Pay 0% Tax in Thailand?
ฝัง
- เผยแพร่เมื่อ 19 มิ.ย. 2024
- Get personalized advice about tax, asset protection, offshore banking, residency, and citizenships: calendly.com/michael-rosmer?m...
You can visit our websites for more information about us: offshorecitizen.net & www.offshorecapitalist.com
Thailand is one of the most popular, if not the most popular destination for digital nomads and expats. And it's not surprising why.
It offers great weather all year long, beautiful beaches with warm water, exceptional services, and affordable life.
Bangkok is a city that offers anything and everything one can imagine - from 5-star world-class hotels and restaurants to street food that's unique and different from anything you've seen before.
Residency in Thailand is not that difficult to get, you can apply for their fast-track Thai Elite visa, and be treated like royalty.
But what about their taxes? This is where things start to get a little more complicated.
Can you live in Thailand and pay zero tax? If yes, how so?
Well, you're in luck because today we're covering all you need to know about the tax system in Thailand.
If you want to live in Thailand and pay no tax (in a legal way - of course) watch carefully.
Who are we and what do we do?
We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.
We have lots of interesting articles on different topics, we have relevant information up to date.
Author: Michael Rosmer
Feel free to join our community!
Don’t forget to subscribe to our channel
/ @offshorecitizen
![แฟนแนวใด๋ - ยูริ โตเกียวมิวสิค [ SyncVersion ]](http://i.ytimg.com/vi/Fm8oDwos2uc/mqdefault.jpg)
I was looking for exactly this! Thank you for this upload!!
interesting, thank you Michael
Another great video for people getting ready to retire or have the money to retire early who are moving to Thailand!
Thanks!
How do you like Thailand?
Hi Michael, do you have any information of some of the new visas in the pipeline for expats looking to relocate to Thailand?
Agree that the expat tax system is good.
On the other hand, visas can be excessively painful and or expensive. For example the OA retirement visa requires 3 million baht of medical insurance, which must be procured from a short list of 'approved' Thai companies.
Or uk company and extremely cheap for most people
Much appreciated, helps enormously with relocation planning. So, just to be clear, Separate CG and Dividend income in Foreign Account, leave for 1 year, then transfer to a Thai Bank Account (set up in your name), pay bills, ect from this Thai Account.
Also, send savings from Foreign Account to a Thai Bank Account (set up in my name) and pay bills, ect, from the Thai Account?
Do you have a video on how much you need to be able to renounce US Citizenship and live abroad with or without an income? Based on 1st, 2nd, 3rd world living?
With Thailand its a bit confusing, as many digital nomads do not have a work permit, and have some form of digital foreign sourced income. Therefore what I heard is that they need to remit funds they earned within the same year to a local thai bank account, stay more than 180 days in Thailand, then apply for a tax id. From that very day then they are a tax resident of thailand and not prior to the 180 days.
So if I am trading from my apartment in thailand with an account based abroad, and if I can prove that the money that I am bringing to thailand was already on my account one year before, then I won t have to pay any tax assuming I am Thai fiscal resident?
I am french. If few years later I decide to go back to France, I wont have any trouble with French tax administration for all capital gains made during my years spent in thailand?
thanks
Regarding what you said at 4:40 "realistically, you're not going to have any issues with it in Thailand".
Can it become an issue later on in life when you will want to deposit those hard earned untaxed funds while living in Thailand in another bank in another country?
That bank will want to make sure the money is legit. Will they go into their own interpretation of the taxation system of another country (Thailand in this example) and can interpret it as "you actually did not pay the correct tax rate on that money"?
Michael did not know any off this about Thailand so thank you.
The non CRS appealing.
Always a pleasure :)
Is this something you'd be willing to consider?
Smart S Visa at the moment let you live in Thailand for full 2 years with work permit. Elite visa- you put in 600K Thb for 5 years then another 400K Thb to extend to 20 year visa. Elite visa rep also agree you are able to be "digital nomad" being an elite visa holder since income is "earned" abroad vs going into Thai business account.
