Will The Fund Transfer For My Thai Retirement Visa Be Taxed?
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- เผยแพร่เมื่อ 17 มี.ค. 2024
- #Thailand #Tax #RetireInThailand
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This short video didn’t answer any questions. Just an advertisement for all the lawyers and accountants.
This idiot does not answer any questions, as clearly his knowledge of law is limited, perhaps he should go back to America and study some more!
You really did not answer your own question, you need to be more specific quoting some scenarios from your knowledge.
I will be in Thailand over 180 days on “O” retirement visa . Only money I bring in is for living which comes from my Superannuation in Australia. If I am to be taxed on this incoming funds then it is time to leave.
Likewise I am looking at retirement in Thailand drawing on my Australian Superannuation pension. To be fair there are so many variables including different taxation treaties between Thailand and each country. It’s a case by case scenario. This channel is principally focussed on expats from the USA. So I understand how it would be difficult to provide even a few scenarios. My guess is that it might be best to speak directly with the Thai Revenue Dept. With Superannuation it may be a case of proving it was income earned prior to residency in Thailand and being able to provide documentation to prove it but that is just a guess.
Shane Macfarlane who posts on the Facebook group Australian/NZ Expats in Thailand might be worth contacting. He is an Australian Expat Accountant and Tax advisor. Whom I will probably contact when I am closer to making the move.
Where will go?
Australia isn’t an option as it will still cost more!
Thank you.@@Sunyata7755
Why I crossed Thailand off my retirement list. A real shame but way too complicated.
long story short: all tax accountants already bought porche's...
I’m more confused now. Thanks. 😢
Something to consider for those planning to retire in Thailand on “O” visa - delay entering the country until there is less than 180 days left in the year (this assures that you will not be a “tax resident”). Then you can bring in your $$ for visa requirements and condo/car purchase before the end of the year tax free. Just my $.02
A bit vague. Big questions are still: will tax return become part of annual visa renewal paperwork and for those in country for 180 days be required to submit tax return even if exempt (below the 150k baht limit) meaning tax accountant will be required + associated fee.
If I have my social security benefits direct deposited into a Thai bank will it be taxed? Or does the joint agreement between the US and Thailand on taxation void the possibility of being taxed? Thanks
They will find a way of getting it somehow.
It’s easy get a Charles Shwaub acct no transaction fees and transfer your funds on to a wise debt card which also has no ATM fees
I'm left to wonder what circumstances the tax applies. As a US citizen, I assume if I already paid tax on the funds to the US, then I would not owe any more tax to the Thais. If the money is business income that hasn't yet been taxed, then I assume tax would be owed on it.
Generally speaking remitted income is taxed not savings under Thai Revenue Department rules.
I went to the local tax office in January (first time). I am on the 800k retirement system and explained and showed my two accounts (one for the 800k and another where I receive my pension from abroad). They were only interested in the income from abroad and I set up a tax ID there and then. The staff were very polite and helpful and the amount of tax I paid was less than I had calculated based on the terms I read on the their website. Whether that will remain so next year, I'll have to wait and see. There is one point here. I probably receive less pension than other expats because a) I retired early and my gov. pension was frozen at 70% b) I took a partial lump sum from company pension and therefore receive less than 100% from that too. Age is also a consideration. If expats are worried I feel sure that the tax office will give advice on roughly what 'bracket' they could be placed. No need to set up and tax ID immediately if worried so have time to get advice from elsewhere. Remember that there is a time limit on this which I think (not sure) is the end of this month so don't hang about, get it done.
What amount of "tax" did you pay on ball park figure of what you transfer in?
@@stanleykyle Why say 'tax' ? Do you doubt my comment? tax due was less than 1%. This surprised me and why I made a comment about next year.
Thats not too bad a number 1%. appreciate the information. never doubted you just interested in more input. @@4draven418
Bla Bla Bla - never answered his own question ...
How about giving an example of time when you had a client that had to pay the tax. That at least would give some context to this issue.
NOT useful. Did not answer the question posed by the title.
On a slightly different but related question. The monthly income method required THB65000 per month. My UK pension is taxed at source and is over THB65000 BEFORE I pay UK tax, but not after. Is the THB65000 per month requirement pre or post tax?
