IF, the law is passed I firmly believe it would be the death knell for expats wanting to live in Thailand. Why would anyone want to live in a country in their retirement and have their overseas assets and investments fleeced of tax? I for one would not. I'd be out of here in a second. My country has zero or discounted capital gains and also has zero tax on our privately funded pensions. But Thailand taxes these. So that is a massive massive red flag for me, iny own opinion, to leave this place IF this goes ahead. All about financial risk aversion. I need to protect my assets and if that means leaving this country I have grown to love, then unfortunately I will. I can fall in love with another country and it's people again and spend my money there instead. Sad but I feel that a huge number of expats would feel exactly the same as me.
You don't actually think most Thais want Farangs, especially white males, residing in their country do you? Most of them would welcome an exodus of farang residents and if a change to taxing does it, then so be it.
@@susanzimmerli5178 Most countries have a lower cost of living compared to the West, and it’s not about having zero tax. It’s about having a better tax regime than what OP outlined in the comment above and there are certainly many, many great countries that still offer that for expats.
That's my thoughts to I'll go to surrounding countries as well as back Canada where i came from and make dam sure I don't spend anywhere near 180 days in Thailand which kind of sucks because my wife and I own a house in Thailand, I don't have a problem filing but personally I'm f n sick of paying taxes i believe seniors should be exempt form income tax. To me I might as well live in a developing country because where I live in Canada its a joke high taxes the country is crumbling and the hospital in my town has been closed 6 time this year and they say if you need medical attention go to the next hospital 70 km away or call 911 and then 911 puts you on hold as I found out when I found my room mate had expired from a heart attack called 911 and when i got through they tried to dispatch a ambulance and 911 was put oh hold by the ambulance service can't make this stuff up fortunately wasn't any more traumatic for it was obvious he was gone for hrs
Why should I pay tax when I get nothing for it?! They call it "residence more than 180 days", no visa is residence visa. My Non-O is not a residence visa so technically and in the eyes of the laws I don't residence in Thailand since they don't give me a residence visa and I have to apply for a new visa every year. They want tax they gonna give me benefits because that's why you pay tax! So then I would be able to vote, work etc in Thailand if I should pay tax just like a Thai citizens!
And let's mention triple tiered hospital fees as a massive issue here. Also other two-tiered pricing elsewhere. Yes, no rights to work most occupations, no citizenship for most, reporting still every 90 days. Where is the incentive to stay here?
@tyvid Yes, that also. They want tax they can start respect foreigners who try to make a life here. Otherwise why would we pay tax! I pay for my stepson to go to work in Taiwan, I help my stepdaughter, I help my grandson with money etc. But Thai government don't understand anything since they only want to pocket more money it seems like!
@Mark-yo5ue If they want me to pay tax they should let foreigners do that! But they can't since we don't accept corruption etc. Not interested, but they want me to pay tax they should give me something!
Exactly. I for one have pulled back on bringing money in to this country this year. I have held off on buying a car and will not even consider buying a condo at all with the feared massive extra tax I personally would have to possibly pay on top after remitting money in to buy one. I am closely watching this worldwide taxation situation. My property in Australia I won't sell as a Thai tax resident ever if this draft becomes law. I would leave Thailand over 6 months first to remove that tax residency status. You would have to be a total fool, in my humble opinion, to sell it as a tax resident here (if this becomes law) unless you love giving away your life savings. Up to you! I get a 50% capital gains discount in Australia on investment property, which I believe Thailand does not recognize discount or exemptions for capital gains here. If the current announced planned changes to Thai tax enforcement are actually enforced next year, I will be out of here permanently as my privately funded pension is rewarded a total tax exemption in Australia and I want to add to my pension fund. This means I am looking at around 25% tax in Thailand if remitted here, IF what has been relayed by financial advisers is correct (they all have interpreted Article 18 & 19 of Australia DTA the same). In the meantime I am being frugal and remitting only what I need and if I need to pay tax next year, I will pay it but then leave the country.
@@rayroams The elite visas make up the smallest fraction of retirees so you’re comparing apples to oranges. Thailand isn’t making enough off the budget retirees which is why they are looking to expand taxation.
Thailand is trying to follow WEF who are working on a world wide taxation policy once a one world government is formed,every country including Cambodia will have to follow this type blanket taxation future policy...there's no escaping it,and 180 day rule exemption won't last long in my opinion
Japan …. 90 day stamp easy , Vietnam 90 day stamp then back to Thailand it’s cheaper, easier, and this way I never need a visa … just pass port .. To easy , I own Thailand and japan it’s that easy
@@carlyndolphin their not only countries by the way , just think airline ticket cheaper and less stress , they say 180 days …. Say yes sir and abide by law , it’s that simple
@@StuF-r2l they can have my money and I spend big for 180 or 365 it’s their call I’ll work within law , I’m not going to break laws so that’s how it is , the exciting part is I’m 55 I’ll spend next ten doing that then reasses near 67 pension age in Australia, it’s that easy just play by the law live to 100 and no stress
It’s really heartbreaking to see how inflation and recession impact low-income families. The cost of living keeps rising, and many struggle just to meet basic needs, let alone save or invest. It’s a reminder of the importance of finding ways to create financial opportunities. You've helped me a lot sir Brian! Imagine i invested $50,000 and received $190,500 after 14 days
Some persons think inves'tin is all about buying stocks; I think going into the stock market without a good experience is a big risk, that's why I'm lucky to have seen someone like mr Brian C Nelson.
Already overpaid and got screwed on the Elite visa vs the new DTV, same same... If they want my money too Ill be headed to Boracay, BGC whatever in the Philippines...
