Of course these videos always drudge up a flurry of "Experts" with a degree in "Goggleease," but the professionals at American International Tax Advisors are more than willing to have an exhaustive discussion with you, on the phone or in office, about your personal tax situation. That is something none of these "internet specialists" will ever do. Proceed with caution 😉 Reach out to Thomas and his team today for all your tax, business, and income needs. Remember: mention my channel and get free consultation. FB: facebook.com/Americantax2018 Website: aitaxadvisers.com/ Phone: (66) 94-681-9734
Now what I heard in the first part of the conversation was that "EARNED" income, then it changed to just income because if it is on earned income, then Social Security, pensions etc are not earned income.
I talked to Thomas just a few days ago and he conveyed the same information. Very helpful and knowledgeable. Looking forward to working with him and his team when the time comes.
Hey James! A lot of good information to digest for all different tax/income implications. A big thanks to Thomas for his easily understandable explanations. Interesting and informative topic. Be happy and healthy!
Greatt information Choc! I will use this guy in the future when I start the next level transition in personal & business to Thailand in the coming years.
Great Info & Thank you. So for this year you will NOT have to file a Tax Report If you stay 180 days or longer, because this change has Not Gone Through Regulations yet, right?
God dang! I was planning on moving to Thailand but i have to worry about the tax laws coming up in the future if ever move there. Unless I need help from the agency to see if they can solve it for me in case I mess up, i might have to move to Cambodia or Vietnam. If the tax changes again in Thailand🤯, I'll be visiting there first and see where it goes from here 🇹🇭
If not Thailand has income from taxes, we would not have roads, water in the kitchen ++, so if you do not like to pay tax, just move back home! Tell your home country to change the DTA, so you will have an advantage of paying your taxes in Thailand, some of us have already that and we save a lot of money every year! The DTA is the main TaxLaw, its above the Tax law in your home country and above the Thai Tax Law! The DTA gives Thailand the right to collect all info they need! It also gives you the right to stop taxation in your home country during the year if the taxes SHALL be paid in Thailand. Only a few %% of farang will understand this rights! The DTA is your key to understand double taxation! If you have paid too much tax in your home country, they will pay you back later after received documents, R.O 21 and 22, from Thailand, but it can take time to have the final Tax certificate and the money back.
I almost rushed to the airport to get out !!! NOT. lol Glad I saw this video for future reference. Checked the website link and it looks like they have an office next to the NaNa BTS. Free 30 minute consultation sounds good. Thanks for the report James !!
Thanks James! Super informative content. I like the honesty and professionalism displayed by your guess. This truly is the real deal. Kinda what I've been thinking all the time, it may never happen and if it does they are looking àt the big players..
Great video, been waiting for this one to drop. Nice to see Thomas, but was disappointed that his illustrious partner in crime wasn’t around! I’ll be reaching out to them both when I arrive in a few months. By the way, I hope the Fah is doing well. 🙏🏼
What mechanisms do they have to determine the type of income you receive from foreign sources? The LTR visa is governed by Royal Decree 732, Section 40 of their revenue code, which grants a tax exemption. This supersedes any provisions in the revenue code. Thoughts/Comments?
This works. Yep. I'll have social security and just a teeny little bit of 401k, plus what's sitting in my Thai bank accounts currently. No problemo. Never was seriously worried TBH, but always good to hear. Thanks for the update!
Thailand recognizes double taxation laws so any income where you already paid tax is non-taxable no matter what. Transfers for property purchase are non-taxable. All expats would need a Thai tax ID and be tracked which would take Thailand years to figure out. I’d be more concerned about what your home country is trying to steal from you rather than Thailand laws that will probably be drastically changed or not apply to 99% of foreigners.
Ok great but for instance @6:00 when he is talking about brining in "Old Money" like on that home he used as an example that sold 15 years ago...sheesh that basically is saying Thailand is going to do as I suspected & just lay that burden on you. Meaning any money coming in is fair taxable game unless YOU prove it isn't. Then staying with the home sale because many do sell up & move to Thailand... Ok in the USA if you lived in your home as primary residence for 2 of the last 5 years there is NO sales tax up to 500k profit ....SO does that mean open season for Thailand since NO tax was paid in US using that deduction? Personally I think Thailand is shooting themselves in the foot here but as always we will see & TIT thanks for the video!
