Thank you J.C for this Posting. This is Crystal clear , This professional made it so simple to understand that anyone with a primary school's reasonable level of education can understand .
Thanks JC! I’ve watched several Thai tax videos and yours is the only one that discusses co-mingled moneys - government pension and earned income. Separating bank accounts is my solution. I hope Thailand does not institute taxation on worldwide income as it would force me to stay < 180 days.
I’m only 17 minutes into the video, but the word tax evasion in Thailand is not something I ever wanted to hear. It’s certainly something that gets your attention.
I'm not so concerned about Thailand taxes. I've got a military pension and if another country declares me as any type of resident, my pension will be decreased by 30%. I'm giving up my Thailand retirement visa. I'll do visa exemption travel and spend less than 180 days in Thailand.
@@GrahamHeyes-d3l You missed his point, the fact he would become a Thailand tax resident reduces his pension at source he is not talking about it being liable for tax.
You try explaining your global tax affairs etc to a local thai tax inspector.....right even with double taxation agreements ..Thai will win .suckered in long-term now see trusty Thais. Feeling scammed ..welcome to Thailand !!! Thainess
The Thai Bureaucratic State employees always trying to substantiate their employment by constantly scheming to rip off Expats and Tourists in Thailand.
First of all people, if you are out of your home country more than 180 -183 days you may now be classed as a non tax resident of said home country, therefor not liable for tax on your home state ( countries ) pension. This is the case for New Zealand. Now with the 61 different countries mentioned , as has been the case for a long time but not enforced for DTAs in some of them , this needs to be considered as you will quite likely be now liable for tax on that amount if by example in Thailand for the 180 days or more. Please check up on this first as part of the mix. things are changing and its possible Viet, philli and cambo etc may do the same in time to come as part of the money grab. Get to know & understand your own countries Double Tax Arrangements first. This will help you understand all the noise going on and help you make more informed decisions for this part of your life. Peace to every one
Finally someone who understands this. Your DTA only states that you will not be doubled taxed, for some countries it states where exactly that tax is to be made. You mentioned NZ, but Scandinavian countries have the same rules. My husband was Norwegian, and he had to pay taxes in Thailand (it was not a choice) if he spent more than half the year there. That is the Norwegian law, you have to confirm your current address, and if more than half the year abroad, that made him a tax residence in the country he lives in, according to the DTA too. Many Scandinavians have been taxed in Thailand for decades, and then been reimbursed once a year in their own country for paid tax there, if that is the case. Most end up paying less taxes in Thailand in fact, so there is really nothing to worry about, except for the extra filing of documents and maybe some headache that follows.
So If i selling my house Take the money with me to thailand then i have to pay tax . I also have little money in the bank Eks 400000 to the visa ,and i pay tax in my country when i will have pension do i then have to pay any tax in thailand when i will stay here with my wife ,when i go on pension. If so its totally crazy,i bring money to thailand in order to buy a house which i never can own ,then i have to pay tax of that money. Insane
@@eddybluesteel758 Income tax currently has nothing to do with immigration however it not impossible in the future that they make it a requirements for visa renewal or even ability to leave the country.
I lived in Thailand during the great old days ..they appreciated our contributions to their economy and society. Yup there are always bad guys but they always were and will be a small percentage. Now over the past 2-4 yrs, little by little are the trying to squeeze every last Baht out of us? Great teachers and investment folks have left, will others now leave? Thailand's poor depend on those foreigners who drop money there. Will they too now suffer? Time will tell but truth is ...if reasonableness isn't forthcoming ...retiring in Thailand maybe over regardless of any benefits.
For me , this sounds way too complex . My only income is an aged pension . I do not need to submit a Tax Return here in australia . If i were to retire over in Thailand , i would expect to be left alone . The visa laws and now this "income" tax are too complicated for someone as simple as myself . I shall visit for fewer than 180days .
So it goes like this. We now need to spend 8000-12000 baht a year out of our budget to show the tax debt that we already paid tax in our home country. This is a form of tax in itself. And the winner is..... Expat Tax Thailand who has gained massive business out of expats, many of who can't afford it. Well done. Amazing that in Australia if I get a tax agent to do my basic tax it's $350.00, here it's going to be $400-$600, how does that work??? I just done my tax in Australia myself online, took all of about 15 minutes!
Surely this is going to work against Thailand as people will simply stop bringing in so much money - and what did they do with that money - they spent it, and it went into the Thai economy, benefiting Thailand... which now will be reduced. 🤔
I move cash from the USA to fund my visa, living and medical expenses but pay taxes on all gains in the USA. I am too young for social security. How would they catch us unless during our one year visa renewal ? How can they tax us when we have already been taxed in our home country + most of us oldies do not make income in Thailand
Your bank records will reflect bank deposits made coming from foreign countries and then it will be up to you to prove that you paid your tax. How? By Thai immigration officials combing thru your tax records. Can you imagine the cluster F?
Here is the problem with this guy. He suggest that we only might have administrative duty and nothing to pay, but of course it's good for his business, in fact once you are in the system and have a Thai tax id now everything becomes more complicated and need his services. what if next year you are not here. Ah! you likely need to fill more paper to declare this. What have to be done if this is all true is not to be more than 180 days in the country. Don't tell me how many tax I have to pay or not, tell me what to do not to deal with this non sense. Also many people have savings, not everybody is a pensioner, try proving the source of this money....
Very interesting and useful information. One question : Has all this been confirmed as being enforced in FY 2024 (rather than just saying they are reverting to the earlier ruling) ? It seems to me that the Thai Government still has to confirm alot of detail (ie some of the information advised in this video) around these new taxation changes(?)
@@kippsguitar6539 Thanks. Since you found the answer I would really appreciate if you could you give the timestamp in the video where it was answered. Or re-read my question which I did asking if there is any more Thai Govt details or rulings "rather than just saying they are reverting to the earlier ruling" @3:33 in the video referring to a broad Thai Gov statement from back in Sept 2023. The reason I am asking this question and I see a relevant comment below from another Legal company "Integrity Legal says this is all proposed!" - which was my layman's understanding, all this is still in proposal stage - so the reason for my question.
