khunPer

I wouldn't know it was a "famous youtuber"...

Easy peasy...

"ATM Withdrawals and Payments Expats often ask if withdrawing cash in Thailand from an overseas account or paying a third party, like school fees with a foreign credit card, counts as a remittance taxable in Thailand. The answer is yes. Both types of transactions are seen as remittances into Thailand and are taxable. Under the CRS, these transactions are automatically reported to the Revenue Department, making them aware of these financial activities." Source link: https://www.expattaxthailand.com/how-crs-enables-thailands-tax-authorities-to-track-your-finances/

At the beginning of the change of the savings-taxation and demand for foreigners' taxation, we were told that details would come later. Deadline is 31st March for 2024-tax year. Due to the official postings, tax-resident foreigners need to declare taxable income – i.e., anything earned after 1st January 2024 and transferred into Thailand, including ATM withdrawals on foreign cards – but can be credited already paid foreign income tax for those amounts that has already been taxed abroad and is covered by a DTA (Double Taxation Agreement). Bear in mind that DTAs are slightly different from country to country, so you need to check you own home country's DTA. A had a meeting – actually two, see more below – with the local revenue office director, who insisted that foreign already taxed income – for example retirement pension – shall be registered in the tax return form. However, income tax covered by a DTA shall be credited. Easy to be done online with E-filing... However, there seems to be a system-error. You can only mark "Overseas payers" if "Withholding tax" is 0.00. And if you place any amount in the "Withholding tax"-field, a Thai "Payer number for you" is needed. I've set my browser to translate the Thai characters in E-filling to English, which is why you see English in my screen dump. A second meeting with Big Boss in revenue department unveiled that it was impossible to credit foreign paid tax. The staff tried with access to my E-filling profile, and even a call to "someone important" up in Bangkok didn't solve the problem. If you need to deduct foreign withheld tax in accordance with a DTA, you need to fill in a paper P.N.D.90 tax return form – which has to be the one in Thai language and you name and address in with Thai characters; perhaps your local tax department in the Aphor-office might do it for you. You need to attach proof of paid tax in English or preferably Thai language. Now, your deductions are: 60,000 baht personal deduction 100,000 baht maximum deduction, taken as 50% of your income 190,000 baht if you are a 60 years or elder retiree 150,000 baht untaxed base ----------- 600,000 baht total; but can be little more if you are married and spouse no income, and have minor children with your spouse. The below screen dump shows the deductions in my E-filing-attempt... If you are 65 year or elder, and total taxable foreign transferred income is not more than around 600,000 baht, just fill in the tax return on E-filing and avoid any problems. Thai income tax begins with 5% of the first taxable 150,000 baht, so even if you taxable income is a little more than the tax free base, it might be worth just paying a few baht instead of making a P.N.D.90-paper tax return form; especially if you need paid help from an accountant of tax service agent. And remember that savings from before 1st January can be transferred free of tax. It might be a good idea to keep a home country tax office-statement of your savings by 31st December 2023.

When you move out of an address, you name shall in principle be cancelled in the house book. Normally the procedure mfor a name in a blue house book is that a name is cancelled, when it's registered in a new house book. I'm not sure if the book shall follow the home, you need to ask at the tessa ban-office. Your Thai ID-number from the yellow house book might well eligible you for being registered in a yellow house book in your new condo.

Bitcoin is said to use an incredible amount of electricity to keep running – i.e., the so-called mining – and it seems that the costs are becoming that high, compared to the gain, that fraud with electricity is necessary. I wonder what happens when even less coins are mined, if the value of Bitcoin for one-or-other reason also falls...🤔

Yes, you are correct, to my understanding of the rules...👍 In my view it might be a benefit, to use one's documented savings from earlier than 1st January 2024, before beginning to use gain; i.e. live of one's savings, instead of interest and capital gain. If money-trail can be followed – which is what tax authorities normally wish to see – I presume that we ongoing can sell out of equity balance of 31st December 2023, transfer only the 2023-value, while keeping gain and reinvest that; i.e., one might need to sell bonds and equity and reinvest in some of them back again little later. The importance is to keep good trail and documentation of everything that financially happens after the 31st December 2023 savings statement.

According to the Thai revenue office, "ZERO assessable income" means no foreign transfers or foreign transfers of fund from before 1st January 2024, if you stay 180 days or longer in the nation within a calendar (tax) year. Income that has already been taxed abroad might be tax-deductible, depending of a DTA.

A foreigner can surely own a villa in Thailand – no problem...👍– but a foreigner cannot own the land under the villa if not entering on "investment visa". However, land can easily be rented...

I don't know the DTA between US and Thailand – I'm from Scandinavia, all DTAs are said to be slightly different – you should read it, it might answer your question.

This is the official answer... Make sure you have proof for your savings from before 1st January 2024, in case you are asked about origin of foreign fund transfers.

You shall file a tax return not later than 31st March. You can do it online with E-filling, if you already has a Thai TIN; otherwise, get a TIN and file online. Link to E-filling: https://efiling.rd.go.th/rd-cms/tax If you already have paid foreign income tax, you cannot claim deduction online at the moment, in that case you need to file an old fashioned tax return on paper in Thai language. Due tax can be paid immediately, or you can apply for tax-payment in three installments.

