2024 Tax Changes in Thailand for Expats - Investments for Expats
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- เผยแพร่เมื่อ 23 ก.พ. 2024
- Living and working in Thailand, I get asked a lot about the taxes in Thailand and what are they for 2024.
I thought I would cover it off. It has changed and you need to know if it affects you, if you are unsure please speak to a tax advisor.
Thailand is a great place to live, or I think so, I am biased, but it's got a lot of what you want/need and it has lots of great perks!
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#expats #thailand #thai #tax #taxes #nomad #investments #investing #finance #offshore - แนวปฏิบัติและการใช้ชีวิต
I pay less tax if I live in the UK. My company in the UK pays 25% corporation tax and then any money I withdraw as dividends is taxed at 8.75% up to £50,000. Just means that the Thai economy will receive less foreign income as I won’t exceed 183 days
Limit the funds that touch a thai Bank acc, supplement this by using a Wise Card 😊
This changes my plans. My wife is a Thai national and my daughters and we were thinking about moving there next year. I would be between the 30 and 35% tax bracket because my business in the US. What I seen on other videos talking to tax accountants in Thailand that base your tax rate on the income you made in your home country and then apply it to the amount of money you bring in Thailand. They would give you credit for your tax you paid in your whole country but you had to pay the difference. Here the income taxes 15% I believe on my amount not counting Social Security and fica and then you have state income tax, but 35% would be higher than all of that.
First of all , I recommend you to visit or approach tax consultants that are knowledgeable about the Thai taxes in detail ( Tilleke&Gibbins or Mazars ). Not everything what this poster is actually correct . Secondly , when I worked in Thailand I was above in the 35% tax bracket based on salary , but my actual tax rate was just over 11% . In part because of the company shouldering a bit of the tax , but mostly because of the various deductions.
I have watched several videos on the topic , read a handful of articles (including some of the above mentioned companies ) and its all clear as mud. Contradicting info , incomplete info , etc etc . This is in part because the government has said that it will seek advice from stakeholders , something that may have happened or not . So even the reputed companies are doing some kind of guesswork .
Secondly , from what I see , this is a new interpretation of an existing law . And this law does not really target foreigners in the first place (in targets wealthy Thai who are getting a free ride ).
Surely things will be less attractive but what happens now (new ideas ) is handled in the same way Thailand handles most of its issues …. Make a law or change without thinking too much , then hit the wall and have to revert (partially) some decisions .
I would not yet burry your plans but wait until things become clearer . It will be March 2025 when the first tax filing under the new rules happen . Between now and then …. a lot will change and become clearer.
Also it appears that the new regulations may not be applicable to certain visa types .
Lastly , the fact that you are American is not an advantage as the American tax system is not as kind to Americans moving overseas as expat than other countries . Patience and local advice from trusted sources are your friend .
I have dealt with the Thai tax authorities . It appears that it will be the responsibility of the foreigner to prove he already paid taxes . That is not going to happen . I doubt there would be 3 English speaking tax employees in the whole country .
Or next time we transfer money to my wife’s bank account it’s going to be taxed. How we do every time we go only stay for a couple months. For our next trip we were going to scout to buy a piece of land or house.
@@triangledetecting5757 Both you and SHE are prohibited from buying any land or house in Thai land law. She is called a "nominee" for a foreigner. Yes, some people try to get away with it, but those registrations will be declared invalid (fraud, a mistake, illegal) when they are brought to light or challenged. There are no exceptions in the Thai land code. It is simply illegal.
It's a shame the U.S. government does not demand RECIPROCAL treatment for the few Americans who want to reside or retire in Thailand, because, the other way around, over 300,000 Thais has a U.S. green card with instant permanent residency and full civil and property rights. They own hundreds of thousands of houses in the U.S., especially in California.
My understanding is that the thai tax only applies to assessable income so any income that has already been taxed in your home country should not be taxed again, and any income you bring in that came out of a tax sheltered account like a TFSA for example in Canada should be 100% tax free? Overall this is probably going to take time for people to iron out and i will be curious to hear next year of peoples experiences with this new tax system.
There was sound and your lips were moving but you said nothing .... this vid is click bait and has no content
Thanks for the feedback, I'll have a look at the video. Unfortunately, no click bait, my aim is to inform expats about Thai taxes.
Very disappointed because till today, there is still no clear answer what is to be tax and what is no😢
Sadly a bit of a mumbled delivery.. nothing about double tax agreements etc
Apologies, I will work on the delivery. I shall look at doing a video on double tax agreements. They are in place but depends on where you are a citizen.