TAXES in Thailand? Do RETIRED & DIGITAL Nomads have to pay?

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  • เผยแพร่เมื่อ 25 ธ.ค. 2024

ความคิดเห็น • 74

  • @gavinhealy5899
    @gavinhealy5899 3 ปีที่แล้ว

    Very inspiring, great ideas.

  • @davidwalden2887
    @davidwalden2887 3 ปีที่แล้ว

    Permanent residency and paying income tax on earnings taxes in a foreign country or your home country. It all depends on how you got to earn it or win it. In Australia, no tax is paid on gambling winnings. Lots of questions with this question. If an Australian wins a million dollars in the USA gambling he pays no tax. This is part of an international tax agreement with many countries where gambling winnings in Australia are not taxed, but if you are a professional gambler yes you pay tax on your profits or losses from your gambling like any other tax assessment... But U.S. citizens do pay tax on those winning. Perhaps the same in the USA for some other countries. In most Western Countries you pay income tax in the country where you are a permanent resident.
    The USA and many other countries implement this policy all over the world. e.g. If you go to Thailand to live and retire it is almost impossible to get permanent residency. You have to renew your visa or retirement visa on a temporary yearly basis. This means you will always be a permanent resident in the US, Australia, UK, etc your home country, but live in Thailand and not be a permanent resident of Thailand. Thailand will not allow it, mostly. Some US, Australian, UK, European citizens who have lived in Thailand for many years pay all their taxes in their home country however they are still permanent residents in their home country. They come and go to Thailand often but are never permanent residents. They are Farangs or foreigners temporarily in Thailand and always will be until they are granted permanent residency. Which is unlikely to happen. Most longer-term visas in Thailand must be renewed yearly.
    Tax avoidance in many Middle East countries is rampant where they do not have an income tax. Some Middle Eastern countries have only 200,000 Citizens and 2 million international permanent residents avoiding tax in their home country. They invest their money in the international markets as well as in their home country. Using the rule "You pay tax in the country you are a permanent resident in". But those countries are free of income tax. So you pay nothing... all legit.
    There are/were perhaps 5 million long time and retirement visa holders renewing their visas on a yearly basis some for many years in Thailand because Thailand will not extend permanent residency to these farangs. As a result, Thailand is missing out on billions of US dollars, Euros, British pounds, Australian dollars etc of available tax. All those one year only visa holders living and renewing their visa on a yearly basis pay taxes in their country of permanent residency, e.g., US, Australia, UK, Europe etc. Farangs even if their income is earned in Thailand they pay the tax in their home country because they are still residents there and cannot get permanent residency in Thailand…Farangs in Thailand cannot be required to pay tax even on money invested in Thailand as they are not permanent residents of Thailand…when will Thailand ever learn. They are only doing harm to themselves.
    The tax payable from the 5 million Farangs permanently living in Thailand on permanent resident visas could be as much as the entire Thai Treasury collects each year through income tax.

    • @thaikru
      @thaikru  3 ปีที่แล้ว

      Well, you are underestimating the level of "Thailand first" here. Everything you say is logical, but there are forces 100x greater than giving some "farangs" permanent residency.

    • @davidwalden2887
      @davidwalden2887 3 ปีที่แล้ว

      @@thaikru... I can understand that Thailand cannot extend land titles to Farangs as people from western countries would buy it all up leaving little land for Thai Citizens. Thai permanent residency, even without land title rights, would entitle Thailand to demand and be advised of all income from the permanent resident income of Farangs and receive and demand income tax with some real effect, not hit and miss like it is now. Presently, Farangs living in Thailand are unlikely to divulge their financial situation and not pay any tax at all.

  • @rikirex2162
    @rikirex2162 3 ปีที่แล้ว

    Thai Bank did tax my FDA account interests but I got them nearly all back.

  • @angkl28
    @angkl28 3 ปีที่แล้ว +1

    great video...

  • @julianweekes
    @julianweekes 3 ปีที่แล้ว

    You are lovely, funny and helpful..... I will be in touch when I come with the 'new' retirement visa :) Thank you

  • @versasys
    @versasys 3 ปีที่แล้ว

    When Chalida asks me to smash her like button, I smash her like button.