From my perspective I spend over 1 million baht per year in Thailand on goods and services plus I use Thai labour to build and maintain my property and land plus outside dining and entertainment. If they introduce this taxation I will leave. I am sure the drafted proposal if implemented would not raise this amount of money but it would go straight to the government as opposed to money being spent on the local economy and people and businesses therein. Also let's not forget these are the same people and businesses that need investments from tourism. Retirees like me provide stable income and smooth the boom bust waves and peak and trough curves that seasonal tourism creates.
Mal ehrlich…wer investiert denn in Thailand? Klar, die Löhne sind niedrig.naber was bekommt ein Investor dafür? Kaputte Infrastruktur, meist liegt die Bildung der auf dem Niveau einer Grundschule.
I watch many of your videos concerning tax in Thailand ECT. Yes there is a lot of scaremongering about Thai tax however I went to my local tax office to obtain my ID tax number, I spoke to the manager of the office she confirmed to me that you only pay tax on money remitted into Thailand, she also went through all the allowances I could receive. She even said to come back after the new year and she would help me fill in the tax return and told me what I needed.
I didn‘t even get a Tax ID because I‘m retired and as I only remitted money in 2024 still from savings and income from 2023 and earlier no filing tax return needed.
Did the official at the Tax Office tell you that savings accumulated up to 31 December 2023 are not taxable and can be remitted to Thailand 'tax free'? The taxation of remittances only applies to funds earned/saved from 1 January 2024.
@jamesbarr2357 yes any money or savings invested before 31/12/2023 are not taxable. I am in this position. I have cashed in a bond of £36,000 about 1.6 million baht I must bring this in to Thailand before the end of this year for it to be tax free. She did say as the money would be remitted through wise to kasikorn bank I would have to prove the the money was invested prior to 2024
Does that mean hypothetically if Elon Musk chose to reside in Thailand. Which of course he doesn't. The Thai gov would tax his 200 billion. $ Who the hell do they think they are.
The Thai Tax Department are also guilty of pushing this narrative. When I did my tax return with a Tax Department employee in Chiang Mai in January this year, I was informed that in future I would be taxed on monies I received from overseas. So obviously the Tax Department is also advising foreigners this will be so. Not saying you are wrong, but the Tax Department is advising foreigners in this way because this is what I was advised.
Ben was talking about the global income taxation which is not even written just a pln, and not about the sum of money you remit to thailand from overseas which would be taxed. Perhaps you misunderstood the video
It would wreck their industry attracting long-term stays.I think they will change heart on this. Thailand's tourist industry is sick right now. I travel around here all the time and I see a big downturn coming for Thailand.
Every long-term resident who lives in Thailand, wakes up every single day, whether 😮, rich or poor, and goes out into the economy and spends money at the markets 711 restaurants bars, sending money to your Thai bride or giving her money whilst living there, renting or buying a place it’s all money for THAILAND .Why keep taxing and taxing foreigners that they clearly need ,Why chase them away .
The global minimum tax only applies to very large corporations. Nobody anywhere has ever suggested the idea should apply to small companies or individuals. The main goal is to stop Apple or Google shifting profits from the US to Ireland, for example. Even if implemented (to be seen), its introduction will have minimal impacts on firms in Thailand and almost no effects on most individuals or households.
Subject was getting boring , we have now passed that it's totally boring. Anybody trying to guess what Thailand's policy on anything tomorrow or in the future must be a pure genius as the government itself doesn't even know. Shifting winds, comes to mind.
Exactly. Imagine deciding it's never going to happen and remitting a huge sum of money from the sale of a property overseas to buy a property here, believing you won't be taxed. I'd personally not do it. Risking perhaps a million or two million Baht extra on tax on top of a property purchase ... worth that risk? Not for me personally. I know in my country they introduce laws at times and make them retrospective. So, I am concerned. Others may say it's paranoia.
There'd be compliance issues between governments tax organizations, DTAs, loopholes, all sorts to get by... Good luck with implementing these whacky proposals Thailand
Doesn't really work like that though.... Thailand can define what they do or do not have a "right to" . In the same way "we" can plan accordingly, honestly its something of a blow to me as I was hoping to retire there, but looking elsewhere now, not that I'm sure anyone really cares.
This will become law. Thailand will implement a residency based tax system that taxes foreign income. This means everyone who resides in Thailand for more than 180 days a year will have to hire a thai accountant or a thai tax lawyer and report ALL their worldwide financial affairs to them. Every sliver of income, every bank acccount earning interest, every brokerage account, and every pension fund. Every detail of every single financial undertaking worldwide will need to be disclosed to your thai accountant and reported to thai tax authorities. There is gonna be a wave of incompetant thai accountants taking every foreigner they can for a ride because of this. The only question is, does it become law on january 1st 2025?
Not a hope in hell this law will get passed. Out of 70 million people in Thailand only 10 million have tax ID'S. How the hell do you think they will be able to tax foreigners when they can't even tax their own citizens. 😂😂😂😂😂
Reading the paragraph in the newspaper, he showed us again. I notice it says, "regardless of whether that income is brought into Thailand" at the end. So as I heard a tax advisor say the law has been in place since January 2024 that money brought into Thailand from overseas by people who have lived here over 180 days has to pay tax on it. This is slightly different to what it states in the article. So I would be obliged if he could clear this up.
Draft isn't change however Thailand has become way too big headed to even think about this. Stay humble and modest, otherwise you wouldn't even need to draft anything because foreigners won't go.