Is Thailand tax free for foreigners? Thai citizens and foreigners who are permanent residents are subject to pay income tax, should they earn their annual income, at the following rates: 0 to 150,000 THB is exempted from income tax. 150,001 to 300,000 THB is subject to a 5% tax rate. 300,001 to 500,000 THB is subject to a 10% tax rate.
I have a question.I am a Canadian and I have holdings in my TFSA as well as holdings in a different stock portfolio.I have done 2 tax returns in Canada since I have been in Thailand.In the last 2 years of tax returns I paid no taxes in Canada.I transfer about $2800 each month for living expenses that comes in each month from dividends.I also have enough savings in my Canadian Bank account that can be traced back so that I could easily live in Thailand for 3 years before I had to use the dividend income from my investments and so the money from the dividends would be 3 years old.
Is VA disability considered a military pension? Being that iit's tax-free in the USA, does that make it exempt from the DTA, and therefore taxable in Thalland? I love Thailand but like many, I'll play it safe and keep my stay under 179 days until we have some clear and definite answers.And thanks for the video CM. I'll reach out to AIT soon. Paying too much for tax prep in Texas!
I think that's fair. I mean, if someone is in the country that long and benefiting from government services like police, road maintenance, the energy grid, etc. It's not free.
It's not a problem for me, I'm retired, I own a condo here and a new house on a farm I rent the condo out, live on the farm, already brought money here but I keep it in gold ....this won't affect me at all because I don't spend much here I have everything already. I can get by with almost nothing on the farm. I go home every year I'll bring $10k every year cash on the plane. My wife makes money from her rubber trees. If you don't drink or party and have a wife here then your set. If I had to move a large lump some then I'll stay in my home country for 6+ months and come back. They won't get any stang from me 😊 .
So what about Australia it ha s a tax treaty and no double taxing. If so you can just go for 180 days then go home for summer or go somewhere else depending how much tax yiu have to pay.
@@ChocolateManInThailand I had never heard of a friendly nation unilaterally breaking an international treaty with the USA without an official negotiation or a diplomatic explanation. Let's wait and see if there is an actual law passing through the Thai's government or not.
40 year old me would have chosen Philippines as they have not signed up to the multi country tax agreement. A choice between pay 20% tax in Thailand or 20% tax in UK - its not rocket science: The UK gives a pension, Thailand doesn't. Saying that the cheating UK never increases your pension year on year from the date you receive it in thailand. Another reason to choose Philippines.
Geez, too bad it’s not 1971. Times are changing fast and it seems to be all about taking more from the hard-working non-wealthy folks. I’m already spending and helping the economy of that country by living there. I have to pay for rent, food, utilities, health care, and some funds for emergency situations. God forbid any money to spend on myself. SMH…Can't I just enjoy my retirement in peace...Good Grif, If this junk continues, I will only visit Thailand and live elsewhere. Don’t make the mistake the Philippians did decades ago by asking for too much to keep U.S. Military bases open. You may find that extra income from your foreign friends gone, as they will leave. Many military are there to share and spend their retirement funds with the Thais not to squeeze or take money away. The Thai Government needs to rethink how to maintain and grow the country without hitting its foreign military retirees too hard.
I don’t understand how this is enforceable though, how will Thailand know your actual income? Are they just going off of the bank account that you have on file with them? Or are they actually wanting tax returns? What about your income from countries outside of your home country?
The usa will provide thailand with your tax information from your filed taxes, unfortunate side efect of tax treaties. You will also likely need to provide your usa tax id # to thailand to obtain long term retirement visas.
Thai logic is the same as their Driving skills! Plan B is to relocate to my wife's country! Land or 18 rai bought is calling my name plus better law enforcement and better air quality.
