@@stewartgray4301 I agree. If you're on a retirement visa you need funds to retire here. Those funds must come from outside Thailand, therefore you have to be bringing in taxed money unless it's a pension that wasn't taxed at source. Seems like a lot of effort to find out what they should already know because of tax treaties, that we have already paid tax.
@@stewartgray4301 Just like all other countries. First in your homecountry by law, after new year in the other country where you live by law. Paying tax is not finished before it is declared in both country. Why is this difficult to understand? The DTA will tell which country is granted the taxes. Only read your DTA, its just as important as knowing the immigration rules, without taxes, you may be without extension next time...
I’m going to retire in 2 years time, I was looking at Thailand to retire, but now they’ve brought this tax headache in, I will be retiring elsewhere in Asia 🙈
I have some friends that have been living in the Philippines for years, they have never paid any tax, that’s where I’m looking to retire now, I’ve lost all interest in Thailand now that they have brought this new tax in, when I retire I just want a simple life
@@davidkw8728 I am with you on the "simple life", however I checked the Philippines. Apparently they have taxed US citizens for many many years. Seems no escape!
Double taxation is never acceptable and will result in a serious loss of income for Thailand as people will just leave. Likewise, the money and support that was offered to Thailand in these cases will no longer be present. If Thailand attempts to double tax then it will end up putting itself in double jeopardy.
Wrong for example the USA I am in a 22 % tax bracket snd if I show Thailand my real income I am in a 35% tax bracket they sent the difference no matter what agreement is in place. . I feel sorry for all the fools who are at moment exceeding 180:$days in Thailand they will be told to leave in January or pay the minimum collection of 1500 usd
@@4Serviceplan it’s not how this works … my goodness . Better read the double tax agreement first before commenting . It’s very well possible that a specific DTA excludes taxation in Thailand all together . And what is the minimum collection of 1500 usd ? There is no such thing in the Thai tax revenue code . I have done my own taxes in Thailand . There is no such thing at all. And , even if the DTA agreement says there is taxation in Thailand for a certain income stream , have u looked into the deductibles , exceptions etc ?
credit cards are actually debt incurred to your account that can (or not) be paid up. Hard for me to see this as remittance. I honestly think they will move on to taxing world wide income as the potential loop holes and the problems with enforcing compliance with the new interpretation (as of jan1st)
What I am most worried about as someone who might move to Thailand in the future is whether Thailand will want to tax all my remittances that consist of savings from earnings many years ago. It’s very difficult to prove that a specific dollar is savings vs. income. For example, if I simply save my tax returns from prior to 2024 showing $xM in earnings, could I simply transfer up to that amount tax-free over my lifetime in Thailand? That would seem to be the simplest solution.
yes thats how it is. Savings/earnings prior 1.1.24 (easy to prove) remains taxfree. Why would it be difficult to prove? Bank statement 31.12.23 showing savings total and done
@@susanzimmerli5178 if I move to Thailand in 10 years and after changing banks, it may not be possible to retrieve such a statement from all my accounts.
@@susanzimmerli5178 Thailand may use a last in first out method for deciding which money in a bank is transferred. So say your account had $10k at 2023. That's savings. But over the course of the following year, you had $2000 in pension paid in and $1000 in interest. (Keeping figures easy). You transferred $2500 to Thailand from that account. On a last in first out basis, that $2500 is made entirely of 2024 income and so if you send it to Thailand, it is all taxable. You sent over the income that was added to that account, not the capital savings that were already there. That remains untouched. So yes, its a lot more complicated than you might think.
Great presentation. Very professional. Thailand will tax a remittance unless you prove it is not taxable. Some of the audience were asking some dumb questions and some questions looking to evade tax.
First check if your country has a Double Taxation Agreement (DTA) with the Kingdom of Thailand, if they do, then you don't have to worry about this, because DTA prevents the same income from being taxed twice. Australia has DTA with Thailand, and age pension is exempted from taxation according to Australian Treaty Series 1989 No 36 with Kingdom of Thailand. Google the treaty online. Article 18 in the treaty says Pensions and annuities 1. Subject to the provisions of Article 19, pensions and annuities paid to a resident of one of the Contracting States shall be taxable only in that State. 2. The term "annuity" means a stated sum payable periodically at stated times during life or during a specified or ascertainable period of time under an obligation to make the payments in return for adequate and full consideration in money or money's worth. Don't waste your time and money listening to the expert, because they are here to confuse you and make money from you.
Lawyers climbing all over this issue hoping to profit from additional business. Word is out that it was expatriate lawyers who made recommendations to the Thai Revenue Dept to tax inward remittances. A timely reminder that they are not on our side.