The tax on foreigners is not a "income" tax unless a peson actually earns income from Thai sources. It is more like a "resident" tax or if one transfer money into Thailand then it would be a "transfer" tax. Rather difficult to live iin Thailand without transfering money into a Thai bank account unless one uses the ATM method. The ATM method is costly (220 per transaction). Been in Chiang Mai for years and planning to return to the US or go elsewhere. Many i know are considering the same type of exit plan.
@tombkk1322 Now just planning on 1) Going back to the US (California) 2) Another overseas location. Albania offers 1 year visa exempt for Americans or even Cebu in the PI and try for the SRRV retirement visa. SRRV is not easy to obtain but once granted it is for life with an annual renewal fee.
@@mikeparker6322 I agree, the Philippines SSRV might be a good option. CEBU or maybe BGC might be alternatives to Bangkok for me. I also have ties in California.
If u are already taxed in your country why u pay tax? Money is not even earned in Thailand, seems like their loss in the long run 💯 I will spend my money in different countries for six months
It's standard for many countries to have to pay tax twice if your tax rate in your home country is lower or if you are taking advantage of a tax break initially, absolutely normal
No they don't: you are confusing this with an internal Thailand discussion re taxing worldwide income WHETHER OR NOT it is remitted to Thailand. What is discussed in this video is law NOW.
@@alancurtis9155 I think this the problem for most expats. It is not clear that this is law "NOW" vs proposed. I asked the same question above because even in this very informational video, it is not made clear. The confirmed base point of the whole discussion is only an early reference to a Thai Gov statement from back in Sept 2023. Happy to be corrected. Perhaps you can help?
@@GrahamHeyes-d3l If you are not in the system you are not lying. If you have no rights and are not a citizen I would obviously observe that taxing this is a violent theft. Anybody ok with this should go for a testosterone check.
Just not reside 180 days in Thai per calender year ....Solve the problem ...no needs to deal with Thai Tax Department .....😂😂The remaining days you can go singapore ,Malaysia,Philipinees .....anywhere you want ...😂😂 DO NOT WASTE TIME TO DEAL WITH Tax Department ....😂😂
Just not a realistic plan for those of us that have made a life here in Thailand have families, homes and responsibilities. We can’t live with ATM withdrawals. We like the modern world being able to make online banking transactions with QR codes and scans.
@@bigwaidave4865: I can live in Thailand by withdraw money from ATM. Mostly I use credit cards to pay for many things in Thailand. What is the problem here?
@@magnetoforce704 you pay cash in restaurants and department stores, taxis, grocery stores, electric bills, transfers to friends and others doing work for you? Thats like living in the dark ages or in a Thailand that does not exist anymore😂😂
So can you use income up until 6 months then change over to savings and let any income stack overseas until you run out of savings? What about tax from work in Thailand from the first month you are there. But when you have tax obligations back home for 12 months from the date you left home? I'm from NZ
@@Oggiwara1 Ben frequently tell how the Thai laws are even though he is not a Thai lawyer. He is also often wrong about the law and at the same time he strongly attack other for exactly the same thing he do himself.
@@Johan654-s1f Ben is a Thai citizen. He has a law firm with Thai lawyers. And he do give information and NOT advice. So please tell me what kind of law he has wrong?
@@Oggiwara1 He is not allowed to give legal advice just because he is a Thai citizen. Owning a law firm does not give you qualifications either, people on his law firm may be qualified though. But he say many things about the law that is plain wrong. One thing besides the above is that he said foreign pension cannot be taxed, but it's simply wrong, that depends on the DTA. He really should stop to pretend to be an expert.
This will kill the property market in Thailand if what this man says is true. Expats will no longer risk transferring large sums of money to purchase a house if they are going to be taxed at 35% regardless of whether they paid tax in their home country.
If you can demonstrate that you had the purchase funds as at 31 December 2023, I believe you will not be taxed. Carl mentioned several times that only income etc earned/received from 1 January 2024 might be assessable. I do know from a contact in the real estate world that enquiries from non-Thais have tanked. In any event, I'd consult an accountant before buying.
It's a nightmare scenario. Imagine buying a condo for 4000001 baht (over 4 Million baht is 35%) as a Thai tax resident and remitting that from abroad. That's potentially 1.4 Million baht tax.
all your savings that you already have before December 31, 2023 you do not have to pay tax on if you bring it into Thailand, this is only for people who stay in Thailand for more than 180 days in 2024? currently I only stay in Thailand for 1 month a year, but in 2028 I will be retired and from then on I would like to stay in Thailand for more than 180 days, do I not have to pay tax on all my savings that I bring into Thailand and already have before December 31, 2027?
If the source of the funds brought in are from previous savings - from pre 2024 - any need to do a filing? Also when counting the days in Thailand do you count partial days (i.e. the day you leave and the day you come back)?
@@susanzimmerli5178 on top of all the current road taxes and tolls already in place, maybe it's just a money grab possibility the chickens coming home to roost for the revenue losses from all the COVID closures and restrictions, apparently the country is still recovering from that financial hit, but it would be nice if they just admitted the real reason and officially announced all the tax changes.
JC thanks for the video. It’s making more sense now than ever. I respectfully ask any reader if this is also what you took from the video. I’ve been confused about parsing out income from a commingled savings account. If I have an end of year (2024) account balance of say 50k usd and am not a Thai tax resident this year or next year but am a tax resident in 2026 I can then bring in up to 50k from that account and it will all be considered savings with no filing obligation. Thanks in advance for any answer.
You can bring in as much as you want as a non resident all the other numbers mean nothing. You just can't do it in a year you then become a tax resident there are no part years as soon as you become a resident they look at the full year. So I would do it now, as far as I can tell from looking at all the rules you could send it now then rebuild the 50k to have it available again in 2026 to send tax free as they only look at what you had end of 2023 not the years you were a non tax resident.