No worries it is not them that will have to do the work/ the proving..... it will likely be YOU. If this thing goes fully into effect it will most likely be up to you to prove your yearly remittance was already taxed before you get any visa extensions. Because as you said 1- US banks will not divulge & 2- Thailand is a get it your dang self kinda workforce ;)
All Americans should read the Thai-US tax treaty. Pay attention to articles 4, 20 and 21.😊 The expert is wrong about differential tax, there is no provision for differential tax in the treaty. Also if you have a 401k that is an IRA and not a ROTH, taxes are paid in the US.
My understanding is that once you spend more than 180 days in a calendar year in Thailand you are “in the system” - forever. I will not be spending more than 180 days here.
@@ChocolateManInThailand The Thai Department of Revenue. My prediction is that once all this goes into effect the computers are Immigration at the airports will alert the staff about two things. First whether you have been in Thailand for more than 180 days in a calendar year and second whether you are current on filing taxes with the Thai Department of Revenue.
@@philippserrin8268& @ChocolateManInThailand So it means for now you can stay more then 180 days in Thailand & you will not be taxed? Because i know alot of Digital Nomads staying the whole year & were Not taxed during the last years.
@@ChocolateManInThailand absolutely if you want to do the research and keep up with the annual changes. If your already there, maybe ya. But there are more tax and legal friendly countries nearby.
Ask the Expert their opinion on the Thai Revenue Departments order Por 162 published 20 November 2023 in Thai language only, that further clarified Por 161 section 4. The document talks about foreign sourced assessable income that was earned prior to January 1, 2024 may be remitted into Thailand after Jan 1, 2024 with no tax. Additionally Thai Revenue Department has nice picture PDF Foreigners_Pay_Tax2024.pdf that supports my statement.
Is Thailand tax free for foreigners? Thai citizens and foreigners who are permanent residents are subject to pay income tax, should they earn their annual income, at the following rates: 0 to 150,000 THB is exempted from income tax. 150,001 to 300,000 THB is subject to a 5% tax rate. 300,001 to 500,000 THB is subject to a 10% tax rate.
Of course these videos always drudge up a flurry of "Experts" with a degree in "Goggleease," but the professionals at American International Tax Advisors are more than willing to have an exhaustive discussion with you, on the phone or in office, about your personal tax situation. That is something none of these "internet specialists" will ever do. Proceed with caution 😉
Reach out to Thomas and his team today for all your tax, business, and income needs. Remember: mention my channel and get free consultation.
FB: facebook.com/Americantax2018
Website: aitaxadvisers.com/
Phone: (66) 94-681-9734
So if I pay tax then I can get free hospital care? Resident permit? And other benefits one should have as a tax payer
Now what I heard in the first part of the conversation was that "EARNED" income, then it changed to just income because if it is on earned income, then Social Security, pensions etc are not earned income.
Thomas was great and addressed all concerns on free consult. Thanks for what you do James!!!!
I talked to Thomas just a few days ago and he conveyed the same information. Very helpful and knowledgeable. Looking forward to working with him and his team when the time comes.
Glad it was helpful!
This video cleared up sooo many questions for me. With my USA govt pensions and such, puts many concerns of mine to rest right now. Great info!
Hey James! A lot of good information to digest for all different tax/income implications. A big thanks to Thomas for his easily understandable explanations. Interesting and informative topic. Be happy and healthy!
Greatt information Choc! I will use this guy in the future when I start the next level transition in personal & business to Thailand in the coming years.
Hope it helps out.
Great Info & Thank you. So for this year you will NOT have to file a Tax Report If you stay 180 days or longer, because this change has Not Gone Through Regulations yet, right?
Thanks for the info guys !!! Much appreciated.
God dang! I was planning on moving to Thailand but i have to worry about the tax laws coming up in the future if ever move there. Unless I need help from the agency to see if they can solve it for me in case I mess up, i might have to move to Cambodia or Vietnam. If the tax changes again in Thailand🤯, I'll be visiting there first and see where it goes from here 🇹🇭
Unlikely to affect you.
@@blureader1164yeah
@@ChocolateManInThailand I see.