If you are living of savings from before 1st January 2024 or Thai savings, where tax is withheld on interest and dividends, you don't need to file a tax return. For foreign savings, you need to be ablt to show proof, in case being asked about origin of your foreign transfers.

Koh Samui, under Surat Thani Province.

Thanks for your reply. It seems to be slightly different from office to office, what they demands or request. Where I live, we must make a new TM30-notification if being outside the province. Other places it is if outside the kingdom, and there was a police order stating that if you returned to same address, you don't need to file a new TM30-notofication, even if you have been abroad.

Actually your need to file a tax return form – I've even had a meeting this week with the Revenue Office director where I live about it – but you don't need to pay tax of the first 500k baht if you are retired and 65+ years old. That is also what the official images I shared and your refer to, says. It is fairly easy to do it with online E-filling, as long as you don't have to offset already paid foreign tax, which the online system cannot handle (seems to be a system error, according to the revenue director, he was surprised that it didn't work).

However, I cannot extend my permission of stay for another tear, without showing a TM30-registration to the immigration officer, it's actually one of the required documents on the list...

To my knowledge, you will need to file a TM30 where you are living for approval of your extension of stay, which might be difficult when living in a container on a construction site; i.e., who is registered as host. Why not just rent a cheap room, where yoy can have your formal address; it won't stop you for having your assets in a container on the construction site a spend the night there. To my knowledge, you don't need to file another TM30 when sleeping elsewhere within the province.

If married the farang has some rights. If she dies, it is depending of marriage, and her eventual last will. For inheritance due to last will they don't need to be married. A farang can inherit property, but cannot keep it, if it is land or within a Thai 51% share – I however don't know, if it can be relocated to 49% foreign holdings, if space available – and need to sell or transfer the property within 12 month.

The official tax rules for foreigner's income tax...

Koh Samui is only one day, April 13th, if you stay away from the nighlife area in April 12th evening...😉

If beachfront: Lolita Bungalow, Wandee Byngalow (might be prebooked already), Moon Hut. You can use Google Street View to walk the beach and find accommodations of interest, and check prices and availability on website or booking platform.

What is "reasonable priced" for you; i.e., what price level are you looking for?

A really good idea, a working fire extinguisher can sometimes prevent a huge fire...👍

Thanks for your reply, you are welcome to ask questions. There can be a lot to consider when moving to a new country. Lifestyle: I changed lifestyle from my home country's four seasons to all year summer and barefoot Xmas. Further north you have winter, actually three seasons: Summer, rain and winter. Down south we only have two seasons: Summer and rain. Furthermore, I began living a life that I didn't have surplus – mainly time – to do, and might have missed when I was younger, being too busy to keep a self employment smaller company growing and surviving. Since I settled in Thailand I enjoy the nightlife, not bars, but beach parties and night clubs; I never danced before, I do now...😀 Thai language: I've never been good in language – still fighting being reasonable in English as second language – it might also be a question of where you settle, if you can manage with only being able to speak a tiny bit of the local language. I've decided for a tourist area where many locals speaks some level of English and prefers to try to speak English to you. Some times I manage with simple Thai words when shopping, which the Thai shop assistant understand, but answers in English. In more rural areas it's rare that someone speak, or just understand a bit of, English. I presume that if I had settles in a farmer village up north, learning more of Thai language would be a must. Spouse: I'm living together with a Thai girlfriend, who accepted to stay where I settled, and didn't try to make me settle in her village. I've already decided my move, before I met my girlfriend. Often a Thai lady dreams about a house in her home-village, both to make face – having a farang spouse – and to have a place when she gets old, as often the local spouse is the younger part. Bear in mind that family is important when one get old, as government support to elder people is very small and elder care homes are not normal in Thailand. Kind of age difference agreement between a foreigner and a younger Thai spouse can be like: "I take financially care of you now, in return you takes care of me when I get old." This is why I mentioned that where to stay also depends on having a Thai spouse, and budget. The latter, budget, is especially if you wish to build a home. Land prices and construction costs are lower in rural areas. A spouse's family might already have land or access to land at a very affordable price – a foreigner can own a house, but not the land under the house – while in major towns and tourist areas, land prices can be quite high, and construction costs also higher. An alternative is always to rent. Renting is the best in the beginning, when testing areas and the first periode when finding where to settle. It's easy to move on, if it was not the right choice. In long terms, to own one's home is cheaper than renting, but you need to look around 15 years ahead before an owned home – i.e. a condo that a foreigner can own – or construction costs and land arrangement for a house financially equals a rent. I built a house and owns it, and have a reasonable arrangement for using the land, under the house. Compared to rental price for similar in my area, investment equalled rent already after 10 years; so, I'm living almost "rent free" now, but still paying a tiny landtax on the land – a house for primary home is tax free for the first 10 million baht in value – and of course maintenance of a house. Depending of where you comes from and where you settle, things may last shorter time than you are used to at home. I live beach front, which can be slight hard on a house – things easily rust or corrode – than having a home further inland.