Tax in Thailand for the Thailand Elite Visa
ฝัง
- เผยแพร่เมื่อ 19 พ.ย. 2023
- Does the Thailand tax announcement affect Thailand Elite visa holders? Do I have to pay tax in Thailand? Watch to understand Tax in Thailand for the Thailand Elite Visa. Tax living in Thailand and Thailand tax for foreigners.
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HH Premium Visa Consulting is Thailand's most-trusted Thailand Privilege Elite Visa Agency. We provide assistance throughout the visa application process and your stay in Thailand. We will complete the application for you, advise of the best payment methods, and manage every step to ensure you receive the visa as quickly and conveniently as possible. We have an office in Chiang Mai, Thailand but can assist you regardless of where you plan to stay in Thailand.
For the 20th year anniversary, Thailand Elite has rebranded to Thailand Privilege. The official website is:
www.thailandprivilege.co.th
Verify we are an Authorized Agency on the official Thailand Elite website: www.thailandprivilege.co.th/a...
We've assisted over 500 people from 30+ countries through the Elite visa application process. Unlike any other Authorized Agency, our office is also a service point to assist all Thailand Elite Visa Chiang Mai members with ongoing Thai Immigration needs (90 day reporting, Residency Certificate, etc). Read our client's Elite Visa Review on our Google Business listing:
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Sources:
Royal Gazette: ratchakitcha.soc.go.th/
Thai Revenue Department’s description of “Assessable income” www.rd.go.th/english/37749.html
Thai Double Tax Treaty countries
www.rd.go.th/english/766.html
We love what we do and we look forward to working with you! - แนวปฏิบัติและการใช้ชีวิต
Thank you, Hailey. At last, someone has addressed this issue calmly, rationally, and with correct information. I can relax again 🙂
Thanks Deb, I'm glad you found it helpful!
No. You can’t. th-cam.com/video/oypiSzbpLIw/w-d-xo.htmlsi=5FoIcrPIVZGrNLTx
@@ThailandEliteSpecialist Most people are as dumb as a pan. That's why we have you.
@@ThailandEliteSpecialistI have properties and rents from it from Portugal and I was thinking about moving to Thailand and I want to live in Thailand but I guess I can’t now.
@@Terminators4Uwhat in earth are you talking about? Are you really so naive on fiscal matters? Come on
Moral of the story, dont live in the country more then 180 days.
Yes but how are you going to do that without being limited 60 day at most tourist visas, where you wouldn't be able to get affordable apartment lease rates, therefore having to pay expensive hotel rate?, that nullifies the whole point of "living" there.
Exactly most wealth foreigners who can afford this visa will simply live elsewhere and visit Thailand as a normal tourist. There is also the DTV visa now.
I think the issue to many foreigners is that if you have income from outside of Thailand mostly likely this is already taxed in the originating country. But a Thai resident (over 180 days) would still have to go through the tax application process to prove this, e.g.., provide evidence that the income was already taxed, hire the tax accountant, etc. There are costs here and many people may just prefer to exit the country every 6 months. The cost to travel to places like Vietnam/Cambodia may almost be the same anyway then return to Thailand.
Thanks Hailey. Even though I can't afford the Prestige 20 year visa like I was originally planning on getting, at least I can still obtain the retirement visa with no worries of being taxed when transferring $800,000 THB into a Thai Bank account. Which I also do know that the 20 year now is by invitation only.
Thailand is going to loose so much money, so many people will choose another country to move to.
They just want our money!
Not at all ! This is the ocde privacy! Not a thai choice ! They don't care about little foreigners resident money, they care about working with western countries (ocde) for commercial things, more big money. Western countries ask Thailand to tax foreigners residents to avoid foreigners to take their money off the western bank and bring it in Thai bank... you can check all other countries working with ocde rules... it's a kind of money jail from western countries to avoid bank run. I am so disappointed...
No, they won't. This is a great place to live. Full stop. 90%+ chance that this tax doesn't affect you and your $1200/mo income coming to Thailand. But if it does, it will likely be minimal. Which is better than living in another SE Asia country that can't keep it's lights on etc.
@@narcisslk8284 You think they are after your mostly empty piggy bank? Really?
@@ScooterOnHisWay2024 Since when is tax a "chance"? And where did I write that I'm going to move to Thailand and how much I earn?
Thanks for sharing this information! Good to see you again on TH-cam 😁
Thank you!
Wow, this really helps to explain it! So many people are freaking out and there's so much bad information out there. Thanks for clearing it up! It's really not a big deal at all!
Thanks Hailey! I love that you present information about taxes with your delightful smile! I helps reduce my stress level when I hear the word TAX!
I'm glad you enjoyed it :)
The Thai government has not said it will not tax private pensions. It has said it will tax all overseas income.