If not Thailand has income from taxes, we would not have roads, water in the kitchen ++, so if you do not like to pay tax, just move back home! Tell your home country to change the DTA, so you will have an advantage of paying your taxes in Thailand, some of us have already that and we save a lot of money every year! The DTA is the main TaxLaw, its above the Tax law in your home country and above the Thai Tax Law! The DTA gives Thailand the right to collect all info they need! It also gives you the right to stop taxation in your home country during the year if the taxes SHALL be paid in Thailand. Only a few %% of farang will understand this rights! The DTA is your key to understand double taxation! If you have paid too much tax in your home country, they will pay you back later after received documents, R.O 21 and 22, from Thailand, but it can take time to have the final Tax certificate and the money back.
I almost rushed to the airport to get out !!! NOT. lol Glad I saw this video for future reference. Checked the website link and it looks like they have an office next to the NaNa BTS. Free 30 minute consultation sounds good. Thanks for the report James !!
Glad I could help!
Decision making in Thailand is woefully inadequate, I've seen everything in 46yrs of visits. They can't sort out the new visa rules, which are a joke.
Thanks James and Thomas for the updates. Appreciate it.
Our pleasure!
Thanks James! Super informative content. I like the honesty and professionalism displayed by your guess. This truly is the real deal. Kinda what I've been thinking all the time, it may never happen and if it does they are looking àt the big players..
Exactly!
Great video, been waiting for this one to drop. Nice to see Thomas, but was disappointed that his illustrious partner in crime wasn’t around! I’ll be reaching out to them both when I arrive in a few months. By the way, I hope the Fah is doing well. 🙏🏼
He's there out of frame for sure😉
What mechanisms do they have to determine the type of income you receive from foreign sources? The LTR visa is governed by Royal Decree 732, Section 40 of their revenue code, which grants a tax exemption. This supersedes any provisions in the revenue code. Thoughts/Comments?
Perfect question for Thomas and the team. I thought the LTR provides reduced fixed rate of Tax, but yep, better to ask the pros.
This works. Yep.
I'll have social security and just a teeny little bit of 401k, plus what's sitting in my Thai bank accounts currently. No problemo.
Never was seriously worried TBH, but always good to hear. Thanks for the update!
Thailand recognizes double taxation laws so any income where you already paid tax is non-taxable no matter what. Transfers for property purchase are non-taxable. All expats would need a Thai tax ID and be tracked which would take Thailand years to figure out. I’d be more concerned about what your home country is trying to steal from you rather than Thailand laws that will probably be drastically changed or not apply to 99% of foreigners.
You might need to pay a gap although you get a credit against already paid taxes in your home country.
The DTA will tell you which country is granted your tax, thats how it works. Not the way you think!
Excellent informative video. One of your best. Keep up the good work.
Ok great but for instance @6:00 when he is talking about brining in "Old Money" like on that home he used as an example that sold 15 years ago...sheesh that basically is saying Thailand is going to do as I suspected & just lay that burden on you. Meaning any money coming in is fair taxable game unless YOU prove it isn't. Then staying with the home sale because many do sell up & move to Thailand... Ok in the USA if you lived in your home as primary residence for 2 of the last 5 years there is NO sales tax up to 500k profit ....SO does that mean open season for Thailand since NO tax was paid in US using that deduction? Personally I think Thailand is shooting themselves in the foot here but as always we will see & TIT thanks for the video!
Agree, a can of worms...I will be lookn for somewhere else to live...
Great information about this love your channel KEEP IT REAL
Thank you! Will do!
I was quoted by 2 professional tax agencies in Pattaya 10.000 baht to due my taxes.
Ok.
@@BobBob-ey5br 3 pensions tax already paid in canada, double taxation treaty will cover my taxes..
Thumbnail had me LOL. Good information
Is Thailand tax free for foreigners?
Thai citizens and foreigners who are permanent residents are subject to pay income tax, should they earn their annual income, at the following rates: 0 to 150,000 THB is exempted from income tax. 150,001 to 300,000 THB is subject to a 5% tax rate. 300,001 to 500,000 THB is subject to a 10% tax rate.
Expats will vote with their feet. Who would put up with any of this crap? Holidays only forget residence, there are plenty of other places to go
Ok, bye🤷🏾♂️ Actually watching the video helps...Ijs
Thank you for the Info. enjoy ... James !
James bro Great Infos ! Thanks for the video!
