Taxes In Thailand: Nowhere To Run Nowhere To Hide?
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- เผยแพร่เมื่อ 20 ก.ย. 2024
- #ThailandTax #Tax #Taxation
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American retirees in the Philippines only pay tax in the Philippines on any money they earned within the Philippines, what Thailand seems to be doing here is taxing worldwide income and/or remittances into the country from abroad. Until the Thai government can clarify this new provision, it is just another red flag for anyone thinking about retiring to Thailand. I completely understand any government wanting to tax full time foreign residents income made within their country, but to tax income derived in and already taxed in another country is not common place at all, and to tax remittances into a country that are derived from social security and private pensions and lifetime savings, which are being spent within that country and helping that country's economy, is absolutely insane. I understand the explosion of youtubers, tic tockers, bloggers, ect. over the past 10 years, and anyone who is a full-time resident of Thailand and earning money from these activities should pay taxes to Thailand, but foreigners/expats within Thailand who are earning money from these activities is a very small group, and I fear that the new Thai government has cast a very large and vague net.
I ready to move to Thailand next year, I have sufficient income and savings that is taxed in the UK, to last till my end of days. If Thailand wants to tax any part of money I transfer then it's a no brainer to avoid Thailand and make a new plan. If it's the case that they tax only what is earned in Thailand then it's all good as I won't be working or earning in Thailand.
My curiosity got the better of me so I just checked in with a friend who is retired in Malaysia (Georgetown/Penang) on this subject of taxation, and he was very clear that Malaysia ONLY taxes full time foreigners on income that they earn within Malaysia, so to say that all countries are going to this type of scheme that Thailand seems to be implementing is absolutely false.
Actually the Sarawak Visa is even better, and grants you living in Malaysia for 5-years.
And Paraguay doesn't tax foreign income and in country ONLY 10%
There are many countries with better tax systems. Maybe it's because you come from America and you are used to being taxed on your citizenship. Everyone else have a lot of options to choose from. This seem like an other bad move by Thailand, I feel for the people that got rushed into paying for the Elite Visa last month.
Thailand has spent the better part of the last 7 to 8 years moving the goalpost with income requirements vs affidavits, TM30 and TM28 measures which were in the beginning lengthy, and quite frankly intrusive as foreigners traveled within the kingdom. Retired expats have to wonder every year, what's next? Aside from providing same day detailed bank account statements, bank books, certification of account ownership, we have to consider that there may be a healthcare insurance requirement one day soon, which frankly is expensive and riddled with preexisting condition(s) clauses, etc...now we have to wonder, will the Thai government require us to pay taxes on offshore money, via pensions, social security money, and all other sources of [retirement] income? We of course don't know yet. What I can say is this, if this were to become a requirement, what's in it for us? Universal healthcare? Easier residency opportunities? Government services of any kind? Do we get something more than a one year tourist visa which is dressed up to look like a retirement visa? Will we have to continue to file TM30's, and 90 day reports? This was at one time one of the easiest countries to secure a "retirement visa" from, based upon extension for the purpose of retirement. It is no longer. But, Thailand thinks it is. I see this as nothing more than arrogance and a lack of appreciation for the hundreds of contributions retired expatriates make into a country we have adopted, love, desire to remain in, and contribute to. I get no interest on the more than minimally required amount of money that I need to maintain in a bank account in order to qualify for my yearly visa renewal. I own a home, cars, and spent more than my fair share of money in this country, which is taxed above 7%. Countries like Malaysia, and Ecuador do not charge taxes on offshore-retirement income, and Ecuador, as a matter of fact offers residency which can later lead to citizenship. I don't have to tie up thousands of dollars in a bank account unless I'm applying for citizenship and then I only have to keep $42,500.00 in a bank account for no more than 4.5 years. The Philippines only requires retirees to maintain $10,000 USD in a local bank and does not tax retirement income. Thailand is no longer the paradise for retirement that it thinks it is. If they try to tax my retirement income which I already pay taxes on in the United States, than it's time for me to leave after 20 years of living here. I'll take my bank account and my income with me, and I doubt I will be alone in that venture. We all make choices; Thailand has every right to try and tax my money and I have every right to leave and take my money with me, and I will. I've done my Plan B research.
That's all reasonable.
Thailand is part of the WEF, it'll follow the BIS.
A CBDC is coming, the direction is clear.
However, you will find everywhere will aline to a one world model, it's just a matter of time.
For example, El Salvador is a BTC economy.
@@01menyou You are speculating on a one world order with a central currency. BTC economies should be careful what they wish for. Look at what happened in Portugal, Ireland, Italy, Greece, and Spain under the Euro (PIIGS) and the effects the EMU had on their economies. I would expect nothing different under a CBDC, which would likely be catastrophic to the world economy. There are also many European countries that do not use the Euro, and for good reason. The BTC that you discuss is, in my opinion, a financial accident waiting for a place to happen. It has some popularity with countries who have an aversion or disdain for the U.S. reserve currency, and that's their choice, but unless it creates stability, sustainability, and growth, it won't last long or will be limited to a handful of members, which is the case with the EURO and the EMU.
Wow well said
@@TUBEN4ME I'm not speculating on a one world order or a CBDC. It’s a declared intention, and the CBDCs are being rolled out.
The speculation phase was years ago, it's here, now.
BTC is the total opposite of a CBDC, it's private money.
I guess you're frightened and confused, I understand, this requires effort.
