Meet us, and stay with us: abnb.me/yfCBxpWPkIb Questions? Email me: ploybuachompoo31@gmail.com My other channel: youtube.com/@ployjaystory?si=z7XiEs4SHeRSLUQq Jay's visit to the Buriram tax office: th-cam.com/video/rdHhx8tyLW8/w-d-xo.htmlsi=vSaChz5cI_vjwgR The other tax video we talk about: th-cam.com/video/JqyzOH0T2Z0/w-d-xo.htmlsi=xduwKMnwtgzVXmLd
If you come from a country with lower income taxes, like America and bring in a fair amount of money into Thailand buying a car, building a house, it will get real painful for some people. The difference in some cases will be a higher tax paid in Thailand than their home country. If that happens many will be forced to stay out of Thailand half the year, or leave Thailand for good. I'll make a prediction, the amount of people that retire in Thailand will drop. When you retire you want simple, no stress, add a layer of difficulty and you will turn people away. Say the word tax to people with money and they will find another option.
Thanks for your insight. Keep in mind that the money you earned BEFORE January 1, 2024, is NOT taxable in Thailand which means if you have savings like many people have, you can buy your car and build your house without being taxed. So what is the fair amount of money people bring? And what kind of money is that? Is it already taxed in America which you get credited? The money you remit may be exempted from tax in Thailand (I am not American, but my dividend and capital gains were exempted in Thailand as an example). Do you know the deductions and allowances you get in Thailand? There are many ”moving parts” many people don’t understand until they go to their nearest tax office to get clarification.
@@PloyandJayinThailand I agree you need to go in to get the numbers. Let's look at a new person wanting to retire here. And what is a fair amount, we'll let's say you live pretty well 100k baht a month expense. That's 1.2 million for the year. You want a new car 1 million ish, You have retirement visa lump sum option 800k. We're at 3 million baht year one. By Thailand numbers you just hit the 30 percent tax bracket. They will credit you taxes paid in the usa which will be well under 30 percent. Let's go big you paid 20 percent tax in USA. So now you owe Thailand another 10 percent on the 3 million baht brought into country to start your new life. That's 300,000 baht, welcome enjoy your stay. It's alot of what if's. I pay less tax rate in America than I used in this example. Point being for a new person why do it, why make the move? Less people will be retiring full time in Thailand.
@@pensionandapassport we are not talking about 300.000 baht extra tax, because you forget all deductions and allowances that you got BEFORE Thailand credit already paid taxes in your home country (let’s not forget also the savings you earned before 2024 which are tax-free) - your example is based on that all remitted money into Thailand is taxable income which is not always the case (dividends and capital gains might be exempted). The situation is not always that bad if you know all the details of your tax liabilities. I know also retirees in Thailand who pay ten times less taxes than they paid in their country of origin because they are only tax residents in Thailand. I don't know how it is with Americans as I am from Finland. Maybe you know better 🙏
@@PloyandJayinThailand It might be more complicated and not clear cut, this is true. I can tell you this retired persons are not going to risk it. They do not want complications. This is making things more complicated. I'm already here, but if I knew this was going to happen I would have never made the move. It would be Phillipines for me. Right now I'm looking at living in Lao half the year. The girlfriend is already on board with it.
@@pensionandapassport it’s up to you how you see it. Zero risk to go to your nearest tax office to clarify your situation. Good luck and thanks for your insights 🙏
Thank you so much for making this video. It was very informative and the best part is that the content was based on real information obtained from your local tax office. Thanks again!
Hi guys I live in Thailand on purely savings , I retired early at 59 years old , my state pension does not begin until I’m 67 (Uk) , so all my funds were earned pre December 2021 , when I renewed my retirement visa at the end of 2023 the lady in the visa office asked where I get my money from , we told her savings she said that’s ok , but I will now make an appointment with the local tax office to make sure , thanks for that piece of information 🙏🏼🙏🏼🙏🏼Regards Davy 🏴🇹🇭
If the money you remit into Thailand is earned before January 1, 2024, then it’s not assessable income, and it's not taxed in Thailand, so likely you’ll not need to file a tax return. But this is not tax advice 😂so better to double-check at your tax office 🙏
@pensionandapassport Great points about pushing away US retirees. Most US citizens moving to Thailand probably make less than the US “foreign earned income exclusion” amount. For 2023 many US citizens staying outside of the US for the required period may pay no US Federal taxes due to this exclusion. Even if the US and Thailand have a double tax treaty I would not be surprised that US citizens paying zero Federal taxes due to the “foreign earned income exclusion” would have to pay the full Thailand tax rate on all income imported into Thailand. A tax lawyer knowledgeable in this area may be able to identify methods to pay for items in Thailand without importing those funds into Thailand as legal methods to minimize Thailand taxation.