Folks if I’ve said it once. I’ve said it 100 times. Listen up! The younger generation of Thai politicians, etc. want the pensioners out of Thailand. They see no long term economic benefits from having them here. By leveraging this tax and they will. It’s going to force most of them out of the country. The future is upper middle class and upper class expats with money. I’m sorry to tell you. Not pensioners who rent a small flat in Bangkok, Pattaya or Chang Mai. Who eat untaxed street food and whose most of the income goes to an untaxed bar girl. Those days will end! They know by riding the country of those people different tourist with more money will come, stay 60 days and go home. If you’re smart you’ll start preparing for this now.
I love when politicians dream they can reach into other countries to grab money earned "over there". Nice concept, good luck with the implementation. But this kind of trial balloon makes for steady click bait.
A global tax is not just an idea.. I haven't been in the US for 18 years yet every year I must file a tax return there on the income I earned working in other countries for foreign firms.. If that isn't a global tax then I don't know what is.. So please don't say there is no such thing..
Yes absolutely correct Please may I say if you are on a retirement visa , your home country may have a written agreement with the Thai government that no tax is payable on pensions for arguments sake . I’m aware that Australia has such an agreement, but not sure for other countries As for people that live here and work off shore , I think these videos are the most informative And if such a tax was to be implemented, you can imagine the vacuum of people and money as well as Thai jobs gone for ever , can a country such as Thailand afford that My guess is never
I can see the direction they want to go and that doesn't work for me at this stage. Already booking my move to a more suitable situation. I'll reconsider once we have clarity.
Either way, this is on the cards as Thailand falls in line with other countries. Tiring into big spending big bureaucratic governments controlling people by compliance penalisation. My wife would never go to live in cambodia or the Philippines. Thais can be quite racist or similar. Luckily we have options. If the shit hits the fan in LoS... We're out of there just we are out of Australia..
If you don't want to pay tax and get trouble from THai Tax Department .Just not to be a Tax Resident and not reside more than 179 days per year in Thai ....End!😂😂
This new tax system will deter foreigners from retiring in Thailand. Thailand should not tax on foreign income but only income made in Thailand. If a retiree chooses to live in Thailand and has to be taxed on their life-saving money, then it simply does not make any sense.
Spending more time and money outside of Thailand is a good idea along with not maintaining a long term O visa by keeping ฿800k tied up in a bank. 3-4 months are unhealthy air quality and 1-2 months of rain and The Philippines tax structure is much more friendly along with friendly English speaking people, more social activities, good music and endless beaches. Vietnam and Malaysia are fun places to go also.
If you need legal services in Thailand go to a Thai lawyer. Foreigners are prohibited to work and provide services in legal counseling, litigation and others such as representing as a lawyer in all types of cases, acting on behalf of clients in legal matters, drafting contracts or making legal documents.
I'm getting bombarded with contradictory information from expat so-called experts in tax and law. As far as I know the Thai government hasn't informed me that I will pay tax. Thanks Ben.
The government will not inform you. If the rules/laws are finalized no one will send you a notification. If the rules apply to you then you should comply voluntarily. Same as in the US.
You have TM30,90 days report ...Tax Department know where you live in Thailand ..They can inform you anytime or just give you a penalty after the deadline on Tax Return ..😂😂
Can Bangkokpost be sued for defamation of the country? Surely this whole thing has eclipsed into quite a bit of revenue loss as a result of all of the fearmongering
First of all a Worldwide Tax can't just be done for foreigners . If the law changes it will change for all foreigners and thais . That said : " Where there is smoke , there is fire 🔥 " . This story is out and cooking . Let's see but i think in a couple of years we will know ! 😅😂
Ben is so emotional. More so than usual and more than warrants. Sounds like Ben is upset that worldwide income will be taxed and he is just hoping and praying that it won't.
@wengelder9256 most countries have residency based taxation. Thailand had territorial based taxation and is now implementing residency based taxation. What America has is unlike every other country on earth. America has citizenship based taxation. Americans have to pay taxes to America no matter where they live, but in Thailand they had no obligation to report any foreign income to Thai authorities. With this change everyone will have to get a thai accountant and start reporting all their worldwide financial affairs to thai authorities. That would make me upset too. The last thing on earth I would want to do is deal with a thai accountant or thai tax lawyer for all my foreign financial affairs.
@jesselivermore9285 . U have not been paying attention as far as Thai taxes are concerned ( I have been a Thai tax payer for many years) . The recent change in policy , a directive published mid November 2023 ( not even a law change ) , changed a directive valid since the mid 80 ies ( which was a directive that changed article article 41 of the tax code ) . The old directive made repatriated income taxable only if brought in the year AFTER it was earned . That loophole is now closed . Under the old directive , anyone living in Thailand more than 179 days , including foreigners , were taxable already if they brought in income the year the year the earned it . Indeed nobody got taxed because Thailand never enforced it . There must be thousands of foreigners who just transferred their pension straight into Thailand ( after being paid in their home country ) , and were taxable already . Thailand never enforced it . The new directive just brings the law back in line with what article 41 actually meant originally . The old directive opened the door for rich Thai to simply wait until next year to bring in their money and got away with murder as many did not get taxed in the country where they had business operations or investment and made income overseas whilst living in Thailand As for taxation of world wide income , nothing has been decided . The administration has said that they are working on a law to make worldwide income taxable , irrespective of being repatriated , but making a law and voting it in are different things . Thailand had always residence based taxation ( evidently most countries have ) . Once u lived 180 days in Thailand u pay tax . 45 years some got off the hook by a shady directive . If u live , say in Belgium for example as a foreigner , more than 180 days , a non Belgian pays income tax on his worldwide income . France … just the same … as are many . This is no exception at all . Thailand is not doing anything special. You just have to hope a country made a good double tax agreement .
