Expats seeking a new life face challenges with stricter banking and taxation rules being pushed

[Shetraveler]

5 hours ago, brianthainess said:

I was thinking Vatican too, I hear they have safe balconies.

But can get a bit overcrowded on public holidays.

You're way too old for vatican "accommodations."

[Karma80]

26 minutes ago, SuperSaiyan said:

If you are paying income tax in the US, it will be non-taxable in Thailand but you will have to submit your documents to the Thai tax authority. If you didn't pay tax in the US, then you will be liable in Thailand.

Why. The expansion of the RD directive is regarding remitted monies, not dividends (a passive income which is not Thai sourced), which remain overseas. This is not assessable or included in a Thai tax return.

 

Just as an aside - fun fact - the US is not a CRS signatory.

Edited October 12, 2023 by Karma80

[topt]

6 minutes ago, newnative said:

Hope this interpretation is correct.

Seems to be a fairly general consensus but as already stated we all still await clarification. There is a huge (over 90 pages in the news forum) thread going into everyone's interpretation and rehashing every argument 10 times over if you are bored. 

[ThomasThBKK]

15 minutes ago, John Drake said:

I'm thinking it is, because it seems designed to catch Thais' overseas income. At least if your wife has no income, however, it will give her a cushion before any taxes are owed. My wife already makes more at her job than I do with my social security and retirement annuity. We would pay even more if I tried to transfer money from overseas to her, I'm guessing.

 

Think there's a gift allowance of 20 mio thb per year for married couples. 

[Lingba]

I can only imagine the paper work at Immigration

[SuperSaiyan]

18 minutes ago, Karma80 said:

Why. The expansion of the RD directive is regarding remitted monies, not dividends (a passive income which is not Thai sourced), which remain overseas. This is not assessable or included in a Thai tax return.

There is no difference in where it is sourced anymore and it doesn't matter if it's dividends - if they are brought to Thailand, they will be taxed.

Edited October 12, 2023 by SuperSaiyan

[SuperSaiyan]

23 minutes ago, newnative said:

But, my understanding, only liable on money sent to Thailand, where it now becomes assessable for taxes.  Not sent to Thailand, not assessable, no tax owed in Thailand.  Hope this interpretation is correct.

Yes, you are correct. Still need to file for income tax. Paperwork will be added to be able to receive a yearly visa.

[Modern Coding]

9 hours ago, FarAway said:

 

A possible next pandemic - Mask mania and this time QR-code-style like in Europe with no escape for "conspiracy theorists"

 

Wasn't the situation any different in the Philippines?

[Dont confuse me]

9 hours ago, FarAway said:

Because people are sheep. They follow the masses. And the masses go to Thailand.

Approx. 90% of the Expats in Thailand are losers, hippies, child molesters, LGBTQ or whatsoever. 

Whilst I don't necessarily agree with that statement I will say that in my experience 90% are trapped, they won't admit it but they are trapped. 

[freeworld]

10 minutes ago, SuperSaiyan said:

Yes, you are correct. Still need to file for income tax. Paperwork will be added to be able to receive a yearly visa.

Nothing specified yet. But if foreigners keep asking immigration if they can volunteer and submit their tax documents I'm sure immigration will eventually oblige.

Edited October 12, 2023 by freeworld

[Celsius]

23 minutes ago, Shetraveler said:

So exploiting and shaming women is a good thing.
Just wow.  
I guess that INCELS are gonna INCEL.

 

You could make your point without using woke words as it comes out pretty dumb. 

 

"Incels" are also easy targets for those "exploited" women as these men by definition are insecure and weak so in the end they are the ones end up being exploited. Usually by building a house on "family" land or allowing their wives to have incestuous relationships with their broz

 

 

[jacob29]

9 hours ago, smedly said:

if they want to tax me then their revenue department can claim it from me if they have evidence my income in not taxed already. That is the usual way personal taxation works.

 

 

Your home country doesn't ask if you've been taxed already, this is definitely not the usual way tax works. They will see the income from abroad (through CRS), and if you're a Thai tax resident during that same period, presumably they will want tax for money coming into Thailand.

[pedro01]

1 hour ago, wwest5829 said:

One possible alternative I was told about was, switching your UK Bank Account to the Isle of Man. Might be something worth checking out for my Brit Cousins.

I am not sure that would make things better.

 

I bank in Isle of Man and they definitely have no double taxation agreement with Thailand. There are privacy laws that may help - but I fail to see how this would help at all. 

[madmitch]

Another good reason to base myself in the UK and visit Thailand as a tourist for a few months.