  • @gregoryegan
    @gregoryegan 3 ปีที่แล้ว +2

    Thanks for this I did send a inquiry to your website, your information is always useful. Me I am thinking of coming on elite visa eventually as I am only 47 and doesn't seem to be any other options right now except English teaching.

    • @gregoryegan
      @gregoryegan 3 ปีที่แล้ว

      @@ojbkk how did you do that elite visa?

  • @tman5634
    @tman5634 3 ปีที่แล้ว +3

    Great content.
    I wonder what % of YT vloggers/Digital Nomads in Thailand are declaring what they do?

    • @gregoryegan
      @gregoryegan 3 ปีที่แล้ว

      Yes I wonder how this works

    • @tman5634
      @tman5634 3 ปีที่แล้ว +1

      @@gregoryegan
      If the laws are as stated, then every vlogger/Digital Nomal in Thailand will have notified the Thai authorities what they are doing.
      🤣🤣🤣

    • @thaikru
      @thaikru  3 ปีที่แล้ว +3

      I would estimate 0%. At one point a few years ago, the government busted a few coffee shops in Chiang Mai. But the immigration official who was in charge was fired shortly afterwards. I believe his name was Surachate 'Big Joke' Hakparn. But reading more information about him, he was concerned in getting better and easier visas for foreigners. His thinking was that if there were fairer visas then it would be easier for him to prosecute those without proper work authorization. As with anything in Thailand, you have to really look at it from both sides - since just like your country, there are competing politicians and law enforcement officials on both sides of the issues.

    • @tman5634
      @tman5634 3 ปีที่แล้ว

      @@thaikru
      That's a great story, thank you 😃

    • @gregoryegan
      @gregoryegan 3 ปีที่แล้ว

      @@thaikru thanks for that it’s very useful.

  • @ritzsd5597
    @ritzsd5597 3 ปีที่แล้ว +3

    happy to see u again.... sweet as always

  • @blureader1643
    @blureader1643 3 ปีที่แล้ว +3

    You're right, retirees will be upset if they have to pay tax because we are told how much money to deposit into Thailand in the bank and once a month. I think it's fair to pay taxes on the money earned in Thailand, such as interest income, business income, digital nomads who live full-time Thailand (considered a business), but if it were not required for retirees, I would only transfer my living expenses to a Thai bank and leave the rest, except for a few thousand $$ in a bank in my home country. What I'm learning from your videos, unless you are fluent in Thai - speak, read and write, it's worth the extra expense to hire people to help you. We pay people in our home country to help us, so I don't understand why people are so against doing this in Thailand.

    • @thaikru
      @thaikru  3 ปีที่แล้ว +1

      Good advice. And the cost for someone here is not that expensive for the peace of mind one would get.

  • @Chris-Ober
    @Chris-Ober 3 ปีที่แล้ว +4

    that "I'm waiting" got me, when you asked for the thumbs up haha

  • @abc-cl3rb
    @abc-cl3rb 3 ปีที่แล้ว +3

    could you do a video about STV visa? i heard it is exping and there is no other new ,ethod right now to stay long term.

  • @robertmaddelena7890
    @robertmaddelena7890 3 ปีที่แล้ว

    Im waiting for Bangkok to get past covid. Then I come and see you. Can you show condo in Chaing Mai. 😊

    • @thaikru
      @thaikru  3 ปีที่แล้ว

      For the moment we are based in bangkok but we have contacts there to help you

  • @davidwalden2887
    @davidwalden2887 3 ปีที่แล้ว

    My comments are not meant to be downgrading Thailand. However, their continued omission of issuing permanent resident visas for Farangs is very detrimental in them attempting to collect income tax from people who are permanent residents of another country, which is their home country. Even people on Thai retirement visas, which are short term visas for one year only, are unlikely to be obliged to pay tax in Thailand because they are only issued short term temporary resident visas for a maximum of 1 year. That is not a permanent residency visa in any language. They are legally required to pay tax in their home country as that reluctantly remains their legal country of residence.
    Farangs without permanent residency visas in Thailand are required to pay tax where they are permanent residents, that would be their home country and not in Thailand. Under international conventions regarding income tax, Thailand is completely out of step with the rest of the world. and that is detrimental to Thailand. You pay income tax in a country where you are a permanent resident, not where you earn it. Perhaps Thailand will not sign the convention? That would bite them badly.
    Many countries have implemented collecting the tax due with great pressure anywhere in the world while the payers are permanent residents. Particularly the USA, Australia, UK, Europe and many others. You really cannot be taxed twice for the same income. Someone has to give and that is likely Thailand. That is what these conventions are all about.
    Permanent residency status in Thailand for Farangs would make collecting income tax legal for Thailand. Thailand would be entitled to collect income tax from Farangs, this would be a much better and simpler benefit for Thailand. Not so good for the Farangs home country but who are still citizens of their home country.

