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New Rules On the Taxation of Foreign-Sourced Income into Thailand | TIMT 2023

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This video is a response to possible regulatory changes focused on combating money taxation avoidance. Unfortunately Farang (foreigners) get caught in this taxation dragnet.
Taxation of Foreign-Sourced Income into Thailand - Effective from January 1, 2024, a new interpretation of the law in Thailand will impose personal income tax on foreign-sourced income brought into the country. This means that individuals will be required to pay taxes on any income earned outside of Thailand and brought into the country after this date.
The current tax law in Thailand states that tax residents are only required to pay taxes on foreign funds that are sent to the country within the same year they were earned. Unfortunately, this rule can be taken advantage of by affluent individuals and businesses.
Thai Revenue Code: the assessable income under Section 40 of the Revenue Code derived by a resident of Thailand (A resident of Thailand is defined as an individual who stays in Thailand for a period or periods aggregating 180 days or more in any tax year) in the previous tax year - from employment, a business carried on overseas, or property situated overseas - which is brought into Thailand should be subject to personal income tax in the tax year that the said assessable income is brought into Thailand. This rule should apply to assessable income which is brought into Thailand from 1 January 2024 onwards.
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22 авг 2024

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Комментарии : 277

@johnexpatthailand2142 9 месяцев назад

Also. In UK, our pensions are what we've saved all our lives by paying into the system year after year. It's not an income

@ShaneLars 9 месяцев назад

I planned to retire to Thailand, but now have switched to Cambodia. Moved here to Cambodia this year and it is an easy $290/yr retirement visa for 1 yr with nothing else needed as long at you are over 55.

@XplorWme 7 месяцев назад

@ShaneLars Hey, I just came back from Cambodia to Thailand where I am retired (from USA) and Cambodia is 30 years behind Thailand in development. Plus: prices were 2 & 3x more for regular things like food and drink. I did not stay long enough to price cost of living. Just an FYI.

@ShaneLars 7 месяцев назад

@@XplorWme new tax system and retirement visa systems still make Cambodia a better deal. I live in Kampot, and it is much cheaper than in Thailand here, for western goods yes expensive, but day to day is okay.

@AlreadyShort 5 месяцев назад

thailand is 50 years behind the usa@@XplorWme

@AlreadyShort 5 месяцев назад

shhhh@@ShaneLars

@mikeylikethailand 9 месяцев назад

Should Thailand tax expats this will have a devastating negative impact on high end housing, real estate markets, private schools, private hospitals and high end businesses as expats will explore and exercise other options. All the hurdles, hoops & loops an expat has to deal with to attain a retirement or marriage visa and to now have tax implications here in the Kingdom is not in the best interests of current or future expat retiree's. This tax issue has probably already changed the plans of many expats gearing up to move and retire into Thailand in 2024.

@OneJame 7 месяцев назад

It's changed my plans. I was going to be doing a year lease starting in January here in Bangkok, now I'm going back home to USA instead after my next visa runs out end of February, then coming back for the last 4 months of 2024. This whole tax law nonsense has thrown a wrench in many peoples plans. Might be looking elsewhere entirely now.

@mikeylikethailand 7 месяцев назад

@@OneJame Lived in Thailand past 15 years and I am doing what I thought I would never do … scoping a place back in Canada. I am 58, retired and multi millionaire Makes no sense to throw good money at bad Gonna’ play the game and not waste my money in Thailand Disappointed and frustrated

@theadventuresofbrockinthai4325 9 месяцев назад

If the Thai government goes through with this and wants to charge me taxes on my retirement, I'll just buy myself a plane ticket and go back to America. Then I can start looking for a new place to live. ❤

@pb12661 9 месяцев назад

I wouldn't do that if you don't have to. The un-United States of America is becoming a hell hole full of crazy people, higher taxes, crime, etc.

@mikem3242 9 месяцев назад

Lmao someone does not clearly understand the Thai law as always it's these US foreigners who cry out. If you are not wealthy then this does not apply to you 😂😂😂😂 typical people with capital who do not want their money being taxed but want to stay somewhere where the laws benefit them

@anthonylutz118 9 месяцев назад

Don't fly back to America. Fly straight to Cambodia then Laos for a while. I have a Thai wife but plan on spending time in other Southeast Asia countries.

@mrmozzer1969 9 месяцев назад

exactly ,I plan to retire to Thailand but if this tax does happen I will just use it as an opportunity to spend six months of the year exploring Vietnam ,Cambodia,phillipines ,Laos ,Japan etc so not bad for plan b@@anthonylutz118

@fffss1314 9 месяцев назад

Nobody knows what is going to happen people just just chill out. I think they are talking about Thais that work outside Thailand that send money back here.

@jersaunders3538 9 месяцев назад

So its not just our country's government that takes our money but someone else's government want our money to. Money equals hard earned time, and time we will never ever get back.