I think this lady hasn’t researched other than one stupid paper it’s not what everybody else is saying
@@EH-lz8in She doesn't pump out 3 videos a week leading people astray. I trust her and her connected resources wayyyyy better than the whack jobs pumping click-bait YT videos about this every other day in hopes of adding 2c to their YT monetization income. But stay in panic mode if you wish. That's got to be a fun way to live.
Clear explanations, thanks. By the way, you have truly mastered the Thai smile. Compliments!
Thank you Khun Bill!
So nice and good of you to bring the information from the source. All the opinions; who needs them.
Glad you found it valuable! :)
We really won't know until after 180 days into 2024 when retirement visa people begin to trigger the tax resident qualification and have money sent in. How does the Revenue Department expect to know whether the transfer is savings or a salary payment otr proceeds from a home sale in your country of origin?
and that tax liability wouldnt be declarable until in 2025.. We are not going to truly know for another year or so..
Thank you Hailey. Very clear and concise.
Glad it was helpful! Hope you’re doing well Clive 😊
Thank you for your clear and concise explanation
I'm always amazed at some of the viewer comments. Hailey only happens to be a certified specialist operating a business under Thai law, but some of the viewers think they have a better understanding than she does. For those who think they know better than Hailey, I wish you all the best in making your decisions. I, for one, will trust the specialist.
Very clear, makes perfect sense, thank you!
Glad it was helpful!
Sweet as always and thanks for the information 😊
Thank you, I'm glad you found it helpful 😊
Thank you. This tiny technicality change has generated a crazy amount of gossip and anxiety. These worried expats should find some productive hobbies....
😂
Thanks for the info. I am planning to retire in Thailand and my income is strictly from pensions.
Thank, Hailey! This is super helpful!
Thank you for this informative video Hailey, yes when it's nearer the time for me + - 2 to 3 years time the 20 year Priviledge Visa us what I am looking at. So I will be contacting you in due cours, tks Keiitho
I live in a zero tax country, Im not going to be pleased if my savings/income is now taxed in Thailand as a result.
That is exactly what is going to happen unless elite management lobby the government to include elite visa holders under the proposed tourist exemption.
What country do you live in that’s tax free?
@@DeusExMachina50 Bahrain
@@DeusExMachina50 Curious question to ask someone. I have homes in 3 countries, 1 is too wet all year round so it is rented out, Bahrain in the summer is almost uninhabitable due to humidity and heat, and as such Thailand is my alternate.
That the 1st time I've heard anyone say that moving money from savings accounts is not taxable. That's a massive point if true. Why has no other tax experts said this on TH-cam?
The influencers just doing clickbait and all the tax advisors want to spread uncertainty to acquire new clients 😉
Can you define savings? Savings are often derived from income salary while working for a business. Is that income salary something that falls under payments from an account? When does income you derive from earnings in a foreign country and store automatically in a bank account in that country become savings?
the most important question
There are various considerations that cannot be explained simply in a TH-cam comment. We will provide consulting later this year. You can sign up to receive updates here: hhpremium.com/Wealth-and-Tax/
Thank u I am putting Thailand back on my retirement list
Yes guys, I feel your pain.
It's hard to sell Thai Elite visa after it has doubled in price and the Thai authorities have added a tax reporting headache for us digital nomads 🤷♂
For people like me who work remotely for Western employers it is nothing but a wasted time and money.
We need to find a tax accountant, prepare all required documents, pay for their service, and pray that everything is filed correctly and Thai tax authorities do not refuse to recognize the tax deduction based on anti-double taxation agreement with my employer's country.
Thai government makes your work so much harder...
Hailey this should be an official video on the topic on Internet !!! Everyone else is just jiberish .... And I love the "Noooooooo... "
What a nice video. You should be proud of your work 😀
Thank you! 😊
Great detailed video!
Thanks Glenn! Hope you are well
- One of the benefits of the old Elite visa was you were exempt from Thailand tax on overseas earning but on the new Privilege visa you liable for Thailand tax just like everybody else.
- The Thai government has said they will be announcing clarifications & we are all still waiting to hear them.
- Tax Treaties are different with different Countries.
-The previous Elite visa packages had the same tax conditions and were not exempt from overseas earnings.
-Yes, we await further information.
-Yes, the link to the Revenue Department's website listing different country's Double Tax agreement is provided in the video description. You can view it here: www.rd.go.th/english/766.html
@@ThailandEliteSpecialist BELAWS EXPLORING THE THAILAND ELITE VISA BIG CHANGES COMING should take you to one of the sources I found we’re it states that one if the advantages of the old Elite visas was holders are exempt from tax on overseas income.
DTAs can’t help much. Any deductions or exemptions you get at home are not reflected … so many will have to pay tax at home and will need to pay more in Thailand. Also working out what you owe is complex when relying on a DTA. They should exempt elite visa holders you can pay up to of 5 million to get the visa and then you have the privilege of a tax mess and a 35% top tax rate. Good luck with that better to move or stay at home if it does not change.
