yup, usually when I go back to Italy I go to the consulate in Milan and apply for a triple entry tourist visa.(you can do the same in Malaysia in Penang or in any Embassy around the world)
This allows me to stay in Thailand 9 months , I have to exit every three month though.(2 month + 1 month extension available paying a small fee in an immigration office) Basically from here is a 6 hours roundtrip to the nearest border , you just pass the border and come back in Thailand (stupid , I know ,but that's the law, and you don't want to break the law here

).
There are different kind of visas you can apply for, it depends on your "status"(retired, investor,married to a thai etc.)
It's a little bit confusing at the beginning, but it's not a big problem trust me.
There are guys from around the world who'v been doing visa runs for 20- 30 years.
Forget about citiznship, no can do and not a smart move to me anyway.
Well if you want to go deep on this subject, I can only suggest you to read thaivisa.com
And before you ask me.
I'm a tourist here, tourists don't have to pay taxes on their incoming from their countrY.
If they ask me I can show them my bank account, I'm one of those lucky guy whom mum left a big heritage ..haem.
I don't go around here bragging about my nice pcs with all those screens.
The key here is low profile, and don't work without a work permit or they gonna bite your @ass to the bones.
Lots of people are doing the same here, so it's doable. And it feels good
Hope it helps