The Thai Gift & Foreigner Joe UA-cam channel is seen by people from all around the world. We post videos of our journey while living in Thailand and traveling around the world for the pleasure of our audience only. Our content is not meant to encourage/discourage or influence anyone to travel, live, work, marry, retire, rent, buy, build or own a home, land or business in Thailand or any other country for that matter. Our content covers a wide variety of topics including cost of living, travel, food, real life stories, informational videos, homes, condos and land for sale or rent and much more. Our videos are based on our own experience and we do not claim to be, nor are we experts in regards to any of the info that we may share with our audience. It is highly recommended and encouraged to seek professional legal advice, visit official Government websites and fully understand, countries laws, rules & regulations, terms and conditions prior to signing any legally binding contracts. Tax advisers contact info aitaxadvisers.com Ken Brown www.kenbrownfc.com ThailandTax Brackets www.rd.go.th/fileadmin/user_upload/AEC/AseanTax-Thailand.pdf Double taxation agreements, In Thailand thailand.acclime.com/guides/double-taxation/ Thank you for watching. Please like, share and subscribe. How to support the channel: www.buymeacoffee.com/ThaiGirlGift How to contact us: Facebook: Thai Girl Gift and Foreigner Joe Instagram: snow.gift For Legal assistance of any kind in Thailand, Check out the link to Thai Legal Protection below. thailegalprotection.com?ref=zwexnzy Some of the services provided for just a small monthly fee include Coverage Details: Immigration Issues Insurance Claims Traffic Casualties Business Negotiations Liability Insurance Domestic Disputes International Travel Visa Buying or Selling Your Home Child Adoption Living Will or Last Will Review of Contracts Cyber Crime and More...
I live here full time today, spend maybe 2 million baht a year, but would look at 49/51% living outside Thailand. Not a problem, do Bali plus a month or 2 then Europe and a visit once or twice to Australia. No my preferred option to plan like this but easily done. Frankly these guys don't know yet, but great business opportunity for them
Sorry, I don't feel comfortable with that Hong Kong pension plan. Sending my life savings to a foreign country for safekeeping doesn't appeal to me, especially when the United States and China do not have good relations. If China invades Taiwan, foreign assets will be frozen by the Chinese government! No, thank you, I'll keep my funds in the USA and have them sent slowly monthly.
Hello Kevin, I understand how you feel but here is more information to feel better. The funds are not held in Hong Kong. They are held thru Hong Kong and we have another option as well. In some cases Americans are forced into it because their financial institution has found out they are living outside the US and they no longer want to keep us as a client so be careful when changing your address. The financial institutions have a KYC (Know Your Client) requirement and they are trying to know as much about you by tracking your logins and IP addresses. They sometimes don't want to keep you to avoid the additional reporting required when you live outside the US. If you do open a pension maybe open it with some of your money. Those funds invested in your name in the same investments held in the US would not be subject to US Gains or distributions taxes. You also have a later required distribution as well. These are also great that they convert into a trust if the worse were to happen to you allowing you to control how and when your loved ones recieves their distributions which allows the funds to last longer. Get the information for your specific situation .... then decided if it's right for you.
Great info, Joe, but I agree with some viewers in respect to a"Hong Kong " pension plan. Here's the thing... the two gentlemen have excellent knowledge of finances and taxation, but what they discard or omitted is that the Hong Kong government is now under control of the CCP and all financial institutions, especially under the jurisdiction of the Hong Kong government ( CCP by proxy) jeopardize any assests should the CCP seize any and all accounts foreign or domestic ! This is happening today with Chinese citizens accounts . With many companies and financial institutions moving their assets out of Hong Kong as well as the wealthy Chinese citizens, placing my pension and SSI into a political controversial financial institution is an unwarranted risk! However, I will explore other options with them, though ! Anyway thanks for the link and info 👍
I was wrestling with placing my funds into a Thai bank account to acquire a retirement visa. No F'ing way I'm putting funds into a HKK account. The CCP has created an economic dumpster fire. Tell me there is no risk of seizure.
As stated in the description of this video, we share our journey for our viewers pleasure only. That being said, I talked to a tax advisor and financial advisor in this video. They offer a 30 minute free consultation and offer to answer any and all of your questions. You can also use google and do more of your own research regarding your questions and concerns. You can also talk with other financial and tax professionals, before making any decisions. As stated, it is suggested that everyone read the description of our videos, we also provide links to other sources of information pertaining to the topic of this video. “The Thai Gift & Foreigner Joe UA-cam channel is seen by people from all around the world. We post videos of our journey while living in Thailand and traveling around the world for the pleasure of our audience only. Our content is not meant to encourage/discourage or influence anyone to travel, live, work, marry, retire, rent, buy, build or own a home, land or business in Thailand or any other country for that matter. Our content covers a wide variety of topics including cost of living, travel, food, real life stories, informational videos, homes, condos and land for sale or rent and much more. Our videos are based on our own experience and we do not claim to be, nor are we experts in regards to any of the info that we may share with our audience. It is highly recommended and encouraged to seek professional legal advice, visit official Government websites and fully understand, countries laws, rules & regulations, terms and conditions prior to signing any legally binding contracts”. Have a nice day!
This was one of the best videos watched on UA-cam. This was so informative, and the two gentlemen really know their jobs. Also, Gift is such a nice person. Wishing you and her a forever happy life together.
Hi Joe, thank you for sharing the blog on Tax law That was some very valuable information. We really really appreciate you. Thanks for sharing Keep up the good And good luck on your wedding 😍.
Joe you asked a lot of great questions and made a lot of good points, for example, it’s almost $2,000.00 for the airline ticket if you wanted to come back to America , not to mention all the other expenses you would endure if you left for six months ( it would end up costing just as much if not more than what it would cost to stay and pay the double tax. ) I love Thailand ,.. I just hope they don’t bight off their nose to spite their face .
@@chriscollins6610 I totally agree, I go there every winter for three months and would love to live permanently, but you won’t see me there for over six months anytime soon
Love u guy's. Been going to Thailand for 12yrs Joe. Chuck and Paige turned me on to your channel and Mike and Nicoles channel.so...You guy's are so awesome. Great info and let's stay cool 😎 kind and generous brother! Awesome show and great info. Be retired and there this fall! 😊
Great information Joe. I met with Thomas and Ken in Jomtien for a seminar shortly after I arrived in Thailand. Now with the new tax scheme coming into play its time I schedule a short Zoom call. Thank you Joe. All the best. Mitch🙏
thanks joe! have been following this expert since James interviewed him . I will need to clarify if my NYS pension is handled like your federal pension. he is charging $400 , same as I paid my CPA in NY. he is a positive and intelligent man, and having seen 3 or 4 interview with him he is constantly updating his knowledge about the tax situation
Hey Steve Your NYS Pension is tax advantaged in Thailand. You should not be taxed in the US if you are tax resident in Thailand. You can amend your taxes for three years to get those taxes back as well. If you were tax resident in the last three years you Please contact us for more information. You will face taxes for Thailand with a non Federal Pension.