Good video. I agree don't pay someone for free information. Whether it's opening a bank account getting a driver's license or converting your Visa and in this case taking care of Tax Matters. Even in the United States we have offices with IRS employees willing to fill out your tax forms as long as they aren't crazy with all sorts of complications. Plus from what I infer from your comments it seems if I use money that's been in my possession since prior to 2024 bring it in it's no problem. Seems you're in the honor System on that one.
Omg Ploy so full of Love and admiration , You realy struk Gold here. So Luckly you are. So Dividends and Capital gains is exempted in Thailand, Because you all ready have paid more tax in Finland ?. Here in Sweden Tax on Dividends and Capital Gains is very low, so could be a problem with Thai Tax laws .
Haha seen it 1000 times in Thailand, bored farangs often in rural areas with no social life sitting and exaggerating and spreading rumors on internet. And a small thing or change in laws , visa or whatever gets blown up to a catastrophe thing
Exactly. I had my 2023 income and tax report which was translated into English (luckily we get that online). Before I got the tax credit they calculated deductions and allowances which were in my case 160.000 baht.
hi Jay, my local tax officer's expertise was unfortunately not good. She made a mistake with regards to remitted income when you were non-tax resident, which should be tax exempt. And also she did not understand that exemptions mentioned in the DTA should overrule Thai remittance tax rules - no need to pay Thai tax. Fortunately we got a Thai hardcopy of my country's DTA. So tomorrow hopefully better luck in Hua Hin's tax office
Thank you for your video. We have to wait next year to see clearly what is the real impact of this change of the tax law for expats. I think it will be very difficult to apply and impossible for the Thai Tax Dept to control all the thousand cases with different double taxation treaties. Imagine for example you get a pension or an income of 200 000 Bahts/Month in your home country and you just transfer in your thai bank account 80 000 Bahts / Month (because you do need more in Thailand). If you go to the Tax Department, how will they calculate the gap between the taxes you have paid in your country (based on 200 000 Bahts/M) and the taxes you would have paid in Thailand for the 80 000 Bahts transferred, (not 200 000 Bahts) ? Then the remaining 120 000 Bahts are monthly transferred in a saving account (opened 20 years ago) in your country and you keep this extra money growing during 2 or 3 years. Then in 2028, you decide to buy a house or a car in Thailand with the money from your savings account. The transfer from your savings is for example is 2 M Bahts... How will Thai Tax Dept be able to differentiate the money from your saving account made before and after 2024 ? I think they would need an army of tax employees to control al those transfers. In my opinion, Tax Dept will concentrate only on big transfer from abroad (companies) not on all the average expats or retirees.
Great question 🤭there are too many moving parts to answer, so I might leave it to your tax office. However, based on my experience, the gap is not a difficult part to calculate. They should first calculate your deductions and allowances (mine were 160.000 baht). Then they know your tax bracket in Thailand and the possible credit you get against the remitted already taxed money. It’s also your job to explain to them what kind of money you remit. These insights are not tax advice.
Thank you for your answer. Let’s see what happens next year. As you can guess in my first exemple, my strategy would be : - transfer to Thailand only the money you need or is required in minimum for your visa (retirement or marriage visas). This will be your official income in Thailand. -Show documents to the Thai Tax Office that you have already paid tax in your home country, even on a larger base amount. With the allowance deducted you should pay almost zero tax or zero if your double taxation treaty indicates that you do not have to pay tax (pension). - Use your savings account in your country for exceptional expenses in Thailand through bank transfer or directly by paying with your Visa card. If a question is asked regarding your money transfers by Thai authorities (which I doubt), explain the money is coming from your savings done during all your life. This is just my idea, I will have to confirm if it is ok legally with an independent tax advisor (not the Thai Tax Dept).
I have been living and paying tax on my income as a teacher for the past 20 years. Regarding any income from abroad , you don't need to file a tax return for 2024 until January 1st to March 31st 2925.