Is very complicated this thing ! There are not clear information, also in this case who should be informed to give information he is not sure of some things! Example a question was if you use a debit card ,foreign debit card and you withdraw money from ATM the expert who should be one replied yes you should pay taxes, because it would be a remittance, but in another interview another supposed expert said that in this case it is not considered a remittance!
You stll have to file a tax return to the revenue so if they want to know how you manage to live here more than 180 without any money, what you‘re gonna answer?
There where no new tax reguelations in Thailand at all. Section 41, all three paragraphs still apply in the same way as before because the revenue act hasn't changes at all! There was just an internal Regulation for the revenue department officers to clarify the Section 41 paragraph 2.
Thank you for your excellent presentation, we must not shoot the messenger (the bearer of bad tidings). I leave Thailand in a week after ten years in Thailand, because I go from zero tax in Australia to ฿250,000 tax a year in Thailand, with no deductions, if I stay any longer. Thailand will lose the ฿1,000,000 a year that I spend in Thailand. I blame the Australian Prime Minister Paul Keeting who set out to punish European immigrants that retired at 65 years and took their Australian old age pensions back home to Europe. He signed a bad deal for Australians, Thailand did not argue, I'm sure they smiled.
What I don't understand is that we have never been chased for taxes prior to 2024 on our money we brought into Thailand in the same year so why would they suddenly decide to chase us?
This is where foreigners get it all wrong. This change in the tax code has to do with thailand people more than foreigners. Wealthy thailand people have been storing their income in foreign bank accounts. And then bring it into thailand the next year. Avoiding paying income taxes. The government is chasing wealthy Thaj people. Self-centered foreigners.Think they're being chased.It's not the case.
So this means that if I transfer from my American bank account to my Thai bank account a large amount of money next month but my total days in Thailand is less than 180 days I will not need to file or pay taxes to Thailand?
Very clear definition of terms is needed at start of video. For example, define “income” or “resident” very exactly noting that Thai and foreign definitions may differ.
@@rikirex2162 yeah I've heard that from many others too. I guess it's easy for the revenue department to process refund off withholding tax on interest off Thai bank accounts but maybe it's tricky to handle tax refund or tax credit for taxes already paid abroad (refund Because of dta and rate being higher abroad etc..)not sure really. Or maybe those guys are just making it sound a bit more complicated than it is...
In Austria, there is no tax (0%) on local/foreign pension. In Cyprus, if the foreign pension income is higher than €3,420, it will be taxed at a flat 5%. There are other European countries where taxes on pension are also very low : Andorra, Malta, Monaco, etc.
I contacted Thomas Carden's company via Email and asked about TSP withdrawals by US citizens who are Tax Residents of Thailand because they differ from 401K's, and are not specifically addressed in the Tax treaty. Emails went back and forth and I never was able to get a straight answer to my question. His company is also known to overcharge for obtaining your tax ID number and completing a very basic Thailand tax return.
@RetiretoThailand Thanks, that is good news for me. If my only income is US Social Security, A Federal Government pension, and TSP withdrawals assuming they are all remitted to Thailand, am i still required to obtain a Thailand Tax number and submit a Thailand Tax return?
I have age pension from australia and social security payments, I cannot seem to understand if I have to pay taxes on these as they come to me in thailand. I am on retirement visa here.
Re: pension, take a look at articles 18 & 19 of Oz/Thai double tax treaty. Seems to suggest only an Oz govt pension paid to a former civil servant would specifically be exempt from Thai tax, other payments could be taxed. But seek professional advice in due course.
If you’re a tax resident of Thailand and a tax resident of Australia, the DTA is used to judge where you’re deemed to be a resident. If you’re a Thai tax resident under the DTA you are liable to tax in Thailand and not in Australia, if your an Australian tax resident under the DTA your pension is taxable in Australia and not in Thailand. That seems to be where the generalisations confuse people, experts making assumptions about tax residence without knowing individual circumstances. Most expats just want to hear “I’m not liable to pay tax in Thailand” so don’t listen to anything else, play dumb and hope TRD is not interested.
So if i had 500k GBP in a uk bank on 31st December 2023 even though it earns interest I can bring the whole amount into Thailand tax free. But if i bring the interest in that is assessable for tax. How do i prove what im bringing in was from the original holding and no proportion is from interest
@@susanzimmerli5178 Pay everything with card (Wise) and get money out of the ATM with the same card. You really don't need a bank account EVER in a country where you can get cash at the ATM or pay with card at the shops.