@@RetiretoThailand US citizens living abroad must file and pay taxes on worldwide income, including taxes on State Pensions. However, any US federal taxes paid in a foreign country on that same income is generally eligible for a tax credit on the US return. Whether or not the person receiving a state pension is required to pay state income tax, or to file a state income tax return, depends on the state. Generally, you must file a New York State income tax return if you are a New York State resident and are required to file a federal return. You may also have to file a New York State return if you are a nonresident of New York and you have income from New York State sources. If I am wrong I don't mind being corrected, but I am a retired CPA, and don't appreciate my comments being deleted.
Joe I can see if your income is derived in Thailand then you pay taxes on that income but if your income comes from overseas what is it their business. Thailand can tax the establishments where you spend your money. Sounds like a big problem. Can you imagine doing your taxes in two different countries? I don't think this will go over well for foreigners.
@@billyjohnson9166 I heard that only the foreign income brought into Thailand is taxable in Thailand? Also would love to learn more about the country treaties like my country's Canadas tax treaty with Thailand
The US taxes worldwide income for any US citizen, regardless of where they live. But the US does allow for a foreign tax credit on their US tax return of any foreign taxes paid on that income. Thailand is most likely wanting to move in the same direction as how the US does it, but it seems like a mess right now, and I don't think we have heard the last word on this.
Excellent video thank you very much. I had a conversation with Ken Brown and am looking forward to setting up a future meeting. I am excited to do business with people who can take the stress off of me regarding my tax situation in retirement. I can enjoy my retirement more and the next phases of my life wherever that may take me.
You cleared up the Social Security tax for me. Thanks Joe, and also Ken and Thomas for the update of all taxes and investments. You all have a good day there in PKK.
I was going to retire to Thailand, and then they upset my apple cart with the tax policy modifications. So now, and thank goodness for the new Destination Thailand Visa (DTV), I will be living in Thailand for 179 days of each year and then elsewhere for the remainder of the year. Nov, Dec, Jan, Feb, Mar, Apr. It's going to increase my accommodation expense, but not significantly. I actually think six month leases will now become the norm. Good to know that the option to stay more than six months will cost me a tax prep fee of $400.00. No thanks, I'll spend it on airfare. Croatia is inexpensive and beautiful in the summer. 😉
Joe, thank you very much for sharing this video. I really enjoy the content on your channel. I have been following your Thai Gift and Foreigner Joe channel since it began. I myself return to Thailand in October for 3 months. I will make the move to Thailand full time in August 2025.
By the way JOE I just applied for a ITIN # for my Filipino wife. I applied directly at the IRS in Boston. I'm visiting here. This way I pay less taxes. I can file married now. You have to file yourself, you can do it online. It can take up to 3-4 months for your ITIN#. Do it as soon as you get married.
That depends on whether the foreign government taxes income that is not taxed in the US, or the tax rates. The US foreign tax credit cannot be claimed for more than US taxes owed. So it may not be double-taxation, but if Thai taxes rates are higher than US tax rates, then one could pay more taxes under the new law.
@@Mark-rw3kw Finally, someone who seems to understand it. Spot on with what you say. People (including UA-camrs) saying that you won't be taxed in Thailand if you're taxed in your "home" country, as you have explained, is not necessarily the case.
For tax planning purposes, it’s crucial to understand that you must not derive any benefit when gifting assets. For example, if an expat sends money from overseas to their Thai spouse and it covers their living expenses, it is not considered a gift. Attempting to bypass the tax regulations in this way is likely to be considered tax evasion, potentially resulting in severe penalties.
Thumbs up 👍 Joe….it just seems as though they are just looking for creative loopholes in not paying the income tax to Thailand. I’m all for loopholes however when your talking about your hard earned money that could be gone in seconds or the Thai government thinks that your being shady on not paying what they think you should be and revoke your visa then what 😢
I lived in Thailand 8 yrs. I have my income directly deposited in America. I always just used the ATM in Thailand with no problems. I would NOT PUT MY MONEY IN A THAI BANK. PERIOD! I spent much money in Thailand monthly! That was enough!
Up to you! It’s definitely not for everyone. I am living in Thailand for 6 years and I am perfectly fine having not just one but two Thai bank accounts. I also have my US account.
Unfortunately taking money out of an ATM in Thailand is also classed as a remittance into Thailand and therefore potentiality subject to Thai tax. Depending on the amount remitted and whether this was from a source of assessable income earned in 2024. Also obviously only applies if you are in Thailand more than 180 days this tax year (2024)
How much does it cost to set up a trust in Hong Kong? How does Hong Kong Fiduciary Association Limited popularizes trust service? A: Traditional trust service requires an initial set up fee of USD150,000 to USD200,000 and a 2% annual management fee, indicating that the service is exclusive for High-Net-Worth settlors.
The cost can vary depending on your situation and what's needed. Nothing like the numbers you used above. Its' affordable and no money needed up front.
Thank you for this info Joe. I’m a fed retiree considering the big move if the USA collapses in November, and this gives me more confidence in Thailand.
The US IRS website listed a company in Bangkok that could serve as an agent to help my Thai wife get an ITIN. This was in 2019. She met us at our condo and processed the application in a couple of months. It was reasonably priced. I've been filing joint US tax returns ever since. I have an LTR visa but I suspect I will have to file a tax return only to not pay any tax.
Incredible information Joe I'm definitely impressed with these guys..they are both very well spoken and did not hesitate on questions. One question I have is if you leave the country at 5 months 29 days to avoid filing taxes is there a stipulation on how long you stay out of Thailand? Can it be like a Myanmar border run the same day? Thanks
I would not recommend that US citizens put their assets in a Hong Kong pension. Regardless of where the invested assets are located, there is no telling what could happen to a Hong Kong pension now that the People's Republic of China has taken over Hong Kong (after the 99 year lease by the British expired). If there was any military encounter between PRC and Taiwan, and the US supported Taiwan, that might not be good for US citizens who hold accounts in Hong Kong. It might not matter that the accounts hold US stocks and bonds, if the accounts are in Hong Kong, I would say there is some risk involved. Plus, you would have to report those foreign accounts on your US tax return (to make sure you are not illegally avoiding US taxes or illegally laundering money). This could cause your US tax return to be more likely to be audited. With regard to double taxation, US citizens have to pay taxes on global income, however, they get a foreign tax credit on any taxes paid to foreign governments, except that a foreign tax credit may not be claimed for taxes on income that you exclude from U.S. gross income (if the US excluded certain kinds of income that a foreign country did not exclude). Although a US citizen gets a foreign tax credit on foreign taxes paid, if the foreign taxes exceed the amount of US taxes due, then one will end up paying more taxes in total, because the US foreign tax credit cannot exceed the amount of US taxes due. I am not sure how this would affect state income taxes, because they vary by state, and state income tax filling requirements may vary for those living abroad.
@@RetiretoThailand It doesn't matter where the money is located, it is where the account is located. You are underestimating the power and the will of the People's Republic of China.
I have read that the LTR Wealthy Pensioner visa is exempt from these new tax laws. How come no mention of that? BTW, excellent video, thanks for posting.
