Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part II

[JimGant]

16 minutes ago, stat said:

they could simply tax every satang unless YOU prove otherwise (They will however honor DBAs

And how will they determine which cash flow is exempt via DTA?

[stat]

2 hours ago, JimGant said:

And how will they determine which cash flow is exempt via DTA?

Jim this is exactly my point! You will likely have to prove that the income is covered by DTA! If you cannot prove it or TRD is not happy with your documents they could tax every satang that you send. It is a possibilty, the big problem is that ex post you cannot change the situation and are trapped with a big tax payment.

 

I think it is fairly easy to prove that pensions have been taxed or are covered by DTA. Other income from commingled accounts are very difficult to separate, especially without any TH accounting rules.

Edited June 19 by stat

[Lorry]

33 minutes ago, stat said:

Jim this is exactly my point! You will likely have to prove that the income is covered by DTA! If you cannot prove it or TRD is not happy with your documents they could tax every satang that you send. It is a possibilty, the big problem is that ex post you cannot change the situation and are trapped with a big tax payment.

 

I think it is fairly easy to prove that pensions have been taxed or are covered by DTA. Other income from commingled accounts are very difficult to separate, especially without any TH accounting rules.

I agree. 

I spent the last 2 days figuring out cash flows between my own accounts, after 2 days I myself finally understood them.

I am sure the TRD is not interested in listening to my explanations. They will use some kind of simplified rules.  But we don't know the rules they will use. 

 

[NoDisplayName]

13 hours ago, Mike Teavee said:

IMHO this will take at least 5 years to implement & is more likely to be quietly dropped.

 

You're most likely correct, but the damage has been done.  I can't see planning for a long-term future in Thailand, and any decisions will be made taking into consideration the potential, probable future tax consequences.

 

Maybe we'll get another five years before implementation, or maybe four, or perhaps three.  I'll be limiting transfers into Thailand, spending down current in-country savings, putting off purchases and any Thailand investments.  We can do without that addition to the house, and I'm sure we can get a few more years out of the pickup.

[EVENKEEL]

9 hours ago, NoDisplayName said:

 

You're most likely correct, but the damage has been done.  I can't see planning for a long-term future in Thailand, and any decisions will be made taking into consideration the potential, probable future tax consequences.

 

Maybe we'll get another five years before implementation, or maybe four, or perhaps three.  I'll be limiting transfers into Thailand, spending down current in-country savings, putting off purchases and any Thailand investments.  We can do without that addition to the house, and I'm sure we can get a few more years out of the pickup.

The expats here are burning their own house down thinking and worrying about this tax thing. It's the foreigners who are causing the hysteria. 

[Presnock]

On 6/14/2024 at 3:40 PM, Mike Teavee said:

 

So now you don't understand/comprehend what your posting?  

 

 

When I said "For Correspondence" I meant so that my Bank could send me statements, Debit/Credit cards etc... it was them that suggested I changed my HOME address to that of my parents address when they moved me to Singapore as they only had the Investment Bank business out there.

 

I do know that they would close my account if I told them I was no longer UK Resident (Their stated reason is because they cannot offer me a full range of Products) but I am VERY CAREFUL not to break any laws when it comes to investing in UK Tax Free products E.g. I don't add any money to my ISAs or take part in Share Sales that are restricted to UK Residents (e.g. the NatWest Sale that will happen once the new UK Government is in place), I even lost my UK driving license in 2013 because I wouldn't lie to the Government about where I live (In the UK you can only renew your driving license if you live in the UK & it is an offense to have an incorrect/out of date address on your driving license).

 

 

I'm retired now but prior to that worked for a UK bank (26 years) & Citibank (4.5 years) & even though it was in IT we had to do the same KYC/Compliance training as any other Bank staff & even more than most as I was Director level working in the Investment Bank so we had additional compliance restrictions that majority of Bank staff wouldn't have (E.g. We had to take at least 1 period of 2 weeks complete leave with no access to the corporate network, except for phone calls/email on our Blackberrys, every year & had "Black Out" periods around quarterly report times where we weren't allowed to trade the Bank's shares).  

 

 

I did hit the nail on the head with Project Manager didn't I? 

by not changing one's mailing address for a bank account other than the original address, it is my opinion (maybe mine only) that you are avoiding or evading taxes somewhere.  I too lost my bank account of 50 years because after I sold my stateside home, I refused to use a relative's or friend's address in order to maintain that account.  There are always ways to legally use your true address and still have accounts in at least the US.  Like I said my opinion as I have seen some European explain how to legally get a local bank account in some countries without having a mailing address there.

[Presnock]

9 minutes ago, EVENKEEL said:

The expats here are burning their own house down thinking and worrying about this tax thing. It's the foreigners who are causing the hysteria. 

I also see read foreign forums and note changes in those countries too but the governments there quickly changed their rules so that there was very little on the forum like there is here.  Most of them were only affected in a minimum way but even those that were moving seemed to accept that as life goes on.  In my opinion if one opts to reside in a foreign country for any reason, especially financial benefits then that person should always be aware that conditions could change drastically and should be willing to pay the consequences of past decisions.  We are not citizens, don't have any votes whatsoever if we are

foreigners so yes, we just have to accept local changes and move on.  Here, it might turn out in the end that Thailand will not try to destroy RETIREMENT in this country as they should already have a pretty good idea of the financial benefits we do provide.  