@@lancemided3251 maybe you should watch the whole video again and read the title. The whole video is all about cooling down our viewers - not to spread panic, lol. I made this video after watching one “spread tax panic video” 😂
You haven't filed for this year. That's impossible. This year's taxes are due to be filed in January 2025. You're causing more garbage and problems posting this than your solving.
@@ronangel9858 I meant I filed this year my tax return in Thailand for the first time - it was obviously the year 2023 I filed, lol. English is my third language and cannot make perfect explanations always in English 🙏
@@johnhughes1952 not true, if your tax resident then you are required to file a tax return provided your income is above certain minimum thresholds. That has always been the case and nothing has changed to this regard. The "new rule" is only a change in the way assessable income is defined.
@@darryl.c7972 it can affect you if you are a tax resident here and remit money to Thailand. So far Thailand has not pushed the retirees to file their tax returns and no one has cared. But now things seem to change…
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Meet us, and stay with us:
abnb.me/yfCBxpWPkIb
Questions? Email me: ploybuachompoo31@gmail.com
My other channel:
youtube.com/@ployjaystory?si=z7XiEs4SHeRSLUQq
Jay's visit to the Buriram tax office:
th-cam.com/video/rdHhx8tyLW8/w-d-xo.htmlsi=vSaChz5cI_vjwgR
The other tax video we talk about:
th-cam.com/video/JqyzOH0T2Z0/w-d-xo.htmlsi=xduwKMnwtgzVXmLd
If you come from a country with lower income taxes, like America and bring in a fair amount of money into Thailand buying a car, building a house, it will get real painful for some people. The difference in some cases will be a higher tax paid in Thailand than their home country. If that happens many will be forced to stay out of Thailand half the year, or leave Thailand for good. I'll make a prediction, the amount of people that retire in Thailand will drop. When you retire you want simple, no stress, add a layer of difficulty and you will turn people away. Say the word tax to people with money and they will find another option.
Thanks for your insight. Keep in mind that the money you earned BEFORE January 1, 2024, is NOT taxable in Thailand which means if you have savings like many people have, you can buy your car and build your house without being taxed. So what is the fair amount of money people bring? And what kind of money is that? Is it already taxed in America which you get credited? The money you remit may be exempted from tax in Thailand (I am not American, but my dividend and capital gains were exempted in Thailand as an example). Do you know the deductions and allowances you get in Thailand? There are many ”moving parts” many people don’t understand until they go to their nearest tax office to get clarification.
@@PloyandJayinThailand I agree you need to go in to get the numbers. Let's look at a new person wanting to retire here. And what is a fair amount, we'll let's say you live pretty well 100k baht a month expense. That's 1.2 million for the year. You want a new car 1 million ish, You have retirement visa lump sum option 800k. We're at 3 million baht year one. By Thailand numbers you just hit the 30 percent tax bracket. They will credit you taxes paid in the usa which will be well under 30 percent. Let's go big you paid 20 percent tax in USA. So now you owe Thailand another 10 percent on the 3 million baht brought into country to start your new life. That's 300,000 baht, welcome enjoy your stay. It's alot of what if's. I pay less tax rate in America than I used in this example. Point being for a new person why do it, why make the move? Less people will be retiring full time in Thailand.
@@pensionandapassport we are not talking about 300.000 baht extra tax, because you forget all deductions and allowances that you got BEFORE Thailand credit already paid taxes in your home country (let’s not forget also the savings you earned before 2024 which are tax-free) - your example is based on that all remitted money into Thailand is taxable income which is not always the case (dividends and capital gains might be exempted). The situation is not always that bad if you know all the details of your tax liabilities. I know also retirees in Thailand who pay ten times less taxes than they paid in their country of origin because they are only tax residents in Thailand. I don't know how it is with Americans as I am from Finland. Maybe you know better 🙏
@@PloyandJayinThailand It might be more complicated and not clear cut, this is true. I can tell you this retired persons are not going to risk it. They do not want complications. This is making things more complicated. I'm already here, but if I knew this was going to happen I would have never made the move. It would be Phillipines for me. Right now I'm looking at living in Lao half the year. The girlfriend is already on board with it.