Assuming one is tax resident in Thailand and holding a "retirement" visa in Thailand, is "income" (dividends from investments in non-Thailand funds and companies - Category 4) remitted into Thailand subject to Thailand income tax? The investments were made from previously earned (and taxed) income in Hong Kong.
thanks for posting this helpful, do stock market dividend yields get taxed its not considered 'earned income' in the U.S. it is taxed but not taxed as income.
What if you have dual nationality ? Would you need to pay taxes if you do remote working ? For example; salary is paid from other country and you stay iand work (online) n Thailand less than 180 days.
The Thai guy at the start and the American guy at 1:25:48 contradicts each other . Re Australian pensions being taxed here in Thailand. The American speaker says Aust pensions are tax free here . The Thai speaker said the opposite
@@nealeking5662 I was a Public Servant working for the state government, but I started working for the government just after they stopped government pensions. My superannuation is just like any other persons, and in Australia when you retire your earnings in the fund are tax free.
Please clarify: If you're an LTR visa holder, can you remit funds to Thailand without the funds being subject to Thai income tax? I’m asking this in the context of purchasing a condo unit.
No you can still be taxed even if you have an LTR visa. The LTR only give exempt from tax on income derived from previous year, so they can tax you if you transfer income from the same year. Section 5 Income tax under Part 2 of Chapter 3 in Title 2 of the Revenue Code shall be exempted for a foreigner categorised as Wealthy Global Citizen, Wealthy Pensioner, or Work- from-Thailand Professional who is granted a Long-Term Resident Visa under immigration law for assessable income under section 40 of the Revenue Code derived in the previous tax year from an employment, or from business carried on abroad, or from a property situated abroad, and brought into Thailand.
@@Johan654-s1f Based on my understanding of your 'Section 5,' it is taxed only on employment or business income you have in Thailand, and not on your pension or income coming from abroad. The Royal Decree takes precedence
@@rnikko6472 That is not what I read, this is the tax exempt we get with LTR for income abroad: "for assessable income under section 40 of the Revenue Code derived in the previous tax year from an employment, or from business carried on abroad, or from a property situated abroad, and brought into Thailand."
Agree. My understanding is if you’re a tax resident of Australia and a tax resident of Thailand, the DTA then determines your residence for tax purposes. The pension is only taxable in the country you’re a resident under the DTA. In this regard, I plan to maintain my Australian tax residence, file tax returns in Australia each year, even though I’d be a Thai tax resident as well means pension not tax in Thailand because of DTA. That’s how the theory goes anyway! Works for pensions (which I don’t receive yet), but doesn’t work for other forms of income like rent and investment income unfortunately. 😢
The information about LTR is wrong, you may still be taxed. LTR only gives tax exemption for income derived previous year. Section 5 Income tax under Part 2 of Chapter 3 in Title 2 of the Revenue Code shall be exempted for a foreigner categorised as Wealthy Global Citizen, Wealthy Pensioner, or Work- from-Thailand Professional who is granted a Long-Term Resident Visa under immigration law for assessable income under section 40 of the Revenue Code derived in the previous tax year from an employment, or from business carried on abroad, or from a property situated abroad, and brought into Thailand.
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?
First $13.6 million of assets are passed tax free to a spouse in the US with stepped up basis. No benefit to HK trust unless one has more than $13.6 mil.
Doesn't everyone pay tax on the income they earn in their own countries? because that tax will most certainly be more than the tax charged in Thailand... and you will get credit in Thailand for the tax you already paid in your own country... so that almost always means you won't be paying any tax in Thailand.
Can't own the same assets in US and with this firm in Hong Kong. 100% complete lie. Would you rather pay 25% tax on $10 mil or 0% tax on $1 mil? This firm offers 0% tax on $1 mil when one would have $10 mil and pay 25% tax. US residents also don't pay tax on first $13.6 mil in inheritance tax. At the presentation, they kept telling the audience that the HK trust avoided death taxes, when it didn't. These guys are dangerous as they are dumb and confident.
not rocket science. the u s citizen soldier ..“We, the unwilling, led by the unknowing, are doing the impossible for the ungrateful. We have done so much, for so long, with so little, we are now qualified to do anything with nothing.” the u s spends hundreds of billions of dollars a year to defend the world from tyrants by americans who work 3 weeks a year for free to pay for it....who after paying tax for 50 years ..are now paying taxes on their retirement..should essentially be asked to pay 70 years of interest on the courageous blood guts and sacrifice of their fathers and friends who selflessly traveled 8 thousand miles from home to die face down in the dirt in asia ...duh
Not clear at all--there is no law yetdo not do for foreigners to obtain TIN and fill self assesment in Thai, there is no information re pensions that do not exceed tax free allowance from say UK as it is actually tax assesable----he talks as if it is Law of Thailand but there is no law only talk that they may taxforeigners,
@@baetenbruno3167 I have several friends who live/work their in corporate business in KL. Not such a nice place,.far more expensive and you must be very careful.of any opinions ref State Religion or Politics
@@baetenbruno3167Sorry thought you said Malaysia. Now its Singapore. Which I find it sterile. A dystopian heartless place with entitled citizens devoid of character. SO YES. PRETTY MUCH SWITZERLAND. Btw if you own property somewhere, please at least try spell the name of that country correctjy.