How did you like our video on the Elite Visa? :)
@@OffshoreCitizen better than Andrew Henderson who believes mm2h is better despite ridiculous changes.
Elite visa is just glorified tourist visa, it would have been better if it were a non immigrant visa.
@@tonythaiger93 look at the sarawak-mm2h-visa - it is much better.
Sounds like a great option. Something to consider.
Definitely!
How do you like Thailand?
Thanks for another informative video Michael. Thailand is on my family's wish list for relocation from Australia. The new Thailand visas you mentioned at the start of your video, are they in relation to the Royal Act? Whereby foreigners can purchase freehold land of up to 1600m2 for residential purposes only, providing they meet certain financial criteria? Do you happen to know the time frame when the Royal Act maybe ratified by government? I will gladly work with you and your team for consultation services to make my family's dream a reality if this is the case.
I live in Thailand, it is never going to happen. If a Thai marries a farang (changing her name on her passport or ID is an indicator) she then can't buy land legally, only enough to put a house on. This is to stop third party ownership eg, not a Thai.
Invest your money in rentals and with your profits from them rent a place in Thailand rather than all the hassle of buying there.
Thanks for another great video long time fan , you mention not spedning money in thailand but if you earn money say from Amazon in Europe to EU bank account - you cant use that to pay for food etc whilst staying in Thailand for say a year under visa scheme ? (LTR visa the new one you didnt mention for nomads that give your 5-10 years staying there and a work permit.)
Or is it only for dividends not wages? Also feel not sure if they would be too bothered if you put few k into a thai bank account to spendin country right?
The rule is if you earn money abroad and bring it into thailand in the same fiscal year (i believe this is jan 1- dec 31 though not sure) that money is technically taxable by the Thai authorities. If you set that money aside and then bring it into Thailand in the next fiscal year you owe 0 taxes on it. Bringing money in includes spending that money from a credit card or withdrawing it from an ATM. They are really unlikely to pay any attention to you, but it always helps to be clearly following the rules just in case.
Need answers!
Thanks for the support.
Thailand isn't great on enforcement so there's a difference between what you can get away with and what is legal.
From a legal standpoint wages tend not to apply it would just be dividends and capital gains and no you couldn't spend money from an EU bank account to Thailand if he money was received that year. They might not catch it but it's not proper.
People will of course be tempted to be sloppy because they figure no one will check but I always figure best to operate legally especially when it is so easy to do so. P
@@OffshoreCitizen Can you be a tax resident on a tourist visa in Thailand?
Someone knows about the capital gain tax from trading futures contract or crypto cash out?? Great video btw
I like this video. Asia is honestly the best area of the world
Thanks!
What makes Asia the best in your opinion?
@@OffshoreCitizen Lack of wokeness. More freedom.
Asia has younger demographics compared to north western jurisdictions which are relying heavily on mis-managed immigration policies
Hey Micheal another good video and Informative.
May I suggest collabs?
Here is the thing, I been watching George gammon for everything related economics and what's happening in world related to that. He is an excellent guy who explains it well. Little did I knew Andrew from Nomad Cap is collared with him. So it gets to the point clearly when he starts talking about economics when he has little to no knowledge, case and point like Kiyosaki.
So having or starting collabs can push your brand and your business.
Thanks, can you do an intro? Definitely open to talking to him or others
@@OffshoreCitizen Best I can do is mention you in Live Streams or so.
I been watching this trend of colabs. If anything I wanted Micheal to see if he can consider this option, this strategy of collabs.
Correct me if I'm wrong, if I am a digital nomad and the salary I earn from it I receive it on a Thai account where I use it for food expenses, rent etc, also I have an for example a card like revolut or a foreign account therefore not Thai where I receive the earnings from capital gains but which I don't spend in Thailand but maybe I invest it in the stock market etc. that earnings are not taxed??? thanks in advance for the reply.