@jasjas-rm9kc 9 месяцев назад

Before people worry too much, they should check the applicable tax treaty. For example, the tax treaty between Thailand and the United States provides that Social Security and government pension benefits will be taxed in the country of origin, only.

@fedogma8407 9 месяцев назад

What about company pensions?

@jasjas-rm9kc 9 месяцев назад

@@fedogma8407 When they write the tax treaties, they choose their words carefully. The part of the treaty I’m referring to speaks of “public pensions.”

@marcusaurelius9123 9 месяцев назад

And rent from an investment property in place of origin. Also exempt

@fedogma8407 9 месяцев назад

@@marcusaurelius9123 Another question is if a farang is a resident, since they live here over 180 days, would they need to get a tax ID number and show evidence that the money they bring into Thailand does not meet the requirements for taxation? But since they say a Thai tax resident maybe that would exclude me sin I am a farang resident. Hard to say what has changed in the meaning with the translation to English. Time will tell. All I know is that Thailand acts in mysterious ways.

@philippeschilliger6636 9 месяцев назад

It's the same for French people living in Thailand. There is bilateral tax treaty between both countries that makes double imposition impossible.Some of my fellow countrymen told me that whatever happens we will have to declare the amount of pension money transfered on the thai bank account and this amount will be automatically taxed. Then after showing proof of pension and according to the country we will get a refund. It sounds awfully complicated and I must say I already start to lurk on the Philippines. I already feel like a prisonner on parole with the 90 days report but if on top of that they double tax me I will go somewhere else.🤔 Too much is too much!

@billshuey7422 9 месяцев назад

I used to watch all of your videos 10 years again. I retired here 9 years ago. Now nothing here surprises me. Long ago I tried to import 2 racing motorcycles and used an import agent. I lost $10,000 plus the 2 motorcycles! Yep, the Amazing Thailand

@tronwars7130 9 месяцев назад

It may pay to look at other countries to live in, I wouldn't stay in Thailand if they start making it even harder.

@mikelee1969 9 месяцев назад

Hello Philippines, good by Thailand

@jerrymylove1754 9 месяцев назад

I think it’s better to just visit for a long time. I’m here now and have come to that conclusion.

@richardincm 9 месяцев назад

So I'm currently required by Immigration to bring-in a minimum of B65k per-month, to get my annual retirement-extension, yet the rules are changing after 38-year so that above B20k I'll need to be paying Thai-income-tax ? When I originally saved my earnings or made pension-contributions decades ago, it was all out of taxed money too. Then I'm taxed again, when my family or I spend this money in Thailand, VAT & petrol-tax & excise-duty & airport-tax for example, how many times is fair ? We are old & tired & retired, just want to live quietly now, spending our remaining years & money here, my wife says she doesn't want a pay-cut !

@wetluv4 9 месяцев назад

I don't guess this affects tourist coming in the country for a month. But if it effects me in any way I'm done with Thailand. And I love Thailand.

@mikem3242 9 месяцев назад

😂😂😂😂😂 right

@wetluv4 9 месяцев назад

@@mikem3242A lot of expats have moved to the Phillipines or back home. And most Americans have stopped going. Simply because of the nonstop changing of the laws and higher prices. Everyone wants stability in life. Especially retirement. And Thailand is very uncertain for foreigners.

@travelingman9763 9 месяцев назад

Double tax agreement with U.S is cut and dry unless they want to not accept Military training and estimate of 65 million usd paid annually.

@wontbelongnow5567 9 месяцев назад

Just remember your a guest in thailand and you will have to do what they say. And if you're going to be taxed they will let you know at the time and it's pay up or leave.

@drdr76 9 месяцев назад

If they try to take ANY more money from my pension, I will leave. I already have a thieving government in the US, don't need one here.

@pumpkinjoesphilippineexperienc 9 месяцев назад

I planned on moving to Thailand around 2012-2013, but ending up in the Philippines in 2018 instead. I still love the food culture in Thailand and MOST of what I see and left it as an alternate if things went south here; however the constant changing of rules for visa, taxes, healthcare requirements, etc have pretty much push Thailand to a possible week long visit with my wife only.

@paradise6606 9 месяцев назад

Philippines is looking better and better for me. Import a Thai cook is easier than jumping through Thailands Visa and tax hoops for the rest of my life. I am already old and don't want to complicate my life the older I get. Thailand needs to make it easy for the elderly. When we die they can keep what's in our bank accounts.

@user-hjsjdhs23sdf 9 месяцев назад

You "love the culture in Thailand"? Thai culture is very racist and hateful of foreigners. I think you've been fooled.