The 65k is the amount that needs to be deposited/transferred to the Thai bank account each month.
@@jonh.7661 I wonder if can can get UK to stop taxing at source..
@NickWalters-fh9di No you can't unfortunately.
I have a question about Thailand that does not pertain to this topic. I have been on a Non-immigrant "O" marriage visa for 20+ years. As my wife and I age, I started wondering what would happen to my visa status if she passed away before me? Is there a bereavement visa where I can stay in our home? Would I have to change the visa to a retirement visa? I appreciate it if you have the time to answer this question.
OA Retirement or Non O would be the two logical ones
what a shameful shill of a video, just click bait that didn't answer one damn question,, just an ad for "Tax Experts"
This channel is like a Thai version of Lehto Law. I mean this is in a good way.
i watch that too.
A valued voice of common sense on TH-cam. I watch all your videos. I know times are tough but isn’t it time to invest in a new tie? 😊
What about money brought in to buy a condo?
They will tax you on it. Don't underestimate Thai greed
I have an intrest baring account in a Thai bank for my financial requirements for my retirement visa. The bank deducts taxes on that intrest. Does that mean I have to file a Thai tax return ?
I can imagine those Thai smirks rubbing their hands together in anticipation of those Westerner taxes. And what do you get in return for paying tax? No equal rights and no opportunities!!! Greed is a cancer in that place
As I understand it, I will not pay tax in Thailand if I can prove that the funds come from savings on which (in my case UK) tax has already been paid. I am applying for a marriage extension, converting from an employment visa. Can I transfer the 400,000 to my Thai wife? She doesn't have a TIN.
The 400k must be in your bank account in your name only for an extension of non O visa based on marriage to a Thai.
@@stevemassingham2270 Hi Steve, Thank you for your reply, but I am already aware of this. What I meant was that if I transfer the funds to my wife initially, she can then transfer the money to my bank account. (No comments about 'trusting' my wife, please!).
@@MichaelMyall You would probably get away with this but I’m pretty sure your wife even though not declaring it would be subject to income tax at a rate of 5% for 150 - 300k and 10% for 300 - 500k and if not declared could be classed as tax avoidance. But only my thoughts as I’m a retired engineer and not a tax expert. Anyway good luck, I am in the same situation as you and I’m not going to worry about tax until it becomes a bit clearer and or a problem. I already pay income tax on my private pensions.
Wow, a lawyer advising you to get legal advise, now that's something no one would ever expect to happen isn't it, Tell me, why would they go to a lawyer, instead of a taxation agent, wouldn't the Tax agent have a better understanding of the situation, than a parasitic lawyer.
Thanks Ben! I may be wrong but I would think that a lot of your subscribers are from the US since you are an American attorney. I would love to hear your understanding on the tax issues or lack of for an American citizen relocating to Thailand on a retirement visa and the transfer of funds to obtain the visa and brining in monthly SS benefits.
The problem is that we just don't know! But after June (6 months in Thailand) The government can go after you! The 80% - 20% affected doesn't help because who are the 20%.
So this is my take, if you can afford to change to an LTR visa do it! If you can't afford the LTR visa leave!
Do you guys assist with Elite visas?
He's right and everybody else is wrong, about things he can't himself explain. But trust him anyway. What an idiot.
There is a strategy that could work, don't be Thai tax Resident in the year you bring the money in, don't be in Thailand until after 7th July ( stay under cumulative under 180 days in the year, thats what I did 6 years ago), then do all big stuff July through Dec that year. 😊
Certainly is specific once you become Thai Tax Resident, totally see that! As is making the money anywhere when Thai Tax resident. (ongoing).
Clickbait
Hello son, [if anyone knows please answer] I thought maybe you could make an explanatory video on the subject of a foreigner marrying a Thai woman and the house cannot be in his name and therefore it is registered in the woman's name including the car and property. And the question is what happens if God forbid the wife dies before 120. How can the foreign husband receive or sell the property
Thailand has become difficult to live
In a nutshell pay the lawyer to answer all ur question. Be resourceful to seek answers. Internet is yours.
Pointless video. Totally self serving. I just lost 5 minutes of my life.