@ yes thank you for your reply. I think we are on the same page. My biggest source of confusion is/was the determination of income vs savings in a commingled CASH account on an ongoing basis. And if (since the burden of proof is on me) all I bring in is “savings” then I don’t need to interact with their tax system at all (no taxpayer ID #). My inference now (as a result of this video and the FIFO - first in first out - discussion) is that, for example, I am a Thai tax resident in 2027, in that year I can bring in tax free as SAVINGS the total value of that CASH account as of the end of year 2025 and just repeat this process yearly. Thank you again for your reply and a BIG THANKS to JC for making this video.
Did I misunderstand? In addition to link for alerts and free consultation I thought there was going to be a way to just ask a couple questions via email?
Firstly, everybody's circumstances will be different, but I've calculated some examples of how much tax retirees in thailand may be liable for. Figures are for a single person whose income comes from pensions in their home country. These are of course pensions that are liable for thai tax, such as UK state pension, personal pensions, occupational pensions etc. Figures below show annual monies transferred to thailand and tax due, in thai bhat. 480000, tax due 9500 780000, tax due 45500 1020000,tax due 87000 1200000, tax due 125000 1800000, tax due 275000
Apologies, should have said that any tax you've already paid on these monies in your home country, under double tax agreements, can be offset against the thai tax due.
@9:09 JC,s guest says that both US and Canadian pensions are not taxable. Have I been concerned about nothing? According to the Tax Treaty between Canada/Thailand it appears to say Article 18 Pensions: taxable only in the first mentioned state.
If I have an obligation due to owning property and renting it out. Does that also mean I have to now include all money I remit if I don’t live in Thailand for 180 days. That is money I bring while holidaying
Maybe think it through first. The wealthy always pay more taxes than anyone else. Unfair to tax them even higher and have them leave the country. Better idea is a low flat rate percentage for all of us at the same rate. Despite that being fair the wealthy still pay more because of their higher percentage margins on their higher incomes.
Can I bring in 20million this year and not spend 180 days in Thailand. Not being a resident not pay tax. Then the next year spend 200 days and bring nothing in and get out of it again
There is not much to fear for the tax for most retirees in Thailand. If it will be that way, just do some trips to Cambodia, Vietnam og the Philippines each year and you will stay less than 180 days a year in Thailand. And VIOLA! no tax in Thailand! Problems solved.
Some of us no longer live the life of nomads. We’ve actually put down roots here in Thailand with families responsibilities property. Living life out of a backpack gets tiresome after a while.
So if you want to buy a new car using accessable income will you have to pat tax on this purchase down the lin as you brought the money into the country that you made in 2024. If so that can increase the cost of the car by potentialy 25% ?
If you do the proper paperwork when you purchase the car (from a dealership), the tax on the vehicle is added into your purchase price. They should be able to get you the tax document showing how much was paid at time of purchase. Private purchases will be different as no tax will be asked for or paid at the time of that purchase, so I suspect that you will have to pay it at tax time.
Is my understanding correct, you can apply for a retirement visa using the funds from previous tax years to bring in any remittance without liability and if you spend less that 180 days per year or less as a retiree you don't have to file for tax in thailand or declare income source?
JC i think i just thought of an additional lopehole what if you say took a trip to Singapore and took out money from there ATM on your trip ! then that could not be considered money remited to Thailand...
@@GrahamHeyes-d3l I have been comming to Thailand for over 20 years and bring cash everytime i have never been questioned on money i bring ! maybe if you bring lets say 10 thousand U.S or more maybe they will question you but i dont think so and if its in U.S dollars in $100.00 bills in a wallet 100% it will go un noticed... and i just checked on how much anyone can bring into Thailand legaly its $ 9999.99 so this lophole will work for anyone that leaves thailand for lets say Singapore for a day/ week or more then comes back and its perfectly legal...
I have a question. I pay my wifes rent direct to her landlord. So I would be remitting monies to them as far as I know they are Thai and therefore liable for tax on rental income so we cant both be liable for the same sum regardless of the source of the income. Some of these points make no sense.
@davidc4408 that's a very general question, most people this video is aimed at would find it difficult to obtain a Dubai citizenship, it's also irrelevant if you spend 183 days in Thailand
@@kippsguitar6539 most people retiring would have at least $0.5m to $1m of assets as a minimum moving to Thailand. Assets earned our outside Thailand. If you want to play around with days to save money for those with far more networth tren a cheap flight is best
@@robertgroves391 I take legal advice from competent advisors no matter what their legal status are. Just because Thailand require that advisors need to be Thai citizen doesn't mean I have to follow that when taking advice from experts. I chose advisors who knows their stuff no matter what citizenship they have. Remember also that as a foreigner I need to understand the tax laws in both Thailand and my home country so it's not enough to be legally qualified in only Thailand. Ben who complains the most is however not legally qualified in Thailand.
@ well that is up to you isn’t it, you should only take advice from people who legally know what they are talking about. I run various Visa websites,but am I a visa lawyer here no…. I just give advice and always recommend they consult a Thai legal professional if they are unsure.
@@robertgroves391 Exactly, that is totally up to me. And I would never chose an advisor just because he is Thai even though he has no legal qualification whatsoever. Ben rant about you need to be Thai but that in itself doesn't make him qualified nor competent. I also think the avisor in this video have legally qualified staff as well as being competent.
All these "changes" are currently only under consideration before presentation to Thai parliament. They will take years to implement (if they are ever implemented at all)
@@burgesspark685 It's only a change in interpretation of an existing tax law. No Royal Decree required. If you're talking about the World Wide Income taxation, you are correct...it's only a potential law change and would take years.
If I have owned my house since 2003 and sell it today then bring the money into Thailand do I need to pay tax on all the proceeds from the sale if I bring it in?
@@fforest122 No, you are wrong. If you really want to know the truth, why don't you actually read the revenue dept website; do you even know what it is?
All of the youtube videos are not clear about Thailand tax policy. Nobody mentioned about using American bank to withdraw cash in Thailand. How can the Thai government know anything about your financial situation?