@@MikeFoscolos-ch7ms This is turning into a mess! Why would I pay a big fee upfront THEN get taxed on my foreign income and who knows what the rate will really be. I could live somewhere else, buy a condo with the ELITE visa money and either live in it or just rent it thus MAKING money!
I believe that as a tourist visa Thai Elite should be exempt tax on foreign income if it wants to survive. Especially given the fee you pay these days, up to 5 mill baht for 20 years. The tax change will now see many expats paying much less tax by just staying at home, not to mention avoiding the headaches and costs associated with filing taxes in Thailand, and the elite membership fee could buy how many return flights to Thailand ? There are also better options than Thailand now they have gone down this tax heavy road …. Philippines, Dubai, Greece, Hungary, and many more offer zero or very low tax on foreign income. Some even offer permanent residence and social benefits.
Thanks Hailey !
Strangely I just received an email from Elite which mentioned this:
"3.Earnings vs. Savings
Currently, there’s no distinction between these for tax purposes."
They don t seem to care about accessible income.
Yes Thai Elite has been quite useless in handling this. They should work towards exempting elite visa holders from tax on foreign income, or prepare for some member to trigger the clause requiring elite to reimburse them for the time remaining on the visa.
@@MikeFoscolos-ch7ms why should elite visa holder have different right than the rest lol :D
@bergcybersecurity8464 I know two wrongs don't make a right, but LTR holders have an exemption. I think the Elite is more worthy of the exemption since they're literally buying it (most likely with VAT included)
I love Hailey's videos. Everything gets explained with the best smile on YT. Hailey, do you have any affiliated offices in the southern part of Thailand?
Thank you so much! We do not at the moment, however, we are continuing to establish relationships with suitable partners in the south. You can check in with us in 2024!
@@ThailandEliteSpecialist Thank you for the response. I will keep watching to see if you post something on here if/when a suitable partner is found in the south. 😀
Many thanks Hailey for the very informative and helpfull clip
Thank you for the feedback 😊
You stated that savings will not be taxed, but the document you posted says that all income will be taxed "regardless of whether it was earned income or savings." It can't be both ways.
Under Thai tax law, savings is not taxed. Ask any Thai accountant. However, the documentation used to verify it is savings and already been taxed is up for speculation. We can assume this would be tax returns from previous years, but of course this would be challenging to provide for savings acquired over the past 30 years. The Thai government has not specified what documentation is accepted, but historically if you classify a transaction as savings, they do not ask for any documentation to verify it is savings. Typical with Thai government announcements, we can just wait and see. It’s likely they will announce further clarification that will raise more questions.
@@ThailandEliteSpecialist *"they do not ask for any documentation to verify"* _This...._
The most important question that has not been clarified yet is whether savings accrued prior to becoming a tax resident can become taxable if transferred into Thailand while a tax resident.
Regarding obtaining a tax id it's not as difficult at you make it sound. If you have stayed 180 days in the current calendar year you just need to go to the revenue department and ask for it. If you haven't stayed 180 days then you may need to show proof of taxable income.
Thanks for this
Thank you very clear and precise beautiful
You’re very welcome 😊
I'm glad I found this to help clear things up. There are some crazy rumors floating around right now
Glad it helped. Yes, a lot of confusion right now
@@ThailandEliteSpecialist Why are you not answering questions regarding the inaccuracies of this video to clear things up?
@@terryharris9265 Kindly understand I am operating a business and check TH-cam when available :) We assist all of our clients as soon as concerns arise, and are transparent about what we can and cannot advise. After reading your comment I went through the top 20 comments or so and responded to some questions. Unlike our western countries with clear guidelines and rules, the Thai government has not announced specifics around how this tax change will be implemented, and what documents will be accepted. Expect future announcements with further lack of clarification. This is Thailand ;)
@@terryharris9265 Why are you complaining when you can do some of your own research instead of having every detail spoon fed to you? Get off the couch and do some work. Nahhhh. Why bother when you can panic and snipe instead.
Thanks you for this cute way of enlightenment...😂❤
🙏 thanks for letting me know that pension income is not taxable. I was beginning to get nervous 🙏
It will be taxed. th-cam.com/video/oypiSzbpLIw/w-d-xo.htmlsi=5FoIcrPIVZGrNLTx
Great job 😇
does anyone even apply for this elite visa anymore .. prices are ridiculous. Can buy citizenship for the same price in other countries
Thank you for Myth # 5. My Social Security is safe!
Accurate! Even gift amount max of 10 m for friends (20 m for spouse). Kop khun krab.
Thailand now has a long-term visa for 10 years and it's cost is very inexpensive (around $1000). Plus you can even work legally with this visa (you can't work if you have the Elite or Privilege visas). The only requirement is to show you have $80,000 per year income from retirement.