This channel needs to understand most here are poor drunk lost farang , the worst of the worst from west , sharp as bowling ball types , people with money are not worried they know how to manage their money , it’s not rocket science, if it comes in , you pay and stay or stay under 180 problems gone if it’s a problem for u , just fly to next destination and return next year , not expensive to fly to Vietnam …. 90 days , not difficult to fly to Japan 90 days , list goes on , but abide by law don’t ignore it ,
You vascilate weekly, from accepting Thailand is a WEF member and therefore subject to WEF intentions, to, This is Thailand and we're sovereign. There will be a one-world-tax, that's why negative income has been introduced. It may take another year, possibly two, but it's coming. So far, every one of your WEF denouncements have become policy and reality. You accept the new border surveillance is unnecessary for security, so what is it for?? Ans. tax.
some idiot journalist from bangkokpost launched this and everyone is starting to panic.let everything take its course and see what the future brings and stop panicking,use your brains😡😭
@@johndoe1.196I've been there and the communist spiel is plain scaremongering. It's a very liberal place for an expats actually. Yes the dog restaurants are disturbing, but most Vietnamese don't eat dogs. And it's not in your face. Nowhere is perfect including Thailand.
this much concern about a non-citizen good at paperwork to become a citizen but not really I think America needs you as you should be worried about Americans crossing the border and having a job rather than Thailand
IF, the law is passed I firmly believe it would be the death knell for expats wanting to live in Thailand. Why would anyone want to live in a country in their retirement and have their overseas assets and investments fleeced of tax? I for one would not. I'd be out of here in a second. My country has zero or discounted capital gains and also has zero tax on our privately funded pensions. But Thailand taxes these. So that is a massive massive red flag for me, iny own opinion, to leave this place IF this goes ahead. All about financial risk aversion. I need to protect my assets and if that means leaving this country I have grown to love, then unfortunately I will. I can fall in love with another country and it's people again and spend my money there instead. Sad but I feel that a huge number of expats would feel exactly the same as me.
There are not many countries left with no tax and there the cost of living is much higher
You don't actually think most Thais want Farangs, especially white males, residing in their country do you? Most of them would welcome an exodus of farang residents and if a change to taxing does it, then so be it.
@@susanzimmerli5178 Most countries have a lower cost of living compared to the West, and it’s not about having zero tax. It’s about having a better tax regime than what OP outlined in the comment above and there are certainly many, many great countries that still offer that for expats.
@@ArtoriasTheme you get what you pay for.
Buts that the point man! They know that their country is a paradise and if you want to live there you will need to pay those taxes.
They can do as they want and I will modify my plans accordingly.
Right behind you. Already told my wife. We live here.
That's my thoughts to I'll go to surrounding countries as well as back Canada where i came from and make dam sure I don't spend anywhere near 180 days in Thailand which kind of sucks because my wife and I own a house in Thailand, I don't have a problem filing but personally I'm f n sick of paying taxes i believe seniors should be exempt form income tax.
To me I might as well live in a developing country because where I live in Canada its a joke high taxes the country is crumbling and the hospital in my town has been closed 6 time this year and they say if you need medical attention go to the next hospital 70 km away or call 911 and then 911 puts you on hold as I found out when I found my room mate had expired from a heart attack called 911 and when i got through they tried to dispatch a ambulance and 911 was put oh hold by the ambulance service can't make this stuff up fortunately wasn't any more traumatic for it was obvious he was gone for hrs
Why should I pay tax when I get nothing for it?!
They call it "residence more than 180 days", no visa is residence visa. My Non-O is not a residence visa so technically and in the eyes of the laws I don't residence in Thailand since they don't give me a residence visa and I have to apply for a new visa every year.
They want tax they gonna give me benefits because that's why you pay tax!
So then I would be able to vote, work etc in Thailand if I should pay tax just like a Thai citizens!
And let's mention triple tiered hospital fees as a massive issue here. Also other two-tiered pricing elsewhere. Yes, no rights to work most occupations, no citizenship for most, reporting still every 90 days. Where is the incentive to stay here?
@tyvid Yes, that also. They want tax they can start respect foreigners who try to make a life here. Otherwise why would we pay tax!
I pay for my stepson to go to work in Taiwan, I help my stepdaughter, I help my grandson with money etc.
But Thai government don't understand anything since they only want to pocket more money it seems like!
Do you really want to vote and work in Thailand? If so, you should pursue a permanent residency in Thailand and be 😃
@Mark-yo5ue If they want me to pay tax they should let foreigners do that! But they can't since we don't accept corruption etc. Not interested, but they want me to pay tax they should give me something!
@@PXX-t1jIf your family is Thai (stepson etc) and you pay for them this is all deductable and at the end you perhaps pay peanuts if any tax at all
The government needs to clarify this issue one way or another. The uncertainty is very negative for the retirement market and the property market.
Exactly. I for one have pulled back on bringing money in to this country this year. I have held off on buying a car and will not even consider buying a condo at all with the feared massive extra tax I personally would have to possibly pay on top after remitting money in to buy one. I am closely watching this worldwide taxation situation. My property in Australia I won't sell as a Thai tax resident ever if this draft becomes law. I would leave Thailand over 6 months first to remove that tax residency status. You would have to be a total fool, in my humble opinion, to sell it as a tax resident here (if this becomes law) unless you love giving away your life savings. Up to you! I get a 50% capital gains discount in Australia on investment property, which I believe Thailand does not recognize discount or exemptions for capital gains here. If the current announced planned changes to Thai tax enforcement are actually enforced next year, I will be out of here permanently as my privately funded pension is rewarded a total tax exemption in Australia and I want to add to my pension fund. This means I am looking at around 25% tax in Thailand if remitted here, IF what has been relayed by financial advisers is correct (they all have interpreted Article 18 & 19 of Australia DTA the same). In the meantime I am being frugal and remitting only what I need and if I need to pay tax next year, I will pay it but then leave the country.