    • @thaikru
      @thaikru  3 ปีที่แล้ว

      I don't think you were denigrating Thailand at all.
      What we are saying is that there are other, bigger, geopolitical considerations with our (ahem, cough) larger regional neighbors that make the tax from foreigners a rounding error. AND also, Thailand has always been reticent about giving permanent residency or citizenship to people not Thai -- that's more of a historical thing... you could say its the "Thailand is for Thai people" attitude. You see it turn up from the point of foreigners not being able to buy land, to as you say visas that lead to nothing (retirement, marriage). That's why we always push for people who want to get residency and citizenship to either get a job or start a business. Marriage, retirement or even the Elite visa will always mean you are a third class person that can never, ever claim citizenship in the kingdom.

  • @Eric-of5ex
    @Eric-of5ex 3 ปีที่แล้ว +1

    Thank you for an informative video Chalida 👍.Do I understand correctly that I can stay in Thailand less than 6 months a year ,and living of income from my investments(investments from my home country),I do not need to pay taxes to Thailand?
    Khob khun Krap 😊

    • @thaikru
      @thaikru  3 ปีที่แล้ว +3

      Yes, correct

    • @davidwalden2887
      @davidwalden2887 3 ปีที่แล้ว

      @@thaikru Maybe correct? but illegal under international conventions worldwide. You are obliged to pay tax in the country you are a permanent resident. No country outside of Thailand would support Thailand's requirements. they are out of step.

  • @michaelw9961
    @michaelw9961 3 ปีที่แล้ว +2

    I took your advice. I told the nice lady at the shop "long time." She slapped me!
    (joke)

  • @PaxNot
    @PaxNot 3 ปีที่แล้ว +10

    I don't believe it's true that the tax residency requirement (183 days in a calendar year) restarts when you leave a given foreign country. It's a cumulative sum. Now, will the kingdom find out ... probably not, but still not accurate.

    • @thaikru
      @thaikru  3 ปีที่แล้ว +5

      Correct we made the mistake. Thanks for alerting us. I will update it for the viewers.

  • @Williiii
    @Williiii 3 ปีที่แล้ว +2

    If you German you dont have to pay taxe when you retired. If the Thailand goverment want some tell the German Ambassy the will help you.

    • @Alf3003
      @Alf3003 3 ปีที่แล้ว +1

      no. Do you have to pay tax depends.

  • @WhyYouTrippin
    @WhyYouTrippin 3 ปีที่แล้ว

    Foreign income remitted into Thailand within the same calendar year it is received is taxed in Thailand. But how would they/we know what year the income is from?

    • @thaikru
      @thaikru  3 ปีที่แล้ว +1

      Which is why this thing is rarely enforced.

  • @erikjanse3994
    @erikjanse3994 3 ปีที่แล้ว +1

    Do you have to pay wealth tax in Thailand, e.g. if you own stocks or a large amount of savings in cash in the bank?

    • @thaikru
      @thaikru  3 ปีที่แล้ว

      Yes of course. If you have any kind of Income received from monies invested in Thailand, you have to pay some taxes.

  • @brandonjoseph3422
    @brandonjoseph3422 3 ปีที่แล้ว +1

    One question. Suppose I make transfer of say a million baht into my Thai bank account once every year and I’m on an elite visa, then will tax officials hunt me down ? And that million baht is transferred by, for example, my mom, or by my friend. Thanks

    • @thaikru
      @thaikru  3 ปีที่แล้ว

      Hard to say. They have not really done that in the past. But that's not an indication of whether or not it will be done in the future. But I would say, if you are transferring 1 million Baht, then spend 5,000 THB to get the advice of a good accountant here in the Kingdom. If you would like us to refer an accountant to you, contact us at the website.