Still a massive bureaucratic task and lots of heachaches on what to pay while the price of the visa has skyrocketed. Honestly METV and a tax residence in Malaysia or Philippines will save tons of headaches.
whats METV
When transferring funds from my persoanl USA bank account to my standard account with a Thai bank I am only asked what the funds are for and I state very honestly "PERSONAL LIVING EXPENSES", not investment or any other purpose. The Thai bank then credits the funds to my bank account without any further discussion. After Jan. 1 can the Thai bank automatically deduct the new tax from my incoming funds? What material can I provide to them to ensure that I am not subject to the new incoming transfer taxation? Thank you for your response!
Thumbs up 👍
Does income include only salary from employer or also include capital gains?
So, if my American retirement income which is taxed by the U.S. is deposited in my Thai bank account, I am or am not taxed? The U.S. / Thai tax agreement says no double taxation. So I receive TAXED U.S. retirement income so I wouldn't be taxed again?
Haley I have basic elite visa that expires in 2026….at what rate can I renew for 15 years?
Because Thailand joined the crs , does that mean all your banking information is sent back to you own country or not. Does it apply to people who stay more than 180 days or are all foreign accounts reported
What if a person wins a lottery that regularly pays money to his/her account for 30 years? Such lottery is called Set for life. And the UK government won't tax you for that. Does such money become taxed by the Thai government even it is considered to be a type of earning that's is exempt from tax in the country of origin?
Hi Hailey..Can i shop gold so that i can claim personal shopping allowance?
How to distinguish income overseas from capital if they are mixed in overseas bank account? Only small part of the saving will be transferred to Thailand if an expat lives in Thailand.
About Tax regulation In Thailand,
there are 2 requirements as follows:
1. Staying in Thailand for more than 180 days.
2. There are 8 types of income that must be paid taxes in Thailand. Regardless of whether that income occurs in Thailand or not. If that person stays in Thailand for more than 180 days, all taxes must be paid. This includes income from all assets ,pension etc held abroad.
And importantly, there has been no official announcement that people under elite visas will receive tax exemptions. Because Thai Elite privilege is under ministry of Thai tourism which is not under the RD.
Both parties work separately.
You’re correct in your interpretation. The government needs to and should offer an exemption to elite visa holders. After all what are we paying for. As it stands Thai tourist visa is more advantageous and basing yourself elsewhere a better option. Also don’t remit funds if you stay more than 180 days.
Ummm... I beg to differ. Money brought into Thailand is pretty much all subject to the new tax law, with VERY few exceptions. "Retirement" income included, less a credit for the taxes paid in the country of origin.
Nope.
@@ScooterOnHisWay2024 My source is a Thai tax attorney.. not sure what source you are getting information from.
So helpful, thank you. I agree that there's so much misleading info out there, most of it doomsday. This gives me hope.
Thanks Hailey. Myth busting at its best. May I assume that the Royal Decree Issued under the Revenue Code Governing Reduction of Tax Rates and Exemption of Taxes (No. 743) B.E. 2565 (2022) still applies for all categories of foreigners coming in on an LTR visa from 01/01/2024?
'Though patience be a tired mare, yet she will plod'. I am sure one will hear about it sooner or later.
It may… but it only applies to certain types of income connected with you being employed in a post or running a business in another tax jurisdiction. It does not apply to pensions or passive income from assets. You also need to declare and lodge a tax return to get the exemption….
Thank you! I am used to filing tax returns if so required. Not something needed in Oman where I am currently working and residing. Shame that income from bonds and dividends is not exempted under the 743 decree. Makes me think if it is worth the while.
Yes I am in the same boat as you…I asked BOI and was told foreign income was exempt for pensioner and wealthy global citizens. I contacted them a second time and was told there was an exemption “under the regulations of the revenue code”. When asked about the new regulations in 2024 they said “exemption on some foreign income from 2024”. When I looked at 743 seems to be limited to wages or company profits. This is all very sad. Thailand is about to destroy itself as a retirement/mobility hub. Philippines, Malaysia (until at least 2026), and Cambodia are going to be the winners out of this move in Asia, and HK, SG if you can get in. If you don’t mind filling taxes and want to take the tax risk in Thailand, get your broker/private bank to place your assets in a zero interest account and credit dividends, interest, gains in a separate account. Then remit from the zero interest account (savings) the bank can provide a support letter in this case.
If I want to bring 150,000 to buy a condo then I have to pay 52,500 just for the privilege.
Pulling numbers out of your backside today? You might want to read up on what foreigners can and can not own in Thailand.
Great video. Very clear. You brought out the key point that paranoid westerners in Thailand ignore. This law is not directed at westerners. The Thai government is after super wealthy Thais who invest their money outside of Thailand and want to escape paying Thai tax on that income. Those uber wealthy Thais are who I think this law is directed at. They are not after tax on farang John and Susan Jones' social security checks. Thanks for the detailed video, Hailey.