The writing is on the wall, Thailand doesn’t want retirees on a budget, which makes up the majority of retirees choosing Thailand as “affordable”.
@@Chr1s-fm6bi- Yet retirees not on a budget have greater retirement options to choose from.
@@rayroams The elite visas make up the smallest fraction of retirees so you’re comparing apples to oranges. Thailand isn’t making enough off the budget retirees which is why they are looking to expand taxation.
@@Chr1s-fm6bi They don’t want to have any retirees at all only your money :) This is my experience from Thailand bye bye!
Even drafted idiocy is idiocy...people often plan years in advance...it shows whats in the minds of policy makers
Did I mention how happy I am to have moved to Cambodia?
If you look past that little genocide....
How is the medical care system there?
Thailand is trying to follow WEF who are working on a world wide taxation policy once a one world government is formed,every country including Cambodia will have to follow this type blanket taxation future policy...there's no escaping it,and 180 day rule exemption won't last long in my opinion
Who cares?
@@philipdupont2308 yes very interesting, if the atmosphere is poor and degraded it rubs off. thanks for the warning
I won’t exceed 180 days in Thailand. Just means I spend less money in Thailand.
Japan …. 90 day stamp easy , Vietnam 90 day stamp then back to Thailand it’s cheaper, easier, and this way I never need a visa … just pass port ..
To easy , I own Thailand and japan it’s that easy
@ As a British citizen do I need a visa for Vietnam?
@ not for 90 days
@@carlyndolphin their not only countries by the way , just think airline ticket cheaper and less stress , they say 180 days …. Say yes sir and abide by law , it’s that simple
@@StuF-r2l they can have my money and I spend big for 180 or 365 it’s their call I’ll work within law , I’m not going to break laws so that’s how it is , the exciting part is I’m 55 I’ll spend next ten doing that then reasses near 67 pension age in Australia, it’s that easy just play by the law live to 100 and no stress
Don't simply retire from something; have something to retire to. Start saving, keep saving, and stick to investments
It’s really heartbreaking to see how inflation and recession impact low-income families. The cost of living keeps rising, and many struggle just to meet basic needs, let alone save or invest. It’s a reminder of the importance of finding ways to create financial opportunities. You've helped me a lot sir Brian! Imagine i invested $50,000 and received $190,500 after 14 days
Some persons think inves'tin is all about buying stocks; I think going into the stock market without a good experience is a big risk, that's why I'm lucky to have seen someone like mr Brian C Nelson.
Finding yourself a good broker is as same as finding a good wife, which you go less stress, you get just enough with so much little effort at things
Brian demonstrates an excellent understanding of market trends, making well informed decisions that leads to consistent profit
I'm surprised that you just mentioned and recommend Mr Brian Nelson. I met him at a conference in 2018 and we have been working together ever since.
Thailand has adapted agenda 2030 from WEF.
Already overpaid and got screwed on the Elite visa vs the new DTV, same same... If they want my money too Ill be headed to Boracay, BGC whatever in the Philippines...
From my perspective I spend over 1 million baht per year in Thailand on goods and services plus I use Thai labour to build and maintain my property and land plus outside dining and entertainment. If they introduce this taxation I will leave. I am sure the drafted proposal if implemented would not raise this amount of money but it would go straight to the government as opposed to money being spent on the local economy and people and businesses therein. Also let's not forget these are the same people and businesses that need investments from tourism. Retirees like me provide stable income and smooth the boom bust waves and peak and trough curves that seasonal tourism creates.
No way I’m paying taxes in Thailand when you get nothing in return for it.
You get discrimination for free here
What discussions like this do is scare potential investors from making long-term plans in Thailand. Fact.
@ Right, validate it with a second or third source, but if the information is consistent, then the decision is to be made.
Mal ehrlich…wer investiert denn in Thailand? Klar, die Löhne sind niedrig.naber was bekommt ein Investor dafür? Kaputte Infrastruktur, meist liegt die Bildung der auf dem Niveau einer Grundschule.
Yup. Already done. I'm not investing there now.
I watch many of your videos concerning tax in Thailand ECT.
Yes there is a lot of scaremongering about Thai tax however I went to my local tax office to obtain my ID tax number, I spoke to the manager of the office she confirmed to me that you only pay tax on money remitted into Thailand, she also went through all the allowances I could receive.
She even said to come back after the new year and she would help me fill in the tax return and told me what I needed.
I didn‘t even get a Tax ID because I‘m retired and as I only remitted money in 2024 still from savings and income from 2023 and earlier no filing tax return needed.
logical, be afraid and go to your tax office. submissive.
@@susanzimmerli5178 I believe that is correct, but still think you need to be tax registered even if you do not need to pay tax . Like in the UK
Did the official at the Tax Office tell you that savings accumulated up to 31 December 2023 are not taxable and can be remitted to Thailand 'tax free'? The taxation of remittances only applies to funds earned/saved from 1 January 2024.
@jamesbarr2357 yes any money or savings invested before 31/12/2023 are not taxable.
I am in this position.
I have cashed in a bond of £36,000 about 1.6 million baht I must bring this in to Thailand before the end of this year for it to be tax free. She did say as the money would be remitted through wise to kasikorn bank I would have to prove the the money was invested prior to 2024
Does that mean hypothetically if Elon Musk chose to reside in Thailand. Which of course he doesn't. The Thai gov would tax his 200 billion. $
Who the hell do they think they are.