@turningpointaustralia9531 8 месяцев назад

I was planning but anymore .... fuq paying tax again

@pumpkinjoesphilippineexperienc 8 месяцев назад

I understand completely!@@turningpointaustralia9531

@PerfectSense77 9 месяцев назад

They aren’t just “talking about” changing the tax rules. The order has already been signed and the changes come into effect Jan 1.

@BradSabako 9 месяцев назад

Yes, but they have bviously haven’t thought through all the bad implications if their bill. Many times they enact a law and then amend it after thinking it through. They won’t be able to accurately find any income from westerners. There are so many ways around it. I use to just bring in cash through my Charkes scwab account card at an atm. They can’t trace that, even if it’s new profit I’m making in the u.s.

@realpropertymangement7640 9 месяцев назад

Implementation is now delayed until July 2024. I think the pushback from Thai business is increasing. I'd expect to see revisions in this law or for it to be completely rescinded. The Thai government's constant inconsistencies in the application of laws and policies and their short notice Implementation of new laws affecting expats is why I'd NEVER buy anything of significant value in Thailand. Just never know when it'll be time to leave for good.

@bigradwolf5001 7 месяцев назад

@@realpropertymangement7640 Link on July 2024?

@AllenZuka-xp1gd 9 месяцев назад

Cambodia 🇰🇭 here we go

@bigwaidave4865 9 месяцев назад

If the ฿67,000 on income method is being remitted into Thailand for retirement is coming from a pension, savings 401(k) or Roth IRA, why should it be taxed at all? The accountant featured hasn't a clue and is guessing. He's talking about credit cards? Please!!! Using his logic they should also tax the 800, 000 baht banked for retirement during the year it’s brought in. Both scenarios are ridiculous as is his analysis. What happens if you incur a hefty medical bill and transfer in 100K to pay the bill? Is that income? How does one prove up we paid tax? Tax returns ? 🤣🤣Clear as mud. Great Vlog JC. Keep us posted .

@travelingman9763 9 месяцев назад

Welcome to Thailand..Land of Smiles!

@hyballs 9 месяцев назад

Spoke with a person at the revenue office in Phichit today. Take everything with a grain of salt...but they didn't expect the new rules would effect me. Questioned I revealed I am almost 71 and receive an Australian pension, have been living in Thailand more than 10 years (length of stay Question may indicate they are grandfathering in long stayers). She did say anyone having to pay tax would receive a letter from them. Of course this being Thailand anything can happen between now and 1st of Jan.

@JohnSmith-ps7hf 9 месяцев назад

If they tax my retirement income, then I won't stay in Thailand for more than 180 days. I can travel to Malaysia, vietnam, and etc.

@tommyofrichmond 9 месяцев назад

is that 180 days a year or you can leave and return another 180 days???

@JohnSmith-ps7hf 9 месяцев назад

@@tommyofrichmond 180 days a year.

@Thai-Ron 9 месяцев назад

If you are paying taxes in Thailand, then you should be getting something for your taxes?

@drdr76 9 месяцев назад

Yes you get corrupt cops/government and mountains of ineptitude.

@DavidWilliams-qr5yj 7 месяцев назад

@@drdr76You're a little cynical you get that and just about every country

@DavidWilliams-qr5yj 7 месяцев назад

You do get something when you live here,, Roads, Bridges, Reservoirs, Prisons etc

@whaleshrimp111 9 месяцев назад

More documents, forms and long lines. Thailand is so stuck in the "Better to be in the way than on the way" building waiting rooms instead of working on becoming efficient.

@drdr76 9 месяцев назад

Like the sign I saw on "Bad Driving in Thailand" channel: "Bad intersection ahead" or the Thai line painter on roads that actually painted the solid white line around a palm frond laying in the roadway rather than simply toss it aside and continue with the straight line.

@ShoelessNomadThailand 9 месяцев назад

its a much to do with nothing. I don't see how this is manageable. I've already ordered my Wise card.

@kenabelson4554 9 месяцев назад

Wise card. Sensible reply to this madness.

@rob-xb3vp 4 месяца назад

If you reside in Thailand you can't use and won't get a wise card.

@ShoelessNomadThailand 4 месяца назад

@@rob-xb3vp where there's a will there's a way. I still hold my EU residency. Just a guest in Thailand on a Non O. I own nothing here and don't work here. All my income is from outside of Thailand.

@rob-xb3vp 4 месяца назад

@@ShoelessNomadThailand There may be a will but not a way. I've tried to get a wise card but the fact is they won't give you one if you reside in Thailand and even if you had one from outside Thailand you couldn't use it in any ATM's in Thailand.

@cytone101 9 месяцев назад

If it does go through I can see them bringing in convoluted rules and requirements for documents that are almost impossible to obtain. That’s the Thai way.

@sfm9 8 месяцев назад

The tax advisors rubbing their hands ... You don't need a tax advisor. Just bring some funds into Thailand in a year in which you are less than 180 days living there or transfer funds through a person which lives completely outside or less thand 180 days inside.