@@baetenbruno3167 First you say Malaysia now your talking Singapore. Which is it?? Please try to stay in your lane. My thoughts on Singapore are its exactly like Switzerland. Sterile, characterless dystopian and its citizens filled with self entitlement. Awful place!
The American "tax experts" are clowns in the presentation. Thai tax ID = Two digit country code + Passport #. Anyone with Excel can create a Thai tax iD for all farang in less than 10 seconds. These dues try to get farang to open Hong Kong trusts that have TERRIBLE investment products. You avoid taxes, but make 1% on your money, they make tons of money in fees on the terrible investments 2.5% annual fee is the minimum. Much better off investing in low fee investment and paying higher taxes on a much higher balance.
Gunter doesn't have a clue what he is talking about. Remittance is remittance regardless of how it is remitted. Ignore real estate agents. US and Thai banks share information. Gunter is just lying to his clients.
Thailand wants foreigners but is doing everything to drive them away. Amazing Thailand.
Just taxing like other countries and is not complicated
@@nealeking5662 Sorry. Taxing money that has already been taxed in the country where it was earned is not just like other countries.
@@stewartgray4301 I agree. If you're on a retirement visa you need funds to retire here. Those funds must come from outside Thailand, therefore you have to be bringing in taxed money unless it's a pension that wasn't taxed at source. Seems like a lot of effort to find out what they should already know because of tax treaties, that we have already paid tax.
@@stewartgray4301 Just like all other countries. First in your homecountry by law, after new year in the other country where you live by law. Paying tax is not finished before it is declared in both country. Why is this difficult to understand? The DTA will tell which country is granted the taxes. Only read your DTA, its just as important as knowing the immigration rules, without taxes, you may be without extension next time...
Getting the LTR visa is the best way to exempt Thai taxes, if you can qualify.
I’m going to retire in 2 years time, I was looking at Thailand to retire, but now they’ve brought this tax headache in, I will be retiring elsewhere in Asia 🙈
Everywhere else also taxes income.
I have some friends that have been living in the Philippines for years, they have never paid any tax, that’s where I’m looking to retire now, I’ve lost all interest in Thailand now that they have brought this new tax in, when I retire I just want a simple life
@@davidkw8728 I am with you on the "simple life", however I checked the Philippines. Apparently they have taxed US citizens for many many years. Seems no escape!
@@davidkw8728 I live in Thailand and if I end up paying taxes I'm moving.
If the Thais tax my reduced Aust pension plus Defence Forces Super I will be okay....but on ฿65000 a month it works out to be a lot more. Just saying.
Guest speakers were great, lot of good insights!
Double taxation is never acceptable and will result in a serious loss of income for Thailand as people will just leave. Likewise, the money and support that was offered to Thailand in these cases will no longer be present. If Thailand attempts to double tax then it will end up putting itself in double jeopardy.
If you are unhappy why do you blame siam the legal can do agency u
Dude, you are too dumb. Read the DTA. You will be taxed in Thailand if you are a tax resident and it is 100% legal. Read the DTA.
Could have followed the video . Double tax agreements are in place with more than 60 countries .
Wrong for example the USA I am in a 22 % tax bracket snd if I show Thailand my real income I am in a 35% tax bracket they sent the difference no matter what agreement is in place. . I feel sorry for all the fools who are at moment exceeding 180:$days in Thailand they will be told to leave in January or pay the minimum collection of 1500 usd
@@4Serviceplan it’s not how this works … my goodness . Better read the double tax agreement first before commenting . It’s very well possible that a specific DTA excludes taxation in Thailand all together . And what is the minimum collection of 1500 usd ? There is no such thing in the Thai tax revenue code . I have done my own taxes in Thailand . There is no such thing at all. And , even if the DTA agreement says there is taxation in Thailand for a certain income stream , have u looked into the deductibles , exceptions etc ?
credit cards are actually debt incurred to your account that can (or not) be paid up. Hard for me to see this as remittance.