They would not tax his total assets, but would tax his income, capital gains, etc 🤓
They are the Thai gov., who do you think you are ?
Only if he stayed in-country for 180 days +
I will not come to Thailand
I think everyone should stop visiting Thailand
The Thai Tax Department are also guilty of pushing this narrative. When I did my tax return with a Tax Department employee in Chiang Mai in January this year, I was informed that in future I would be taxed on monies I received from overseas. So obviously the Tax Department is also advising foreigners this will be so. Not saying you are wrong, but the Tax Department is advising foreigners in this way because this is what I was advised.
To obtain a tax id, where am I supposed to visit? I am here in Chiang mai. Could you give me a google map location? 😊
Google Chiangmai Area Revenue Office
Ben was talking about the global income taxation which is not even written just a pln, and not about the sum of money you remit to thailand from overseas which would be taxed. Perhaps you misunderstood the video
It would wreck their industry attracting long-term stays.I think they will change heart on this. Thailand's tourist industry is sick right now. I travel around here all the time and I see a big downturn coming for Thailand.
@@susanzimmerli5178 Change 'would' to 'might'. Only money saved/earned from 1 January 2024 might be taxed.
"Drafting" means they are working up a plan to eventually implement!
Every long-term resident who lives in Thailand, wakes up every single day, whether 😮, rich or poor, and goes out into the economy and spends money at the markets 711 restaurants bars, sending money to your Thai bride or giving her money whilst living there, renting or buying a place it’s all money for THAILAND .Why keep taxing and taxing foreigners that they clearly need ,Why chase them away .
They are greedy and not very smart.
The global minimum tax only applies to very large corporations. Nobody anywhere has ever suggested the idea should apply to small companies or individuals. The main goal is to stop Apple or Google shifting profits from the US to Ireland, for example. Even if implemented (to be seen), its introduction will have minimal impacts on firms in Thailand and almost no effects on most individuals or households.
Integrity Legal,
Many thanks for your work here on TH-cam etc.
A refreshing voice!
This is the reason I moved to Philippines after +20 years in Thailand
It’s a load of crap ,,so looks like you moved for nothing ,,one less fool in Thailand hey ?
Not surprised....next
what a huge waste 😂
Boo hoo
Thanks for making Thailand a better place.
Thanks for taking the time to produce legitimate content. I watch your videos everyday. Much appreciated
The law has not been changed "yet".
Sometimes it takes a year or two to implement. Helps to let the O visa run out and not apply next renewal
Subject was getting boring , we have now passed that it's totally boring. Anybody trying to guess what Thailand's policy on anything tomorrow or in the future must be a pure genius as the government itself doesn't even know. Shifting winds, comes to mind.
Personally, I would err on the side of caution rather than think it may never happen.
Exactly. Imagine deciding it's never going to happen and remitting a huge sum of money from the sale of a property overseas to buy a property here, believing you won't be taxed. I'd personally not do it. Risking perhaps a million or two million Baht extra on tax on top of a property purchase ... worth that risk? Not for me personally. I know in my country they introduce laws at times and make them retrospective. So, I am concerned. Others may say it's paranoia.
@@tyvidnot paranoia. Better to be safe than sorry. The unknown is an unknown
Oh, very clever. No foriegner will invest in Thailand, buy a condo.
And they might just leave taking their money with them.
Benjamin great no nonsense video. I hope most people can see this before they block up your inbox or telephone lines.
This mess is what makes me and my wife leaving Thailand after 5 years with an elite visa.
As the "expert" It would be great if you would answer a questions instead of always asking the in your titles.
The Bangkok post is like the New York Times - Toilet paper !
owned by same entity CIA
Your comment is great and right 👍
There'd be compliance issues between governments tax organizations, DTAs, loopholes, all sorts to get by... Good luck with implementing these whacky proposals Thailand
This is all WEF
Yeah don't go their
I stopped contacing lawyers and whatever. The cant answer the simplest questions or stop replying after one
I don’t see no reason to stay here if they pass this nonsense
Goodbye investors and retirees.
What an absolutely ridiculous and stupid ideas they have no right to expats assets
Doesn't really work like that though.... Thailand can define what they do or do not have a "right to" . In the same way "we" can plan accordingly, honestly its something of a blow to me as I was hoping to retire there, but looking elsewhere now, not that I'm sure anyone really cares.
This will become law. Thailand will implement a residency based tax system that taxes foreign income. This means everyone who resides in Thailand for more than 180 days a year will have to hire a thai accountant or a thai tax lawyer and report ALL their worldwide financial affairs to them. Every sliver of income, every bank acccount earning interest, every brokerage account, and every pension fund. Every detail of every single financial undertaking worldwide will need to be disclosed to your thai accountant and reported to thai tax authorities.
There is gonna be a wave of incompetant thai accountants taking every foreigner they can for a ride because of this.
The only question is, does it become law on january 1st 2025?
😂
🤣🤣🤣🤣🤣
no have...lol
Not a hope in hell this law will get passed. Out of 70 million people in Thailand only 10 million have tax ID'S. How the hell do you think they will be able to tax foreigners when they can't even tax their own citizens. 😂😂😂😂😂
By the way, the tax law has not changed. Ben told that a thousand times.
Reading the paragraph in the newspaper, he showed us again. I notice it says, "regardless of whether that income is brought into Thailand" at the end. So as I heard a tax advisor say the law has been in place since January 2024 that money brought into Thailand from overseas by people who have lived here over 180 days has to pay tax on it. This is slightly different to what it states in the article. So I would be obliged if he could clear this up.
Draft isn't change however Thailand has become way too big headed to even think about this. Stay humble and modest, otherwise you wouldn't even need to draft anything because foreigners won't go.