Because you have to file a tax return as soon as you spend over 180 days, and you have to prove where the source of the money comes from. It was explained in this video by the way
@@GW-dz8yo so then the expert in the video is wrong not me. He answered the question concerning using ATM to withdraw cash in Thailand from a foreign bank account
@@susanzimmerli5178 My point was that 'everyone' that makes an ATM withdrawal and stays in Thailand > 180 days may not need to file taxes. For example, if the full source of money you are withdrawing from an ATM is not assessable in Thailand (US SS , as an example), there is no need to file. Key word I disagreed with is 'everyone'.
My pension is not remitted to my account in Thailand. I use my Wise card which gives the best daily exchange rate and have money in my Thai Baht account with Wise. Have to pay a 250 baht fee to withdraw. All these tax shows are a waste of time as theres nothing set in stone. Nothing in Royal Gazzete so please stop talkin about it.
The practice of accounting in Thailand is a prohibited occupation. Foreigners are breaking Thai law by giving tax advice on Thai tax matters. You are breaking Thai law by posting this stuff. Turning you both in.
Sorry JC , most of his information is not correct, and he is not a qualified tax consultant in Thailand as it is a restricted occupation. Sorry Buddy but this video is probably one of your worst especially in regards of the information provided.
@@robertgroves391 can you highlight the points where he is incorrect on, it's easy to be a naysayer but you need to also back your claims up with facts.
@ I don’t want to go that far into, but our next door neighbor is a Thai taxation lawyer and he laughed when I showed him the video, and said it is so wrong, but ask you your own lawyer.
Thank you J.C for this Posting. This is Crystal clear , This professional made it so simple to understand that anyone with a primary school's reasonable level of education can understand .
Thanks JC! I’ve watched several Thai tax videos and yours is the only one that discusses co-mingled moneys - government pension and earned income. Separating bank accounts is my solution. I hope Thailand does not institute taxation on worldwide income as it would force me to stay < 180 days.
Why don't you do a much smarter thing and calculate the potential tax bill first? A lot of panic
I think if this tax is enforced next year, the thoughts of some that they will just spend
@tyvid ridiculous, didn't you watch the video? It will have no implications for most people, otherwise very very little, crazy talk
@kippsguitahaving to file even if no taxes due is frightening......r6539
I’m only 17 minutes into the video, but the word tax evasion in Thailand is not something I ever wanted to hear. It’s certainly something that gets your attention.
I'm not so concerned about Thailand taxes. I've got a military pension and if another country declares me as any type of resident, my pension will be decreased by 30%. I'm giving up my Thailand retirement visa. I'll do visa exemption travel and spend less than 180 days in Thailand.
Prudent
Military pensions are not taxable in Thailand.
@@GrahamHeyes-d3l You missed his point, the fact he would become a Thailand tax resident reduces his pension at source he is not talking about it being liable for tax.
@@makmcqueen8634 which country will reduce the tax he receives due to being a resident of Thailand? UK?
Haha
You try explaining your global tax affairs etc to a local thai tax inspector.....right even with double taxation agreements ..Thai will win .suckered in long-term now see trusty Thais. Feeling scammed ..welcome to Thailand !!! Thainess
The Thai Bureaucratic State employees always trying to substantiate their employment by constantly scheming to rip off Expats and Tourists in Thailand.
I am heading back to philippines
For you because I have already went in another country!! Bye bye!!
Thank you this was very helpful !
It was worthless
Really, it is totally useless information
First of all people, if you are out of your home country more than 180 -183 days you may now be classed as a non tax resident of said home country, therefor not liable for tax on your home state ( countries ) pension. This is the case for New Zealand. Now with the 61 different countries mentioned , as has been the case for a long time but not enforced for DTAs in some of them , this needs to be considered as you will quite likely be now liable for tax on that amount if by example in Thailand for the 180 days or more. Please check up on this first as part of the mix. things are changing and its possible Viet, philli and cambo etc may do the same in time to come as part of the money grab. Get to know & understand your own countries Double Tax Arrangements first. This will help you understand all the noise going on and help you make more informed decisions for this part of your life. Peace to every one
So is it 180, 181, 182 or 183? 🤔
@@Dime333 depends on your country
Finally someone who understands this. Your DTA only states that you will not be doubled taxed, for some countries it states where exactly that tax is to be made. You mentioned NZ, but Scandinavian countries have the same rules. My husband was Norwegian, and he had to pay taxes in Thailand (it was not a choice) if he spent more than half the year there. That is the Norwegian law, you have to confirm your current address, and if more than half the year abroad, that made him a tax residence in the country he lives in, according to the DTA too. Many Scandinavians have been taxed in Thailand for decades, and then been reimbursed once a year in their own country for paid tax there, if that is the case. Most end up paying less taxes in Thailand in fact, so there is really nothing to worry about, except for the extra filing of documents and maybe some headache that follows.
So
If i selling my house
Take the money with me to thailand then i have to pay tax .
I also have little money in the bank
Eks 400000 to the visa ,and i pay tax in my country when i will have pension do i then have to pay any tax in thailand when i will stay here with my wife ,when i go on pension.
If so its totally crazy,i bring money to thailand in order to buy a house which i never can own ,then i have to pay tax of that money.
Insane
Excellent post, very informative 🙏
Far too much scare mongering on this subject
Foolishness really, Tax treaties with Thailand and most Expats will pay nothing
nothing to be scared of unless you are a tax fraudster.
@@eddybluesteel758 Income tax currently has nothing to do with immigration however it not impossible in the future that they make it a requirements for visa renewal or even ability to leave the country.
@GrahamHeyes-d3l Everything has to do with immigration, but I know Brits Aussies and Americans know it all!
@eddybluesteel758 immigration have nothing to do with it.
Many expats will leave Thailand because of this mess. Now sorry that I retired in Thailand.
Really 😂😂😂
Agree, TL is no longer worth the hassle.
I lived in Thailand during the great old days ..they appreciated our contributions to their economy and society. Yup there are always bad guys but they always were and will be a small percentage. Now over the past 2-4 yrs, little by little are the trying to squeeze every last Baht out of us? Great teachers and investment folks have left, will others now leave? Thailand's poor depend on those foreigners who drop money there. Will they too now suffer? Time will tell but truth is ...if reasonableness isn't forthcoming ...retiring in Thailand maybe over regardless of any benefits.
