Spot on. Great video. I saw somewhere, via a Swiss community, that all of this is due to Thailand wanting to join the OECD. That would then mean that they are to some extent calling the shots, which in turn would mean that it may not be up to the Thais so much if they want to rescind the new taxation approach. Also I understand that you can gift your wife 3m without further taxation
Hello Jay. HAPPY NEW YEAR. When I started coming to Thailand around 15 years ago, I am sure there used to be a "departure tax" of around 500 baht. I clearly remember having to pay this at the airport (Don Mueang at the time, before Suvarnabhumi). Do others remember this?
Hi Jay, good video, I know a lot of people are concerned about the new Tax situation here... One thing I have not see mentioned around much is, if you are married, you can "gift" up to 20m tax free to your spouse. Of course there needs to be trust involved but you should probably not be married if there isn't... Also, the first 150k remitted to Thailand in your own name is tax free based on the Thai tax levels. Cheers mate!
Thanks. Someone mentioned the money gift loophole but sounds a bit too easy to be true if you are a foreigner who is also a tax resident 🤭I would consult a tax lawyer first before taking action
And the first 150k is for sure tax-free. There are also some other deductions/allowances (was it 60k per person + 60k if married (if your wife doesn't use it), child allowance? Etc.
Of course for any substantial sum it's always wise check first, but its within the current tax rules and is easy to find on Google. I can't post links here but you can find it easy enough...
@@firewight1944 yeah I’ve read that already, but not sure if I correctly understand that 🤭that is something I need to ask a lawyer to get clarification
Hello Jay , Yes it’s put me and my Thai wife in deep thought about the hole debacle on the decision to start a new life in Thailand with our son we have land also a good yield of the rice every year. We love the the progress you and your wife have achieved on the House I love the House my friend and would be proud to own something like that: cheekly can I ask how much the Wall Tv display cost thanks
Thanks. Starting a new life in Thailand is for sure more challenging with new tax rules. But if you already pay taxes in your home country and have a Double Tax Treaty, I would not be too worried about that, especially because all is still unclear about how Thailand will implement it. Who knows they make again U-turn and exclude retirees? However, as I said in the video, I would plan more tax-wise if you gonna build a house in Thailand or bring a large amount of money for any reason. In the end, the question is if you want to live in Thailand or not and then play with the rules whatever they are. The living room built TV system was about 40.000 baht and the upstairs was 20.000 baht. Hopefully, you can start your new life in Thailand if that is your wish and dream 🙏
Marital property? We are not married, so our house is never marital property 👌the land is under Ploy’s name and I have a lifetime land usufruct including the property 🙏
In Thai law just "Living Together" like Husband + Wife (No wedding , No Married) = Marital Property Not about married or not ? --> Not issue. Not have a baby or not ? --> Not issue
@@PEACEKEEPER-mm3js are you a lawyer? There is a big difference between using a lawyer when building a house BEFORE marriage and making all legal papers (Usufruct, MOU, Last Will, and Testament) and building a house AFTER marriage (marital property). Now, if we one day get married it doesn't suddenly change the papers we did BEFORE marriage.
Okay , if Ploy building house before married not mean "Marital Property" is correct 100%..!!. I just need to testing you...Sorry 😅 Hope you understand 😊
I am not tax agent, and I certainly don't know how this system will affect everyone individually. But if you were going to build a house, what if the money is gifted to your Thai partner and the money never goes into your Thai account??? Just a thought 💭. If this does become more of an issue, I think people will just rent in the future, rather than bring large sums in for building
I've thought about also the “gifting loophole”. If you already live permanently in Thailand, hardly believe that you can just send a few million gifts to your Thai partner without tax issues. Your Thai partner doesn't have to pay a gift tax, but you might have to in that case. I would consult a tax expert before taking action 😂The easiest way is to stay in Thailand Max 179 days in the year you build and send the money. Whatever you do, keep in mind the “180-day rule” which triggers the tax residency in Thailand 👌🙏
Nothing has been decided yet Jay. I am not in the slightest worried. After 15 years of living here, I am used to these notifications that suddenly come to Nothing more than hearsay and forgotten about.
So, I just sold my condo. I only owned it for 1 year but I have to pay around 95,000 income tax and 255,000 "special business tax". I should be good for about 4 years or so.
As far as we know, no one has paid property taxes in our area. I’ve heard some foreigners has paid a small property tax (1.000 to 3.000 baht) other provinces. It's not any cost here whatever it is.
@@Davirdcarrol it depends on many things, but Thailand’s remittance based personal income tax is for people who live here 180 or more days per year. Also, buying a condo includes many fees/taxes: www.samuiforsale.com/real-estate/condominium-transfer-tax-and-fees.html
I Think ploy has souch a beautifull smile. Bring you in good mood. God luck to you. Wish you a happy life
Thank you 🙏
Amazing views
🙏
Hello again my friends. Excellent video again. Thank you.
Glad you like it 🙏
Great information. Thanks!
🙏
GOOD COMMENTS
🙏
Spot on. Great video. I saw somewhere, via a Swiss community, that all of this is due to Thailand wanting to join the OECD. That would then mean that they are to some extent calling the shots, which in turn would mean that it may not be up to the Thais so much if they want to rescind the new taxation approach.
Also I understand that you can gift your wife 3m without further taxation
Yes, there is a lot going on. Gift is an interesting tax-free opportunity 🙏
Hello Jay. HAPPY NEW YEAR. When I started coming to Thailand around 15 years ago, I am sure there used to be a "departure tax" of around 500 baht. I clearly remember having to pay this at the airport (Don Mueang at the time, before Suvarnabhumi). Do others remember this?