Folks if I’ve said it once. I’ve said it 100 times.
Listen up! The younger generation of Thai politicians, etc. want the pensioners out of Thailand.
They see no long term economic benefits from having them here.
By leveraging this tax and they will. It’s going to force most of them out of the country.
The future is upper middle class and upper class expats with money.
I’m sorry to tell you. Not pensioners who rent a small flat in Bangkok, Pattaya or Chang Mai. Who eat untaxed street food and whose most of the income goes to an untaxed bar girl.
Those days will end! They know by riding the country of those people different tourist with more money will come, stay 60 days and go home.
If you’re smart you’ll start preparing for this now.
"whose most of the income goes to an untaxed bar girl" - yes but then the bar girl spends her money and it get taxed one way or another.
I love when politicians dream they can reach into other countries to grab money earned "over there". Nice concept, good luck with the implementation. But this kind of trial balloon makes for steady click bait.
Worldwide taxes on income has existed for all US Citizens (and perhaps permanent residents). For many years. Not a new concept.
The US does not tax non citizens on their foreign earnings. Foreigners in America only pay taxes on income earned in US.
A global tax is not just an idea.. I haven't been in the US for 18 years yet every year I must file a tax return there on the income I earned working in other countries for foreign firms.. If that isn't a global tax then I don't know what is.. So please don't say there is no such thing..
America is literally the only relevant country on earth that does this
@@theosiegstolz3991 Yes and Myanmar also does this.
But as always Americans like to think what effects them also must effect the rest of the world?
I have no qualifications any more but I am very qualified as to who gets my savings,. period.
Thank you ,Ben.
As usual totally right!
Thank you for the good information. Nice to have the straight scoop.
That broken bell sound at the start always cracks me up 😂
Yes absolutely correct
Please may I say if you are on a retirement visa , your home country may have a written agreement with the Thai government that no tax is payable on pensions for arguments sake .
I’m aware that Australia has such an agreement, but not sure for other countries
As for people that live here and work off shore , I think these videos are the most informative
And if such a tax was to be implemented, you can imagine the vacuum of people and money as well as Thai jobs gone for ever , can a country such as Thailand afford that
My guess is never
@@Joseph-wu6kdI‘m retired and I was told from Revenue Dep. that with all deductables retirees have, its perhaps up to 15% at the most.
I can see the direction they want to go and that doesn't work for me at this stage. Already booking my move to a more suitable situation. I'll reconsider once we have clarity.
Moving immediately, a good decision… 555
Thanks Ben, agree & much appreciated
Thank you for your Vigilance.
Either way, this is on the cards as Thailand falls in line with other countries. Tiring into big spending big bureaucratic governments controlling people by compliance penalisation.
My wife would never go to live in cambodia or the Philippines. Thais can be quite racist or similar.
Luckily we have options. If the shit hits the fan in LoS... We're out of there just we are out of Australia..
I do like your reporting and watching your (hidden) anger, as that matches my own feelings. So, I'll hang in there in quiet desperation. LOL
Thumbs up 👍 Hart
Thank You for explaining !👍
Insightful.. Cheers mate. Thanks for the clarification.
Thanks for pointing out the fact and truth, about new tax which may happand or not
Like I said , the other SEA countries are gonna capitalize on their mistakes big time channeling the resources out of the country 😂😂😂
If you don't want to pay tax and get trouble from THai Tax Department .Just not to be a Tax Resident and not reside more than 179 days per year in Thai ....End!😂😂
Until they reduce or wipe the threshold.
all taxes are optional 100% of the time
Do you pay any tax?
TOOK MY RETIREMENT INCOME AND GOODBYE........
Thanks for the report
other countries might give you something... residency and not this lunacy of 90 day, yearly extensions... healthcare?
Thanks for your valuable content. 👍🏼👍🏼👍🏼
Why do you suggest we read the article and then not provide a link?
Thanx for the information, planning on retirement to thailand in 2025, and theres muddled info on the internet
i thought this tax didnt apply for those on retiree visas?
The tax would need to be consistent with the relevant countries double tax agreement.
In the Navy Ben, we call these "experts" Sea Lawyers
Thank you for the clarification.
This new tax system will deter foreigners from retiring in Thailand. Thailand should not tax on foreign income but only income made in Thailand. If a retiree chooses to live in Thailand and has to be taxed on their life-saving money, then it simply does not make any sense.
I get all my tax information from the same place as I obtain my valued visa information, the bars in Pattaya.
Ha, ha, ha!
Spending more time and money outside of Thailand is a good idea along with not maintaining a long term O visa by keeping ฿800k tied up in a bank. 3-4 months are unhealthy air quality and 1-2 months of rain and The Philippines tax structure is much more friendly along with friendly English speaking people, more social activities, good music and endless beaches. Vietnam and Malaysia are fun places to go also.
Well said, my man ,
you are a warrior. if I ever need the services of a lawyer in Thailand you will be the first one I reach out to
If you need legal services in Thailand go to a Thai lawyer.
Foreigners are prohibited to work and provide services in legal counseling, litigation and others such as representing as a lawyer in all types of cases, acting on behalf of clients in legal matters, drafting contracts or making legal documents.
I'm getting bombarded with contradictory information from expat so-called experts in tax and law. As far as I know the Thai government hasn't informed me that I will pay tax.
Thanks Ben.
No. Thank you
The government will not inform you. If the rules/laws are finalized no one will send you a notification. If the rules apply to you then you should comply voluntarily. Same as in the US.