Thanks dad! Some of our clients subscribe to your channel and find it really helpful and fun 😊
They hate Foreigner s though.....don't fool yourself
Hello Hailey,
At 05:00 about the "Proof of income" to apply for a Thai tax ID:
Does that document must proove working for a Thai company ? I'm confused by this part because it should be easy for anyone to proove their income when working from overseas I think.
When you say that the Thais will say "mai daiii" I understand that the company must be registered in thailand, is that the case ? :)
Hi Nico! Just checking this now, but I understand you already spoke with Yam about this at the office.
Documents accepted to get a Thai TIN can depend on the province. Typically a work permit is requested, so depending on the office/officer, they may accept another document to verify proof of income is overseas income.
We only need a copy of your passport and visa and can get you a Thai TIN. I’ll DM you now.
Ok, Retirement Income is not taxable.
Thank you.
How does Thailand Revenue service differentiate between savings and income?
Wonderful video:) many thanks. So..with a retirement visa its greag if u have the 800k but if u r transferrig each mknth u will need to give 1w mknthjy statements showing all income that will then need to be explained and proven so most people i. That situation were fine but now they will be checking UNLESS..as u say immivration doesnt care but that can also change in a minute here in Thailand. Personally i agree eith j that everythjbv will be fine TIT:)
Aloha, your dad recommended you ! Imagine that 😊. Though I was actually asking about buying,or availability of, organic food in Chang Mai, which I'm planning of moving, retiring to bu summertime.
Do you only help with the Elite plans ? I'll be qualified on SS and VA disability.
can a freelancer work in thailand remotely for a company that is abroad under the Elite Visa?
Do you have a sister named Kat who has a YT page from Chiang Mai? She looks and sounds SO much like you! She is dispensing some good information about living in Thailand.
They are not myths.
so lets say i have a Estonia company,. that company pays me a salary, that's is paided to a checking account in the Europe, and move some funds from my checking to my savings account in Eiuorpe . if i then send funds from my European Savines account to my personal Checking in Thailand , is that fax free?
What if one stays for more than 6 months but operates on a non thai bank account, thus not bringing in any funds into Thailand?
Every discussion on this has inconsistencies. This video says that you won't be taxed on money just moving it from one of your savings accounts to one in Thailand. If you're bringing in money by just moving it in from an overseas savings account how do they not know that it was just put into that overseas savings account from earnings that same year or a previous year?
Hi Hailey!!!!
I am a 75 year old retired US Citizen planning to move to Thailand in 2026 with my Thai girlfriend whom I have lived with for 28 years.
QUESTION #1: My ONLY income will be +/- $2,700 / MONTH US Dollars before deductions. Will I be taxed by Thailand on this money? (I plan to get health Insurance as required to live permanently there).
NOTE: SHE will be moving with me as well, and she will be 60 years old....She will be leaving her US JOB after 16 years and she will have IN HER NAME ONLY, A U.S. based 401K with +/- $150,000
Talk to a Thai lawyer specializing in tax law. S
I was planning on purchasing an elite visa when I retire, but it's just not worth it now that I can't stay more than 6 months without the extra tax.
Oh yeah be grateful you dodged that bullet…. Friends of mine got the Elite after the price hike and just before the Thai govt announcement their “double taxation” plan…. They’re not a happy bunch now to put it lightly.
how do you prove that certain money is savings and not income.. can you show a tax statement from your old country for say $500,000 in income and then that gives you a green light to transfer that to Thailand as it was already taxed previously?
This is not clear yet
Hi Hailey, passive income streams such as rent? But I already pay tax on this rent in USA! What about the double taxation agreement with USA?
Rental income that has already been taxed is non-taxable. This money would probably be transferred from a personal bank account in your name and can be classified as Savings.
If your still active on this thread let me know and ill give your more clear information. Her answer is not correct, and made hopefully in ignornace.
Under Section 40 (1) it clearly states 'pension' as assessable income! (1:19 s)
Or do I get that wrong?
You’re correct it states pension, however, it is not referring to retirement pension. All Thai accountants who we work with have confirmed retirement pension is not taxed. I can’t remember off the top of my head but when I investigated what “pension” this is referring to, I found it was referring to income received from workers compensation or other related income.
Do you have any update ?
Thanks for this. I've been saying the same for a while, but hitting up against the paranoid masses.
That said, I paid for my Elite Visa 2 weeks ago yesterday and haven't gotten the welcome letter yet. At what point should panic kick in, lol?
Due to the increase of applicants in Aug and Sept, every step of the application process is a bit delayed. Right now some Welcome Letters can take about 3 weeks. We'll update you ASAP.
So in other words, im going to have to pay american and thai income tax. That sucks to get double taxed in my already low income
Expats always referred to as "guests" so it's a bit rich if they end up paying Thai income tax!
What is definition of savings? All savings originally were income other than gifts. What is definitiin of income vs savings?