@keepitreal1547 9 месяцев назад

This isn't manageable for most expats. Simple, keep your money in your home country & withdraw just like you would as a 2week tourist.

@michaelchristophergutierre7244 9 месяцев назад

get a charles schwabb acount and use bitcoin.

@wytchend 9 месяцев назад

They really never think about implications here. But we've always known that

@robertnilsson80 9 месяцев назад

Godbay Thailand evryone movement out to next country

@razz.7446 9 месяцев назад

Late 70s and early 80s I used to have to get a tax clearance . It usually required me to part with a cheap shiny watch👏

@chrisbucko2611 9 месяцев назад

My Australian disability pension is not taxable in Australia in my situation...so if they tax my pension it will hurt ..my wife wll not leave Thailand so wat do walk away from my family here. Australian pension is only 46.900 baht they will force me to work ilegally ... or just walk away from My wife....this is so wrong...this adds stress to my life that i do not like....then we talk about the changes they want to make to us attaining a visa to live here Thailand is giving itself a bad name .

@StephenWestrip 9 месяцев назад

Seems like people need to understand better what the definition of income is. Then understand what savings are in that context and then read this proposed law again.

@petersutherland1985 9 месяцев назад

Just bring in cash, $20k is the limit

@missionelpaso3766 9 месяцев назад

Nat’s English skills were shining in this video! JC, I’m with you on this. I’ll wait and see what happens before I get all worked up. And I really have enjoyed all of the farming videos you have made. I always got a very positive “Green Acres” vibe every time I watched one. Thanks for all you two do showing us what’s possible.

@kenlizzio7096 9 месяцев назад

This guys team did a presentation to the Pattaya City Expat Club a couple of weeks ago. I think everyone’s fear is that 1st January next year passes and the Thai Revenue department take the 12 months after that to come up with their interpretation of their rules and how the tax treaties are applied. I think taxing the average retiree here is going to fall into the too difficult to deal with category and they will go after the big fish importing overseas earnings into Thailand.

@terrytico4009 9 месяцев назад

JC, a good video and thanks for including the video interview by CMIT. That was helpful since my income is from social security and a non-taxable income source. I will probably move to Thailand under a marriage visa with my Thai wife in a couple of years. For now, we reside in the states for over half a year and a few months in Thailand.

@ratnoinamaew7822 9 месяцев назад

He has been wearing the same shirts for 30 years.

@MargaritasinParadise 9 месяцев назад

Great info, the best explanation to date. I will likely share this on my channel as I get asked all the time. Keep up the great work. Tom

@JoeyBlogs007 9 месяцев назад

If you are taxed elsewhere in the other country, then it doesn't apply apparently. Due to the international tax treaty.

@chrisq.6857 9 месяцев назад

I left bangkok just begore covid ... Life was so aggressive and daily living stepping outside ,taxis etc was getting awful and vontinued 90 day reporting after years living there ... Grated ..now they wznt more and more ... Better love elsewhere tax territorial lesshassle and agro ..just go odd holidays if yiu can bear it ...

@EZ-lj3hv 9 месяцев назад

Non issue really. The fact you are a foreigner in Thailand has little to do with the problematic. What matters is that you are a fiscal resident of Thailand (Or elsewhere). If you are a fiscal resident, then you must pay taxes. Has been like this in many countries for years. Some fancy countries have not taxed WW income for many reasons, but this is nothing new and gaps are closing. All governments need money. And they will get it one way or another.

@isaanman5399 9 месяцев назад

Malaysia, Philippines, Cambodia, Vietnam & Laos don’t tax Expats on monies they bring in from overseas. In Countries we’re your a tax resident & pay taxes you get access to the services those taxes pay for same as Nationals but not in Thailand. The Universal Healthcare Scheme is funded from General taxation & National Parks are mostly funded from General taxation but Thailand not saying they going to give tax paying Expats the same access to the UHS etc. No indeed they seem to be happy that we have to pay to use the UCS & not just pay but pay at the higher dual price which is at least 50% more than other ASEAN Nationals pay & we pay 5 times what a Thai pays to enter a National Park.

@frankd5871 7 месяцев назад

Late 60s first time I was in Thailand. Many US military married Thais many of whom later lived in Thailand on the pension. Late 80s the next time I went there and was there nearly every year for the next 30 or so. Lots of the US pensioners had to move out, their pensions became insufficient - didn't have the health cover etc, etc. About every 5 years there were changes to being able to be in Thailand. The Bangkok Post and the Nation were good to read up until the mid 90s. One of the reasons for me not to retire there was the changes implied, implemented by the Thai gov' over the 30 odd yrs that I went there. The Thai Consulate worker at Kota Baru complained that I had not shown respect - I should wear trousers not shorts. He had not walked for 20 mins in the heat, arrived early in the morning and had to wait for the Consulate to open 15 mins later than as stated. TIT TAT TAT, TIT TAT. Where's a cheap hotel? Beach! Today squash day. You squash. Thai drive road roller. Hospital passageway damaged people laying about - no money. Phuket town fire in life and death - skeletons chained together.