Thanks Mike......... question --- my wife and I are retired and live exclusively off our social security and our pensions...... we want to retire in Thailand ... no plans to work / earn there . not opening a business. will our income be taxed ?thanks, john
Nice video, I'm just wondering. Last week, I read an article. If you are staying over 180 days in Thailand, than you will count as a resident. That means you have to pay tax to your foreign income. Do you know if it's true?
Thanks in advance!
Not true
Ok, thank you, but still the problem of obtaining a resident visa to spend a whole year there, for example.
What's the problem with gaining a resident visa?
What about Vietnam? Zero tax just like Malaysia and Thailand?
So if I saved my money from my full time job or business into a foreign bank account for 12 months, then transfer that sum into a Thai account, it would be tax free? How does the payment get broken down? For example, the 11th month payslip would date back only 1 month, not 1 year. So does that mean I only have access to the 1st month payment tax free 12 months later? Or is it the full amount for the entire tax year?
And in the second example, as long as I pay foreign bank card to purchase everything in Thailand and not transfer any money into a Thai account, then I dont have to pay Thai taxes?
i guess the payslip from month 12 will have to be hold 12month before its not taxable if gring here.
I wonder if it will change with introducing the digital nomad visas and if they will tell all freelancers to apply for that visa and pay tax.
What do you think is more likely?
I've heard back that the LTR Visa specifically isn't for freelancers and "digital nomads". They basically want you to have an employment-like relationship in place. I'm getting clarification atm.
Is living in Thailand, trading cfd´s trough a broker in england and sending money from that account to a thailand banking account also tax free? Thank you
I dont think soo.... but thai are relaxed with tax...so if u dont have thai tax id... and lets say u bring 500k thb or less per year i dont see why they should clamp down on u with taxes here... more likley they tax man in UK will hunt u.
Hi Michael, can i double check with you as you state that the territorial tax system is 0% tax if you do not bring your money into Thailand in the same year? But to my knowledge living here, after 183 days of living in Thailand, you are a tax resident on worldwide income. So the territorial tax I think is only for people earning money here but spend less than 183 days in Thailand. Is that possible?
no, from how I interpreted it seems that foreigner residents are treated as aliens which come under the territorial tax laws
One reply was blocked by TH-cam
1-can I live in Thailand over 6 months with Elite visa?
2-if #1 is "yes", would I qualify as an "expat" in the eyes of US IRS?
Thanks
if you're a US citizen, you need to relinquish
Thailand legend finished a long while agoo
would it make sense to setup a US LLC and live in Thailand?
Depends on the details of your specific situation and plans. Probably best to reach out so we can discuss it all and see what solution would work best
What if you want to come over there, rent a house, and work full time for your US based company. In other words, you are nothing but an employee of a US based company, and will of course be paying income taxes on your salary to the IRS in the states. What are the tax implications of that ?
Generally you should technically be paying Thai taxes and claiming a tax credit in the US if you're working in Thailand
Foreign earned income exclusion
I'm in the same boat here. I understand from this video and the comments here that if you set the earned income aside for 1 year, you can spend it in thailand tax free. so if you build up enough savings for 1 year of living in thailand you can live there and pay no taxes. on the thai elite visa for example. This area of conversation is rarely talked about so I'm looking for more confirmation on this before making the move myself.
if a person earns/profits from playing in a landbase casino in thailand is that taxable? another question is if a foreigner buy a property/condominium in thailand will it give that person a permanent resident status?
There are no casinos in Thailand since it is prohibited! 😉
Obviously you are committing crime lol
Do you think For European nationals there may be an advantage to paying some tax in thailand.? Europeans may be ask by their country of origin where they are paying tax, as a condition for ceasing to be a tax resident in Europe. Also there is a question of whether a Thai O or OA visa confers actually residency. Why Europeans exit, their tax administration can ask where they will reside after exiting.
