stat

Yeah great idea to move to the The Socialist Republic of VietNam. If you spend 5 secs online search you would know that you are taxed there much worse then in Thailand. Spoiler alert, if you do not want to spend the 5 secs just read out aloud the part of the name that starts with an s.

Correct but it does not help that transactions are not being circulated. CRS report will show your CUMMULATED revenue i.e. you trade 1000times 10.000 USD and it will show 10 Million USD revenue. So you can imagine that this will not be to your benefit whilst discussing this "huge wealth" with any tax inspector who does not understand the difference between revenue and profit.

Just google crs. Already in place since several years mate. Thailand gets info from all relevant jurisdictions like EU UK USA etc 2023 as it joined very late. https://nomadcapitalist.com/de/finance/non-crs-countries-banking/

Your point - Banks in Europe, MENA, Singapore and the US sharing capital gains, transaction details and dividends to Thailand RD in an elaborate new system is already happening with crs and fatca TODAY!

It is send country to country, there is no OECD database. If you tell your UK or US bank you live in Thailand. US or UK sends it to a national database (Bundeszentralamt für Steuern in case you have a German bank). This US database then sends your info to Thailand. I highly doubt they will be able to read and interpret the data correctly. It took the german tax office 3 years to start being able to work with the reports.

I would not go 179 days you never know how exactly they count those days. Example plan leaves at 5 mins after midnight was scheduled 2 hours earlier etc.

Socialist you are if you think someone with more money should pay more. You pay more vat in absolute terms if you spend more. But then again you are German and therefore have no common understanding of money as anyting about it was never teached in Germany and Germans love to be taxed as a form of debt for starting WW2. No one here cares what you think about that the people should pay a "little tax", amounting to an additional millions of baht per year... Me for sure I have paid enough in my lifetime.

I think 90% of the people have yet not realized the potential danger they are in as they do not follow the news... So the repercussions will show only later... I would also be worried if I ever wanted to get money (condo sale 800K visa deposit etc ) out of Thailand being profit or otherwise.

Fully agree! I was offered a full body mri in BKK Hua Hin for 3 times the price then in a German hospital. Blood work was about the same as in Germany.

Man you explictly talked about the pattaya motorway so why you talk then about other motorways! In absolute terms expats pay vat like 10 or 20 thais as you spend that amount more then average thais. You seen to have a lot of time on your hands to write so much ... BTW if you enjoy paying tax move to Germany ! A whooping 70% answered they want higher taxes in a poll 2 years ago.

Before you move to Thailand or before 2024 you transfer a cash amount to a new account. Money in this account has been taxed as you lived in the jurisdiction of an DTA country. All cash balances have been taxed in your DTA jurisdiction. Again if they want to they can demand endless notarized proof of some nonsense that no one can deliver but this sceems to me the way to go forward in setting up isolated accounts with enough money for your stay. If you want to stay for several years this will be tricky and costly (opportunity costs etc).

To my understanding all the money I have as principal i.e. cash is covered by DTA as it is existing and all gains have been realized before entering Thailand and so has been taxed in my home country (cash). Different scenario is if I have the money invested in stocks then I am liable to pay income tax on my profit from these holdings. Of course they can demand some nonsense proof which I cannot deliver but in my opinion this should be a safe route.

There seems to be some confussion in this thread about how much of a remitance is taxable. It is my understanding that ONLY gains are taxed. So if I have a separate account with 40K USD in it end of 2023 NO income tax should arise if I transfer to Thailand. I am only liable for the interest on these 40K when I transmit. The main point beeing it should be an account that is filled end of 2023 and only movement of funds is to Thailand to prevent any mixture of funds. My other preferred option is to simply state that I have transmitted only very limited funds to Thailand like 10K Baht a months and withdraw the rest with cc from brother, sister, etc.

You do realize that the motorway to Pattaya is a toll motorway and so no tax money is involved? Not to mention that there was a long dispute between the German construction company and at first the Thais did not pay up and only did after they lost their case in a court. https://www.pattayamail.com/thailandnews/german-court-rules-royal-jet-doesnt-belong-to-thai-government-thai-foreign-ministry-4913 I agree taxes are necessary but again you pay (a lot of) VAT taxes and very high import taxes on a lot stuff us expats use+ Visa costs+ 10 times entrance fee at national parks etc

I think the problem could show much much later like mid 2025 when your tax report is overedue but you did not hand in one...

It is my understanding that US citizens that earn under 100K USD a year do not pay taxes to Uncle Sam, at least that is what a US guy told me.

Fully agree, however I suspect there will not be a 100% clarification before June 2024 so one has to make plans in advance. Maybe wait until march and have the plans ready to leave as the 180 days close in. Better to leave at day 170 in case you have to visit TH for some days later in the year.

"It's also worth noting that YouTube takes a cut of the revenue generated by ads, which is around 45%. So, a YouTuber with 10,000 subscribers may earn an average of $1 to $2 per thousand views. Therefore, assuming a YouTuber gets around 1000 views per video and uploads two videos per week, they could earn approximately $8 to $16 per week, or $32 to $64 per month, solely from YouTube ads. However, this is just an estimate, and the actual earnings can be lower or higher, depending on the factors mentioned above.Reed More" So really really big money to be made...????

I am glad you realized that regardless of a royal degree etc everyone COULD be in danger of having to pay taxes on every penny they ever earned before the LTR visa and maybe even after.

No one knows how this tax will be calculated exactly but I suppose if you open a separate bank account it SHOULD work. But maybe they ask where did the 100K come from...

To put the importance of the LTR Visa for Thailand in perspective. A programme by the last government which targeted one million high-spending foreigners coming to live in Thailand over 5 years by offering long-term visas to the ultra wealthy and high earners was launched in 2022. Figures released this March show that it only drew a limited response with 2,920 applicants including 195 high-net-worth individuals, 1,011 foreign retirees with a level of assets and income, 771 working executives who moved to Thailand and 943 individuals who qualified through having specialist skills or sponsored employment in Thailand. https://www.thaiexaminer.com/thai-news-foreigners/2023/09/25/calls-for-clarification-of-new-regime-income-tax-foreigners-overseas-income/

https://en.wikipedia.org/wiki/International_taxation

Article 2: In line with the issuance of this order, all existing rules, regulations, orders, responses to inquiries, or any practices that contradict or oppose the provisions laid out in Order No. 16/2023 shall be void. This directive represents a significant change in the tax obligations of residents in Thailand who earn income abroad or possess overseas assets. Affected individuals are now required to ensure that their foreign earnings are accurately reported and appropriately taxed in accordance with Thai tax laws. The order aims to enhance transparency and compliance with tax regulations among residents in Thailand who engage in international economic activities. https://franklegaltax.com/thailands-new-tax-rules-reporting-foreign-income-for-residents/?lang=de Thanks for validly pointing out that the order is not a law. However it does not change much IMHO (with the possible exception of the LTR visa) if it is a law or a directive. The end result could be that you are getting taxed on your remittance if this directive holds.

Great post pointing out a vital difference!

Thailand (up to 2023), Philippines, Malaysia,Costa Rica etc all countries with a territorial tax system.