I honestly think they will move on to taxing world wide income as the potential loop holes and the problems with enforcing compliance with the new interpretation (as of jan1st)
Tax assessment is the nice way of saying audit.
Is the income requiring a tax return to be lodged (18:40) the Assessible Income or the Taxable Income?
What I am most worried about as someone who might move to Thailand in the future is whether Thailand will want to tax all my remittances that consist of savings from earnings many years ago. It’s very difficult to prove that a specific dollar is savings vs. income. For example, if I simply save my tax returns from prior to 2024 showing $xM in earnings, could I simply transfer up to that amount tax-free over my lifetime in Thailand? That would seem to be the simplest solution.
yes thats how it is. Savings/earnings prior 1.1.24 (easy to prove) remains taxfree. Why would it be difficult to prove? Bank statement 31.12.23 showing savings total and done
@@susanzimmerli5178 any money you bring in for prior to 01/01/24 is exempt so you don't need to declare it.
@@susanzimmerli5178 if I move to Thailand in 10 years and after changing banks, it may not be possible to retrieve such a statement from all my accounts.
@@susanzimmerli5178 Thailand may use a last in first out method for deciding which money in a bank is transferred. So say your account had $10k at 2023. That's savings. But over the course of the following year, you had $2000 in pension paid in and $1000 in interest. (Keeping figures easy). You transferred $2500 to Thailand from that account. On a last in first out basis, that $2500 is made entirely of 2024 income and so if you send it to Thailand, it is all taxable. You sent over the income that was added to that account, not the capital savings that were already there. That remains untouched. So yes, its a lot more complicated than you might think.
@@susanzimmerli5178 it’s not difficult now, but it might be difficult in 10+ years.
Great presentation. Very professional. Thailand will tax a remittance unless you prove it is not taxable. Some of the audience were asking some dumb questions and some questions looking to evade tax.
I've been to some of these presentation. The farang are so dumb and obtuse it is difficult to sit through the Q and A.
Evade or avoid ?
First check if your country has a Double Taxation Agreement (DTA) with the Kingdom of Thailand, if they do, then you don't have to worry about this, because DTA prevents the same income from being taxed twice.
Australia has DTA with Thailand, and age pension is exempted from taxation according to Australian Treaty Series 1989 No 36 with Kingdom of Thailand. Google the treaty online.
Article 18 in the treaty says
Pensions and annuities
1. Subject to the provisions of Article 19, pensions and annuities paid to a resident of one of the Contracting States shall be taxable only in that State.
2. The term "annuity" means a stated sum payable periodically at stated times during life or during a specified or ascertainable period of time under an obligation to make the payments in return for adequate and full consideration in money or money's worth.
Don't waste your time and money listening to the expert, because they are here to confuse you and make money from you.
Lawyers climbing all over this issue hoping to profit from additional business. Word is out that it was expatriate lawyers who made recommendations to the Thai Revenue Dept to tax inward remittances. A timely reminder that they are not on our side.
Is very complicated this thing ! There are not clear information, also in this case who should be informed to give information he is not sure of some things! Example a question was if you use a debit card ,foreign debit card and you withdraw money from ATM the expert who should be one replied yes you should pay taxes, because it would be a remittance, but in another interview another supposed expert said that in this case it is not considered a remittance!
EGG-CACTLY. We need clarification on this.
The presentation was clear.
You stll have to file a tax return to the revenue so if they want to know how you manage to live here more than 180 without any money, what you‘re gonna answer?
@@susanzimmerli5178 but what are you saying?
@susanzimmerli5178 maybe you don't understood well what I said!
New prime minister wouldn't suprise me if the tax laws change again in some way
Yup. Bingo
Yes absolutely, this and the Digital Wallet is in the bin
No chance. This is OECD instigated .
There where no new tax reguelations in Thailand at all.
Section 41, all three paragraphs still apply in the same way as before because the revenue act hasn't changes at all!
There was just an internal Regulation for the revenue department officers to clarify the Section 41 paragraph 2.
Better you confess first, he said. Confess to what? Nobody knows the new rules, not even the tax authorities.
Thank you for your excellent presentation, we must not shoot the messenger (the bearer of bad tidings).
I leave Thailand in a week after ten years in Thailand, because I go from zero tax in Australia to ฿250,000 tax a year in Thailand, with no deductions, if I stay any longer. Thailand will lose the ฿1,000,000 a year that I spend in Thailand.
I blame the Australian Prime Minister Paul Keeting who set out to punish European immigrants that retired at 65 years and took their Australian old age pensions back home to Europe. He signed a bad deal for Australians, Thailand did not argue, I'm sure they smiled.