1) Expat Tax Thailand have great Vids on their channel that go through all the DTA’s points and give case study examples for Thailand’s agreements with USA, UK, Australia. 2) Plenty online that give a full list of Income Tax Allowances. One is - Thailand Personal Tax Deductions and Allowances SHERRINGS. 3) Every tax office in Thailand has people who will answer any questions you have. I went to my tax office in Udon Thani and the answers I got was exactly what I expected after watching and reading the above. I now know what papers I need to show for proof that a lump sum I brought in this year that was from savings I had before 1st January and thus not taxable in Thailand and with my allowances and tax credits I won’t pay any Thailand tax on the rest. My situation is pretty simple and I don’t need to hire any tax expert. 4) One point that might affect some is Thai sourced (all of which is taxable in Thailand regardless which Country it is located paid in) rental income. All is explained in the following but if you’re not tax resident you still have to pay. For most renting out accommodation they allow 30% of recent for maintenance etc so you only pay tax on 70% at a flat rate of 15%. See - Tax On Rental Income PHUKET REALTOR.
Get as much information as possible but I think we covered it. Thomas has a Master's Degree in International Tax and Finance which is what you need when readying these treaties. We can accommodate all nationalities as well as solutions for each country. We are working on a publication for each nationality. Feel free to message us for more information about your personal tax situation.
Joe and Gift, huge Thank You for the vlog. Answered a ton of questions for me, and for others I'm sure. Thank You Ken and Thomas, too. Clearly more pro knowledge to consult with if any question. Still are questions about vlogging revenue, though my understanding is: IF you have an existing channel 'before' relocating to Thailand then your revenue is only taxed in your native country. If you create(d) the channel once you're 'in' Thailand, then you 'may' have Thai taxes due on that YT income, unless you're still a expat and it gets taxed by your home country. (tax exempt country only) Other countries may be different, diff laws, but I think it all stems from where you're from and when the channel was created in whichever country you're in or from, and if you're taxed by that country. Thailand just doesn't want an expat taking jobs away from Thailand natives, I believe, and a work visa/permit would be one poss. way around it if needed, I think.
Glad you enjoyed it. Gift does pay taxes and has been paying taxes for four years now to the Thai government, on what little money she makes off of UA-cam.
As a street-wise accountant; I have to laugh at these "Financial Advisors". Financial advisors/ Tax Consultants make things complicated to justify their existence/credibility. Let me give you a little hint for your average person: Cash
My read on the new tax laws that began January 1, 2024 is Thailand is now taxing all foreign income brought into Thailand. There are some deductions but they are not huge. The double tax protection can be simplified to you will pay the US first. After that you should plan to pay Thailand the rest above the US tax bracket you end up in. So a quick example would be you pay the US 15%, so you will deduct that amount from what you owe Thailand. Given the changes you will owe as the Thai tax rackets are much higher compared to the US and the brackets are progressive.
One of these usa expat channels should do a good video on banking/investment accounts while overseas. Up until recently i wasn't aware of the patriot act and got a surprise mail from amex saying that my virtual mailbox won't work for an address anymore and that i need a residential usa address. I've been over on reddit and reading some of the horror stories about people brokerage accounts being locked down and their holdings sold off. Some were IRA's too. Can you imagine the tax headache that can cause? The banks/brokers occasionally check addresses and if yours comes up as a commercial mail service, you will get a notice
Understand If you have financial account balances as of December 31st, 2023, then this is not taxable income in Thailand as per the November announcement. (Order No. P.162/2023); is this correct? Of course you will have to provide the supporting documentation such as bank and/or financial statements documenting as of Dec 31, 2023. Please confirm this is correct. Thank you!
Thanks for sharing this vlog Joe, which I couldn't make head nor tail of. Basically I know I will have to file a Thai tax return at some point, and presumably the Thai Revenue Department will write to me to let me know what and when I have to do it. I certainly don't have 15000 baht to spare for a tax advisor to do it for me. I can see a potential problem for people from UK in that our Tax year runs from 6th April to the following 5th April whereas the Thai Tax Year runs from 1st January to 31st December each year. But hey ho, as I have a Government pension and a Local Government pension, I don't think I will have to pay anything to Thailand anyway due to Tax Treaty. In any events as no guidance has been given by the Thai Government yet, nobody really knows how it will work! Love to Gift and David. God bless you all 😀❤🙏
Thanks for that comment. Your government pension stays taxable in the US while your private pension and local government pension should not be taxed in the US and if you have lived here please contact us soon so we can amend your taxes and get you some tax money back. Its' free to talk with us.
thanks Joe, good to have an advisor's view on the matter. My local tax office here in Prachuap did not agree on the tax exemptions I would like to claim according to my tax treaty. Asking a few advisers in Bangkok and the fee they want is between 19-30.000 baht. For some I need to wait till Nov when Thai RD will give more info. I will call Thomas' office to take a look at my case. One more thing, Thai RD's English leaflet and some other advisers [e.g. Expat Tax Thailand] do not agree on what Thomas has claimed: if you are not tax resident and you remit money in that year; whether you are tax liable depends on the year you earned that income you remit. If in that income year, you were tax resident, you are still tax liable.
So government based pensions aren't taxed, does that include disability income, like the VA, OPM and SSDI? VA money isn't taxed, but OPM disability, and SSDI are taxed in the states. Course I'm 1-3 years away from being able to move there full time, and shit will probably change 10 times by then. Lol
The US \ Thailand Tax Treaty retains the US as the ONLY person who can tax federal pensions, Social Security, Disability, and any other federal pension payment.
Nice video but its not about the USA, British, Chinees and Russian in Thailand. there are many from Europe who also stay there. And what i lately see is that the USA, British, Chinees and Russian trying to not only changing the prices of property but also of living according USA, British, Chinees and Russian standards. same i see in Philippines. I know that many people with lower income from many Asian countries try to survive there also, so just dont think of the USA standards but think of the global standards.
Haven’t seen any comments from CPA’s. We did however, receive two childish comments and a very rude comment and yes those do get deleted. Perhaps the comments you are referring to are still pending review prior to be released to the public. I will look once I get home, as those are only visible on our computer. In addition, one would have to question your comment as either you have multiple accounts or you know “a lot” of CPA’s following us on our channel.
Joe,Gift the only anxiety I got is NOT MOVING TO THAILAND and fulfilling me and Ta's dream's 😂😂😂! Taxes,no taxes ain't gonna stop us . We're not rich, we're not poor, but we are determined bruh ! Again good looking out for us " Thailand bound" residents! 🙏🙏
Taxes are robbery!!! If you buy an older used car , everytime it's sold it's taxed on again and again! It's illegal taxation!! Where does that money guy! In their pockets!!
The Tax Treaty specifies that government pensions and payments (Social Secutity, Government Pension, Disability) can ONLY be taxed in the US. Going forward a Thai Tax filing may need to be done to show that where the money received originates from. The tax Treaty also says private pension can only be taxes in Thailand. So if you have a State Pension, City Pension, or non federal private pension then the US should not tax that but required specialized filing.
@@RetiretoThailandwouldn’t s state or local government pension be considered a government pension? What difference does it make if it’s state or federal government?
@@Tra980 No. The source of a government retirement is the government not the same as a retirement from the state of North Carolina or the City of Raleigh. Government pension can ONLY be taxes in the US. State, City, or private pension and plans can only be taxed in the country you are tax resident in .... Thailand if you are tax resident in Thailand.