@paradise6606 9 месяцев назад

It's plain wrong. If Thailand does this I will never retire in Thailand. I have already paid taxes on all the money I have earned in America and it's just plain wrong as a 60 year old women to have to try a pay taxes on money I have already earned and paid taxes on.

@stewartbeckman7909 9 месяцев назад

Well... That takes Thailand off my list...

@mikelee1969 9 месяцев назад

Same here!

@keepitreal1547 9 месяцев назад

You're looking far too much into it. Using common sense will enable you to work around it, for the better.

@beeawesome7140 9 месяцев назад

No problem, easy compromise. Just start paying fees for access to public roads, and parks! I'd happily pay an education tax that went to local roads and schools, that's my community, those are my people. Try to look at it through multiple lenses :)

@user-ps4fs6ts4t 3 месяца назад

Social security from America will not be taxed. America has a tax treaty for that.

@mencken8 9 месяцев назад

Of what significance to anyone would my opinion be on this question? I am retired, and if I don’t like the cost of living where I am, I’ll consider relocating somewhere else. Governments are always (ALWAYS) trolling for revenue. In some places, they’ll make things attractive for retirees, because they’ve calculated they’ll spend more than it’ll cost them. But that can change. In any case, there’s nothing one can do in a foreign country to influence their public policy.

@bigradwolf5001 7 месяцев назад

Maybe not one but perhaps 1million farangs who visit the country each year to scope it for retirement.

@kyotosal 9 месяцев назад

Thanks for this JC. I don't think they will tax social security, but if they do I will just cut back on spending that same amount in the Thai economy. If I lose, they lose......Sal : )

@drdr76 9 месяцев назад

The US already taxes social security, and I applied for mine in June of 2021. The last letter I got from them in January of 2023 said, "we cannot pay your benefit at this time" no reason given. I will have to visit an office when I return next year. Our government is scum. Politicians in the US have been screwing us since Reagan. They need to have all their pensions and federal benefits taken away, retroactively!

@jerrymylove1754 9 месяцев назад

So if I get a pension from the military, rental income, dividend income, and social security income. They will tax all of that and I get taxed in America as well? Also, if I work here online they will tax my earned income as well? That would be shooting themselves in the foot and detrimental to their future. They could fine us for not paying and then trap us in the country. You try to leave they stop you at the airport and tell you to pay some exorbitant fine or go to a Thai prison for six months to a year.

@jasonjames4254 9 месяцев назад

I'm no expert but this is what I see in the tax treaty. According to Article 20 of the tax treaty, Social Security and pension income is taxed only in the country contracting in the treaty. So there should not be taxation on Social Security, military, other pension income, or annuities. Article 10 covers dividend income. Regarding dividend and interest income, it gets a lot more complicated but is likely taxable in Thailand. Likewise, income earned working online while you are physically present in Thailand will likely be consider either employment or business income and would be taxable in Thailand. However, if your online employment/business income is taxed in Thailand, you may be able to avoid having that same money taxed again on your U.S. tax return by claiming either the Foreign Earned Income Tax Credit or Foreign Earned Income Exclusion on your U.S Tax return. And lastly, regarding charges of income tax evasion in Thailand, they could of course prevent you from leaving the country until you pay up, imprison you, or basically do whatever Thai law allow.

@drdr76 9 месяцев назад

This is what happens when the bankers take over the political/law making process. It is no different in the US where every year the government takes more and more from poor and working class people and GIVEs more and more to the rich via tax cuts.

@velociraptor6124 9 месяцев назад

All I'll say is BINGO

@alexturbine6424 9 месяцев назад

Malaysia My 2nd Home - MM2h, Bye bye Thailand!

@golfnut7369 9 месяцев назад

What happens in other countries if you are an expat?

@user-dj9nl2vs9x 9 месяцев назад

If you are from any of the 68 countries who have a Dual Tax Agreement. Then you only pay tax on your income at source, so once in your home country.

@isaanman5399 9 месяцев назад

Philippines & Laos don’t tax Expats on money brought in from overseas. 2 years ago Malaysia announced they where going to do what Thailand has said now only to to do a complete U-Turn before it was implemented & kicking it down the road for at least 5 years. Cambodia tax rules do say for tax residents income from abroad is subject to Cambodia tax but it is not implemented & I doubt they have the mechanisms or want to impose it.