I have a question.I am a Canadian and I have holdings in my TFSA as well as holdings in a different stock portfolio.I have done 2 tax returns in Canada since I have been in Thailand.In the last 2 years of tax returns I paid no taxes in Canada.I transfer about $2800 each month for living expenses that comes in each month from dividends.I also have enough savings in my Canadian Bank account that can be traced back so that I could easily live in Thailand for 3 years before I had to use the dividend income from my investments and so the money from the dividends would be 3 years old.
Is VA disability considered a military pension? Being that iit's tax-free in the USA, does that make it exempt from the DTA, and therefore taxable in Thalland? I love Thailand but like many, I'll play it safe and keep my stay under 179 days until we have some clear and definite answers.And thanks for the video CM. I'll reach out to AIT soon. Paying too much for tax prep in Texas!
Good point. Since VA compensation comes from the USA govt and is not taxed. Maybe interesting to see how that plays out in the future. If at all...
At 4:48 time stamped, the 401K distributions are taxed in the US. The one aren't tax is the Roth IRA.
😉
I think that's fair. I mean, if someone is in the country that long and benefiting from government services like police, road maintenance, the energy grid, etc. It's not free.
I'm still working on selling my house here in America. Getting very close! I think I need to talk to the tax man about my situation.
Appreciate the topic CM, UH-Rah
Cheers for video CM.
Thanks for watching
It's not a problem for me, I'm retired, I own a condo here and a new house on a farm I rent the condo out, live on the farm, already brought money here but I keep it in gold ....this won't affect me at all because I don't spend much here I have everything already. I can get by with almost nothing on the farm. I go home every year I'll bring $10k every year cash on the plane. My wife makes money from her rubber trees. If you don't drink or party and have a wife here then your set. If I had to move a large lump some then I'll stay in my home country for 6+ months and come back. They won't get any stang from me 😊 .
So what about Australia it ha s a tax treaty and no double taxing. If so you can just go for 180 days then go home for summer or go somewhere else depending how much tax yiu have to pay.
I would absolutely give them a call. It's free!
Exactly, that's my plan
There is a treaty between the USA and Thailand that would exempt Americans from this new tax law.
Yep, but this law may or may affect that. No one will know until it's actually implemented, if that even happens.
@@ChocolateManInThailand I had never heard of a friendly nation unilaterally breaking an international treaty with the USA without an official negotiation or a diplomatic explanation. Let's wait and see if there is an actual law passing through the Thai's government or not.
very good information..thank you.
You are welcome
Thanks James
No problem!
40 year old me would have chosen Philippines as they have not signed up to the multi country tax agreement. A choice between pay 20% tax in Thailand or 20% tax in UK - its not rocket science: The UK gives a pension, Thailand doesn't. Saying that the cheating UK never increases your pension year on year from the date you receive it in thailand. Another reason to choose Philippines.
Will my phone company pension be taxed by Thailand? I pay taxes on my phone company pension in the USA.
What if you get a tax free lump sum in your country is that taxable in Thailand
If i send my wife money from Australia to Thailand will she have to pay tax ?
Love me some original flavor of the Choco Man.
Now you get both😉
Geez, too bad it’s not 1971. Times are changing fast and it seems to be all about taking more from the hard-working non-wealthy folks. I’m already spending and helping the economy of that country by living there. I have to pay for rent, food, utilities, health care, and some funds for emergency situations. God forbid any money to spend on myself. SMH…Can't I just enjoy my retirement in peace...Good Grif, If this junk continues, I will only visit Thailand and live elsewhere. Don’t make the mistake the Philippians did decades ago by asking for too much to keep U.S. Military bases open. You may find that extra income from your foreign friends gone, as they will leave. Many military are there to share and spend their retirement funds with the Thais not to squeeze or take money away. The Thai Government needs to rethink how to maintain and grow the country without hitting its foreign military retirees too hard.
for someone with 401k this could be a big issue pay us and Thai govt to take a distribution? Also double tax on interest and dividends?
Please call Thomas and the team and see if that's really a concern.
When I contact Thomas, I will ask his speculation on TSP distributions for Americans. Probably just falls under the govt pension category.