I have paid tax on my pension for 10 year already because my country of origin have a double tax treaty with Thailand. I transfer about 2000 Euro a month, for this I paid 550 Euro in Tax for 2024. I do not pay any tax to my country in advance. I have a wife, two kids in school and a mother in law. I am also disabled so I get 190 000 Baht deduction on top of my family. I have only good experience with Thailand Revenue Department and always get good help. Everything is in English and you can in most cases do your tax online. Doing this I save about 5000 Euro in tax every year, or 50 000 Euro the last 10 year, and can afford a good private health insurance. But every situation is of course different. Someone like to comment that I should pay tax to my country, not Thailand, but I only use the system and the agreement our government have made.
Nice video guys….remember…when you retire to Thailand and are married to a Thai woman…you cannot work or own any property. So, unless you bring in “earned” income and you don’t own property…and you file separate or head of household returns you will not have to declare “world income”….before I retired I would file joint tax with my Thai wife, who does not work, so I would save on taxes. But I’m poor…only SS and a small pension. And I have done a Will to convert everything to my wife….
Keep your records of your assets from what you have before Jan 1 2024 as those funds will NOT be taxed. To be safe i would bring in those funds this year.
The rules are subject to change, but the initial explanation was that any money "transferred" into Thailand will be considered to be income. However, they supposedly will exclude SSA payments (or the equivalent amount transferred into Thailand)..
The US Tax Treaty is signed by the President and NOT easily changed. You get a Social Security statement at the end of the year which shows how much you were paid. This is proof where your money came from.
These are solutions we have been using and use to accommodate US Expats (as well as other Nationalities) when they want to open a pension outside of the US. You may not realize that as a US Citizen the financial institutions (in the US) do NOT allow you to manage your funds in your retirement of investment accounts. You can only use them if you do not tell the truth by giving them a US address while living in Thailand. They have a KYC (know your client) requirement and as soon as they know you are not resident in the US it can no longer be self directed. These solutions resolve that issue.
IF your IRA are the results of a federal pension then the US retains the rights to tax that. If your IRA, 401k, and Annuity funds are from a private no federal job then those funds are taxable in Thailand if you are a tax resident in Thailand.
There are very competent US Tax providers but they don't know the specifics of the tax treaties. They know the Foreigner Earned Income credits. Set up a meeting .. its free. We have a office in Bangkok of almost 30 employees and invite you all to visit us as well.
The reason I'm going to stay in the Philippines until Thailand resolves this huge issue, is nothing is written yet for the law. Here is the scenario that can happen. Say I made 60K in profit during the year. US taxes me at 22 percent. Okay no worries. But in Thailand 60K US is 2M Baht. That is a 25 percent tax bracket. So the way they list the law, Thailand can come to you as an expat and request that 3 percent difference. The OTHER reason, in the US your taxes forms need to hold on for 7 years. In Thailand, they can request 20 years of filings.
The guy referring to UK tax stating assets left on death gets taxed @40% is extremely miss leading and incorrect if you pass you home to your children IHT threshold is 335k plus 175k nil rate so the first 500k£ is outside of IHT, if you're widowed you can claim your spouse allowance as well taking the rax free figure to £ million before IHT Thats as today rules, yes it most probably will change as we have a new government
Yes China now controls Hong Kong after the 99 year British lease expired. If there was any conflict between Taiwan and China, and the US supported Taiwan, not good for any accounts held in HK, even if those accounts invested in US stocks and bonds.
Ok so the Thai Gov needs to find the money they promised the people of Thailand from the age 16 upwards 10,000 baht each to spend on food and groceries that’s a lot of money they haven’t got.Wait 4 years and I think they will be thrown out and all this Tax anxiety will all be forgotten and all the Visas will change again
They are moving close to other countries tax laws. Figure out what you would really pay looking back at your expenses from last year. It probably will not be enough money to not come or leave. Thailand has a great infrastructure and hospitals most other affordable countries cannot say that.
The problem might not be this tax issue, the problem is there is NO STABILITY‼️ EVERYTHING is ALWAYS CHANGING‼️ What will it be next❓️ How can people make long term plans with everything always in flux?
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The Thai Gift & Foreigner Joe UA-cam channel is seen by people from all around the world. We post videos of our journey while living in Thailand and traveling around the world for the pleasure of our audience only. Our content is not meant to encourage/discourage or influence anyone to travel, live, work, marry, retire, rent, buy, build or own a home, land or business in Thailand or any other country for that matter. Our content covers a wide variety of topics including cost of living, travel, food, real life stories, informational videos, homes, condos and land for sale or rent and much more. Our videos are based on our own experience and we do not claim to be, nor are we experts in regards to any of the info that we may share with our audience. It is highly recommended and encouraged to seek professional legal advice, visit official Government websites and fully understand, countries laws, rules & regulations, terms and conditions prior to signing any legally binding contracts.
Tax advisers contact info
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Ken Brown
www.kenbrownfc.com
ThailandTax Brackets
www.rd.go.th/fileadmin/user_upload/AEC/AseanTax-Thailand.pdf
Double taxation agreements, In Thailand
thailand.acclime.com/guides/double-taxation/
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I live here full time today, spend maybe 2 million baht a year, but would look at 49/51% living outside Thailand. Not a problem, do Bali plus a month or 2 then Europe and a visit once or twice to Australia. No my preferred option to plan like this but easily done. Frankly these guys don't know yet, but great business opportunity for them
Sorry, I don't feel comfortable with that Hong Kong pension plan. Sending my life savings to a foreign country for safekeeping doesn't appeal to me, especially when the United States and China do not have good relations. If China invades Taiwan, foreign assets will be frozen by the Chinese government! No, thank you, I'll keep my funds in the USA and have them sent slowly monthly.
Hello Kevin,
I understand how you feel but here is more information to feel better. The funds are not held in Hong Kong. They are held thru Hong Kong and we have another option as well.
In some cases Americans are forced into it because their financial institution has found out they are living outside the US and they no longer want to keep us as a client so be careful when changing your address. The financial institutions have a KYC (Know Your Client) requirement and they are trying to know as much about you by tracking your logins and IP addresses. They sometimes don't want to keep you to avoid the additional reporting required when you live outside the US.
If you do open a pension maybe open it with some of your money. Those funds invested in your name in the same investments held in the US would not be subject to US Gains or distributions taxes. You also have a later required distribution as well. These are also great that they convert into a trust if the worse were to happen to you allowing you to control how and when your loved ones recieves their distributions which allows the funds to last longer.
Get the information for your specific situation .... then decided if it's right for you.
Great info, Joe, but I agree with some viewers in respect to a"Hong Kong " pension plan. Here's the thing... the two gentlemen have excellent knowledge of finances and taxation, but what they discard or omitted is that the Hong Kong government is now under control of the CCP and all financial institutions, especially under the jurisdiction of the Hong Kong government ( CCP by proxy) jeopardize any assests should the CCP seize any and all accounts foreign or domestic ! This is happening today with Chinese citizens accounts . With many companies and financial institutions moving their assets out of Hong Kong as well as the wealthy Chinese citizens, placing my pension and SSI into a political controversial financial institution is an unwarranted risk! However, I will explore other options with them, though ! Anyway thanks for the link and info 👍
I was wrestling with placing my funds into a Thai bank account to acquire a retirement visa. No F'ing way I'm putting funds into a HKK account. The CCP has created an economic dumpster fire. Tell me there is no risk of seizure.