@@pensionandapassport it’s up to you how you see it. Zero risk to go to your nearest tax office to clarify your situation. Good luck and thanks for your insights 🙏
Thank you so much for making this video. It was very informative and the best part is that the content was based on real information obtained from your local tax office. Thanks again!
🙏
Thanks Jay 👍👍
No problem 👍
Hi guys
I live in Thailand on purely savings , I retired early at 59 years old , my state pension does not begin until I’m 67 (Uk) , so all my funds were earned pre December 2021 , when I renewed my retirement visa at the end of 2023 the lady in the visa office asked where I get my money from , we told her savings she said that’s ok , but I will now make an appointment with the local tax office to make sure , thanks for that piece of information 🙏🏼🙏🏼🙏🏼Regards Davy 🏴🇹🇭
If the money you remit into Thailand is earned before January 1, 2024, then it’s not assessable income, and it's not taxed in Thailand, so likely you’ll not need to file a tax return. But this is not tax advice 😂so better to double-check at your tax office 🙏
@pensionandapassport Great points about pushing away US retirees. Most US citizens moving to Thailand probably make less than the US “foreign earned income exclusion” amount. For 2023 many US citizens staying outside of the US for the required period may pay no US Federal taxes due to this exclusion. Even if the US and Thailand have a double tax treaty I would not be surprised that US citizens paying zero Federal taxes due to the “foreign earned income exclusion” would have to pay the full Thailand tax rate on all income imported into Thailand. A tax lawyer knowledgeable in this area may be able to identify methods to pay for items in Thailand without importing those funds into Thailand as legal methods to minimize Thailand taxation.
The money earned before January 1, 2024, is not taxable in Thailand. Tax planning is part of the game. There are many legal loopholes like gifts etc…
Good video. I agree don't pay someone for free information. Whether it's opening a bank account getting a driver's license or converting your Visa and in this case taking care of Tax Matters. Even in the United States we have offices with IRS employees willing to fill out your tax forms as long as they aren't crazy with all sorts of complications. Plus from what I infer from your comments it seems if I use money that's been in my possession since prior to 2024 bring it in it's no problem. Seems you're in the honor System on that one.
Exactly and yes you are in the honor system with your money earned before 2024.
Omg Ploy so full of Love and admiration , You realy struk Gold here. So Luckly you are. So Dividends and Capital gains is exempted in Thailand, Because you all ready have paid more tax in Finland ?. Here in Sweden Tax on Dividends and Capital Gains is very low, so could be a problem with Thai Tax laws .
Thanks. Yeah, at least in my case those were exempted 👌🙏every DTA is different
❤❤🙏🏻🙏🏻
🙏❤️
Haha seen it 1000 times in Thailand, bored farangs often in rural areas with no social life sitting and exaggerating and spreading rumors on internet.
And a small thing or change in laws , visa or whatever gets blown up to a catastrophe thing
Not just in rural Thailand 🤭
Think ones that worry are the ones that hide something 😉😉😉😉.i enjoy it here in Thailand.
Thanks for your insight 🙏
So you submitted copies of your Finnish tax returns to the Thai tax office? In order to get the tax credit?
Exactly. I had my 2023 income and tax report which was translated into English (luckily we get that online). Before I got the tax credit they calculated deductions and allowances which were in my case 160.000 baht.
Jay, did you have to get your Finnish documents authenticated or legalised in any way here in Thailand?
@@alancurtis9155 no need. English should be enough if it's an official paper
Your local tax office is very helpful and efficient.
Yes it is
hi Jay, my local tax officer's expertise was unfortunately not good. She made a mistake with regards to remitted income when you were non-tax resident, which should be tax exempt. And also she did not understand that exemptions mentioned in the DTA should overrule Thai remittance tax rules - no need to pay Thai tax. Fortunately we got a Thai hardcopy of my country's DTA. So tomorrow hopefully better luck in Hua Hin's tax office
Thanks for your comments. Unfortunately it can happen. Better luck next round 🙏
Does your Hua Hin officer speak English ok?
WOW, REally . NOT, this going be a clown show with taxes, stay out of thailand for 180 days simple.
Thank you for your video. We have to wait next year to see clearly what is the real impact of this change of the tax law for expats. I think it will be very difficult to apply and impossible for the Thai Tax Dept to control all the thousand cases with different double taxation treaties.