Nothing has been passed through parliament yet. Just another limey grifter after an earn.
100% correct
does not need parliamentary approval.
@@GrahamHeyes-d3l are you a licensed thai tax expert?
@@marvinfalikovic4177 No, neither is any Falang here. What specifically can i refer you to?
Just add him to the MAGA grifters hanging around.
For me , this sounds way too complex . My only income is an aged pension . I do not need to submit a Tax Return here in australia . If i were to retire over in Thailand , i would expect to be left alone . The visa laws and now this "income" tax are too complicated for someone as simple as myself . I shall visit for fewer than 180days .
So it goes like this. We now need to spend 8000-12000 baht a year out of our budget to show the tax debt that we already paid tax in our home country. This is a form of tax in itself.
And the winner is..... Expat Tax Thailand who has gained massive business out of expats, many of who can't afford it. Well done. Amazing that in Australia if I get a tax agent to do my basic tax it's $350.00, here it's going to be $400-$600, how does that work??? I just done my tax in Australia myself online, took all of about 15 minutes!
Are you sure you did it yourself? Dear oh dear
thanks for this important insight.
Surely this is going to work against Thailand as people will simply stop bringing in so much money - and what did they do with that money - they spent it, and it went into the Thai economy, benefiting Thailand... which now will be reduced. 🤔
I move cash from the USA to fund my visa, living and medical expenses but pay taxes on all gains in the USA. I am too young for social security. How would they catch us unless during our one year visa renewal ? How can they tax us when we have already been taxed in our home country + most of us oldies do not make income in Thailand
Your bank records will reflect bank deposits made coming from foreign countries and then it will be up to you to prove that you paid your tax. How? By Thai immigration officials combing thru your tax records. Can you imagine the cluster F?
you get a tax credit for overseas tax paid. the tax offices worldwide have access to your remittances into you bank account.
Here is the problem with this guy. He suggest that we only might have administrative duty and nothing to pay, but of course it's good for his business, in fact once you are in the system and have a Thai tax id now everything becomes more complicated and need his services. what if next year you are not here. Ah! you likely need to fill more paper to declare this. What have to be done if this is all true is not to be more than 180 days in the country. Don't tell me how many tax I have to pay or not, tell me what to do not to deal with this non sense. Also many people have savings, not everybody is a pensioner, try proving the source of this money....
hi Jc and Nat . It's been a few weeks since our impromptu meet-up in Hua Hin . I hope all is well for yoy both . Cheers , russell .
Very interesting and useful information. One question : Has all this been confirmed as being enforced in FY 2024 (rather than just saying they are reverting to the earlier ruling) ? It seems to me that the Thai Government still has to confirm alot of detail (ie some of the information advised in this video) around these new taxation changes(?)
Why don't you watch the video again and no need to ask a question hence already covered
@@kippsguitar6539 Thanks. Since you found the answer I would really appreciate if you could you give the timestamp in the video where it was answered. Or re-read my question which I did asking if there is any more Thai Govt details or rulings "rather than just saying they are reverting to the earlier ruling" @3:33 in the video referring to a broad Thai Gov statement from back in Sept 2023. The reason I am asking this question and I see a relevant comment below from another Legal company "Integrity Legal says this is all proposed!" - which was my layman's understanding, all this is still in proposal stage - so the reason for my question.
@Madeoutofvapor Have a happy weekend, do your best
@@kippsguitar6539 Yeah - you too. Better to stay off youtube comments if you dont know what you are talking about. Be factual.
@Madeoutofvapor OMG, and I'm being paid for my knowledge in Bangkok and have 200+ international amd Thai staff, please don't blow my cover,
Speculation as usual
The tax on foreigners is not a "income" tax unless a peson actually earns income from Thai sources. It is more like a "resident" tax or if one transfer money into Thailand then it would be a "transfer" tax. Rather difficult to live iin Thailand without transfering money into a Thai bank account unless one uses the ATM method. The ATM method is costly (220 per transaction). Been in Chiang Mai for years and planning to return to the US or go elsewhere. Many i know are considering the same type of exit plan.
Are you definitely leaving or waiting for more information. I’ve been here 7 1/2 years myself.
@tombkk1322 Now just planning on 1) Going back to the US (California) 2) Another overseas location. Albania offers 1 year visa exempt for Americans or even Cebu in the PI and try for the SRRV retirement visa. SRRV is not easy to obtain but once granted it is for life with an annual renewal fee.
@@mikeparker6322 I agree, the Philippines SSRV might be a good option. CEBU or maybe BGC might be alternatives to Bangkok for me. I also have ties in California.
if u bring money into Thailand its taxable subject to personal allowance and DTA.
@GrahamHeyes-d3l So if I withdraw money at a ATM in Thailand from US Bank Accout is that defined as "bringing into Thailand?" and subject to tax?
too much stress and hassle other countries much more easier Thailand is killing the golden goose with all this,
You mad bro
Thailand is implementing what most countries have been doing for years.
Great info. Much thanks
If u are already taxed in your country why u pay tax? Money is not even earned in Thailand, seems like their loss in the long run 💯 I will spend my money in different countries for six months
It's standard for many countries to have to pay tax twice if your tax rate in your home country is lower or if you are taking advantage of a tax break initially, absolutely normal
You haven't watched the video before commenting obviously
@@AllenZuka-xp1gd because it's a "worldwide tax country" as are most countries in the world, dohh
I know you heard when he mentioned (61 countries ). are a part of this new paradigm Tax data for collection of taxes from citizens abroad
@@ITravelSaleno 61 countries have double taxation agreements with Thailand, most countries now report by CRS
Integrity Legal says this is all proposed!
@@briansullivan8465 he says all kinds of things
@@briansullivan8465 IL says that taxing worldwide income is a ‘proposal’. This is separate from the issue of remittances from 1 Jan 24.
No they don't: you are confusing this with an internal Thailand discussion re taxing worldwide income WHETHER OR NOT it is remitted to Thailand. What is discussed in this video is law NOW.