What I don't understand is that we have never been chased for taxes prior to 2024 on our money we brought into Thailand in the same year so why would they suddenly decide to chase us?
Exactly, tax has always been payable on earnings remitted in the same year. Nothing has changed in that respect.
Why would the chase you for additional tax? Isn’t that obvious? Because they want you to pay more.
Also, how would they chase you? Are they going to look at everyone's bank accounts?
This is where foreigners get it all wrong. This change in the tax code has to do with thailand people more than foreigners. Wealthy thailand people have been storing their income in foreign bank accounts. And then bring it into thailand the next year. Avoiding paying income taxes. The government is chasing wealthy Thaj people. Self-centered foreigners.Think they're being chased.It's not the case.
What you bring into Thailand may have been taxed already.
So this means that if I transfer from my American bank account to my Thai bank account a large amount of money next month but my total days in Thailand is less than 180 days I will not need to file or pay taxes to Thailand?
Very clear definition of terms is needed at start of video. For example, define “income” or “resident” very exactly noting that Thai and foreign definitions may differ.
How can Thailand have double tax agreements with 64 countries in place and be unable to process a simple case of tax credit?!?!
the Tax Office reimburse me every year on my Banks interests.
@@rikirex2162 yeah I've heard that from many others too. I guess it's easy for the revenue department to process refund off withholding tax on interest off Thai bank accounts but maybe it's tricky to handle tax refund or tax credit for taxes already paid abroad (refund Because of dta and rate being higher abroad etc..)not sure really. Or maybe those guys are just making it sound a bit more complicated than it is...
Thanks, donate money to a Thai person, great idea. It is still remitted into Thailand, doesn't escape taxes.
In Austria, there is no tax (0%) on local/foreign pension. In Cyprus, if the foreign pension income is higher than €3,420, it will be taxed at a flat 5%. There are other European countries where taxes on pension are also very low : Andorra, Malta, Monaco, etc.
Will they recognize Australian franking credits?
Read the DTA.
@@w3s77 Thanks for nothing.
I contacted Thomas Carden's company via Email and asked about TSP withdrawals by US citizens who are Tax Residents of Thailand because they differ from 401K's, and are not specifically addressed in the Tax treaty. Emails went back and forth and I never was able to get a straight answer to my question. His company is also known to overcharge for obtaining your tax ID number and completing a very basic Thailand tax return.
@RetiretoThailand Thanks, that is good news for me. If my only income is US Social Security, A Federal Government pension, and TSP withdrawals assuming they are all remitted to Thailand, am i still required to obtain a Thailand Tax number and submit a Thailand Tax return?
I have age pension from australia and social security payments, I cannot seem to understand if I have to pay taxes on these as they come to me in thailand. I am on retirement visa here.
Re: pension, take a look at articles 18 & 19 of Oz/Thai double tax treaty. Seems to suggest only an Oz govt pension paid to a former civil servant would specifically be exempt from Thai tax, other payments could be taxed. But seek professional advice in due course.
@@alexfrog9191possibly due to being taxed at source?
If you’re a tax resident of Thailand and a tax resident of Australia, the DTA is used to judge where you’re deemed to be a resident. If you’re a Thai tax resident under the DTA you are liable to tax in Thailand and not in Australia, if your an Australian tax resident under the DTA your pension is taxable in Australia and not in Thailand. That seems to be where the generalisations confuse people, experts making assumptions about tax residence without knowing individual circumstances. Most expats just want to hear “I’m not liable to pay tax in Thailand” so don’t listen to anything else, play dumb and hope TRD is not interested.
@@user-f1b1b False. You will be a tax resident in both places. Taxes will be owed in Australia and Thailand.
@@w3s77 incorrect
So if i had 500k GBP in a uk bank on 31st December 2023 even though it earns interest I can bring the whole amount into Thailand tax free. But if i bring the interest in that is assessable for tax. How do i prove what im bringing in was from the original holding and no proportion is from interest
If I do not remit any money to thailand in 2024, do I need a TIN or do a tax declaration for 2024?
If you don’t have a Thailand bank account and your income is earned overseas, and you keep it in an overseas bank, there’d be no tax to pay?
How do you want to live and spend money in Thailand then? It has to be remitted somehow.
@@susanzimmerli5178Wise, Payoneer, etc.
@@susanzimmerli5178 Pay everything with card (Wise) and get money out of the ATM with the same card. You really don't need a bank account EVER in a country where you can get cash at the ATM or pay with card at the shops.
No. 1: Credit/Debit Card > ATM > pay rent, etc. cash and other things with cc or No.2 send the rent from foreign account to landlord
45 minutes in and still none the wiser.
