stat

It does not solve the problem how to prove which funds have been taxed and which have not. As an example pls find attached a German Einkommensteuerbescheid. How will Somchai determine which funds have been taxed? Not even a German Wirtschaftsprüfer could tell because there are only cummulated resulted and taxes are not on an account or financial instrument level. Never mind that Somchai does not speak German or has the faintest idea of German tax law. As cyclist has correctly stated it is next to impossible to prove which funds have been taxed. However Thai RD could make some amends like in MY that if you ever had 100K USD in taxed income that would suffice to bring in 100K tax free. Einkommensteuerbescheid_2019.pdf

https://www.thaiexaminer.com/thai-news-foreigners/2023/11/04/tax-change-for-expats-living-in-thailand/

For Mike Lister: Ok you we can agree peanuts in this case but it stretches throughout the thai economy. Claiming one has never seen dual pricing and living in LOS is weird though.

Sir why you post in a thread that you want to be closed?

you must japanese then. EUR is 3.4% at a reputable brokerage over 10K ... But agreed if something in the area of 20K USD no biggie. Just do a quick calculation and then decide.

Do not forget that you lose interest while your money does not earn income in TH instaead of 5% in USD funds

Taxable ONLY WHEN REMITTED. You can make a lot of money on interest and not transfer to Thailand and do not have to pay a penny in TH.

The problem remains if the government will also save "the farangs" if push comes to shove. My guess is no.

Thanks for your post! I was talking about additional 5K USD financial needs to relocate instead of staying in TH the whole year. While you live somewhere else you do spend your money in the other country NOT in TH. Hard to understand huh bike lover? For the rest of us do not feed the trolls i.e. a certain guy who pretends to have a bike. PS: Cyclict save your breath you are on ignore since ages but I have to add citations also. Talk to the hand you know the drill I am sure.

Trust me on this there are some rich expats for this specific reason in TH. However I had to google Nut street so different clientele then 🙂

Glad we are on the same page now. Yes MY and TH will apparently start taxing remitted income only. So for remitted income there should "only" be the differnence in tax brackets. Glad you mentioned the 40 year old tax declarations. This of course would be a big plus.

There are expats with 7 figures investment income per year who are way better off traveling which will cost them 5K USD per year more instead of paying 300K USD in taxes. And now pls no comment if one would have that amount of income etc, thx!

https://www.ey.com/en_my/tax-alerts/tax-treatment-of-income-that-is-received-from-outside-malaysia#:~:text=With this development%2C a flat,in Malaysia by Malaysian residents. If you have a source stating that no foreign income will be taxed in MY pls let us know, thanks! My understanding is that MY will or has started to tax foreign income, but I am happy to learn otherwise.

To my understanding Malaysia will start to tax your pension as well... If possible just do not transfer your pension to Thailand and keep it offshore and transfer other monies.

According to several sources you would pay taxes on remittance in Malaysia then instead of Thailand. What is it you hope to gain? One tax year out of TH and then transfer 5 years worth of monies? I would rather spend 170 days in each country and the rest in a 3rd country. You do not need a tax certificate to circumvent TH taxes just staying below 180 is sufficient.

According to the current law (including the new directive from 01.01.2024) you are not a tax resident in TH if you are not in TH for more then 180 days in a calendar year, so no tax payment on remitted funds in that year and no payment on those transferred funds in any future year (if law will not be changed again in the future).

No, only income (cap gains, pensions, dividends, rental income etc)remitted to Thailand will be taxed!

Or they just wait and only tax those that submit a tax return... No one will know for sure before mid 2025 and then again for tax year 2025 it could all be different again.

Thanks for your post! I fully agree one has to follow the situation very closely as the Thais could come up with the "easy" solution that every penny is taxable that does not come with a translated certificate signed in person by Joe Biden and the Pope that Mr. Stat has paid withholding tax in the US. I very much doubt that Thai RD will provide anything remotely similar to the UK non-dom remittance rules if they provide any further explanation at all. My guess would be they leave the final decision to the individual RD inspector, which would a nightmare scenario.

It is a 180 day or 183 days, most people claim it is a 180 days.

Thanks a lot! Then I would be off the hook as I have a lot of dividends that come with withholding tax that are way more then what I will transmit to Thailand. I really hope that with suficient planing one will owe next to zero in thai income tax.

Maybe you will have to pay income on the monies you remit to Thailand if you stay more then 180 days in TH from Jan 1. 2024 onwards. Likely you will only have to pay income tax on the gains part you made that has not yet been taxed.

This is exactly the big question! Will thay go for 50% is cap gain or will it be fifo (first in first out) ie first 100K is notional.

Much obliged for your detailed answer! Are there any guidelines on mixed funds in the same account? Which money is already taxed and which is cap gain if I transfer 10K? Thanks! Malaysia or PH is my backup option however I have never been to the PH.

This confirms my stance that I would not invest a substantial part of money in Thailand. Even just 800K Baht for a visa: I lose out on interest and in addition I do have the risk to lose the principal because of some law change. I know never happened before, the risk is low but it could happen. So as long as possibe I go with OA visas.