@Nautilus1972 9 месяцев назад

They already tax those of us working here as residents. So give us residential status then! Crypto can help here. You don’t have to store or move money in banks. Crypto solves everyone’s problems. Be your own bank then!

@kingofkings9 9 месяцев назад

Why would anyone wants to live in a place that doesn’t want you there?

@nmc398 9 месяцев назад

Well there goes my retiring to Thailand 😢

@wm3138 9 месяцев назад

Everything in Thailand should be followed by the word “maybe “.

@ronrockit3084 9 месяцев назад

Wow haven't seen you in long time good to see 😊

@paulhefner2813 9 месяцев назад

Who knows what the Thai government will do. I pay taxes on all money I receive as an American. This sounds like double taxation, but Thailandcwill suffer if they go after foreigners. I doubt they will do it.

@MrMartgolf 9 месяцев назад

Great video JC, I totally agree, as I have been told by another Farang living long term in Thailand, it’s not the retirees they are after it’s the wealthy they are after Which I am not 😁

@Axoxcderfvdefiojz 8 месяцев назад

It must effect whose income over150k thb per year.I ve been so worried.😢

@MisterMitchMM 9 месяцев назад

Thanks JC, Nat, and @Chocolate Man in Thailand 🙏

@stevend8785 9 месяцев назад

Everything there has a Thai price and a Farang price. Basically, if you're white, you're rich, and you should pay. I don't know why you'd think this isn't directed at farangs. Say you wanted to buy yourself a nice 1 bedroom condo for $100,000. If you stay there all year you have to pay $35,000 in tax? I understand the motives, but it seems like a counter-incentive to live there. If you're on Social Security and that's it maybe it doesn't impact you. Some of the properties I've found online are pretty nice and expensive. Clearly not all the expats are poor. Not all Thai's are either, but I'm guessing there aren't an unlimited number of them buying $300,000 pool villas and condos. What do you do about this? Leave for 6+ months? Then everyone else takes a hit because you aren't there eating in restaurants, drinking in bars, barfining girls, or whatever.

@titantitan2851 9 месяцев назад

The Philippines is looking good.

@drdr76 9 месяцев назад

I spent the month of June there and for me, no way, much worse than Thailand.

@DerrickWeil 9 месяцев назад

I lived there for a year if you are okay with a lot of people wanting something from you(not all but enough people), poor internet, and constant blackouts even in the cities. Poor food quality in many areas, expensive food, bad transportation. I mean there are definitely many positive things but they are not really progressing out of these negative issues and no signs that they will ever get better. The overall quality of living and accommodations in Thailand is better by a mile.

@Budismo7917 4 месяца назад

12 months keep the money in a foreigner bank and then open an account in beautiful smile🇹🇭❤️🙏🏻 i think its the idea to avoid taxes

@ubiquitousdiabolus 9 месяцев назад

Who is going to look through every foreigner's finances to determine how much money is subject to tax and how much isn't? And retirement income is taxed lower in the US than general income in Thailand.

@EscapetoThailand 8 месяцев назад

Exactly. Not doable.

@stevemahoney6493 9 месяцев назад

Creating a huge new tax prep industry to complement the visa prep industry. They'll need the jobs if pot is recriminalized.

@sdzachar 7 месяцев назад

Seems too complicated probably a lot of experts are going to pack bags and leave Thailand. We were going to move there to retire but at this point not I have been paying taxes 35% and 50% on my overtimes on my paychecks I don’t intend to keep paying again it’s absurd. What they have done. What is the reason is the country green bankrupt?

@robsimons1609 9 месяцев назад

boycott that place,they will soon change there thieving ways

@M.R.T.V.Videos 9 месяцев назад

They only got less than 1/4th tourist numbers pre covid so far this year . Inflation , ww3 uncertainties , now they want to tax everyone 😂 .

@johnerdelyi4208 6 месяцев назад

Governments all over the world are always looking at ways to get more money 💵 and taxes always seems the best way to raise money 💵 that's life we all pay no matter were you are 😅 !

@mjl8197 7 месяцев назад

A big problem in that interpretation, the Thailand progressive tax rates are HIGHER for a given middle ncome than they are in the United States, not lower. They may be higher in the United States for the very wealthy, but not in what is probably your average retirees income. A US middle income is considered a high earner in thailand.

@EscapetoThailand 6 месяцев назад

Average retirees income is social security and pensions. Not taxable...

@NebSniw 9 месяцев назад

Uncertainty dissuades foreigners too. Their plan was to invite in a bunch of wealthy foreigners and tax them after they established themselves. Never get tied down to one place if you're into crypto. 6 months on, 6 months off in Thailand until they state their rules.

@bigradwolf5001 7 месяцев назад

I've revised my plan to to switch between Philippines and Thailand. 175 days in Thailand, the rest in Philippines.

