Yumthai

Let me correct it with 2023 data at current exchange rate: Using the 100k deduction, and two 60k allowances (me and wife), here's what I came up with: -- Effective tax rate of 1.8% for $15,000 -- Effective tax rate of 8% for $30,000 -- Effective tax rate of 16.2% for $60,000 -- Effective tax rate of 19.5% for $80,000

Translation of the new rule: Section 1: A person who is Persons residing in Thailand according to Section 41, paragraph three, of the Revenue Code who have assessable income due to work duties or activities conducted abroad or because the property is in Foreign countries according to Section 41, paragraph two of the Revenue Code In the said tax year and took that assessable income Entering Thailand in any tax year That person has a duty to include that assessable income in the calculation. To pay income tax according to Section 48 of the Revenue Code In the tax year in which the assessable income was brought in in Thailand. It's clear to me that some types of assessable income have been specifically defined in the order, thus logically not including all the types listed in Section 40 of Thailand's Revenue Code.

Expenses 100K THB and Self allowance 60K THB. 500K annual income (minus deduction 160K) will give 2.3% average tax rate.

Can you recommend where (country/bank) and how to open a personal offshore bank account? As you may know opening such account as a non resident (since you are Thai resident) is not an easy task. Let's say you manage to open the offshore account as a Thai resident. It's a non resident account (but maybe you can explain how to open a personal resident bank account offshore?). CRS information will be reported each year to the bank account registered country address (Thailand, home country, ...).

The tax dividend in Thailand is 10% for any dividend income from listed or limited companies in Thailand, not foreign companies.

Thinking out loud. Agreeing that foreign income will be taxed on remittance basis, you could remit each calendar year dividend income from US stocks/ETFs. As a Thai tax resident and according to DTA, US automatically applies 15% withholding tax on dividends (US non-resident alien). These 15% could be offset as a tax credit from your Thai income declaration. Tax in Thailand will be void. You can calculate the amount of money you remit in order that your average tax rate in Thailand remains at 15% or lower. According to 2023 PIT rules, need to declare a bit less than 1.75 M THB (~$48K currently) basic deductions included to get that rate.

No way, it would drastically increase the amazingly low unemployment rate they are so proud of.

Below links to relevant information: https://www.konradlegal.com/2021/10/01/taxation-in-thailand-inheritance-gift-tax/ https://www.mondaq.com/withholding-tax/1258476/brief-on-taxation-for-foreigners-under-thai-laws https://taxsummaries.pwc.com/thailand/individual/income-determination

It all depends on who you are married to. If you can't trust your partner that's indeed an issue.

https://sherrings.com/gift-tax-law-in-thailand.html

Those happily married to a Thai national can transfer (in this case from abroad) to their spouse up to THB 20 million in value per calendar year tax free as a gift.

Indeed! Why bother taking the risk to make crypto payments or directly cash out into a Thai bank account without declaring it, as legal and tax free options exist abroad? Even if Thai taxman can't or doesn't want to enforce laws now, the issue with blockchain is traceability and transactions history being engraved within the chain. Hence, they could easily investigate people transactions at any time in the future, then retroactively fine them.

Are you saying that you're willing to pay up to 35% personal income tax on all crypto payments/transfers you do? It seems to me that the most reasonable and legal solution (unless of course you declare nothing) is, as @Jenkins9039 mentioned, to keep and cash out crypto abroad (broker and bank accounts outside of Thailand) then remit fiat money tax free the next year(s) into your Thai bank... am I missing something here?

Feedback: Visa conversion at CW went smooth, noting that the Immigration Officer did actually ask for 6.1.3 A copy of letter certifying marital status before registration of marriage, that I could show issued from the Amphur where I've got married.

If you are already living and being tax resident in Thailand (you just need to be present at least 180 days/year in Thailand) and tax resident nowhere else, earn dividends from for instance US stocks/ETFs held on a broker registered outside Thailand and do not remit this money the year it has been earned then you have nothing to declare in Thailand and could eventually end up paying tax nowhere (except 15% WHT applied on US stocks dividend). You can't show any tax return but of course can show bank/broker statements. In that case, would this income qualify? I assume it's better to directly ask BOI in order to have a definitive answer.

Thanks Pib for your detailed answer. If I understand you well a tax report seems thus mandatory. So if you get $80K+/year in dividends and pay no tax (simply because it's earned abroad from a country that doesn't tax it and not remitted in Thailand the year it has been paid), this income won't qualify.

@Pib Regarding the two links you provide, I find confusing information. PDF link: "Individual income tax return such as P.N.D. 90/91, BIR60, Form 1040, SA100, T1 General etc. showing income of no less than 80,000 or 40,000 USD per year in the past 2 years" Second link: "Personal income of at least USD 80,000/year at the time of application" Also, no mention of tax return. What is actually required? Regarding Personal income under LTR: "Wealthy Pensioners’ definition is “unearned income such as a pension, rental, capital gain, dividend, etc”. Earned income (salary) will not be considered eligible income for LTR: Wealthy Pensioners application." So income will qualify if either: - one has sold and made enough capital gains on stocks/his own company (I assume from the past tax year?), or - one has got enough dividends from stocks/his own company (I assume from the past tax year?) ...?

I've checked the requirements list to convert my visa exempt to a Non-O 90 days marriage visa in CW and I have some questions: - Form TM87 => OK - Copy of passport pages => OK - ID Photos => OK - Application fee 2,000 THB => OK - Copy of wife's ID card + Tabien baan => OK - Kor Ror 2 + Kor Ror 3 => OK - 6.1.3 A copy of letter certifying marital status before registration of marriage => Is it really required? - 6.3 Letter from a government office, embassy or consulate, certifying that the applicant is a member of the referred family => Is it really required? - Financial requirements => OK - Housing requirements => OK - Approximately 6 photographs of family pictures and house residents pictures (including House No. and inside a house) => Is it really required for visa conversion? If so, requirements are practically the same as per 1 year extension of stay...? Has anyone got a recent conversion to Non O 90 days marriage visa in CW and could confirm which documents are actually required?

I'm not a lawyer but from what I understand, according to Thai Law (source), foreign source pension should be liable to Personal Income Tax if remitted in Thailand the same year it has been earned/paid ...?

Sorry to hijack this thread but I'm wondering: If you reside at least 180 days/year in Thailand, that income is supposed to be declared and taxed in Thailand right?

Thank you @al valio What about first 90-day reporting? Should I report once (or just before) I reach 90 days stay in Thailand, while still being under visa exempt + extension?

Let's say I enter Thailand with a 45 days exempt stamp then get a 60 days extension + another 30 days extension. Before expiration I convert it in-country into a 90 days non O marriage visa then apply for a 1 year extension. When should I complete the TM30 reporting and the first 90-day reporting (in Bangkok CW)?

Let's say I enter Thailand with a 45 days exempt stamp then get a 60 days extension + another 30 days extension, then convert it into a 90 days non O marriage visa then apply for a 1 year extension. When should I complete the TM30 reporting and the first 90-day reporting (in Bangkok CW)?

If I decide to extend my 45 days visa exempt entry applying for a 60 days extension to visit my wife then a 30 days extension (135 days stay in total): - How many days left on visa exempt/extension are needed before applying for these extensions? - Can I still convert to non O with same conditions after visa exempt entry being extended?

Thanks DrJack54. Yes I do have a thai bank account. I'll then transfer 400K THB prior applying. Do I have to make an appointment in CW or can go without?