Exactly
Hi Hayley
I want to rent my property in Australia and retire in Thailand will this affect me 🤔
You are the only person who has stated unequivocably that pensions will not be taxed.
I hope you will he shown to be right.
Annuities are not pensions, which are fundamentally distinct financial instruments.
Pensions are not mentioned anywhere in the Thai language ve4sion of the eight classes of Assessable Income.
Hope Revenue has no intention to change that.
Hi Hailey, I am a uk pensioner who's only income is theUK state pension and a private UK pension
If I move to Thailand through one of your recommended Visas, can you confirm that these 2 pensions will not be taxed in Thailand.
Regards and thanks
Michael
No
@@AdolfMitler-ch8ns Thanks Adolf, that makes my application for a Elite visa more affordable
What about Social Security checks?
Myth 5.. How do you think pensions are not taxable.. The Thai revenue code specifically includes pension income under taxable sources. Just go to the RDC source.
Section 40 Assessable income is income of the following categories including any amount of tax paid by the payer of income or by any other person on behalf of a taxpayer.
(1) Income derived from employment, whether in the form of salary, wage, per diem, bonus, bounty, gratuity, pension, house rent allowance, monetary value of rent-free residence provided by an employer, payment of debt liability of an employee made by an employer, or any money, property or benefit derived from employment.4
Thanks Hayley.
But....what if you get paid into a foreign bank account, and then transfer the money into Thailand (e.g. every month)? That seems like "income" (not "savings") to me. But it is also a transfer between "personal accounts". So what category would that fall into? Assessable income even though it's from your own overseas bank account?
This is what most retirees and foreigners do to support their stay in Thailand. Transferring for living expenses is no problem, and can be classified as savings if it’s from a personal bank account in your name.
@@ThailandEliteSpecialist Wow, thanks for replying Hailey! Your video has cleared a lot of things up. Appreciate it.👏🏻
@@ThailandEliteSpecialist if this is true, any of these "targeted" high net income abroad investors can use this "savings/personal acc" loophole, right? So one loophole is replaced by another....no big change on the ground
@@carstensanonym7527 That's what I am thinking too yes. The only additional hassle now is that you can't get paid into your Thai bank account directly by anyone other than yourself (e.g. overseas bank account on your own name). For some this might entail additional unwanted scrutiny, or even be a dealbreaker, but she did also mention that it is aimed (mainly) at Thai nationals, so it may just be another one of those poorly conveyed new Thai policies that turn out to be a big nothingburger, basically something that they COULD get you on if they really wanted to, but probably won't affect anyone.
@@ThailandEliteSpecialistI do hope you‘re right, other accountant from US and Europe said something else regarding monthly transfered pension for living from foreign private account will also have to be taxed as an income
Basically, we will have to show the tax we have already paid for our wages or salaried income and deduct this paid tax amount from the tax balance calculated by Thai authorities.
It is relatively easy for us digital nomads because we file taxes in our employer's country and we can provide corresponding tax notifications that clearly show the amount of tax we have already paid.
The situation is much messier for people who have retired some years ago, do not have tax slips for the years when they earned their money, or live on their tax free capital gains (for example, when you sell your principal residence in Canada your capital gain is not taxed and some people made hundreds of thousands of dollars selling their homes).
For people living on their non-taxed capital gains residing in Thailand becomes a bad idea.
It may happen that in the long run Thailand will loose more tax money then gain because all money rich retirees bring to Thailand sooner or later are paid to Thai businesses which pay taxes in their turn.
No rich retirees - no business revenue coming from their money - no tax for the Thai government.
How am I, as someone bringing savings into Thailand , able to go back 40 years to get my tax percentage? If I am retired or retiring in Thailand...
@arris9265 The only viable option I see right now is transferring enough money to sustain you for several years in July-December of your first year in Thailand.
During this period of time you would not be a tax resident of Thailand and, therefore, would have no tax obligations.
But what to do in the following years?
I am afraid nobody knows yet 🤷
Even professional accountants in Thailand cannot say anything with a 100% assurance.
Their messages are full of "let's wait for the clarifications" disclaimers.
Is Social Security retirement income from the USA is taxable ?
1) Your SS is not taxable. Expat Tax Thailand have put up recent Vids on their channel that go through all aspects of the DTA’s between Thailand - USA, UK, Australia and give case scenario examples. There was a Finland guy who lives in Buriram and made a Vid saying he made an appointment with his local Tax Office and they had people who explained everything to him and with his tax credits he will not pay tax on Thailand. I went my local Tax Office in Udon Thani & they seen me straight away & answered all my Q’s and the answers I got were exactly what I expected after watching the Expat Tax Thailand Vid.
2) She fails to mention Thai sourced income and for a definition on this look up Personal Income Thai vs Foreign Sourced Income Tax ACCLIME THAILAND.
