for KYC, whereas the temporary license cannot.
Historically, they have only issued the 5-year license to resident visa holders, and it seems that the DTV may fall under a TR visa class type, not Non-O.
That being said, the Elite Visa also falls under the TR visa class type, and holders are able to receive the 5-year license.
However.. Banks aren't yet recognizing the DTV, and I’m also concerned that the Department of Land Transport (DLT) office may not recognise it either.
Thailand adheres to the Double Taxation Agreement (DTA).
This means if you are already paying taxes in another country, Thailand will not impose additional taxes on you.
As of January 2024, Thailand has fully joined the Common Reporting Standard (CRS) International Tax Agreement. This requires all financial activities conducted in Thailand, such as operating bank accounts or financial trading accounts, to be reported to the account holder's home country.
Although Thailand intends to tax individuals who spend more than 180 days a year in the country, they currently lack the mechanisms in place to fully enforce this. At present, taxation is limited to remittances , any funds transferred or deposited into Thailand.
To legally avoid paying taxes in both your home country and Thailand, it is recommended to establish tax residency in a country with more favourable tax conditions.
Here are three popular options:
1.) Georgia: Requires 180 days to establish tax residency, with a 1% tax on foreign-sourced income.
2.) Dubai: Requires 30 days to establish residency, with 0% tax on foreign-sourced income.
3.) Paraguay: Takes 2-3 months to establish residency (previously could be expedited in under a week through an agent), 0% tax on foreign-sourced income.