@kevinp:👍🇺🇲
As stated in the description of this video, we share our journey for our viewers pleasure only. That being said, I talked to a tax advisor and financial advisor in this video. They offer a 30 minute free consultation and offer to answer any and all of your questions. You can also use google and do more of your own research regarding your questions and concerns. You can also talk with other financial and tax professionals, before making any decisions. As stated, it is suggested that everyone read the description of our videos, we also provide links to other sources of information pertaining to the topic of this video.
“The Thai Gift & Foreigner Joe UA-cam channel is seen by people from all around the world. We post videos of our journey while living in Thailand and traveling around the world for the pleasure of our audience only. Our content is not meant to encourage/discourage or influence anyone to travel, live, work, marry, retire, rent, buy, build or own a home, land or business in Thailand or any other country for that matter. Our content covers a wide variety of topics including cost of living, travel, food, real life stories, informational videos, homes, condos and land for sale or rent and much more. Our videos are based on our own experience and we do not claim to be, nor are we experts in regards to any of the info that we may share with our audience. It is highly recommended and encouraged to seek professional legal advice, visit official Government websites and fully understand, countries laws, rules & regulations, terms and conditions prior to signing any legally binding contracts”. Have a nice day!
This was one of the best videos watched on UA-cam. This was so informative, and the two gentlemen really know their jobs.
Also, Gift is such a nice person. Wishing you and her a forever happy life together.
Glad you enjoyed it!
OUTSTANDING GREAT INTERVIEW JOE, THAT WAS A TON OF GREAT INFORMATION, THANK YOU 2024.
Glad you enjoyed it
Joe , thank you for this outstanding video. Truly, lifesaving n the tax sense. Lowered my anxiety level dramatically
My pleasure!
Thanks so much Joe. For taking the time to get some answers and help me and of course many others.
Glad it helped.
Hi Joe, thank you for sharing the blog on
Tax law That was some very valuable information. We really really appreciate you. Thanks for sharing Keep up the good And good luck on your wedding 😍.
Thank you 🙏
Joe you asked a lot of great questions and made a lot of good points, for example, it’s almost $2,000.00 for the airline ticket if you wanted to come back to America , not to mention all the other expenses you would endure if you left for six months ( it would end up costing just as much if not more than what it would cost to stay and pay the double tax. ) I love Thailand ,.. I just hope they don’t bight off their nose to spite their face .
@@johnmellyn2700 well it certainly will make people think twice about moving here in the future.
Thank you 🙏 for watching.
@@chriscollins6610 I totally agree, I go there every winter for three months and would love to live permanently, but you won’t see me there for over six months anytime soon
It appears they are getting a little greedy!
Cool new cap Joe. Makes you look younger. Keep well with Gift and your son.
Enjoy your day.
Cheers from Durban, South Africa 👏🙏
Thank you 🙏😊
Love u guy's. Been going to Thailand for 12yrs Joe. Chuck and Paige turned me on to your channel and Mike and Nicoles channel.so...You guy's are so awesome. Great info and let's stay cool 😎 kind and generous brother! Awesome show and great info. Be retired and there this fall! 😊
Thank you 🙏
Nice work Joe. Bringing in the big guns, people in the know! Awesome.
Great information Joe. I met with Thomas and Ken in Jomtien for a seminar shortly after I arrived in Thailand. Now with the new tax scheme coming into play its time I schedule a short Zoom call. Thank you Joe. All the best. Mitch🙏
Our pleasure!
thanks joe! have been following this expert since James interviewed him . I will need to clarify if my NYS pension is handled like your federal pension. he is charging $400 , same as I paid my CPA in NY. he is a positive and intelligent man, and having seen 3 or 4 interview with him he is constantly updating his knowledge about the tax situation
Hey Steve Your NYS Pension is tax advantaged in Thailand. You should not be taxed in the US if you are tax resident in Thailand. You can amend your taxes for three years to get those taxes back as well. If you were tax resident in the last three years you Please contact us for more information. You will face taxes for Thailand with a non Federal Pension.
@@RetiretoThailand US citizens living abroad must file and pay taxes on worldwide income, including taxes on State Pensions. However, any US federal taxes paid in a foreign country on that same income is generally eligible for a tax credit on the US return. Whether or not the person receiving a state pension is required to pay state income tax, or to file a state income tax return, depends on the state. Generally, you must file a New York State income tax return if you are a New York State resident and are required to file a federal return. You may also have to file a New York State return if you are a nonresident of New York and you have income from New York State sources.
If I am wrong I don't mind being corrected, but I am a retired CPA, and don't appreciate my comments being deleted.
I wish these fellows would open some Branch Offices in other parts of the Country. Maybe Chiang Mai and Phuket. Great info. Thank you
You can deal with them electronically
Joe I can see if your income is derived in Thailand then you pay taxes on that income but if your income comes from overseas what is it their business. Thailand can tax the establishments where you spend your money. Sounds like a big problem. Can you imagine doing your taxes in two different countries? I don't think this will go over well for foreigners.
@@billyjohnson9166 I heard that only the foreign income brought into Thailand is taxable in Thailand? Also would love to learn more about the country treaties like my country's Canadas tax treaty with Thailand
The US taxes worldwide income for any US citizen, regardless of where they live. But the US does allow for a foreign tax credit on their US tax return of any foreign taxes paid on that income. Thailand is most likely wanting to move in the same direction as how the US does it, but it seems like a mess right now, and I don't think we have heard the last word on this.
Thanks!
Thank you 🙏 so much, greatly appreciated.
Thanks again folks. Lots of good information. 🎉
thx a lot for this video. Very informing about the tax topic with a lot of good infos. Keep up the good work!
Our pleasure!
Looks like I'll be heading to Vietnam, Laos, and Philippines
Excellent video thank you very much. I had a conversation with Ken Brown and am looking forward to setting up a future meeting. I am excited to do business with people who can take the stress off of me regarding my tax situation in retirement. I can enjoy my retirement more and the next phases of my life wherever that may take me.
Glad you enjoyed it.
Thanks for doing this interview Joe!!!
My pleasure!
Great job Joe. Thanks for the information.
Glad you enjoyed it.
You cleared up the Social Security tax for me. Thanks Joe, and also Ken and Thomas for the update of all taxes and investments. You all have a good day there in PKK.
Glad it helped!
Hello Joe and Gift, WOW what a treasure trove of information, excellent, great video Joe, 10 / 10 Keep Well, Stay Safe my friends.
Thank you 🙏
I was going to retire to Thailand, and then they upset my apple cart with the tax policy modifications. So now, and thank goodness for the new Destination Thailand Visa (DTV), I will be living in Thailand for 179 days of each year and then elsewhere for the remainder of the year. Nov, Dec, Jan, Feb, Mar, Apr. It's going to increase my accommodation expense, but not significantly. I actually think six month leases will now become the norm. Good to know that the option to stay more than six months will cost me a tax prep fee of $400.00. No thanks, I'll spend it on airfare. Croatia is inexpensive and beautiful in the summer. 😉
Great information thank you guys. Thank You
Joe and Gift - Thanks for this, really. Hope to see y'all at some point once we make the move next year. Cheers!
Our pleasure!
Thanks a lot Joe and Gift info very good
Glad you enjoyed it!
Joe, thank you very much for sharing this video. I really enjoy the content on your channel. I have been following your Thai Gift and Foreigner Joe channel since it began. I myself return to Thailand in October for 3 months. I will make the move to Thailand full time in August 2025.