3) Filing tax returns is not an honor system. The following link explains that single/couples with income of 120K/220K THB income have to file tax returns and gives the penalties if you don’t or file a false return - How To File Your 2024 Income Tax In Thailand EXPATICA.
4) What a lot don’t realize is Thailand now a CRS (Common Reporting Standard) Country and to know more on that look up Common Reporting Standard WIKIPEDIA. Also Thailand Begins Common Reporting Standard Exchange In September 2023 TAINI.
5) Latest one they come out with is taxing world wide income regardless if that is transferred to Thailand or not and it’s going to be hard to hide with 120 of the world’s 195 Countries CRS Countries. However we still have to see where they go with this one. Look up New Overseas Income Rules BANGKOK POST.
To say something is not true it has to apply for all, not just for most people. Take more caution when stating things like this, especially in this case where details is not revealed yet.
This video is to provide information about what has been announced thus far and how it impacts people based off current tax regulations. I hope it provided some clarity for you.
I have good clarity of this already and that’s why I understand that some of the things you said is not true very well can be true for some people.
However all the details are not revealed yet so we cannot really know anything for sure at this moment.
So what are we saying, instead of bringing the tax in in the following year I now need to make a gift to somebody in Thailand instead so as not to be taxable?
Hi b4bmm,
It is best you speak with a professional for financial advice about your specific situation. I am simply providing information about the new tax regulation and what is classified as taxable.
@@p2ep2e41 This is my understanding too but it would be unusual if they didn't close this option if they bring in new rules.
LOL!!! I'll gift my son and grandson $15K each year and they both can gift me the same amount! Problem solved!
I think there might something some Thai/farang miss to do. I have officially no income in Thailand and my wife is a deputy manager with quite good income so she has to pay tax. As I have no income in Thailand my wife deduct 60,000 THB because of me when she do the annual tax return. She just send a copy of my passport each year so the revenue office can verify that I have no taxable income in Thailand. How much I bring to Thailand from my home country each month seems to out of interest for the tax revenue office. If you pay tax in Thailand and your wife/husband has no income you can make a tax deduction of up to 60,000 THB/year.
It was worse when I lived here in the early 1980's. Then you had to pay tax here even if you had no income (after 180 days). When you had payed your tax you got a tax clearance stamp in your passport and you were allowed to leave the country. If you claimed you had no income they calculated how much you needed per day to live here. They multiplied that amount with how many days you have been here (or since last time you made a tax clearance) and you payed tax based on that amount. It was a lot of bargain of the tax each time I did the tax clearance at the tax revenue office 😁.
Thailand has many reductions for personal tax. It's a well-thought-out scheme. 100,000 for getting to work as an employee, 100,000 for mortgage payments, 25,000 for health insurance, 30,000 for each child, and 30,000 for (per) parental care. You don't need a tax lawyer for this. Check out PWC tax summaries and file yourself.
So if i come with 50million $ in 2024 i pay tax? Do i pay welth tax to?
This is not a question for a visa agent. For guys with high net worth, It makes sense to talk to an international tax professional. Not A visa agent.
Under the new rules you will pay tax at source and on worldwide income once a tax resident of Thailand. If you are from a territorial tax country, you will continue to pay tax at source in your home Country. If you are a resident of Thailand you will pay wealth taxes on your assets. Thailand has capital gains tax, inheritance taxes, and property taxes. The government has announced they are reviewing the latter two wealth taxes with the view of increasing tax collection. You will be liable to pay Thai wealth taxes once your resident.
Sadly I don't find this video much help at all. I'am not sure how you believe it won't affect expat retirees as the closing of loopholes is looking at rich people bringing in earnings from abroad.
I would think many retirees/50+ visa holders supplement their income with house rental in their 'home' country, are hardly super rich and spend all their income in Thailand with local businesses and services, plus bank rolling Thai family members. The rich people who can afford LTR and elite visas get a free get out of jail card and carry on regardless, and the normal retirees get caught in the net. I would think many 50+ visa holders are mulling over their options and many will decide to head for the airport now or when all the hassles of paperwork proof, accounts fees and tax hit.
Thank for the information.
