NoDisplayName

That wasn't the point. You don't have to be "rich" to benefit from tax-free capital gains, but that particular exemption is especially beneficial to those with large amounts of capital to start with. You don't have to be "rich" to benefit from seasoning your income for a year overseas before bringing it in. Those earning millions annually overseas will benefit biglyer than workers picking strawberries in Sweden to support their family in Thailand. These appear to be special dispensations for people with friends in upper management that just happen to benefit the little people.

Twas reductio ad absurdum. The tax consequences for sending via Wise, using various Wise accounts, "should" be the same as if sending via Swift, using various intermediary/correspondent accounts, if we're declaring the assessable money we remit into Thailand. We have opinions, but nothing definitive, on whether gifts sent directly to a wife's account would be potentially taxable to the giver. Thai law is specific only on the tax liability of the receiver. Tax implications of how it's received is a gray area, conducive to interpretation.

That's the way I understand how the system works at present. Rich folks write the rules to protect rich folks' wealth. It appears to work in our favor in this instance. I don't know whether or how TRD tracks remittances and matches them to tax numbers. I don't know what would happen if a Thai reporting "no salary" on their joint tax return receives 5 million baht in their bank account. I don't want to be the first to find out.

The remittance to the wife doesn't become property of the wife until it is deposited in the wife's account. At that point, gift tax rules apply to the beneficiary. Until then, it's yours. As @sometimewoodworker postulates, the financial entity is acting on your behalf as trustee, transferring YOUR funds into Thailand. If you remit assessable funds, you are liable for tax. When you gift taxed remitted funds, the gift transferred domestically is not taxable to either party. I'm guessing this is how some of the great houses move their wealth around freely. Gifts transferred offshore are still gifts, but avoid tax implications for remitting current income.

That sounds...................Wise.

That is my opinion only. It's not advice. That would be reportable.

That is correct. Interest is taxed at 15%, withheld at source. Dividends are taxed at 10%, also withheld at source. Capital gains on mutual funds registered in Thailand are not taxed. Gains on sales of SET-registered stocks are not taxed, as well. That's why those mutual funds pay zero dividends. Any gains you make are considered non-taxable exempt income. Foreign mutual funds held in a Thai wrapper that pay dividends do so to the holding bank, not to the retail customers, which raises the NAV. Of course if you're property of Uncle Sam, you declare all of that on your 1040, and might possibly get a credit for Thai tax paid.

Nah, it's JPM's savings, not my current income. My current income comes from my account. This deposit just showed up in my account from JPM....go ask them to show if it was THEIR assesssable income, and THEY as remitter can file a return and pay the tax. I'm calling it a gift. Majik! P.S., yes the spelling was intended. Speaking with a borkerage rep on the phone a couple nights ago, the rep was unaware of what a SWIFT was.

Perhaps. But if I send current year income via SWIFT it goes from my borkerage account to borkerage JPMorgan account as correspondent bank then to my BKK Bank account. Presto-chango -- JPM and my borkerage remitted the funds, not me. I'll believe it when someone passes an audit!

For that, we'll have to wait and see how those funds are treated when some unlucky foreigner gets audited!

The overseas Wise account is in the OPs name, thus OP is remitting the funds and may be liable for tax. If the wife had a Wise account, OP could perhaps gift into that. Of course, would have to determine whether the wife's Wise account is registered as a Thailand-based account.

My wife called the 1161 TRD helpline (NOT our local TRD office) last week and confirmed with them that a gift received outside of Thailand is treated as a gift when the recipient remits into Thailand. **edit to change who wife called!** We plan to set up a Schwab account in her name to receive annual gifts of perhaps US$ equivalent of 1 million baht. She will invest in US-registered ETF's earning many times more than she could earn on investments here. Schwab will withhold 15% of dividends per DTA, and 0% of capital gains. She will invest in capital appreciation funds that pay little/no dividends. No US tax return needed. After I'm gone, she can remit as needed. That will give her experience investing, and she'll have funds available as IRS may take up to a year to produce the required tax document to release my assets she receives in my will. All of the gifts will be from non-assessable prior savings, so I could remit first and then gift, but I don't want to take the risk of going through an audit and having to provide all the documentation.

If you have prior savings, and documentation to prove that if necessary, you can remit the funds to your Thai account without paying tax, as those funds are non-assessable. That's clearly stated in the tax laws. From there you can gift up to 20 million baht to your wife with no tax consequences for either of you. Since those funds are already established as non-taxable, there is no question of tax avoidance/evasion.

Good on Thailand for inviting more Chinese tourists. Chinese are really good at that math thingie!

Why hurry? Larger bills generate more sympathy on gogriftme.

How much does repatriation cost? The cost of a repatriation is between 2,000 and 5,000 euros

Thailand understands "diversity be our strenf', yo!" 'Twould be unwise to depend on the Chinese to run all the phone scams and boiler rooms!

Two possibilities: 1. You have a foreign currency account or current account that pays zero interest. 2. Your savings account has a zero balance, thus no interest. https://krungthai.com/en/personal/deposits/217/44

"Je Suis Al Capone"

At the point when the 5W bulb became energized, the lady in a tax office uniform had two options: 1. Realize she made a misteak, admit it honestly, correct it. 2. Realize she made a misteak, cover it up, lie. Taxes are confusing and stressful enough in our own countries, but now we've got a poorly-designed system with not well thought out legislation, incorrectly translated, haphazardly enforced by uneducated little wanna-be tyrants unable to admit their failings.

Sure, he may have plenty of doctoring credentials and heaps and heaps of published papers, but does he have experience 'rolfing'? Does he know how to correlate my aura to the correct crystal and essential oils? Is he able to produce the necessary amulets and spells to ward off the gremlins that bring the covids?

HOW DO FOREIGNERS LIVING IN THAILAND PAY TAX? Foreign sourced income derived before 1st January 2024 and remitted into Thailand in a later tax year is not subject to Thai Tax. https://www.rd.go.th/fileadmin/user_upload/lorkhor/newspr/2024/FOREIGNERS_PAY_TAX2024.pdf

Maybe, maybe likely not. Did the TRD lady just put in a big, fat, hairy zero as that was her arbitrary final determination, or was that where the flow of calculations on the worksheet ended up? If the former, then anyone listing non-assessable income will need to file in person, as the online system appears to be unable to simply "poof" it out of existence.

Those are all exemptions to Thai-sourced income. Teachers earning just the basic school salary might be remitting income from their home countries.

My remittances were all prior savings, so not declared. My only income listed was interest and dividends. ~13K baht total, so taxes withheld ~2K, Well under TEDA, so full refund. US SocSec in non-assessable, not taxable, so NOT included in your declared assessable income. It's invisible to Thailand, as though doesn't exist.