Our pleasure!
Shoutout from Jomtien. Probably move to Hua Hin when my lease expires. I just launched my channel
You won't regret that decision!
By the way JOE I just applied for a ITIN # for my Filipino wife. I applied directly at the IRS in Boston. I'm visiting here. This way I pay less taxes. I can file married now. You have to file yourself, you can do it online. It can take up to 3-4 months for your ITIN#. Do it as soon as you get married.
Thank you 🙏 for the info.
Your 100% right you will not be double taxed. Full Stop. US citizen should
to stop the non-sense
That depends on whether the foreign government taxes income that is not taxed in the US, or the tax rates. The US foreign tax credit cannot be claimed for more than US taxes owed. So it may not be double-taxation, but if Thai taxes rates are higher than US tax rates, then one could pay more taxes under the new law.
@@Mark-rw3kw Finally, someone who seems to understand it. Spot on with what you say. People (including UA-camrs) saying that you won't be taxed in Thailand if you're taxed in your "home" country, as you have explained, is not necessarily the case.
Excellent Video Joe!
Great content, Joe. I don’t think you could have had any smarter people to explain the current/proposed taxation in Thailand.
Glad you enjoyed it!
For tax planning purposes, it’s crucial to understand that you must not derive any benefit when gifting assets. For example, if an expat sends money from overseas to their Thai spouse and it covers their living expenses, it is not considered a gift. Attempting to bypass the tax regulations in this way is likely to be considered tax evasion, potentially resulting in severe penalties.
Thumbs up 👍 Joe….it just seems as though they are just looking for creative loopholes in not paying the income tax to Thailand. I’m all for loopholes however when your talking about your hard earned money that could be gone in seconds or the Thai government thinks that your being shady on not paying what they think you should be and revoke your visa then what 😢
Always best for everyone to do their own research.
I lived in Thailand 8 yrs. I have my income directly deposited in America. I always just used the ATM in Thailand with no problems. I would NOT PUT MY MONEY IN A THAI BANK. PERIOD! I spent much money in Thailand monthly! That was enough!
Up to you! It’s definitely not for everyone. I am living in Thailand for 6 years and I am perfectly fine having not just one but two Thai bank accounts. I also have my US account.
Unfortunately taking money out of an ATM in Thailand is also classed as a remittance into Thailand and therefore potentiality subject to Thai tax. Depending on the amount remitted and whether this was from a source of assessable income earned in 2024. Also obviously only applies if you are in Thailand more than 180 days this tax year (2024)
How much does it cost to set up a trust in Hong Kong?
How does Hong Kong Fiduciary Association Limited popularizes trust service? A: Traditional trust service requires an initial set up fee of USD150,000 to USD200,000 and a 2% annual management fee, indicating that the service is exclusive for High-Net-Worth settlors.
The cost can vary depending on your situation and what's needed. Nothing like the numbers you used above. Its' affordable and no money needed up front.
@Traveler-PKK Those Ammounts Are Correct ...According to Website ... Obviously Geared to HNW Individuals ✈💰💰
Great video, so informative. Most telling point was the six months per calender year
Glad it was helpful!
Thank you for this info Joe. I’m a fed retiree considering the big move if the USA collapses in November, and this gives me more confidence in Thailand.
Glad you enjoyed it.
The US IRS website listed a company in Bangkok that could serve as an agent to help my Thai wife get an ITIN. This was in 2019. She met us at our condo and processed the application in a couple of months. It was reasonably priced. I've been filing joint US tax returns ever since.
I have an LTR visa but I suspect I will have to file a tax return only to not pay any tax.
Thank you 🙏 for sharing.
My head is spinning 😵💫 😂 gotta love taxes , living in Canada 🇨🇦 but also American I have report and if come Thailand then have fill another 😮
Incredible information Joe I'm definitely impressed with these guys..they are both very well spoken and did not hesitate on questions. One question I have is if you leave the country at 5 months 29 days to avoid filing taxes is there a stipulation on how long you stay out of Thailand? Can it be like a Myanmar border run the same day? Thanks
Glad you enjoyed it.
You would have to stay out of Thailand 6 months in a calendar year, like they said. You can’t leave for one day and then come back…
I would not recommend that US citizens put their assets in a Hong Kong pension. Regardless of where the invested assets are located, there is no telling what could happen to a Hong Kong pension now that the People's Republic of China has taken over Hong Kong (after the 99 year lease by the British expired). If there was any military encounter between PRC and Taiwan, and the US supported Taiwan, that might not be good for US citizens who hold accounts in Hong Kong. It might not matter that the accounts hold US stocks and bonds, if the accounts are in Hong Kong, I would say there is some risk involved. Plus, you would have to report those foreign accounts on your US tax return (to make sure you are not illegally avoiding US taxes or illegally laundering money). This could cause your US tax return to be more likely to be audited.
With regard to double taxation, US citizens have to pay taxes on global income, however, they get a foreign tax credit on any taxes paid to foreign governments, except that a foreign tax credit may not be claimed for taxes on income that you exclude from U.S. gross income (if the US excluded certain kinds of income that a foreign country did not exclude). Although a US citizen gets a foreign tax credit on foreign taxes paid, if the foreign taxes exceed the amount of US taxes due, then one will end up paying more taxes in total, because the US foreign tax credit cannot exceed the amount of US taxes due. I am not sure how this would affect state income taxes, because they vary by state, and state income tax filling requirements may vary for those living abroad.
Please speak to us first. There are safeguards in place and again if you had spoke with us you would know the funds.. your money is NOT in Hong Kong.
@@RetiretoThailand It doesn't matter where the money is located, it is where the account is located. You are underestimating the power and the will of the People's Republic of China.
I have read that the LTR Wealthy Pensioner visa is exempt from these new tax laws. How come no mention of that? BTW, excellent video, thanks for posting.
1) Expat Tax Thailand have great Vids on their channel that go through all the DTA’s points and give case study examples for Thailand’s agreements with USA, UK, Australia.
2) Plenty online that give a full list of Income Tax Allowances. One is - Thailand Personal Tax Deductions and Allowances SHERRINGS.
3) Every tax office in Thailand has people who will answer any questions you have. I went to my tax office in Udon Thani and the answers I got was exactly what I expected after watching and reading the above. I now know what papers I need to show for proof that a lump sum I brought in this year that was from savings I had before 1st January and thus not taxable in Thailand and with my allowances and tax credits I won’t pay any Thailand tax on the rest. My situation is pretty simple and I don’t need to hire any tax expert.
4) One point that might affect some is Thai sourced (all of which is taxable in Thailand regardless which Country it is located paid in) rental income. All is explained in the following but if you’re not tax resident you still have to pay. For most renting out accommodation they allow 30% of recent for maintenance etc so you only pay tax on 70% at a flat rate of 15%. See - Tax On Rental Income PHUKET REALTOR.
Get as much information as possible but I think we covered it. Thomas has a Master's Degree in International Tax and Finance which is what you need when readying these treaties. We can accommodate all nationalities as well as solutions for each country. We are working on a publication for each nationality. Feel free to message us for more information about your personal tax situation.
Thank you 🙏 for sharing.