Unfortunately, the fact remains that from 2024 foreign income remitted to Thailand will be taxable for those residing in the country for more than 180 days per calendar year. As it stands the new interpretation of the law requires Thai Elite visa holders to declare foreign income they remit, and pay tax on it, just like any other Thai tax resident. Remitting foreign income for purposes of purchasing a property is not exempt from tax. While it is true saving prior to 2024 are exempt from tax, the onus will be on the Elite visa holder to satisfy the Revenue Department any funds remitted are indeed purely savings. This can be difficult, if not impossible, as income has a habit of becoming commingled with savings over time. Even where DTAs do exist, remittance of any foreign income will still need to be declared. Furthermore, tax deduction, credits, offsets as well as exemptions on certain type incomes in one’s home country (certain untaxed pensions, passive income etc) are usually not reflected in the DTAs. This means many Elite visa holders face a higher total tax bill by residing in Thailand than they would if they just stayed at home. If your funds come from a countries with lower tax rates or more deductions/exemptions than in Thailand, DTAs are next to useless and you will pay more. Yes you can always assume the Revenue Department will not rigorously enforce the new interpretation of the law against Elite visa holders, but this is a very dangerous assumption to make, especially now that Thai banks are required to report remittances to the Revenue Department as part of the new international tax transparency standard. The last thing you want during your long stay is a legal nightmare, and heavy penalties do apply in Thailand for a failure to declare your assessable income. Bottom line, unless there is a statement forthcoming from TAT or the Thai Privilege Co Ltd that specifically exempts Elite visa holders as tourists from the tax on foreign income, the visa is simply not worth the risks or frankly the money. There are many other mobility/retirement hubs that explicitly exempt all funds remitted from tax or otherwise offer tax certainty combined with social benefits and permanent residency.
Well said sir, right on.
exactly why i decided to not follow thru with the 20 year elite i was approved for, after also having to bring it forward before the price rise , with respect to the agency that processed for me
That is exactly how two lawyers I asked understand what is coming starting next year if no wriiten changes or precisions in the last amendement.
-Pensions will be taxed, savings will be taxed if transfered inside Thailand, DTA will be useless considering the rates and income levels associated
A paper work hell with need of systematic legalized traductions
A risk of unpredictable regional interpretation differences
No english speaking interlocutors in tax offices.
Huge huge change it seems
Your comment is well thought out and well stated. While I thought she sounded intelligent and articulate, There's no way to define these new tax. Requirements
Like a one size fits all exclamation. I'm not a 100% sure. But the way I hear it if you're a low net worth individual receiving pensions mainly, Nothing changes. However, if you are a high net worth individual.
You're looking at double taxation on your capital gains. Am I correct in?
This assumption?
The truth is no one knows exactly how effective enforcement will be, but I have at a guess it will be more aggressive than most believe. The tax change will apply to “all” tax residents in Thailand irrespective of the size of their income/capital gain brought in. What we do know is that any capital gains (sale of assets, foreign exchange gains etc) and any income (rents, dividend, interest, pensions etc) will be subject to tax when brought into Thailand and will need to be declared. DTAs will generally allow tax paid in your home country on the funds remitted to be deducted from the tax payable in Thailand on those same funds. Generally this will require you to pay additional tax in Thailand, as deductions and allowance in your home country are not covered by DTAs so you are more likely pay less tax in your home country than you would in Thailand on the same amount. Pensions are often covered in DTAs, but differs by country. Australia gives Thailand the sole right to tax pensions and super funds remitted, UK/Canada gives Thailand sole right to tax “untaxed” pensions/pension products, but pensions taxed in UK/Canada are “fully” exempt from tax in Thailand. Some DTAs are silent on pensions so the assumption is Thailand has the sole right to tax in those cases. As to saving its unclear. If savings are mixed with income, say your bank credits interests to your savings account, these mixed funds may well be subject to tax when brought into Thailand, or it may be you are tax exempt bringing these funds in if the amount remitted is less than the total funds less any interest accrued. We simply don’t know. Also foreign exchange gains are unclear. Say your savings are in an Australian account and the $A appreciates against the baht, technically this is a capital gain and in theory this gain is also taxable in Thailand, although the Thai revenue department may exempt such gains if they not deemed fx trading profits. We simply don’t know. Sadly determination of any grey areas will be up to the specific tax officer dealing with your case. Any objections can made to the courts or mmmmm I guess you know …This is Thailand.
It’s more like a progressive sales tax. You’re transferring money to Thailand to spend it. What it does is cause a counter incentive to living there full time or spending there. Even having the extra government interaction caused by being a more than six month resident is a disincentive to being in Thailand full time. If you bought a condo for $100,000 on January 1 and lived in it all year it’s a 35% tax. Yes there’s a tax treaty but most US Citizens pay far less than the advertised rates due to breaks like capital gains and qualified dividends. The easy fix is to exempt retirement and Elite visa holders. Also, I would never trust anyone with such an obvious forced, fake smile. It’s bad acting at best. Looks like a hostage film. They don’t like you. They like your money.
Your right …this tax will be enforced more aggressively than most think and you will end up paying more tax than if you stayed in your home country. There seems little point to pay 5 million baht for a 20 year elite visa if you’re merely paying for an extended tourist visa with the privilege of paying extra tax.
Now they have announced worldwide taxation from 2025 there can be no debate. This visa is dead. It seems the remittance tax change in 2024 was just a transitional step to worldwide taxation in 2025. Now it makes no sense whatsoever to buy this visa unless Thailand privilege arranges a tax exemption on foreign fund for it members. Don’t even contemplate paying for this visa or relocating to Thailand until you get solid “independent” tax advice and clearly understand what you’re getting yourself into.