@hewhoknowsknows 9 месяцев назад

Having watched numerous You Tube blogs about this subject I must admit i am really surprised at the amount of International Tax experts who understand Thai tax laws and double taxation agreements who are now living in Thailand. 🤔🤔🤔🤔🤔

@bigwaidave4865 9 месяцев назад

The advice they give it worth every satang🤣

@Winterstick549 7 дней назад

Would this only be money deposited into our Thai bank accounts? I just ATM cash from my bank in the USA.

@TheAkagai 4 месяца назад

There is NO NEW law for taxation. - There is no law to tax expat retirees. This all started with a low-level report on "enforcing" an existing law to tax THAI nationals who hide income abroad. The US/UK did this years ago. -- You tubers picked up and said " What if..."

@XplorWme 7 месяцев назад

The one thing I have yet to read or hear anyone talking about (and the video lawyer touched on credit card) is how could they possibly know what you pull out of an ATM with your foreign debit card? Unless they change the software in all Thai ATM's, couldn't one just pull money and pay cash as we mostly already do for all things? This is assuming you are not taxed on the annual required entry amount for retirement visa. (speaking of money over and above the retiree income amount for visa).

@rob-xb3vp 4 месяца назад

Upside..no paper trail. Downside...terrible exchange rate and added fees. May as well pay the tax.

@robertnitschke1649 9 месяцев назад

i Think people will find some were else to retire .Has Thailand Gov though about that .people with low incomes and pensions mover to cheeper countries for the better life style .

@wally5232 9 месяцев назад

Hi JC and NAT. Thanks

@jurgschupbach3059 7 месяцев назад

How is it if ya have a Brandon based Wilmington Trust Fund? Instead of a Swiss Bank Account any PO Boxes involved?

@johnexpatthailand2142 9 месяцев назад

If it's not meant to hurt farangs, simple answer, don't apply it to farangs, only Thai people. If they start applying to pensioners, life's difficult enough already, you're going to end up with them gone, kicking their girlfriends out and spending less in bars and cafés. It will bite them on the ass.

@michaelmayes9689 9 месяцев назад

We all know that everyone is due to pay tax somewhere, nobody can expect to live in a country tax free. The issue is what jurisdiction you are due to pay tax in, as income should not be subject to double taxation just because it is earned in one tax jurisdiction and taxed again just by living in a 2nd jurisdiction. My view which many will disagree with is if you live in Thailand you pay tax on your income in Thailand to contribute to the country you reside in. The main problem is countries want two bites of taxation out of the same cake and this affects the honest person. If i had not paid any income tax for years i would not crow about it, because you have lived off other taxpayers who have provided the infrastructure you have been using. Therefore you should realise the animosity and resentment that the indigenous population might feel towards you, regarding you as a freeloader.

@brianwood8086 9 месяцев назад

Finally I hear an expat saying we should make some contribution to the country that we have chosen to move/retire to. That is not unreasonable. We all just need to wait for more information on how it will work before making a lot of noise about something that is still far from finalized and being implemented. Given how complex working out how to decide what is taxable, and what isn't, and how to track money transfers and credit card payments etc, it is simply not possible for it to be implemented by 01/01/2024.

@TheSumo294 9 месяцев назад

My best guess is that this law is gearing up for expat chinese. Soon u will see a flood incoming and Thailand wants a percentage.

@antonydean8063 4 месяца назад

Thai government only tax on thai bank accounts. I do not see the need for a thai bank when i can just use my mastercard to purchase goods and get a cash advance for buying food

@southpaw1755 3 месяца назад

You used the words"might" and " could" so why not wait until something is announced by the Thai government and not tax accountents who are speculating? I've watched over a dozen videos beginning over a year ago and still nothing has changed. Please find another topic to record about. Thank you.

@unclecraigbaannawk 9 месяцев назад

Yeah…we ain’t worrying about taxes….not in my lifetime….

@leejones3219 7 месяцев назад

My Retirements are military disability and Social Security Disability which are not taxable in the US. Tax me here on it and I’ll go back to my house in Florida.

@DavidWilliams-qr5yj 7 месяцев назад

I vacation twice a year anyway. I'm usually gone a month and ahalf at a time. If I double the amount of time I'm out of the country. I'll be gone six months. And I will not be a tax Resident. problem solved! And i'm still spending six months in thailand. :)

@waynecox4132 5 месяцев назад

I am 76 years old and planning to RETIRE & move to Thailand permanently in 2026. QUESTION: Will my United States Monthly Social Security Payment be taxed?????

@gregwaddle2616 9 месяцев назад

Thank you!

@drdr76 9 месяцев назад

Foreigners with income earned OUTSIDE Thailand and who pay taxes in their home country AND whose home country has a tax agreement with them are not having to pay this tax. Don't spread misinformation. The US, Canada, and Europe have this agreement with Thailand.