@@alancurtis9155 I think this the problem for most expats. It is not clear that this is law "NOW" vs proposed. I asked the same question above because even in this very informational video, it is not made clear. The confirmed base point of the whole discussion is only an early reference to a Thai Gov statement from back in Sept 2023. Happy to be corrected. Perhaps you can help?
Ben at Integrity legal know nothing and he is not legally allowed to give legal advices, he is just an American lawyer.
Sound to me like there is reasons to panic.
if u have been lying about your tax affairs, yes.
@@GrahamHeyes-d3l If you are not in the system you are not lying. If you have no rights and are not a citizen I would obviously observe that taxing this is a violent theft. Anybody ok with this should go for a testosterone check.
Just not reside 180 days in Thai per calender year ....Solve the problem ...no needs to deal with Thai Tax Department .....😂😂The remaining days you can go singapore ,Malaysia,Philipinees .....anywhere you want ...😂😂
DO NOT WASTE TIME TO DEAL WITH Tax Department ....😂😂
Just not a realistic plan for those of us that have made a life here in Thailand have families, homes and responsibilities. We can’t live with ATM withdrawals. We like the modern world being able to make online banking transactions with QR codes and scans.
@@bigwaidave4865: I can live in Thailand by withdraw money from ATM. Mostly I use credit cards to pay for many things in Thailand. What is the problem here?
@@magnetoforce704 you pay cash in restaurants and department stores, taxis, grocery stores, electric bills, transfers to friends and others doing work for you? Thats like living in the dark ages or in a Thailand that does not exist anymore😂😂
@@bigwaidave4865 : Pay almost everything using credit cards in Thailand. Why pay cash for all the things you mentioned?
May not be practical for many super genius
So can you use income up until 6 months then change over to savings and let any income stack overseas until you run out of savings?
What about tax from work in Thailand from the first month you are there. But when you have tax obligations back home for 12 months from the date you left home?
I'm from NZ
So he is breaking the law in Thailand
So does Ben.
@@Johan654-s1f How?
@@Oggiwara1 Ben frequently tell how the Thai laws are even though he is not a Thai lawyer. He is also often wrong about the law and at the same time he strongly attack other for exactly the same thing he do himself.
@@Johan654-s1f Ben is a Thai citizen. He has a law firm with Thai lawyers. And he do give information and NOT advice. So please tell me what kind of law he has wrong?
@@Oggiwara1 He is not allowed to give legal advice just because he is a Thai citizen. Owning a law firm does not give you qualifications either, people on his law firm may be qualified though. But he say many things about the law that is plain wrong. One thing besides the above is that he said foreign pension cannot be taxed, but it's simply wrong, that depends on the DTA. He really should stop to pretend to be an expert.
There's always an option. 👍
This will kill the property market in Thailand if what this man says is true. Expats will no longer risk transferring large sums of money to purchase a house if they are going to be taxed at 35% regardless of whether they paid tax in their home country.
You would have to be insane to consider that anyway so its a non issue
Rent a property long term, much cheaper and far more options if everything turns to shit.
@@billdenton6354 of course, keep it simple
If you can demonstrate that you had the purchase funds as at 31 December 2023, I believe you will not be taxed. Carl mentioned several times that only income etc earned/received from 1 January 2024 might be assessable. I do know from a contact in the real estate world that enquiries from non-Thais have tanked. In any event, I'd consult an accountant before buying.
It's a nightmare scenario. Imagine buying a condo for 4000001 baht (over 4 Million baht is 35%) as a Thai tax resident and remitting that from abroad. That's potentially 1.4 Million baht tax.
all your savings that you already have before December 31, 2023 you do not have to pay tax on if you bring it into Thailand, this is only for people who stay in Thailand for more than 180 days in 2024?
currently I only stay in Thailand for 1 month a year, but in 2028 I will be retired and from then on I would like to stay in Thailand for more than 180 days, do I not have to pay tax on all my savings that I bring into Thailand and already have before December 31, 2027?
If the source of the funds brought in are from previous savings - from pre 2024 - any need to do a filing? Also when counting the days in Thailand do you count partial days (i.e. the day you leave and the day you come back)?
Same question. If you believe your tax liability is zero - do you still have to file? Seems like a total waste of resources if you have to….
Us social security is not taxed no matter the situation
Is this guy licensed in thailand to consult on thai tax law. I do not think so.
Do we get any benefits from the tax money,i not think so.
Perhaps the roads get better? 😉
@@susanzimmerli5178 on top of all the current road taxes and tolls already in place, maybe it's just a money grab possibility the chickens coming home to roost for the revenue losses from all the COVID closures and restrictions, apparently the country is still recovering from that financial hit, but it would be nice if they just admitted the real reason and officially announced all the tax changes.
No and definitely not any 30 baht gold card for medical treatment, just give us your money😂
JC thanks for the video. It’s making more sense now than ever. I respectfully ask any reader if this is also what you took from the video. I’ve been confused about parsing out income from a commingled savings account. If I have an end of year (2024) account balance of say 50k usd and am not a Thai tax resident this year or next year but am a tax resident in 2026 I can then bring in up to 50k from that account and it will all be considered savings with no filing obligation. Thanks in advance for any answer.
You can bring in as much as you want as a non resident all the other numbers mean nothing. You just can't do it in a year you then become a tax resident there are no part years as soon as you become a resident they look at the full year. So I would do it now, as far as I can tell from looking at all the rules you could send it now then rebuild the 50k to have it available again in 2026 to send tax free as they only look at what you had end of 2023 not the years you were a non tax resident.
@ yes thank you for your reply. I think we are on the same page. My biggest source of confusion is/was the determination of income vs savings in a commingled CASH account on an ongoing basis. And if (since the burden of proof is on me) all I bring in is “savings” then I don’t need to interact with their tax system at all (no taxpayer ID #). My inference now (as a result of this video and the FIFO - first in first out - discussion) is that, for example, I am a Thai tax resident in 2027, in that year I can bring in tax free as SAVINGS the total value of that CASH account as of the end of year 2025 and just repeat this process yearly. Thank you again for your reply and a BIG THANKS to JC for making this video.
Did I misunderstand? In addition to link for alerts and free consultation I thought there was going to be a way to just ask a couple questions via email?