Imagine for example you get a pension or an income of 200 000 Bahts/Month in your home country and you just transfer in your thai bank account 80 000 Bahts / Month (because you do need more in Thailand). If you go to the Tax Department, how will they calculate the gap between the taxes you have paid in your country (based on 200 000 Bahts/M) and the taxes you would have paid in Thailand for the 80 000 Bahts transferred, (not 200 000 Bahts) ?
Then the remaining 120 000 Bahts are monthly transferred in a saving account (opened 20 years ago) in your country and you keep this extra money growing during 2 or 3 years. Then in 2028, you decide to buy a house or a car in Thailand with the money from your savings account. The transfer from your savings is for example is 2 M Bahts... How will Thai Tax Dept be able to differentiate the money from your saving account made before and after 2024 ? I think they would need an army of tax employees to control al those transfers. In my opinion, Tax Dept will concentrate only on big transfer from abroad (companies) not on all the average expats or retirees.
Great question 🤭there are too many moving parts to answer, so I might leave it to your tax office. However, based on my experience, the gap is not a difficult part to calculate. They should first calculate your deductions and allowances (mine were 160.000 baht). Then they know your tax bracket in Thailand and the possible credit you get against the remitted already taxed money. It’s also your job to explain to them what kind of money you remit. These insights are not tax advice.
Thank you for your answer. Let’s see what happens next year.
As you can guess in my first exemple, my strategy would be :
- transfer to Thailand only the money you need or is required in minimum for your visa (retirement or marriage visas). This will be your official income in Thailand.
-Show documents to the Thai Tax Office that you have already paid tax in your home country, even on a larger base amount. With the allowance deducted you should pay almost zero tax or zero if your double taxation treaty indicates that you do not have to pay tax (pension).
- Use your savings account in your country for exceptional expenses in Thailand through bank transfer or directly by paying with your Visa card. If a question is asked regarding your money transfers by Thai authorities (which I doubt), explain the money is coming from your savings done during all your life.
This is just my idea, I will have to confirm if it is ok legally with an independent tax advisor (not the Thai Tax Dept).
@@MyGbel sounds good plan 🙏
I have been living and paying tax on my income as a teacher for the past 20 years. Regarding any income from abroad , you don't need to file a tax return for 2024 until January 1st to March 31st 2925.
👌🙏
Paying taxes over NET earnings transferred into as Thai bank account is ridiculous.
Sounds not good but the law is the law.
@@PloyandJayinThailand Yes, and I have a choice in selecting a country to move to. A pity that Thailand is nr 1 on my list....
@@TheGandorX of course it’s your choice
@@lancemided3251 Why would I spread panic? I know it's not a new law. I do my research. Cool down?
@@lancemided3251 maybe you should watch the whole video again and read the title. The whole video is all about cooling down our viewers - not to spread panic, lol. I made this video after watching one “spread tax panic video” 😂
And these free tax advisers all speak good english?
Highly likely not all. Bring your thai partner in case you need a translator.
Highly likely not all. Bring your Thai partner or friend in case you need a translator
@@PloyandJayinThailand I have no Thai partner we are a farang couple. And I woudn‘t take just someone who speaks thai and sees all our finances
@@susanzimmerli5178up to you 🙏
But you filed for last year not for this year, so isn't the tax law is different?
I filed this year
You haven't filed for this year. That's impossible.
This year's taxes are due to be filed in January 2025.
You're causing more garbage and problems posting this than your solving.
@@ronangel9858 I meant I filed this year my tax return in Thailand for the first time - it was obviously the year 2023 I filed, lol. English is my third language and cannot make perfect explanations always in English 🙏
@@PloyandJayinThailand With the new rule, you don't need to file your first tax return until Jan 1st - March 31st 2025.
@@johnhughes1952 not true, if your tax resident then you are required to file a tax return provided your income is above certain minimum thresholds. That has always been the case and nothing has changed to this regard. The "new rule" is only a change in the way assessable income is defined.
If you GOOGLE this tax question, all the answers are right there in blk/wht...
And the rest answers you get in your nearest tax office 😂
@@PloyandJayinThailand unless you have a business making money in Thailand, this does not effect 80% of us retired here.
@@darryl.c7972 it can affect you if you are a tax resident here and remit money to Thailand. So far Thailand has not pushed the retirees to file their tax returns and no one has cared. But now things seem to change…