Thanks and Happy New Year 🙏 Let's see if someone remembers the departure tax 🤔
@@StephenWestrip 👌
I hope you have a great trip away. Ricky's gorgeous girls are growing so quickly
Thanks 🙏twins are so big, challenge to choose clothes for them 😂
Good video Jay, it´s always good to get information.
Best regards
Mathias
👌🙏
That was interesting video thanks
👌🙏
Hi Jay, good video, I know a lot of people are concerned about the new Tax situation here...
One thing I have not see mentioned around much is, if you are married, you can "gift" up to 20m tax free to your spouse. Of course there needs to be trust involved but you should probably not be married if there isn't... Also, the first 150k remitted to Thailand in your own name is tax free based on the Thai tax levels.
Cheers mate!
Thanks. Someone mentioned the money gift loophole but sounds a bit too easy to be true if you are a foreigner who is also a tax resident 🤭I would consult a tax lawyer first before taking action
And the first 150k is for sure tax-free. There are also some other deductions/allowances (was it 60k per person + 60k if married (if your wife doesn't use it), child allowance? Etc.
Of course for any substantial sum it's always wise check first, but its within the current tax rules and is easy to find on Google. I can't post links here but you can find it easy enough...
@@firewight1944 yeah I’ve read that already, but not sure if I correctly understand that 🤭that is something I need to ask a lawyer to get clarification
Good luck to you...nice hous
🙏
Hello Jay , Yes it’s put me and my Thai wife in deep thought about the hole debacle on the decision to start a new life in Thailand with our son we have land also a good yield of the rice every year. We love the the progress you and your wife have achieved on the House I love the House my friend and would be proud to own something like that: cheekly can I ask how much the Wall Tv display cost thanks
Thanks. Starting a new life in Thailand is for sure more challenging with new tax rules. But if you already pay taxes in your home country and have a Double Tax Treaty, I would not be too worried about that, especially because all is still unclear about how Thailand will implement it. Who knows they make again U-turn and exclude retirees? However, as I said in the video, I would plan more tax-wise if you gonna build a house in Thailand or bring a large amount of money for any reason. In the end, the question is if you want to live in Thailand or not and then play with the rules whatever they are. The living room built TV system was about 40.000 baht and the upstairs was 20.000 baht. Hopefully, you can start your new life in Thailand if that is your wish and dream 🙏
Big fish don't pay money😂this is everywhere in the world also in thailand
Big fishes know how to avoid taxes and how to do it legally 👌🙏
According to Thai law this called "Marital property" (สินสมรส) Ratio 49/50.
Nearly thai citizen. Protect you all.
49/51
Marital property? We are not married, so our house is never marital property 👌the land is under Ploy’s name and I have a lifetime land usufruct including the property 🙏
In Thai law just "Living Together"
like Husband + Wife (No wedding , No Married) = Marital Property
Not about married or not ? --> Not issue.
Not have a baby or not ? --> Not issue
@@PEACEKEEPER-mm3js are you a lawyer? There is a big difference between using a lawyer when building a house BEFORE marriage and making all legal papers (Usufruct, MOU, Last Will, and Testament) and building a house AFTER marriage (marital property). Now, if we one day get married it doesn't suddenly change the papers we did BEFORE marriage.
Okay , if Ploy building house before married not mean "Marital Property" is correct 100%..!!. I just need to testing you...Sorry 😅 Hope you understand 😊
00:19 Honey is sweet... So is Ploy 😍😍😂😂😂😂😂😂😂😂🙏🙏🦘🦘
🙏🙏🙏
I am not tax agent, and I certainly don't know how this system will affect everyone individually. But if you were going to build a house, what if the money is gifted to your Thai partner and the money never goes into your Thai account??? Just a thought 💭. If this does become more of an issue, I think people will just rent in the future, rather than bring large sums in for building
I've thought about also the “gifting loophole”. If you already live permanently in Thailand, hardly believe that you can just send a few million gifts to your Thai partner without tax issues. Your Thai partner doesn't have to pay a gift tax, but you might have to in that case. I would consult a tax expert before taking action 😂The easiest way is to stay in Thailand Max 179 days in the year you build and send the money. Whatever you do, keep in mind the “180-day rule” which triggers the tax residency in Thailand 👌🙏
Yep I just mentioned this above, up to 20m can be gifted tax free.
Nothing has been decided yet Jay. I am not in the slightest worried. After 15 years of living here, I am used to these notifications that suddenly come to Nothing more than hearsay and forgotten about.
Exactly. Just wanted to point out that old tax rules still exist although everyone talking only about the ”horrible” new tax rules
@@PloyandJayinThailand I agree
So, I just sold my condo. I only owned it for 1 year but I have to pay around 95,000 income tax and 255,000 "special business tax". I should be good for about 4 years or so.
Special business tax? Is that only for farangs? 😂
Possibly. 😂😂😂😂
💖💕🥰😍😘😊☺️
Thank you ❤️🙏
What kind of business do you run in Finland ?
Online business 🙏👌
Do you pay property taxes on your new home?
As far as we know, no one has paid property taxes in our area. I’ve heard some foreigners has paid a small property tax (1.000 to 3.000 baht) other provinces. It's not any cost here whatever it is.
@@PloyandJayinThailand Good to know...We start our house in 1 year.
How old is ploy?
25
You young so whatt about persons who are on retirement do they have pay takes if they are on retirement and buy a condo
@@Davirdcarrol it depends on many things, but Thailand’s remittance based personal income tax is for people who live here 180 or more days per year. Also, buying a condo includes many fees/taxes: www.samuiforsale.com/real-estate/condominium-transfer-tax-and-fees.html