@marcusaurelius9123 9 месяцев назад

And Australia.

@ricke6854 9 месяцев назад

...BUT - You might have to submit a tax return in Thailand every year ???

@ItsMe-vv9xd 9 месяцев назад

The point being most pensions are not taxed so bringing in your money will be taxed

@user-ps4fs6ts4t 3 месяца назад

One more thing, Thailand is really doing this to stop money laundering. Thailand is very smart and they are not going to wrong there economy. People making tax videos leave withmore questions than answers, don't panic

@markhogan4730 9 месяцев назад

I assume you earn money as a RU-vidr. How should that be affected do you think? It is earnings made in Thailand so surely it is fair that tax should be paid to Thailand or perhaps you have a different opinion?

@ShaneLars 9 месяцев назад

Here is an issue that people arent talking about. One would still have to pay taxes on the social security/income from USA to Thailand, and then you would apply in the USA to get the dollars back from the USA that you paid taxes on in Thailand. This is how it works with no double taxation, i.e. on has to pay the taxes then you file taxes in your home country and in the taxes you pay in the USA you apply to get the money you paid in Thai taxes you reduce from the USA taxes.

@jasonjames4254 9 месяцев назад

That's probably not true of U.S. Social Security income. According to Article 10 of the tax treaty, your Social Security income and other pension income is taxable only in the U.S. But yes, other U.S. earned income that is taxed by Thailand should be exempt from double taxation in the U.S. by claiming the Foreign Tax Credit on your U.S. income tax return.

@davidkidd3863 7 месяцев назад

That't all ex pats need more red tape

@ShaneLars 7 месяцев назад

@@jasonjames4254 I worked in Indonesia with a dual tax system, what i had to do was pay the taxes on my incomed in Indonesia, and then when i paid my US taxes deduct the Indonesian taxes paid versus my US taxes. Not certain about SS, but haven't heard if it will be included as the Thai taxes and I understand it tax on all global income. Will be following though, thanks for mentioning this.

@heinzbucksandcastle2053 9 месяцев назад

Fine I will avoid Thailand with this crap.

@DWilliam1 3 месяца назад

How high are the taxes?

@fib6156 6 месяцев назад

avoid retire visa and get the long term residency. no taxes due. plus fast track at airport

@EscapetoThailand 6 месяцев назад

At what cost? And you'd still be liable for the taxes...

@fib6156 6 месяцев назад

No taxes with long term residency program ; cost 50,000 bath and proof if investment in Thailand and some income. See the better deal now compare t the retirement visa@@EscapetoThailand

@ericbogaerts4216 3 месяца назад

no taxes for retirees, no taxes for money already taxed in your passeport country

@marcusaurelius9123 9 месяцев назад

Thanks JC very helpful

@innercynic2784 4 месяца назад

Were you taxed on this income at the "source"... i.e. your home country? If not, and you're living full time in Thailand as a resident, and there is obviously an agreement between countries to not double-tax you, then the Thai government looks at this as income and will proceed to tax you. Where is the mystery in all of this? If however you don't spend the bulk of your time in Thailand and don't dump huge amounts of untaxed funds to a Thai bank then you should be good to go. Right? And are not wealthy Thais not subjected to the same rules as foreigners as far as high income taxation is concerned? Talk to a tax attorney or accountant and let's see how this plays out. Thailand is notorious for floating all manner of schemes and back tracking on them.

@TerryChimes123 9 месяцев назад

I do a yearly tax return to the UK. I receive no state pension and, i am a self funded retiree. I pay very little tax to UK as I am non UK resident so my income is 99% "disregarded income" (legally no income tax due to UK). I am on a yearly extension retirement visa. So, will i have to pay Thai tax?

@stumpytkd1774 9 месяцев назад

Dint worry it's not going to happen

@TerryChimes123 9 месяцев назад

@@stumpytkd1774 How do you know ?

@Axoxcderfvdefiojz 8 месяцев назад

Everything could happen! me too.😢

@Pensivata 9 месяцев назад

Yeah - CMIT would want to make it like a can of worms, wouldn't they? - "cos then you need us!". Sounds too much like a pitch for their services. Or if I am wrong - how about this you guys at CMIT - why not make it simpler - keep it snappy - then if you come across as a truly honest broker - I'm sure many people will want to avail of your services. It should be win win. But I fear you guys may be too obsessed with your own importance that you may have lost sight of the bigger picture..

@darrineagle3450 9 месяцев назад

I think they want to start taxing the sugar babies.

@JeffEdwards258 9 месяцев назад

The problem in Thailand is that they will tax you and then they will want you to prove that it wasn't taxable income under the law.

@stumpytkd1774 9 месяцев назад

How could they do that it's impossible they can't take your money from the bank there are laws to protect that from happening they wouldn't even know your bank balance