New Thai Taxes and Impact on FIRE Plans!

In today's video, we'll look at how I think the new interpretation of the Thai tax code for 2024 might impact my plans to FIRE (Financial Independence Retire Early) in Thailand. Thailand is also said to be considering taxing worldwide income for its tax residents, and I'll explore that too!
Videos mentioned in this video:
New Challenges to My Plan to Retire Early (FIRE) in Thailand!
• New Challenges to My P...
Geo-Arbitrage: My Plan to Retire Early in Thailand
• Geo-Arbitrage: My Plan...
Retire Early and Pay Less Than 2% in Taxes! The Roth Conversion Ladder
• Retire Early and Pay L...
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Resources:
drive.google.c...
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Here are my referral links, in case they are useful to you and you would like to support the channel:
Capital One SavorOne - 3% cash back on dining, entertainment, groceries, and streaming, no annual fee, no foreign transactions fees:
capital.one/3L...
Capital One Venture X - my current travel card, replacing the Chase Sapphire Reserve
capital.one/3u...
Chase Freedom Cards - some great no annual fee cards, all of which I have:
www.referyourc...
Tesla:
ts.la/daniel64060

[@johnlennon8931]

You broke down the consequences of the current and possible future Thai taxes very well.

[@FrugalNotCheap]

Thank You! 😃

[@TheFruTra]

Great video! Have a look at the Philippines, especially the SRRV visa. Way less issues for someone like you and you will have a visa for life. It is now available for 50+ year old but soon will be available for 45+.

[@FrugalNotCheap]

Thank You! 😀

[@GeneralOffice-vt3uy]

What if you remit a lump sum to purchase a car or condo? Will you pay income tax on that?

[@FrugalNotCheap]

Yes. For that, one could spend < 180 days in Thailand that year, so as to not be a tax resident
For me, I have no plans to buy any big ticket items like that

[@wengelder9256]

@@FrugalNotCheapnonsense . If that money was gained before 1-1-2024 you don’t pay . Secondly , even if the money was gained after that date but you weren’t a resident for tax purposes at the time you earned the money , you obviously don’t pay .
You. Don’t pay if there is a provision in the DTA .
And if all of the above isn’t applicable , it’s questionably why one would pay . A saving does not qualify as income under article 40 . Don’t give advise about things you have no idea

[@FrugalNotCheap]

All this was covered in the video. Thanks for taking the time to comment 🙂

[@alexp.6406]

Why retire so early and be bored pinching pennies? Hate you job? Quit today and find something to do that you like! And then you never have to “work” a day in your life again ;) Also, find a good girl, have kids. You are young.

[@FrugalNotCheap]

😂

[@mentorinspired]

Some of us don't want to work until we die. Life isn't about work if you don't need to.

[@FrugalNotCheap]

Exactly!

[@alexp.6406]

@@mentorinspired some of you will find out that you can only do so much of sitting on the beach before you realize you need an occupation to stay sane. Best of luck.

[@pomargent4464]

Would you file Thailand income tax return first then file the US return?