But posting FUD, dressed up as caution only illustrates your ignorance and helps nobody.
The problem is that sweden without the euro has seen the krona devalued extremely, maybe by speculation.
I thought that the double taxation rules were about countries agreeing and ensuring you do not have to pay two sets of taxes on the same income.
As I understand all income falling under any double-tax treaty will remain being taxed only once, and in accordance with that specific treaty. What kind of income could you even bring into Thailand, that hasn't been taxed at all anywhere?
Bitcoin and many other cryptos.
You can stay in Cambodia with tourist visa all year long without being taxed.
I have seen you make 10 videos about taxes in Thailand but still don't understand.. is it a roumor? Is it already implemented or is it going to be and what's it all about? Can you make a proper video explaining why you recently talked so much about taxes would be good. It just confuses me but maybe it's just me..
How much is this tax? In %.
Does it apply only saved up money or if I put my monthly retirement from Sweden in to a Thai bank do they tax that?
It’s not only you my friend.
Honestly, I don’t understand any of this.🤷♂️
Martha and the Vandellas. Nowhere to run.
We all know how things work here. Pointless random administrative changes with no notification, rhythm or reason. Don't be surprised if there is no further clarification prior to 1st Jan 24 after which there will be no opportunity to adjust personal financial plans.
We don't even know how they're going to do it yet. We know it's coming, but they haven't even mentioned rates or enforcement. I'm not losing sleep over this tax thing until they talk more about that. At this point, we still have no clue what to expect to have to pay yet.
many people probably have misconception about double tax provision. or misinterpreted about its protection
For example,
one may not need to pay tax
in a foreign country as tax
allowance is much higher
than that of thailand. Then
what happens is that he has
to pay tax in thailand
because the thai tax
allowance threshold is so
low. Also some tax items not
taxed overseas could be
taxed by thailand. So double
tax treaty does not necessarily help
From the replies or comments, it looks like someone making statements without doing any homework on the subject, i guess thats the beauty of " to the best of my knowledge" statement we frequently hear on this channel.
”Nowhere to run” - Marta Reeves & the Vandellas
I wish everyone who does not know anything about tax issues would stop making these videos filled with lots of words but in the end only confuse. Take this video for example. If you took this video from beginning, re watch it sentence by sentence you realize you heard nothing but nonsense. There are some banking websites to look this subject up on. Look and you find them.
Have I missed sumthin? I lived in Thailand 2004 to 2022. I was sent my monthly Soc. Sec. Benefits from the states where there is "NO" taxation on my small monthly anount. Is Thailand now taxing Foreign guys on their monthly Soc. Sec. Benefits?
I left The land of Smiles due to ongoing rediculas Immigration Laws so nothing new surprises me. Wonderful country to retire in and happy to drop all my money into the Thai economy ...but dealing Immigartions and their daily changing rules and attitudes got to me.
Several weeks ago when this thing kicked off you said no need to panic because the Thai Finance Ministry has said they will issue clarifications. Have they done this yet? If not it suggests they didn’t think this through at all. Seems more like a knee jerk reaction. Such reactions usually end in tears or at least bluster and confusion.
A probably solution to it would be, just bringing in a loan/kredit from outside of Thailand into thailand.
This kredit is payed off with foreign income outside. So just kredit money will be Transfer into a Thailand bank account and this money is not taxable right? Because its basically not my money.
What do you think Benjamin?
still don't understand this .Are you saying that the funds we bring in (remittance from out 'home' bank),needed to meet the visa regs will be taxed . In other words ,the money we bring in to live off ,so the same as taxing a 2 week tourist for the money he has on him when here on holiday . Don't think that is going to work
A lot of people here seem not to be understating what is going on. Thailand is not proposing double taxing your income or savings that you already paid taxes on in another country. All they want is for you to report it. They know that if they double taxed everyone a mass exodus of retirees would occur.
I assume that by doing this they want retires to leave now. We'll see how long the law lasts when it starts costing them money. But, maybe they want those people to leave and this is a poison pill.
Name the country.
Albania. No visa for Americans for the first year required. And no taxes either.
Quite the Mediterranean vibe and same price tag monthly as Thailand.
I still think Thailand is better. And surely this will improve Thailand's employment as they hire a ton of workers to process the paperwork.
When do we expect the Thai government to announce the new rules that are coming in January 1 next year? All we have at the moment is guess work, probabilities and maybe’s. We really need clarity well before Jan 1.
Money is fungible, so how will they determine which money to tax? If I earned money 10 years ago, put it in a long term account, close it and transfer it to Thailand, would it be taxable on the total amount transfered or only the interests? It looks really hard to enforce.
the comment below is spot on ,it should be printed in the Thai press ,BKK post etc
Example: lets say I am a US citizen and I already paid taxes on $10 million dollars that I have earned in the US. Will I get tax on the amount I bring into Thailand? Say I wanted to bring $5 million that I already pay taxes to US into Thailand, will I have to pay taxes to Thailand?
So, why are they destroying their advantage? Shooting themselves in the foot?
Hi Benjamin,
By far your channel is the best about 🇹🇭Thailand 🇹🇭
Pat from Switzerland
How about getting your money from your country, by your credit card?
Is anything before Jan 1st brought into Thailand okay?
How much % we will be taxed?
Too many videos and no substance, just a lot of rambling and speculations. I suggest not bringing up the subject until there is concrete rules in place or on the table being discussed. These videos are just stirring up emotions and for no reason. The video I get any of the follow on videos not good.