Who put this new rules are not in charge anymore so we will see if they wanna keep like this or not...
Assuming one is tax resident in Thailand and holding a "retirement" visa in Thailand, is "income" (dividends from investments in non-Thailand funds and companies - Category 4) remitted into Thailand subject to Thailand income tax? The investments were made from previously earned (and taxed) income in Hong Kong.
thanks for posting this helpful, do stock market dividend yields get taxed its not considered 'earned income' in the U.S. it is taxed but not taxed as income.
What if you have dual nationality ?
Would you need to pay taxes if you do remote working ?
For example; salary is paid from other country and you stay iand work (online) n Thailand less than 180 days.
I m married and have a dochter 10 years .So i decide to visit other countries more than 190 days for pay no more taxe in thailande
179 days.
The Thai guy at the start and the American guy at 1:25:48 contradicts each other . Re Australian pensions being taxed here in Thailand.
The American speaker says Aust pensions are tax free here . The Thai speaker said the opposite
Read the DTA for each country.
@@w3s77 the American speaker was wrong
Easy fix ...open bank account in Cambodia..send money to it
My Superannuation Retirement Pension in a Australia is tax free, so will it be tax free in Thailand if I spend more than 180 days in Thailand?
Only if you were a civil servant
@@nealeking5662 I was a Public Servant working for the state government, but I started working for the government just after they stopped government pensions. My superannuation is just like any other persons, and in Australia when you retire your earnings in the fund are tax free.
@@Tony-eb5khThe Thai speaker and the American speaker contradict each other on Aust pensions . Say the exact opposite
@@kevinvincent2994 yeah. That’s right. Nobody knows anything.
@@Tony-eb5kh Thanks Tony, I will be very interested to know the outcome.
Please clarify: If you're an LTR visa holder, can you remit funds to Thailand without the funds being subject to Thai income tax? I’m asking this in the context of purchasing a condo unit.
you can transfer without paying tax ----royal decree for LTR
D'ont pay if you sell your home in your nation , pension, dividends or coupons and capital gains
No you can still be taxed even if you have an LTR visa. The LTR only give exempt from tax on income derived from previous year, so they can tax you if you transfer income from the same year.
Section 5 Income tax under Part 2 of Chapter 3 in Title 2 of the Revenue Code shall be
exempted for a foreigner categorised as Wealthy Global Citizen, Wealthy Pensioner, or Work-
from-Thailand Professional who is granted a Long-Term Resident Visa under immigration law for
assessable income under section 40 of the Revenue Code derived in the previous tax year from
an employment, or from business carried on abroad, or from a property situated abroad, and
brought into Thailand.
@@Johan654-s1f Based on my understanding of your 'Section 5,' it is taxed only on employment or business income you have in Thailand, and not on your pension or income coming from abroad. The Royal Decree takes precedence
@@rnikko6472 That is not what I read, this is the tax exempt we get with LTR for income abroad:
"for assessable income under section 40 of the Revenue Code derived in the previous tax year from
an employment, or from business carried on abroad, or from a property situated abroad, and
brought into Thailand."
Age pensions in Australia are not taxable. So, no advantage to the DTA.
Only pensions paid to civil servants are exempt. Otherwise all is taxable in Thailand
@@nealeking5662 Correct. State and Private have tax liabilties
If you go to 15.17 in the video , he says all Australian pensions are tax free in Australia but are taxable to Thai Tax Residents in Thailand
@@Tony-eb5kh Good luck with that, let us all know how you get on 😂😂😂
Agree. My understanding is if you’re a tax resident of Australia and a tax resident of Thailand, the DTA then determines your residence for tax purposes. The pension is only taxable in the country you’re a resident under the DTA. In this regard, I plan to maintain my Australian tax residence, file tax returns in Australia each year, even though I’d be a Thai tax resident as well means pension not tax in Thailand because of DTA. That’s how the theory goes anyway! Works for pensions (which I don’t receive yet), but doesn’t work for other forms of income like rent and investment income unfortunately. 😢
The information about LTR is wrong, you may still be taxed. LTR only gives tax exemption for income derived previous year.
Section 5 Income tax under Part 2 of Chapter 3 in Title 2 of the Revenue Code shall be
exempted for a foreigner categorised as Wealthy Global Citizen, Wealthy Pensioner, or Work-
from-Thailand Professional who is granted a Long-Term Resident Visa under immigration law for
assessable income under section 40 of the Revenue Code derived in the previous tax year from
an employment, or from business carried on abroad, or from a property situated abroad, and
brought into Thailand.