[jacob29]

35 minutes ago, Karma80 said:

Why. The expansion of the RD directive is regarding remitted monies, not dividends (a passive income which is not Thai sourced), which remain overseas. 

Thai source income has always been taxable, regardless of whether those funds were repatriated. For obvious reasons as well, since otherwise employees could just set up offshore bank accounts to receive salaries for their Thai jobs, to avoid tax (which obviously wouldn't work).

[Rimmer]

An off-topic post in violation of our Community Standards has been removed.

[Liverpool Lou]

10 hours ago, Presnock said:

So correct, loan you money at one interest rate and then money that they have loaned out and been repaid at a higher interest rate is then loaned to

you at a higher interest rate. They are using monies from others to loan to you. 

Of course, they are, that's no great revelation! 

How else do you expect the banks as profit-generating businesses to make money?  Do you expect to be able to borrow from the banks free of charge or at rates lower than the rates of their revenue?

[SuperSaiyan]

11 minutes ago, pedro01 said:

I hate to break it to you - those bar girls in PI have pretty high "body counts" too...

Do you mean the small whore street in Angeles where it's 95% Koreans? Who would go there if you get daily 100+ matches in Tinder from girls half your age? Don't confuse the Philippines with Thailand. The whore mongers are all in Thailand as it's one of Thailand's biggest selling point.

 

But I just love how you compare White girls in general with whores in a whore street. Facts, bro!

 

Edited October 12, 2023 by SuperSaiyan

[ThomasThBKK]

36 minutes ago, SuperSaiyan said:

There is no difference in where it is sourced anymore and it doesn't matter if it's dividends - if they are brought to Thailand, they will be taxed.

Absolutely incorrect.

 

Dividends paid by US companies/US index funds etc are taxed in the US already with 15% withholding taxes. 
Thailand has a DTA with the US and this is part of it, thus those will be tax free. Many other such DTAs exist. 

State pensions and co from western countries are also mostly exempted etc.

 

 

The main issue is, thailand taxes capital gains of foreign stocks as income, thus having one of the highest cap gains taxes in the world... Also the paperwork .... 

[SuperSaiyan]

5 minutes ago, ThomasThBKK said:

Absolutely incorrect.

 

Dividends paid by US companies/US index funds etc are taxed in the US already with 15% withholding taxes. 
Thailand has a DTA with the US and this is part of it, thus those will be tax free. Many other such DTAs exist. 

State pensions and co from western countries are also mostly exempted etc.

 

Absolutely not incorrect because obviously you won't pay taxes if you paid taxes already and it has been subject to DTA rules. It's very easy to understand, if you paid taxes already somewhere, you won't pay in Thailand, if you didn't, you will be taxed - DTA won't change that.

 

This statement is also absolutely correct, it just doesn't address whenever taxes have been paid already and if there is a DTA.

 

"There is no difference in where it is sourced anymore and it doesn't matter if it's dividends - if they are brought to Thailand, they will be taxed. "

Edited October 12, 2023 by SuperSaiyan

[JackGats]

7 hours ago, LivinLOS said:

Well you can, its only the remittance to Thailand which creates the taxable event.. 

Start paying all bills via wise.. A direct payment from outside the country to the 3rd party is then thier taxable event, not yours.. House and car payments, GF or wifes housekeeping, etc etc.. Spend as much as possible with an overseas credit card.. Brings the total right down. 

Bring cah to Thailand and use it to pay your regular girls in Euro or Dollars.

Edited October 12, 2023 by JackGats

[ThomasThBKK]

1 minute ago, JackGats said:

Bring cah to Thailand and use it to pay your regular girls in Euro or Dollars.

 

Just get an offshore loan transferred into thailand using your stocks/bonds/assets, pay it off with offshore dividends.

 

 

[SuperSaiyan]

9 minutes ago, ThomasThBKK said:

 

Just get an offshore loan transferred into thailand using your stocks/bonds/assets, pay it off with offshore dividends.

 

 

So in that case, the only question which remains will be how much lube the tax man will use. From a German perspective, they don't use lube once you try to make a fool out of them. But luckily, Thai authorities aren't German so you can probably do tax evasion, until you don't. But in this case, why make it complicated? Just use an ATM card from a bank in a country which doesn't share info with Thailand.

[Lopburikid]

2 hours ago, Banana7 said:

You can physically bring into Thailand up to USD$20,000 without declaring it. Maybe open a bank account in a nearby country, transfer money to it, then visit it and withdraw U$19K and bring it into Thailand, once or more times a year, depending on your needs.

 

OK, But how would that help with renewing a marriage or retirement yearly visa.