You have TM30,90 days report ...Tax Department know where you live in Thailand ..They can inform you anytime or just give you a penalty after the deadline on Tax Return ..😂😂
Thanks for the video
Well said 👍
They talk a lot in Thailand , and that’s about it 😂
Can Bangkokpost be sued for defamation of the country? Surely this whole thing has eclipsed into quite a bit of revenue loss as a result of all of the fearmongering
Personally i choose Panama since 2008......No taxes on overseas incomes or revenues.....
Yet.....
THE REASON i MOVED!!!
The funny thing is that the US Banks will mit share the Infos with Thailand. So no income 😂
Is it a legal requirement in Thailand that retirement-visa residents must file a tax return before March 31 in 2025?
First of all a Worldwide Tax can't just be done for foreigners . If the law changes it will change for all foreigners and thais . That said :
" Where there is smoke , there is fire 🔥 " . This story is out and cooking .
Let's see but i think in a couple of years we will know ! 😅😂
Touche Ben! 🎉
Ben is so emotional. More so than usual and more than warrants. Sounds like Ben is upset that worldwide income will be taxed and he is just hoping and praying that it won't.
He is not the only one!
He is American and America , as do others , do exactly the same
@wengelder9256 most countries have residency based taxation. Thailand had territorial based taxation and is now implementing residency based taxation. What America has is unlike every other country on earth. America has citizenship based taxation.
Americans have to pay taxes to America no matter where they live, but in Thailand they had no obligation to report any foreign income to Thai authorities. With this change everyone will have to get a thai accountant and start reporting all their worldwide financial affairs to thai authorities. That would make me upset too. The last thing on earth I would want to do is deal with a thai accountant or thai tax lawyer for all my foreign financial affairs.
Worldwide socialism. Let's make *everywhere* suck. Great idea...
@jesselivermore9285 . U have not been paying attention as far as Thai taxes are concerned ( I have been a Thai tax payer for many years) . The recent change in policy , a directive published mid November 2023 ( not even a law change ) , changed a directive valid since the mid 80 ies ( which was a directive that changed article article 41 of the tax code ) .
The old directive made repatriated income taxable only if brought in the year AFTER it was earned . That loophole is now closed . Under the old directive , anyone living in Thailand more than 179 days , including foreigners , were taxable already if they brought in income the year the year the earned it . Indeed nobody got taxed because Thailand never enforced it .
There must be thousands of foreigners who just transferred their pension straight into Thailand ( after being paid in their home country ) , and were taxable already . Thailand never enforced it .
The new directive just brings the law back in line with what article 41 actually meant originally . The old directive opened the door for rich Thai to simply wait until next year to bring in their money and got away with murder as many did not get taxed in the country where they had business operations or investment and made income overseas whilst living in Thailand
As for taxation of world wide income , nothing has been decided . The administration has said that they are working on a law to make worldwide income taxable , irrespective of being repatriated , but making a law and voting it in are different things .
Thailand had always residence based taxation ( evidently most countries have ) . Once u lived 180 days in Thailand u pay tax . 45 years some got off the hook by a shady directive .
If u live , say in Belgium for example as a foreigner , more than 180 days , a non Belgian pays income tax on his worldwide income . France … just the same … as are many .
This is no exception at all . Thailand is not doing anything special.
You just have to hope a country made a good double tax agreement .
This channel needs to understand most here are poor drunk lost farang , the worst of the worst from west , sharp as bowling ball types , people with money are not worried they know how to manage their money , it’s not rocket science, if it comes in , you pay and stay or stay under 180 problems gone if it’s a problem for u , just fly to next destination and return next year , not expensive to fly to Vietnam …. 90 days , not difficult to fly to Japan 90 days , list goes on , but abide by law don’t ignore it ,
Everybody with more then 2 braincells knows already that this is coming. I am happy in Cambodia now
It will be the same there very soon, where are you going then?
@ agree but at least we have a few years extra
They are coming after the Western man. Soon there will be nowhere to hide.
You vascilate weekly, from accepting Thailand is a WEF member and therefore subject to WEF intentions, to, This is Thailand and we're sovereign.
There will be a one-world-tax, that's why negative income has been introduced.
It may take another year, possibly two, but it's coming.
So far, every one of your WEF denouncements have become policy and reality.
You accept the new border surveillance is unnecessary for security, so what is it for??
Ans. tax.
some idiot journalist from bangkokpost launched this and everyone is starting to panic.let everything take its course and see what the future brings and stop panicking,use your brains😡😭
I don‘t mind those panicers at all, let them leave the country, as so many already did, so what?
Greenhouse gas experiment
Wew! Not liking this
Dude, are you not taking a legit risk of some level of defamation based on Thai laws? Either way, thanks for the info.
To be fair, here in the U.S. we have idiots talk about new idiotic legislation on a daily basis and less than 1% ever gains any traction.
read the royal news , everything else is here say , maybe not true
...but always plan in case it DOES become law.
Vietnam is lovely this time of year - if a tad damp.
Just saying.
If you don't mind the fact that not long ago they were unaliving American GIs to install communism and they eat dogs there...hard pass.
If you look past the Vietnam war, communism and dogs being on the menu...hard pass.
Moving to a communist country to avoid taxation...ok...keep an eye on your dog there too...
No long stay visa in the nam...
@@johndoe1.196I've been there and the communist spiel is plain scaremongering. It's a very liberal place for an expats actually. Yes the dog restaurants are disturbing, but most Vietnamese don't eat dogs. And it's not in your face. Nowhere is perfect including Thailand.
sweeet nuts and bolts
this much concern about a non-citizen good at paperwork to become a citizen but not really I think America needs you as you should be worried about Americans crossing the border and having a job rather than Thailand
Ye protesteth too much!
Almost like there's an agenda behind all the hyperbolics
Probably to cause a real estate panic.