Is the man on the right side a brother from robinette ...if yes 😮😮😮😮😮😮
Long live the elite visa. Stamp in for a year and no tax return required to do so.
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?
Retirees: Skip this video. No useful info.
Thai long term visa of ypu have 1 million usd you must pay 17% taxes.NEVER bye bye
If you have the wealthy type visa's. You don't pay tax.
All clear as muddy water.
17% capped rate
False. Income taxed at 17%, capital gains, interest, dividends, etc.
If you have Category 4 Income only you have no deductibles?
First $13.6 million of assets are passed tax free to a spouse in the US with stepped up basis. No benefit to HK trust unless one has more than $13.6 mil.
Doesn't everyone pay tax on the income they earn in their own countries? because that tax will most certainly be more than the tax charged in Thailand... and you will get credit in Thailand for the tax you already paid in your own country... so that almost always means you won't be paying any tax in Thailand.
Can't own the same assets in US and with this firm in Hong Kong. 100% complete lie. Would you rather pay 25% tax on $10 mil or 0% tax on $1 mil? This firm offers 0% tax on $1 mil when one would have $10 mil and pay 25% tax. US residents also don't pay tax on first $13.6 mil in inheritance tax. At the presentation, they kept telling the audience that the HK trust avoided death taxes, when it didn't. These guys are dangerous as they are dumb and confident.
Depends on what state the inheritance is processed in. Some states have it, some don’t. You can’t group together all 50.
@@mlgneo2855 Which state? 2-3 have any additional death taxes. WA is the only one that comes to mind.
Is that Jett Gunther's big ole head in front of the camera?
Yes mate!
Every country gets/wants their cut.
They are running hard on this HK investment/tax scheme. Buyers beware!
not rocket science. the u s citizen soldier ..“We, the unwilling, led by the unknowing, are doing the impossible for the ungrateful. We have done so much, for so long, with so little, we are now qualified to do anything with nothing.” the u s spends hundreds of billions of dollars a year to defend the world from tyrants by americans who work 3 weeks a year for free to pay for it....who after paying tax for 50 years ..are now paying taxes on their retirement..should essentially be asked to pay 70 years of interest on the courageous blood guts and sacrifice of their fathers and friends who selflessly traveled 8 thousand miles from home to die face down in the dirt in asia ...duh
Not clear at all--there is no law yetdo not do for foreigners to obtain TIN and fill self assesment in Thai, there is no information re pensions that do not exceed tax free allowance from say UK as it is actually tax assesable----he talks as if it is Law of Thailand but there is no law only talk that they may taxforeigners,
No no I am out of this country
No come back again
move to cambodia more secure
I dont know what this yankee
want to explain us ....😮😮
He is explaining that he wants your money.
@@stewartgray4301 Touting for business.
Ya, those who need a visa will do great suing the country to not pay taxes. LoL!!!
Dear Farang,
Pay taxes or leave Thailand.
Best
😂
The thai government just sawed off the branch they are sitting on.😂😂😂.Go leave in MALAISIA is 0% taxes if you import money
Bye bye thailand
@@baetenbruno3167 I have several friends who live/work their in corporate business in KL. Not such a nice place,.far more expensive and you must be very careful.of any opinions ref State Religion or Politics
@@brianbrown9512 no problem for me sir
@@brianbrown9512 i have big condo in singapour and for me it s switzerland in asia
@@baetenbruno3167Sorry thought you said Malaysia. Now its Singapore. Which I find it sterile. A dystopian heartless place with entitled citizens devoid of character. SO YES. PRETTY MUCH SWITZERLAND.
Btw if you own property somewhere, please at least try spell the name of that country correctjy.
@@baetenbruno3167 First you say Malaysia now your talking Singapore. Which is it?? Please try to stay in your lane.
My thoughts on Singapore are its exactly like Switzerland. Sterile, characterless dystopian and its citizens filled with self entitlement. Awful place!
The American "tax experts" are clowns in the presentation. Thai tax ID = Two digit country code + Passport #. Anyone with Excel can create a Thai tax iD for all farang in less than 10 seconds. These dues try to get farang to open Hong Kong trusts that have TERRIBLE investment products. You avoid taxes, but make 1% on your money, they make tons of money in fees on the terrible investments 2.5% annual fee is the minimum. Much better off investing in low fee investment and paying higher taxes on a much higher balance.
yeah the American team is up to shady stuff here
Gunter doesn't have a clue what he is talking about. Remittance is remittance regardless of how it is remitted. Ignore real estate agents. US and Thai banks share information. Gunter is just lying to his clients.