    • @brandonjoseph3422
      @brandonjoseph3422 3 ปีที่แล้ว

      @@thaikru understood, thanks again

    • @davidwalden2887
      @davidwalden2887 3 ปีที่แล้ว

      How can Thailand know if you have one million Bht earnings profits from investments or simply withdraw from a savings bank account getting 0.1% interest back in the UK? You only pay tax on earnings in Australia, I suggest the same in the UK or for that matter Thailand. To me, this suggests Thailand is trying to tax Frangs by a wealth tax. This should never happen...ever.

  • @ewooll
    @ewooll 3 ปีที่แล้ว +1

    I went through the whole tax nightmare in Thailand. My UK bank threatened to report me to the authorities if i couldn't show a Thai tax ID number in my country of residence. My income was from 2 properties in the UK, and i always paid tax on any income there. Anyway, the outcome of it all, is that i now pay tax on my UK property income in both the UK and Thailand [it's not so much]. I could have avoided paying double tax, under the UK- Thai double tax agreement, but the form you need to fill out to HMRC is too complicated, so i chose to pay tax in both countries. My advice to anyone burying their heads in the sand [like i did], is to get an accountant, and pay whatever tax, for peace of mind. "relax, pay your income tax."

    • @thaikru
      @thaikru  3 ปีที่แล้ว +1

      Amen brother.

    • @davidwalden2887
      @davidwalden2887 3 ปีที่แล้ว

      This indicates to me and as you say, you are a permanent resident of the UK. This is where you pay your taxes, this is where you have your investments. but you have a temporary visa to live in Thailand as a tourist. Your bank in the UK will be completely, utterly and absolutely out of order if they disclose any information to a foreign country about your banking information. All or any information between you, your bank and the UK tax office is confidential. I stand corrected, I'm an Australian. Our banking laws reflect UK banking laws for hundreds of years.
      Any bank that tried that one on me, I would bring that issue to the notice of the press and the baking authorities or the banking ombudsman etc. It is just not on. Your bank is treading on very dangerous grounds and could leave them open to compensating you as well as a large fine under banking regulations. Don't worry about Thailand, if your bank disclosed this information to a foreign country they likely have a problem...big problem.
      Since Thailand will not often provide permanent residency to Farnags they have no legal authority to collect taxes from Farangs. You pay your taxes in the country you are a permanent resident particularly if that is where your investments are. If you do not have permanent residence in Thailand then you really are only a Tourist regardless of what Thailand calls you. There are only 3 designations for the international traveller. 1...Citizens, 2...Permanent Residents. 3...Tourists. You are a tourist. If Thailand refuses to sign the international agreement regarding taxes they are subject to all sorts of restrictions with many different issues.

  • @tonyedwards2693
    @tonyedwards2693 3 ปีที่แล้ว +1

    I’ve never met a Thai who pays tax!

  • @Paul-jo4km
    @Paul-jo4km 3 ปีที่แล้ว +2

    I don't think it's 100% correct about 15% tax on 50k per month (600k yearly) There are tax brackets.
    0-150k 0% 150k = 0
    150k-300k 5% 150k = 7,500
    300k-500k 10% 200k= 20,000
    500k-750k 15% 100k= 15,000
    600k= 42,500 baht
    So really on 50k per month you pay 7% tax

    • @thaikru
      @thaikru  3 ปีที่แล้ว

      We calculated that tax bracket per month.

  • @keithd1219
    @keithd1219 3 ปีที่แล้ว

    Great video. As a retired foreigner who only lives in Thailand, has no home in their home country (my case being the US)....I still have to pay my taxes in the US but I would file from Thailand. I understand there are specific tax accountants in Thailand that do that?

    • @thaikru
      @thaikru  3 ปีที่แล้ว

      Yes. There is a whole industry of accountants to serve global USA expats. A lot of these are even in Thailand too.