Joe and Gift, huge Thank You for the vlog. Answered a ton of questions for me, and for others I'm sure. Thank You Ken and Thomas, too. Clearly more pro knowledge to consult with if any question. Still are questions about vlogging revenue, though my understanding is: IF you have an existing channel 'before' relocating to Thailand then your revenue is only taxed in your native country. If you create(d) the channel once you're 'in' Thailand, then you 'may' have Thai taxes due on that YT income, unless you're still a expat and it gets taxed by your home country. (tax exempt country only) Other countries may be different, diff laws, but I think it all stems from where you're from and when the channel was created in whichever country you're in or from, and if you're taxed by that country. Thailand just doesn't want an expat taking jobs away from Thailand natives, I believe, and a work visa/permit would be one poss. way around it if needed, I think.
Glad you enjoyed it. Gift does pay taxes and has been paying taxes for four years now to the Thai government, on what little money she makes off of UA-cam.
As a street-wise accountant; I have to laugh at these "Financial Advisors".
Financial advisors/ Tax Consultants make things complicated to justify their existence/credibility.
Let me give you a little hint for your average person: Cash
Great info for some of your viewers!
Thanks for watching!
My read on the new tax laws that began January 1, 2024 is Thailand is now taxing all foreign income brought into Thailand. There are some deductions but they are not huge.
The double tax protection can be simplified to you will pay the US first. After that you should plan to pay Thailand the rest above the US tax bracket you end up in. So a quick example would be you pay the US 15%, so you will deduct that amount from what you owe Thailand. Given the changes you will owe as the Thai tax rackets are much higher compared to the US and the brackets are progressive.
One of these usa expat channels should do a good video on banking/investment accounts while overseas. Up until recently i wasn't aware of the patriot act and got a surprise mail from amex saying that my virtual mailbox won't work for an address anymore and that i need a residential usa address. I've been over on reddit and reading some of the horror stories about people brokerage accounts being locked down and their holdings sold off. Some were IRA's too. Can you imagine the tax headache that can cause? The banks/brokers occasionally check addresses and if yours comes up as a commercial mail service, you will get a notice
Understand If you have financial account balances as of December 31st, 2023, then this is not taxable income in Thailand as per the November announcement. (Order No. P.162/2023); is this correct? Of course you will have to provide the supporting documentation such as bank and/or financial statements documenting as of Dec 31, 2023. Please confirm this is correct. Thank you!
American Social Security is ONLY Taxable over a certain amount!
That is correct!
Thanks for sharing this vlog Joe, which I couldn't make head nor tail of. Basically I know I will have to file a Thai tax return at some point, and presumably the Thai Revenue Department will write to me to let me know what and when I have to do it. I certainly don't have 15000 baht to spare for a tax advisor to do it for me. I can see a potential problem for people from UK in that our Tax year runs from 6th April to the following 5th April whereas the Thai Tax Year runs from 1st January to 31st December each year. But hey ho, as I have a Government pension and a Local Government pension, I don't think I will have to pay anything to Thailand anyway due to Tax Treaty. In any events as no guidance has been given by the Thai Government yet, nobody really knows how it will work! Love to Gift and David. God bless you all 😀❤🙏
Thanks for that comment. Your government pension stays taxable in the US while your private pension and local government pension should not be taxed in the US and if you have lived here please contact us soon so we can amend your taxes and get you some tax money back. Its' free to talk with us.
Our pleasure! God bless!
@@RetiretoThailand Thanks but I live in Thailand not the US!!
thanks Joe, good to have an advisor's view on the matter.
My local tax office here in Prachuap did not agree on the tax exemptions I would like to claim according to my tax treaty. Asking a few advisers in Bangkok and the fee they want is between 19-30.000 baht. For some I need to wait till Nov when Thai RD will give more info. I will call Thomas' office to take a look at my case.
One more thing, Thai RD's English leaflet and some other advisers [e.g. Expat Tax Thailand] do not agree on what Thomas has claimed:
if you are not tax resident and you remit money in that year; whether you are tax liable depends on the year you earned that income you remit. If in that income year, you were tax resident, you are still tax liable.
Our pleasure!
It is very easy for me to spend 4 months in Japan Vietnam and Thailand and spend very little on taxes.
Unfortunately not everyone can or is willing to do that.
@@thaigirlgiftforeignerjoe7774 I avoid the hot, rainy and cold seasons and save a lot on visa fees
How many times did he say "6 months in a day" when he meant 6 months in a year? I wouldn't trust him with my taxes.
He is saying 6 months and a day.
@@thaigirlgiftforeignerjoe7774 oh.. thanks for clearing that up. My bad.
So government based pensions aren't taxed, does that include disability income, like the VA, OPM and SSDI?
VA money isn't taxed, but OPM disability, and SSDI are taxed in the states.
Course I'm 1-3 years away from being able to move there full time, and shit will probably change 10 times by then. Lol
The US \ Thailand Tax Treaty retains the US as the ONLY person who can tax federal pensions, Social Security, Disability, and any other federal pension payment.
Nice video but its not about the USA, British, Chinees and Russian in Thailand. there are many from Europe who also stay there. And what i lately see is that the USA, British, Chinees and Russian trying to not only changing the prices of property but also of living according USA, British, Chinees and Russian standards. same i see in Philippines. I know that many people with lower income from many Asian countries try to survive there also, so just dont think of the USA standards but think of the global standards.
Thank you 🙏 for watching.
I find it amazing that a lot of comments posted by CPA"s in the US have been deleted by someone.
Haven’t seen any comments from CPA’s. We did however, receive two childish comments and a very rude comment and yes those do get deleted. Perhaps the comments you are referring to are still pending review prior to be released to the public. I will look once I get home, as those are only visible on our computer. In addition, one would have to question your comment as either you have multiple accounts or you know “a lot” of CPA’s following us on our channel.
@@thaigirlgiftforeignerjoe7774 I am a retired CPA, posted under another name also.
Just as I suspected, your comments were pending review and have now been released. Thank you for your input.
Joe,Gift the only anxiety I got is NOT MOVING TO THAILAND and fulfilling me and Ta's dream's 😂😂😂! Taxes,no taxes ain't gonna stop us . We're not rich, we're not poor, but we are determined bruh ! Again good looking out for us " Thailand bound" residents! 🙏🙏
😊
Great video
Thank you 🙏
Taxes are robbery!!! If you buy an older used car , everytime it's sold it's taxed on again and again! It's illegal taxation!! Where does that money guy! In their pockets!!
US has a tax treaty with Thailand you can’t be double taxed on social security or your pension
The Tax Treaty specifies that government pensions and payments (Social Secutity, Government Pension, Disability) can ONLY be taxed in the US. Going forward a Thai Tax filing may need to be done to show that where the money received originates from. The tax Treaty also says private pension can only be taxes in Thailand. So if you have a State Pension, City Pension, or non federal private pension then the US should not tax that but required specialized filing.
@@RetiretoThailandwouldn’t s state or local government pension be considered a government pension? What difference does it make if it’s state or federal government?
@@Tra980 No. The source of a government retirement is the government not the same as a retirement from the state of North Carolina or the City of Raleigh. Government pension can ONLY be taxes in the US. State, City, or private pension and plans can only be taxed in the country you are tax resident in .... Thailand if you are tax resident in Thailand.