Firstly, everybody's circumstances will be different, but I've calculated some examples of how much tax retirees in thailand may be liable for. Figures are for a single person whose income comes from pensions in their home country. These are of course pensions that are liable for thai tax, such as UK state pension, personal pensions, occupational pensions etc. Figures below show annual monies transferred to thailand and tax due, in thai bhat.
480000, tax due 9500
780000, tax due 45500
1020000,tax due 87000
1200000, tax due 125000
1800000, tax due 275000
Apologies, should have said that any tax you've already paid on these monies in your home country, under double tax agreements, can be offset against the thai tax due.
My understanding is the law is to stop Thai rich people from investing overseas and setting up their companies overseas and never paying taxes.
There is no new law they have just amended an existing law, that is why it has not been posted in the Royal Thai Gazette
This guy is NOT qualified to give any sort of tax advice......
Sorry to say, but I think most would disagree with your comment.
@9:09 JC,s guest says that both US and Canadian pensions are not taxable.
Have I been concerned about nothing?
According to the Tax Treaty between Canada/Thailand it appears to say Article 18 Pensions: taxable only in the first mentioned state.
probably depends on the type of pension.
HE SAID THAT ALREADY
If I have an obligation due to owning property and renting it out. Does that also mean I have to now include all money I remit if I don’t live in Thailand for 180 days. That is money I bring while holidaying
Unbelievable question, dear oh dear
If you don't stay longer than 180 days (example, vacation) you aren't a tax resident and owe no taxes.
@golfinginthailand wow really?
Maybe it was better to make all the super rich people in thailand pay more tax ,then they maybe can make it better for the low life thai .
Maybe think it through first. The wealthy always pay more taxes than anyone else. Unfair to tax them even higher and have them leave the country. Better idea is a low flat rate percentage for all of us at the same rate. Despite that being fair the wealthy still pay more because of their higher percentage margins on their higher incomes.
Can I bring in 20million this year and not spend 180 days in Thailand. Not being a resident not pay tax. Then the next year spend 200 days and bring nothing in and get out of it again
yes.
There is not much to fear for the tax for most retirees in Thailand. If it will be that way, just do some trips to Cambodia, Vietnam og the Philippines each year and you will stay less than 180 days a year in Thailand. And VIOLA! no tax in Thailand! Problems solved.
Some of us no longer live the life of nomads. We’ve actually put down roots here in Thailand with families responsibilities property. Living life out of a backpack gets tiresome after a while.
@@bigwaidave4865 Have you ever heard of adventure and suitcases...
All those trips will cost more than any tax you might pay, and like you say many retirees will have no problem, with tax in any case.
So if you want to buy a new car using accessable income will you have to pat tax on this purchase down the lin as you brought the money into the country that you made in 2024. If so that can increase the cost of the car by potentialy 25% ?
If you do the proper paperwork when you purchase the car (from a dealership), the tax on the vehicle is added into your purchase price. They should be able to get you the tax document showing how much was paid at time of purchase. Private purchases will be different as no tax will be asked for or paid at the time of that purchase, so I suspect that you will have to pay it at tax time.
suppose you bring money out in cash each time for a fairly long visit
Is my understanding correct, you can apply for a retirement visa using the funds from previous tax years to bring in any remittance without liability and if you spend less that 180 days per year or less as a retiree you don't have to file for tax in thailand or declare income source?
@@barrydwyer2039 correct.
Resident Tax don't you mean can't pull a Banana Tax 😂😂😂😂😂😂😂😂😂😂🇬🇧🇬🇧🇬🇧🇬🇧👍👍👍👍👍👍👍
JC i think i just thought of an additional lopehole what if you say took a trip to Singapore and took out money from there ATM on your trip ! then that could not be considered money remited to Thailand...
Would be a hefty "transfer fee" with the price of the ticket...
hand carried cash is taxable, so is gold.
@@GrahamHeyes-d3l I have been comming to Thailand for over 20 years and bring cash everytime i have never been questioned on money i bring ! maybe if you bring lets say 10 thousand U.S or more maybe they will question you but i dont think so and if its in U.S dollars in $100.00 bills in a wallet 100% it will go un noticed... and i just checked on how much anyone can bring into Thailand legaly its $ 9999.99 so this lophole will work for anyone that leaves thailand for lets say Singapore for a day/ week or more then comes back and its perfectly legal...
@@Oggiwara1 nope $9999.99 is allowed to be brought in on hand
@@intsccents LOL! If you have to travel to Singapore to get cash, the travel cost will work as a hefty ATM fee...
I have a question. I pay my wifes rent direct to her landlord. So I would be remitting monies to them as far as I know they are Thai and therefore liable for tax on rental income so we cant both be liable for the same sum regardless of the source of the income. Some of these points make no sense.
This man is not a CPA (chartered public accountant). He cannot give tax advice because it's a reserved occupation. Avoid!
Yep you are a loser a moron
I reported this guy to immigration.....
@@JoyceSin-w5kof course you did not . Don’t be stupid .
@@JoyceSin-w5klol. Of course u didn’t . In fact the guy on the left has his own UA-cam videos who explain many details of each DTA . Dont be a fool.
@@JoyceSin-w5k Report Ben as well since he is not allowed to give tax advice either, still he is nagging about it.
My wife is in hospital and about to have an operation cosring up to 200k. Can I gift her the money to pay for it?
so far I don't need to go to the tax office how to get an ID tax number
He is from the UK. If you are from UK just get citizenship in Dubai and to avoid income tax
Wow, as easy as that!
@kippsguitar6539 it's not hard to get Dubai citizenship. Then no need to deal with BS tax
@davidc4408 that's a very general question, most people this video is aimed at would find it difficult to obtain a Dubai citizenship, it's also irrelevant if you spend 183 days in Thailand
@@kippsguitar6539 most people retiring would have at least $0.5m to $1m of assets as a minimum moving to Thailand. Assets earned our outside Thailand. If you want to play around with days to save money for those with far more networth tren a cheap flight is best
@@davidc4408you should watch the video again because you didn't take it in, it's a pittance if anything at all
Bullshit, he has no idea, all Australian superannuation is taxed going into your superannuation account.