Plus, if you are on 40,000 a month, that is 480.000 a year less 10% tax = 432,000, that is a deduction of 48,000 for the year. = 4,000 a month= 1,000 a week=142 a day. Is it really that big a loss?

[FarAway]

8 hours ago, AhFarangJa said:

Mine is due to start at any time now. I will wait and see what pans out, but it looks like Cambodia may be my next stop as we live close to the border. Or will they implement it too? We will see.

Cambodia got a residence-based taxation already. Really crazy to see how people more than double my age have no idea how taxation works. People of all age nowadays are so braindead, it is funny.

How do you even navigate through life without knowing rules that are beneficial to take advantage of or circumvent?

[FarAway]

8 hours ago, RichardColeman said:

OK, makes sense, you earn abroad and do not pay tax there you pay it here. BUT, what about savings - savings are not a generated income. How on earth would thailand separate the two in bank transfers ? How can Thailand know that I am sending £1,000 from my savings or from any income ? If Thailand is only suggesting 'wages' paid into a Thai account are taxable, then I think maybe we can all agree with them. 

 

 

 

 

 

Well, you need to declare that appropriately, otherwise you are doing tax evasion.

If your income is taxed in the country of origin - No issues, no double taxation due to DTA

If it is saving, no taxation, no issues.

 

But if you until now generated tax-free income through a company in a tax-free offshore haven, like Cayman Islands, Dubai, British Virgin Islands, Singpaore and so on and lived tax-free until now in Thailand, you are officially not anymore from 2024. 

Sure for the people living on pensions here it does not matter, but they do not bring any huge value to Thailand anyway. 

It matters for people still making a lot of money monthly and who until now could life, with the right setup, completely tax-free in Thailand. This will lead to a huge drain of rich people to other countries. 

 

Surely you could just declare your offshore tax haven income as savings and hope they never find out, but by law it would be evading tax. And this is a more stupid idea than killing someone.

Edited October 12, 2023 by FarAway

[phetphet]

11 hours ago, Bim Smith said:

I am a little lost on how. climate change has anything to do with having a bank account in your home country. As Thailand is preparing for a cashless society in addition to many countries forgive me if I am a little cynical over the whole global cabal dominated governance.

Wait till they all go cashless. Then all transactions can be controlled.

[FarAway]

8 hours ago, NanLaew said:

Why? The rules start on 1st January 2024 so there's a whole fiscal (tax) year to get your ducks in a row.

 

Anyone with any sense will familiarize themselves with any dual-taxation agreement their banking homeland may have in place with Thailand and make sure that their declared tax domicile is the one that takes the least money.

 

Those without a foreign tax domicile will need to bite the bullet and file their taxes here.

 

Otherwise Cambodia, Philippines (and North Korea and Palestine) eagerly awaits you.

 

In all honesty, I seriously doubt that living in Thailand features as a viable option for those of true high net worth. They may have a condo (or a yacht) here but they drop their hard-earned in much nicer places.

I lost a <deleted>load of money the last 2 years in crypto, that I made the 2 years before in 2020 and 2021. But at the of 2021 I was still even in the bracket of VHNWI and even in this setting I thought Thailand is not bad, because:

 

Territorial taxation so for me completely tax-free.

Freedom to own guns (for my wife of course) and despite that a very peaceful place where my wife can walk alone in the streets in the evening.

Freedom from harassing police and government intervention, you can just do your thing if you do not bother other people

Natural beauty (just trashy and plasticy)

Good infrastructure

 

 

There are not many other countries in the world where all of these things applied. Sadly, the first 3 points of the 5 I mentioned will all disappear now that Thaksin is back in charge of the country. <deleted> up. Byebye Thailand, going on to greener pastures.

Edited October 12, 2023 by FarAway

[freeworld]

1 hour ago, jacob29 said:

Your home country doesn't ask if you've been taxed already, this is definitely not the usual way tax works. They will see the income from abroad (through CRS), and if you're a Thai tax resident during that same period, presumably they will want tax for money coming into Thailand.

My country want to know but it is controlled by compulsory submission of tax return once a year and twice a year if also earning income other than from employment.

 

If one does not submit a tax return there are fines, and interest charged.

Edited October 12, 2023 by freeworld

[BritScot]

11 hours ago, Bim Smith said:

I am a little lost on how. climate change has anything to do with having a bank account in your home country. As Thailand is preparing for a cashless society in addition to many countries forgive me if I am a little cynical over the whole global cabal dominated governance.

It's all about control!!! Start of a big backlash in the uk now, more people using cash plus debunking agenda is now in the public and governments cross hairs.