WOO HOO!!! Won't effect me!!
😉
I don’t understand how this is enforceable though, how will Thailand know your actual income? Are they just going off of the bank account that you have on file with them? Or are they actually wanting tax returns? What about your income from countries outside of your home country?
These are exactly the questions Thomas and his team can answer. Please give them a call, its FREE.
@@ChocolateManInThailand10-4
Thats the same question I have. My American bank isn't going to tell them anything and neither will I. They're shooting themselves in the foot tbh
The usa will provide thailand with your tax information from your filed taxes, unfortunate side efect of tax treaties. You will also likely need to provide your usa tax id # to thailand to obtain long term retirement visas.
What is the point in contacting Thomas as he hasn’t got a clue what he is talking about total claptrap he is just guessing and making crap up
Thai logic is the same as their Driving skills! Plan B is to relocate to my wife's country! Land or 18 rai bought is calling my name plus better law enforcement and better air quality.
Is this 183 consecutive days or collective days?
collective
Jesus said "Give back to Caesar what is Caesar's, and to God what is God's"....pay your taxes wherever you are.
Yeah tf right...
Hey Thailand, good luck getting my American bank to give you ANY information about my taxes.
Unlikely to affect you.
@@ChocolateManInThailand hopefully
@@ChocolateManInThailand I am planning to live and work out of there as a Digital Nomad and Software Engineer so I hope not lol
No worries it is not them that will have to do the work/ the proving..... it will likely be YOU. If this thing goes fully into effect it will most likely be up to you to prove your yearly remittance was already taxed before you get any visa extensions. Because as you said 1- US banks will not divulge & 2- Thailand is a get it your dang self kinda workforce ;)
@Mike-du1dc actually they will share info. This is why I highly suggest you speak with the experts.
Nothing Burger for LTR folks
🙏🏾
All Americans should read the Thai-US tax treaty. Pay attention to articles 4, 20 and 21.😊 The expert is wrong about differential tax, there is no provision for differential tax in the treaty. Also if you have a 401k that is an IRA and not a ROTH, taxes are paid in the US.
👌
My understanding is that once you spend more than 180 days in a calendar year in Thailand you are “in the system” - forever. I will not be spending more than 180 days here.
In what "system?"
@@ChocolateManInThailand The Thai Department of Revenue. My prediction is that once all this goes into effect the computers are Immigration at the airports will alert the staff about two things. First whether you have been in Thailand for more than 180 days in a calendar year and second whether you are current on filing taxes with the Thai Department of Revenue.
@@philippserrin8268& @ChocolateManInThailand So it means for now you can stay more then 180 days in Thailand & you will not be taxed?
Because i know alot of Digital Nomads staying the whole year & were Not taxed during the last years.
Put things in ya Momma's name?
😉
Actually, not the worst idea.
No, taxing on global income is NOT the way most countries operate. The US and Eritrea are the only 2 countriess in the world that do this.
Please, educate us.
🤜🏽🤛🏽
😉
Vietnam?
👌
FYI,
No long stay Visa there.
Main point is stay away from Thailand.
Up2u
@@ChocolateManInThailand absolutely if you want to do the research and keep up with the annual changes. If your already there, maybe ya. But there are more tax and legal friendly countries nearby.
Cool video. Terrific information. Thank you for sharing that. Very good stuff to know about.
😎✝️🇺🇸🇹🇭❤️🙏💪🍺
Glad you enjoyed it
Ask the Expert their opinion on the Thai Revenue Departments order Por 162 published 20 November 2023 in Thai language only, that further clarified Por 161 section 4. The document talks about foreign sourced assessable income that was earned prior to January 1, 2024 may be remitted into Thailand after Jan 1, 2024 with no tax. Additionally Thai Revenue Department has nice picture PDF Foreigners_Pay_Tax2024.pdf that supports my statement.
Is Thailand tax free for foreigners?
Thai citizens and foreigners who are permanent residents are subject to pay income tax, should they earn their annual income, at the following rates: 0 to 150,000 THB is exempted from income tax. 150,001 to 300,000 THB is subject to a 5% tax rate. 300,001 to 500,000 THB is subject to a 10% tax rate.