Oh wow! We already get taxed tremendously in the U.S. Not only filing in Thailand now you have to pay someone to do your taxes in Thailand. Very Interesting.
I live off a private pension so expect I’ll have to file even though no Thai tax to pay as covered by the DTA. Pointless exercise. Only people to benefit from all of this will be the tax agents
I am an American who has lived full time in Thailand since 2017. The new thing this year is having to file a Thai tax return. In the past I filed US taxes online but nothing in Thailand. This year I've chosen to use a tax attorney to file both my US and Thai tax returns. I just want to see what happens. What I do in subsequent years depends on what I see this year. The downside is the new cost of hiring a tax attorney. I have Social Security and private pension but I don't expect to pay Thai tax on any of it because I have a pensioner LTR visa.
According to Section 21 of the U.S.-Thailand DTA: Any U.S. public pension paid from the funds of a Contracting State or political subdivision or a local authority thereof to an individual in respect of services rendered to that State or subdivision or authority, shall be taxable only in that State. However, private pensions are taxable in Thailand, but get credit for that portion that is taxed in the U.S.
Thailand is currently a remittance tax country, as mentioned. One of the things complicating the Thai tax discussion is the belief that Thailand will tax worldwide income similar to the US. This is a rumor or a proposal but it is not Thai tax law at this time and still there are DTA's.
If you are remitting “savings” (from a commingled cash/money market account) when does Thailand deem that cash, savings and not reportable. If I have 80k usd at the end of this year but am not a Thai tax resident until 2027 will I need to prove the various components of the 80k on transactions that occurred 2 to 3 years before I became a Thai tax resident? (Not interested in hearing suggestions about bringing it in early. I’m trying to determine if there is a way to have remitted funds qualify as savings (vs income) on an ongoing basis and how to “season” the savings). Thanks
According to what this tax expert have said earlier you can not do it. If you are not a tax resident now but become a tax resident 2027, then income from 2024 will be taxable income 2027. The exceptions are however income before 2024 (since the rules changed 2024), this you can always bring in without taxation if you can prove it was income before 2024 and you have held it on a separate account. Also with a LTR visa you can bring in previous years income.
lol, i agree. How would the Thai govt know if the money i brought over was investment gain or a US Govt Pension. They wouldnt know. Many visa applications just want a lump sum shown in the bank. Unless they tie a tax id # to visas, who would volunteer any information.
If you have a pink government ID card then that will be your tax ID. I recently saw a post by someone that got a notice from their Thai bank to get a Thai tax ID so having a Thai bank account may bring you into the tax system.
Thailand is doing a disservice to themselves. A significant amount of retired, wealthy people make their money from capital gains (Real estate/Stocks/Crypto etc...)(There aren't many wealthy pensioners, especially from social security). In the USA, Capital gains is taxed around 20-ish% . Thailand personal income tax (PIT) is taxed 25 to 35% on income more than 1 million baht ($29K). So for example, if an American profits 100K in capital gains and is taxed 20% in USA but in Thailand 30%, then they would pay Thailand an extra 10% or $10K in Thai tax. So it would cost them $10K more to stay in Thailand 180+ days (which is not an incentive to stay). Whereas the American would most likely spend far more than 10k while they are in Thailand from day 180-365 on additional rent, utilities, food, leisure, etc...).
@@jonanderson1342 I get my funds through long term capital gains which are taxed at a rate of zero percent up to about 60k for individuals. I’m wondering if it is prudent to hold a medium term bond fund in my taxable accounts and sell those off each year as needed paying tax on the “gains” (if any!). A fund like etf “VGSH” will throw off interest that will go to a cash account leaving the basis with very little gain or loss. If I sell off a big equity position I can place a portion in bonds to be spent in the future. For now all they are taxing is the income portion of any remittance which can be controlled given proper planning?
@@b4bmm I guess you have let yourself been fooled by Ben, who is not qualified. The law was not changed in January 2024 but that was not needed to start taxing income brought in to Thailand. Listen to qualified experts instead of Ben.
Ok, now I am a tax resident, of Thailand, I will pay my taxes, will I be allowed to work? will I get free medical care? will I get free education for my kids? social security? Because in my country I do pay taxes but I do get some return benefits from that...
Thanks for the forecast! I need some advice: I have a SafePal wallet with USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). What's the best way to send them to Binance?
Hey Tony How do the tax people even know if all my income is from accounts held in the US such as government pension and 457b plans ? I maybe some what out of the loop here. Also, what about crypto trading and the US market day trading. I'm just asking for a friend. PS:You and Kendell make me feel right at home !!!
If you are moving to Thailand you might want to consider moving after July 1st. It will save you the trouble of dealing with this the first year.
Oh wow! We already get taxed tremendously in the U.S. Not only filing in Thailand now you have to pay someone to do your taxes in Thailand. Very Interesting.