He is one of the best I would say.
@@Johan654-s1f not in the slightest, would you receive legal advice from someone who is not legally allowed to give advice on the subject 🤷♂️🤷♂️🤷♂️
@@robertgroves391 I take legal advice from competent advisors no matter what their legal status are. Just because Thailand require that advisors need to be Thai citizen doesn't mean I have to follow that when taking advice from experts. I chose advisors who knows their stuff no matter what citizenship they have.
Remember also that as a foreigner I need to understand the tax laws in both Thailand and my home country so it's not enough to be legally qualified in only Thailand. Ben who complains the most is however not legally qualified in Thailand.
@ well that is up to you isn’t it, you should only take advice from people who legally know what they are talking about. I run various Visa websites,but am I a visa lawyer here no…. I just give advice and always recommend they consult a Thai legal professional if they are unsure.
@@robertgroves391 Exactly, that is totally up to me. And I would never chose an advisor just because he is Thai even though he has no legal qualification whatsoever. Ben rant about you need to be Thai but that in itself doesn't make him qualified nor competent.
I also think the avisor in this video have legally qualified staff as well as being competent.
Ignore this interview
This guy is not qualified and is giving WRONG information
...and an example of wrong info is....?
All these "changes" are currently only under consideration before presentation to Thai parliament. They will take years to implement (if they are ever implemented at all)
@@burgesspark685 It's only a change in interpretation of an existing tax law. No Royal Decree required. If you're talking about the World Wide Income taxation, you are correct...it's only a potential law change and would take years.
@@golfinginthailand
Exactly
Its hyperbolic exaggeration from some
and the rest are unqualified grifters trying to catch some extra (idiots) customers
@@burgesspark685 So you couldn't name a single wrong information he gave.
If I have owned my house since 2003 and sell it today then bring the money into Thailand do I need to pay tax on all the proceeds from the sale if I bring it in?
Crazy decision, bye bye dollars
Bring it all in and stay less than 180 days or better still 175 days to give a buffer for the year.
You really should watch the video before asking such rudimentary questions, he's gone to great detail to answer this already
@@billdenton6354that's plain silly and naive
@@kippsguitar6539 maybe you could just use your manners and just say he's covered that in the video.
Nothing has been decided it's not in the royal gazette to it's only a draft so should I listen to this
Royal gazette affirms changes to the law. As was explained in the video, the rules effective 1st Jan 2024 did not require a change in the law.
@@alancurtis9155 Your 100% wrong...The taxes are just under consideration..
@@fforest122 No, you are wrong. If you really want to know the truth, why don't you actually read the revenue dept website; do you even know what it is?
@@alancurtis9155 Yes you are correct. The changes that were made January 2024 didn't require a change of the law.
OK, so I want to bring in US$1m to Thailand to invest in the Thai stockmarket. Would that be taxable when I bring it in?
Is all money taxable that you have remitted in every year. Or is it only the money that you remit in the years you stay of 180 days
Scary you are asking such a question, scary
@@kippsguitar6539 You better be scared of the guys in white coats coming for you... 🤣
All of the youtube videos are not clear about Thailand tax policy. Nobody mentioned about using American bank to withdraw cash in Thailand. How can the Thai government know anything about your financial situation?
Because you have to file a tax return as soon as you spend over 180 days, and you have to prove where the source of the money comes from. It was explained in this video by the way
I think his point was other videos say something completely different. Hard to discern which one we should follow.
Completely incorrect Susan. If you don’t bring assessable income into Thailand, you don’t have to file taxes regardless of how long you are here.
@@GW-dz8yo so then the expert in the video is wrong not me. He answered the question concerning using ATM to withdraw cash in Thailand from a foreign bank account
@@susanzimmerli5178 My point was that 'everyone' that makes an ATM withdrawal and stays in Thailand > 180 days may not need to file taxes. For example, if the full source of money you are withdrawing from an ATM is not assessable in Thailand (US SS , as an example), there is no need to file. Key word I disagreed with is 'everyone'.
My pension is not remitted to my account in Thailand. I use my Wise card which gives the best daily exchange rate and have money in my Thai Baht account with Wise. Have to pay a 250 baht fee to withdraw.
All these tax shows are a waste of time as theres nothing set in stone. Nothing in Royal Gazzete so please stop talkin about it.
Idiot...govt has clarify nothing. How your guy answered questions 😂😂😂😂😂
A a foreigner it's not allowed to give tax advice in Thailand
@@jonlee5283 what on earth are you talking about? Bangkok has dozens of international tax consultants in the business district
It is NOT tax advice; read the opening screen.
Ben is not allowed either but still he does it and also complain about it while doing it.
Everybody know that. But to your information. Tax information is NOT tax advice...
@Oggiwara1 Saturday night, go and have a beer and relax
why only us why only us
why only talk about us
The practice of accounting in Thailand is a prohibited occupation. Foreigners are breaking Thai law by giving tax advice on Thai tax matters. You are breaking Thai law by posting this stuff. Turning you both in.
What a happy man, turn me in as well, same profession
Read the opening screen of the video!
@@alancurtis9155 These men need to go to jail..
You have listened to Ben who know nothing about Thai law. Still Ben give legal advice and therefor breaking the law as he interpret it himself.
@@Johan654-s1f 🤣🤣🤣🤣🤣🤣
Sorry JC , most of his information is not correct, and he is not a qualified tax consultant in Thailand as it is a restricted occupation. Sorry Buddy but this video is probably one of your worst especially in regards of the information provided.
@@robertgroves391 can you highlight the points where he is incorrect on, it's easy to be a naysayer but you need to also back your claims up with facts.
and as someone who is not an expert you can disqualify him 😅
@ absolutely I can, as our next door neighbor is a Thai taxation lawyer, and he actually laughed when I showed him the video
@ I don’t want to go that far into, but our next door neighbor is a Thai taxation lawyer and he laughed when I showed him the video, and said it is so wrong, but ask you your own lawyer.
like the thai immoigration going figure this all out , give me a break
so far I don't need to go to the tax office how to get an ID tax number