I have paid tax on my pension for 10 year already because my country of origin have a double tax treaty with Thailand. I transfer about 2000 Euro a month, for this I paid 550 Euro in Tax for 2024. I do not pay any tax to my country in advance.
I have a wife, two kids in school and a mother in law. I am also disabled so I get 190 000 Baht deduction on top of my family. I have only good experience with Thailand Revenue Department and always get good help. Everything is in English and you can in most cases do your tax online.
Doing this I save about 5000 Euro in tax every year, or 50 000 Euro the last 10 year, and can afford a good private health insurance. But every situation is of course different.
Someone like to comment that I should pay tax to my country, not Thailand, but I only use the system and the agreement our government have made.
Nice video guys….remember…when you retire to Thailand and are married to a Thai woman…you cannot work or own any property. So, unless you bring in “earned” income and you don’t own property…and you file separate or head of household returns you will not have to declare “world income”….before I retired I would file joint tax with my Thai wife, who does not work, so I would save on taxes. But I’m poor…only SS and a small pension. And I have done a Will to convert everything to my wife….
Thank you 🙏
Actually you can get a work permit if you’re here on a non o based on marriage to a Thai.
Thanks All, good video... Question missing (if no global tax) How about sending to yourself nest egg saving (not income) ?
Keep your records of your assets from what you have before Jan 1 2024 as those funds will NOT be taxed. To be safe i would bring in those funds this year.
Glad you enjoyed it!
What if you don't have your SSA check or your government pension check directly deposited into a Thai bank and do it as a money transfer monthly?
The rules are subject to change, but the initial explanation was that any money "transferred" into Thailand will be considered to be income. However, they supposedly will exclude SSA payments (or the equivalent amount transferred into Thailand)..
The US Tax Treaty is signed by the President and NOT easily changed. You get a Social Security statement at the end of the year which shows how much you were paid. This is proof where your money came from.
Kind of expensive for a tax return.
It is tax avoidance...perfectly legal but morally dubious. It may not be tax evasion which is illegal in most jurisdictions.
These are solutions we have been using and use to accommodate US Expats (as well as other Nationalities) when they want to open a pension outside of the US. You may not realize that as a US Citizen the financial institutions (in the US) do NOT allow you to manage your funds in your retirement of investment accounts. You can only use them if you do not tell the truth by giving them a US address while living in Thailand. They have a KYC (know your client) requirement and as soon as they know you are not resident in the US it can no longer be self directed. These solutions resolve that issue.
Did he say the profits from an IRA in the US is not taxed in the US but will be taxed in Thailand. Sorry, Capital Gains are taxed in the US
IF your IRA are the results of a federal pension then the US retains the rights to tax that. If your IRA, 401k, and Annuity funds are from a private no federal job then those funds are taxable in Thailand if you are a tax resident in Thailand.
There are very competent US Tax providers but they don't know the specifics of the tax treaties. They know the Foreigner Earned Income credits. Set up a meeting .. its free. We have a office in Bangkok of almost 30 employees and invite you all to visit us as well.
The reason I'm going to stay in the Philippines until Thailand resolves this huge issue, is nothing is written yet for the law. Here is the scenario that can happen. Say I made 60K in profit during the year. US taxes me at 22 percent. Okay no worries. But in Thailand 60K US is 2M Baht. That is a 25 percent tax bracket. So the way they list the law, Thailand can come to you as an expat and request that 3 percent difference. The OTHER reason, in the US your taxes forms need to hold on for 7 years. In Thailand, they can request 20 years of filings.
Thank you 🙏 for watching.
@@thaigirlgiftforeignerjoe7774 Hi Robert. Set up a call with us for more specific solutions. We also have a office in the Philippines.
The guy referring to UK tax stating assets left on death gets taxed @40% is extremely miss leading and incorrect if you pass you home to your children IHT threshold is 335k plus 175k nil rate so the first 500k£ is outside of IHT, if you're widowed you can claim your spouse allowance as well taking the rax free figure to £ million before IHT
Thats as today rules, yes it most probably will change as we have a new government
😎👍🙏
Doesn't China control Hong Kong? As a American, how secure is the money put in the Hong Kong retirement fund?
Yes China now controls Hong Kong after the 99 year British lease expired. If there was any conflict between Taiwan and China, and the US supported Taiwan, not good for any accounts held in HK, even if those accounts invested in US stocks and bonds.
We are based in Hong Kong. Your funds would not be held in Hong Kong but thru Hong Kong.
Ok so the Thai Gov needs to find the money they promised the people of Thailand from the age 16 upwards 10,000 baht each to spend on food and groceries that’s a lot of money they haven’t got.Wait 4 years and I think they will be thrown out and all this Tax anxiety will all be forgotten and all the Visas will change again
I will not pay Tax in Thailand unless I have the right to own freehold land.
They are moving close to other countries tax laws. Figure out what you would really pay looking back at your expenses from last year. It probably will not be enough money to not come or leave. Thailand has a great infrastructure and hospitals most other affordable countries cannot say that.
What if the income comes in on a Thai wives account?
Thai wives or relatives can receive gifts of up to 20 million baht per year. Non Thai's can receive 10 million per year.
The problem might not be this tax issue, the problem is there is NO STABILITY‼️ EVERYTHING is ALWAYS CHANGING‼️ What will it be next❓️ How can people make long term plans with everything always in flux?
Yep - everything can change - you will always be a tourist in Thailand, so don't get to dug in.
Thanks joe my head is spinning wtf. Too much bullshit.
@@scottgraney5275 the easiest way to make a dollar is bamboozle people with BS, if they are prepared to listen.
WHAT ABOUT VA BENIFIT
Not taxable in Thailand ... US Government payment.
How will crypto be tracked if using a stable coin to move funds?
Crypto funds are being reported back to the US.
www.irs.gov/businesses/small-businesses-self-employed/digital-assets
I trust Hong Kong as much as China with money.💸
Money is not in Hong Kong. Set up a meeting with us.
Too much. For my brain
$400 usd for a taxes return in Thailand?? 😂
Thailand seems to be changing Laws as this Passports etc...
Al the Time .... Foe sure Get a LAWYER ....
Easier .. stay out of the place.
I have a ?¿?who own's the IRS it's not the countery
People are slowly cottoning onto how Bitcoin can help in these situations.
Joe please give me thier Bangkok telephone Thanks
I put links to their contact info in the description of this video.
Still waiting
“Still waiting”? I already responded to you. I’m assuming you don’t know how to read the description? Just click on the more on the description tab and it opens up the entire description of the video. Not a problem, here you go.
HEAD OFFICE
Two Pacific Place Building,
21st Floor
Unit #2107
No.142 Sukhumvit Road,
Klongtoey, Bangkok 10110
Telephone : 094 681 9734
Email : Chris@aitaxadvisers.com Admin@aitaxadvisers.com
Monday to Friday
8:30 am to 5 pm ICT
CHIANGMAI OFFICE
Telephone: 053-218823
Thank you I am quite illiterate when it comes to the Internet
Do it easy. Just keep your bank account above 800K and spend only your Thai wifes money 😅
LTR Visa Pensioner have a special exempt from all income being brought into Thailand. Need proof just contact the BOI office in Bangkok, via email.
I have an LTR. It looks like I may still have to pay to file a tax return even though I won’t have to pay any taxes.
400 american dollars for a basic tax return. No Thanks.