I live off a private pension so expect I’ll have to file even though no Thai tax to pay as covered by the DTA. Pointless exercise. Only people to benefit from all of this will be the tax agents
I am an American who has lived full time in Thailand since 2017. The new thing this year is having to file a Thai tax return. In the past I filed US taxes online but nothing in Thailand. This year I've chosen to use a tax attorney to file both my US and Thai tax returns. I just want to see what happens. What I do in subsequent years depends on what I see this year. The downside is the new cost of hiring a tax attorney. I have Social Security and private pension but I don't expect to pay Thai tax on any of it because I have a pensioner LTR visa.
According to Section 21 of the U.S.-Thailand DTA: Any U.S. public pension paid from the funds of a Contracting State or political subdivision or a local authority thereof to an individual in respect of services rendered to that State or subdivision or authority, shall be taxable only in that State. However, private pensions are taxable in Thailand, but get credit for that portion that is taxed in the U.S.
Thailand is currently a remittance tax country, as mentioned. One of the things complicating the Thai tax discussion is the belief that Thailand will tax worldwide income similar to the US. This is a rumor or a proposal but it is not Thai tax law at this time and still there are DTA's.
So don't stay in Thailand more than 179 days at a time, got it.😂
Per year !
If you are remitting “savings” (from a commingled cash/money market account) when does Thailand deem that cash, savings and not reportable. If I have 80k usd at the end of this year but am not a Thai tax resident until 2027 will I need to prove the various components of the 80k on transactions that occurred 2 to 3 years before I became a Thai tax resident? (Not interested in hearing suggestions about bringing it in early. I’m trying to determine if there is a way to have remitted funds qualify as savings (vs income) on an ongoing basis and how to “season” the savings). Thanks
According to what this tax expert have said earlier you can not do it. If you are not a tax resident now but become a tax resident 2027, then income from 2024 will be taxable income 2027.
The exceptions are however income before 2024 (since the rules changed 2024), this you can always bring in without taxation if you can prove it was income before 2024 and you have held it on a separate account. Also with a LTR visa you can bring in previous years income.
@ thanks for your reply sir.
Do not get a tax id number if at all possible
lol, i agree. How would the Thai govt know if the money i brought over was investment gain or a US Govt Pension. They wouldnt know. Many visa applications just want a lump sum shown in the bank. Unless they tie a tax id # to visas, who would volunteer any information.
@@Rudy1150 FATC & CRS. US reveal less information to Thailand than other countries though.
If you have a pink government ID card then that will be your tax ID. I recently saw a post by someone that got a notice from their Thai bank to get a Thai tax ID so having a Thai bank account may bring you into the tax system.
How about those country with very low tax rate like Singapore or Hong Kong, does it means we need to pay 100% of the remitted money ?
You will need to contact Carl for that answer. His website it www.expattaxthailand.com/
Thailand is doing a disservice to themselves. A significant amount of retired, wealthy people make their money from capital gains (Real estate/Stocks/Crypto etc...)(There aren't many wealthy pensioners, especially from social security). In the USA, Capital gains is taxed around 20-ish% . Thailand personal income tax (PIT) is taxed 25 to 35% on income more than 1 million baht ($29K). So for example, if an American profits 100K in capital gains and is taxed 20% in USA but in Thailand 30%, then they would pay Thailand an extra 10% or $10K in Thai tax. So it would cost them $10K more to stay in Thailand 180+ days (which is not an incentive to stay). Whereas the American would most likely spend far more than 10k while they are in Thailand from day 180-365 on additional rent, utilities, food, leisure, etc...).
@@jonanderson1342 I get my funds through long term capital gains which are taxed at a rate of zero percent up to about 60k for individuals. I’m wondering if it is prudent to hold a medium term bond fund in my taxable accounts and sell those off each year as needed paying tax on the “gains” (if any!). A fund like etf “VGSH” will throw off interest that will go to a cash account leaving the basis with very little gain or loss. If I sell off a big equity position I can place a portion in bonds to be spent in the future. For now all they are taxing is the income portion of any remittance which can be controlled given proper planning?
Fantastic thumbnail ❤
Thanks 😅
There has been no tax changes in Thailand yet.
Not correct, there were changes that took place January 2024.
@ wrong
@@b4bmm I guess you have let yourself been fooled by Ben, who is not qualified. The law was not changed in January 2024 but that was not needed to start taxing income brought in to Thailand. Listen to qualified experts instead of Ben.
N thank you. Too much time and extra money involved.
Ok, now I am a tax resident, of Thailand, I will pay my taxes, will I be allowed to work? will I get free medical care? will I get free education for my kids? social security? Because in my country I do pay taxes but I do get some return benefits from that...
Thanks for the forecast! I need some advice: I have a SafePal wallet with USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). What's the best way to send them to Binance?
lmao what's dana white doing in thailand
Hey Tony
How do the tax people even know if all my income is from accounts held in the US such as government pension and 457b plans ? I maybe some what out of the loop here. Also, what about crypto trading and the US market day trading. I'm just asking for a friend.
PS:You and Kendell make me feel right at home !!!
They will know because you will have to tell them.
Hey Daniel! You will need to contact Carl for that answer. His website it www.expattaxthailand.com/
FATCA & CRS, Expattaxthailand have videos about that.
401k's?????
You will need to contact Carl for that answer. His website it www.expattaxthailand.com/