    • @davidwalden2887
      @davidwalden2887 3 ปีที่แล้ว +2

      I suggest that as Thailand will not give you permanent residency, you are still a permanent resident of the USA. Although you have been living in Thailand for a long time, you pay your taxes in a country where you are a citizen or a permanent resident. With Thailand refusing to give people long-term permanent residency, they cannot receive income taxes. VAT - and all other taxes are all OK.
      Thailand, if it is trying to obtain income tax by assessing tourist spending money, this just cannot happen. That sort of thing starts shooting wars. Regardless of what Thailand says, if you are not a permanent resident you are a tourist. That is likely why you are paying taxes in the US...same for Australia. Any attempt by Thailand to tax tourists will come back to bite them badly..

    • @keithd1219
      @keithd1219 3 ปีที่แล้ว +1

      @@davidwalden2887 Thanks David....you're spot on with your explanation

  • @steviel1526
    @steviel1526 3 ปีที่แล้ว

    If a forgiener rents out his condos in Thailand, does he have to pay the rental income from those condos?

    • @thaikru
      @thaikru  3 ปีที่แล้ว

      Yes he has to pay taxes on that income.

    • @steviel1526
      @steviel1526 3 ปีที่แล้ว

      @@thaikru thanks.
      What is the tax rate please?

    • @thaikru
      @thaikru  3 ปีที่แล้ว +1

      It is best to talk with a tax accountant here in Thailand for that information.

  • @glaubhafieber
    @glaubhafieber 3 ปีที่แล้ว +4

    Farang tax is funny. At the Airport: you Thailand first time? Pom you krung thep laew 2 pee. Even if it’s not entirely true, they smile and just turn the meter on or give me an excellent price. I always tipped the ones who don’t try to overcharge. Never been ripped off. Not even at bars in Phuket. Using common sense helps a lot (everywhere)

  • @columbaeastwood1524
    @columbaeastwood1524 3 ปีที่แล้ว

    If you make a profit from selling a condo is there capital gains tax in Thailand ?

    • @thaikru
      @thaikru  3 ปีที่แล้ว

      Yes.

  • @pogump
    @pogump 2 ปีที่แล้ว

    Kill the disturbing music !! Can not focus on what you talk about,sorry.

  • @aaronroseburg4849
    @aaronroseburg4849 3 ปีที่แล้ว

    You pay divident tax 10% in Thailand If you have business overseas right. Owcourse if you are consider resident over 183days days in year? But how you get work permit lol. Law in Thailand is older then me.

    • @thaikru
      @thaikru  3 ปีที่แล้ว

      What do you want to do specifically? Contact us at the link in the description and we can talk with our accountant together to advise you.

    • @aaronroseburg4849
      @aaronroseburg4849 3 ปีที่แล้ว +1

      @@thaikru You can't work as digital nomad in Thailand, it's illegal. For that you need work permit. This is what expats groups said.

    • @thaikru
      @thaikru  3 ปีที่แล้ว +1

      And yet thousands of digital nomads are in Thailand. Lots of things are overlooked here by the government because it actually helps the country. This is why they are seeking to make it more official with new visas eventually. Thailand is not so black and white as you might think.

    • @aaronroseburg4849
      @aaronroseburg4849 3 ปีที่แล้ว

      @@thaikru sure they stay under radar 😁😋

  • @marknicholson6562
    @marknicholson6562 3 ปีที่แล้ว +2

    Can you play the guitar behind you?

  • @Paul_G_Eats
    @Paul_G_Eats 3 ปีที่แล้ว

    You pay tax where ever you live

    • @thaikru
      @thaikru  3 ปีที่แล้ว +1

      Except if you're American. You're correct - but it's a little more complex than that.

  • @adamstainer4637
    @adamstainer4637 2 ปีที่แล้ว

    Narak mak

  • @miketzai9209
    @miketzai9209 3 ปีที่แล้ว

    Your tax system is the reason why you not have welfare i. Thailand.
    When I retire I. Thailand do I then have to pay tax from my pensions from my country then...
    Wow now i got answer of my question, well it will be insane if we have to pay tax, what we get for the tax, if we got something from paying tax, then I gladly pay tax, example help to hospital, or other things.
    Stay safe out there
    Rak Thais RAk Thailand samer

  • @GapBahnDirk
    @GapBahnDirk 3 ปีที่แล้ว

    You are a delightful lady K. Chalida! If I was 30 years younger and didn't have a wife and two kids.... I don't have a mia noi yet though 😍

  • @H...9346
    @H...9346 3 ปีที่แล้ว

    Question :Are you Single 😂