Feedback please!
Depends where they are coming from, their source of income and how they exit. But in some cases yes
With these new tax laws starting jan 1 2024,will a countries tax treaty make a persons pensions no taxable if they are retired in Thailand?
Depends on the tax treaty
Just live in Dubai and holiday in Thailand a few times a year. Thats the better balance IMO.
If you prefer Dubai that can be great but some people much prefer Thailand
Just set up a LLC in the Cayman Islands link it to a local bank you pay 0% corporate and income tax and you just spend money with your credit card in Thailand (Technically Fraud, but knowing the Thai’s they will never find out)
@@OffshoreCitizenalmost everyone
Opinion not many people share, Dubai extremely boring and expensive, Thailand the polar opposite but each to his own
Why does it have to be through a company? Save administrative costs and do it on an individual basis.
Type of income matters, dividends are excluded many other types are not
@@OffshoreCitizen When you say excluded, excluded from what? Capital gains and dividend income from listed investments earned by a resident from sources outside Thailand are not taxable unless remitted to Thailand in the year of receipt. Dividends from investment income earned abroad is likely liable to withholding taxes in that country with the rate depending on whether the country involved has a tax treaty with Thailand, was my understanding. Im guessing The benefits of doing it through a company would be solely for asset protection and/or for setting up a bank account abroad?
@@b4bmm I think he collects handsome fees for helping set up the business, earning capital gains as an individual would be fine (classed as foreign source income)
@4:30, is that true?
How do people typically find a company that they can pay to get a "salary" ?
There are services that offer this if you are within certain professions but doesn't apply to everything
Would you do a video on Thailand's new tax rules?
We've made a couple of video on the topic. You can search through our channel
What do you think about Guatemala?
Depends if it's a place you'd like to live everyone has their own lifestyle tastes
I recently looked it up on Airbnb and it was quite expensive and low quality. Ecuador and Colombia looked more interesting.
How can i book a call or get more info im ready to move immediately
calendly.com/michael-rosmer
Well that died pretty quickly 😂😂😂
I have a thai elite visa and i am from the usa for trading currencies (forex) how much taxes do people pay? any idea?
Open up a company in Bahrain. It will cost you 4000$. Open up bank accounts in Bahrain. Connect your forex account with Bahrain bank account. Live in Thailand, trade and earn in Bahrain (100% tax free country). Also Bahrain is crypto friendly. Receive profit in Bahrain, transfer to thai bank account the minimum amount you need to survive on monthly basis, after one year you can transfer previous years profit.
You can also trade in crypto in Thailand for zero tax or you may also trade forex via USDT.
200 percent of annual turnover.
Not any more?
Still works in 2024?
We've made some videos on the updates, probably good to check it out
1)retired in Thailand with montly pension;
2) Crypto cashout in Thailand bank account;
3)Retired/Elite Visa status.
So u have zero $$ from Thailand.....living with your pension and cashout crypto into the bank...no thai income.
Any taxation to fill???????🧐🤔🤔🤔
If you're living in Thailand and cash out crypto to a Thai bank account there is crypto tax
Sorry i Will make It clear about my previous statement...i am planning to apply for elite Visa program which i understand i can stay as a turist for a few years ...in this case...do i still have to pay crypto tax as a turist?
@@ikxikx1 good question.
@@ikxikx1 Why don't you sell it then keep it in foreign bank account (non taxable) then send the money to Thailand year after?
@@tonythaiger93 How do you prove that the money is from last year?
Taxation on crypto is zero.
in reality no.... but if u have any sourch saying ellswhere sio link it here...
Yes and they are one of the poorest places on earth. infrastructure is awful, Health care and schools well you might as well top yourself and education level is like the stone age.
Depends a bit where you are and what you're looking for
Hospitals are 10 x better than in Canada