Retiring in Thailand? Watch Out for This Tax Change
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- Опубліковано 30 кві 2024
- Did you know that Thailand has recently implemented a new tax law that directly impacts retirees? Stay tuned to find out how this could affect you!
In this video, we will discuss Thailand's new tax law and its implications specifically for retirees holding visas in the country.
Let's dive into the key changes in the tax law and highlight the potential challenges or adjustments retirees may face. The new tax law brings about significant changes that could impact the financial situation and lifestyle of retirees in Thailand.
Exploring the specific clauses of the new tax law, we'll discuss how it differs from the previous regulations. It's important to delve into the details to fully understand the implications and prepare for any adjustments that may be necessary.
The climax of our discussion will be revealing the impact of the new tax law on the financial situation and lifestyle of retirees in Thailand. Understanding how these changes will affect retirees is crucial for planning ahead and making informed decisions.
To wrap up, let's summarize the main points discussed, including any tips or strategies for navigating the changes brought about by the new tax law. It's essential to stay informed and prepared to adapt to the evolving tax regulations in Thailand.
Now, I encourage you to share your thoughts on the new tax law in the comments below and subscribe for more updates on Thailand's visa regulations. Your feedback and engagement are valuable as we continue to explore the implications of the new tax law for retirees in Thailand.
Ontain a bank statement of the balance on an account as of 31.12.23 in your home country. This amount may be transferred into Thailand tax-free. (It’s a one-time deal.)
Your point about taxes in your home country may be rare and at least not so good for the US. Yes you can use the double taxation rules etc but you must manage your money carefully to lower or avoid Thai taxes. Example : A US retiree with a home base in Florida earning $50,000 a year ends up paying about 10% Federal tax and no tax to Florida as there is no state tax. The Thai tax is graduated and only 500,000 baht and less, which is about $15,000 is taxable at 10%. The amount above 10% would be taxed by Thailand at higher graduating rates and net you will pay more tax than in your home country of the U.S. Social Security from the US is not taxable in Thailand so this helps. One question I have is, is the gross social security not taxable in Thailand or only the net after paying US tax, which seems more likely?
Anyone who understand and can explain further and point to links with new and updated information please do.
If you bring in your wealth before a 180 days, what time is for the year? Are you exempt?
No. For 2024 possible tax liability it doesn't matter when funds are transfered. If you reside within Thailand 180 days or more, you may have tax liability.
For US expats, like I will be, the burden won't be much if anything at all, because we are taxed in the US and there is a dual tax treaty. Now we may have to pay any difference, but that will be nothing for probably 80% of retired expats. For the rest, based on the cost of living difference, they will still come out ahead while enjoying the country. Worth it.