[EVENKEEL]

1 hour ago, Presnock said:

I also see read foreign forums and note changes in those countries too but the governments there quickly changed their rules so that there was very little on the forum like there is here.  Most of them were only affected in a minimum way but even those that were moving seemed to accept that as life goes on.  In my opinion if one opts to reside in a foreign country for any reason, especially financial benefits then that person should always be aware that conditions could change drastically and should be willing to pay the consequences of past decisions.  We are not citizens, don't have any votes whatsoever if we are

foreigners so yes, we just have to accept local changes and move on.  Here, it might turn out in the end that Thailand will not try to destroy RETIREMENT in this country as they should already have a pretty good idea of the financial benefits we do provide.  

I'm just curious as to how many expats living in Thailand are tax refugees. Those guys who don't pay taxes in their home country perhaps could be hit with a Thai tax. I'm willing to bet that most expats are just guys with some forms of pension and some extra investment money which most of us claim in our home country. 

 

It's my opinion, which by the way I'm entitled to have that there's a few folks who really stoked the fires early on in this discussion. And, they really don't like anyone who disagrees to the point of name calling. Very childish I might add.

[Mike Lister]

8 minutes ago, EVENKEEL said:

I'm just curious as to how many expats living in Thailand are tax refugees. Those guys who don't pay taxes in their home country perhaps could be hit with a Thai tax. I'm willing to bet that most expats are just guys with some forms of pension and some extra investment money which most of us claim in our home country. 

 

It's my opinion, which by the way I'm entitled to have that there's a few folks who really stoked the fires early on in this discussion. And, they really don't like anyone who disagrees to the point of name calling. Very childish I might add.

Since the early days of the tax debates in December 2023, you have not made a single positive, constructive contribution to any of the discussions, other than to state repeatedly that we/I are generating mass hysteria and to question how we are monetising our efforts. You have continued in that same vein until today with the post above where you accuse us/me of "stoking the fires". Your posts are still out there for anyone who wishes to inspect them and your posting record. It is not so much that anyone dislikes what you have to say, it's more that we've heard the same old rhetoric, ad nauseum, for months and it still doesn't add anything of value to the discussion.

[EVENKEEL]

6 minutes ago, Mike Lister said:

Since the early days of the tax debates in December 2023, you have not made a single positive, constructive contribution to any of the discussions, other than to state repeatedly that we/I are generating mass hysteria and to question how we are monetising our efforts. You have continued in that same vein until today with the post above where you accuse us/me of "stoking the fires". Your posts are still out there for anyone who wishes to inspect them and your posting record. It is not so much that anyone dislikes what you have to say, it's more that we've heard the same old rhetoric, ad nauseum, for months and it still doesn't add anything of value to the discussion.

I'm nearing the end of a remodeling project on the house so I've been house ridden for weeks. Just spending that money.

You said yourself many, many retirees are PM ing you for advice. And, tell me why are so many folks concerned? It wouldn't be the months and tens of thousands of posts about the 8 month old news bite, would it?

 

It's my opinion, which I'm entitled to express. I think I am anyway. No real discussion can be had until a definitive posting from the powers that be says exactly what the law is to be and who it effects. Then you add to the mix the number of countries these expats are from, what like 15 major countries or more. 

 

So, as another poster stated this long lasting discussion is perhaps doing more harm than good for the expats here in Thailand. 

 

I also understand for some this discussion is a great past time, especially those who spent their lives behind a desk reading dull papers.

[Mike Lister]

5 minutes ago, EVENKEEL said:

I'm nearing the end of a remodeling project on the house so I've been house ridden for weeks. Just spending that money.

You said yourself many, many retirees are PM ing you for advice. And, tell me why are so many folks concerned? It wouldn't be the months and tens of thousands of posts about the 8 month old news bite, would it?

 

It's my opinion, which I'm entitled to express. I think I am anyway. No real discussion can be had until a definitive posting from the powers that be says exactly what the law is to be and who it effects. Then you add to the mix the number of countries these expats are from, what like 15 major countries or more. 

 

So, as another poster stated this long lasting discussion is perhaps doing more harm than good for the expats here in Thailand. 

 

I also understand for some this discussion is a great past time, especially those who spent their lives behind a desk reading dull papers.

It's most likely to be because expats are being inundated with advertising from tax consultants, videos on YouTube, article in the press, articles on other social media platforms and questions from people they know. Finally, eventually, many of those people have come to understand that they should have been filing tax returns for many years now but haven't and have decided that it's now high time they began to understand the things they should have been doing all along.

 

You want me to apologise for having posted so heavily in our attempt to communicate this information as far and wide as possible and and for having bored disinterested members. You also appear to want me to apologise for having caused more sensitive members distress. There is a useful ignore feature that members can deploy, nobody forces anyone to read posts about tax or even to be member of AN, if they find aspects they dislike so much. I don't mind that others debate US politics, the war in Ukraine or covid, those things don't interest me so I don't read them. But I sure as shino don't complain every week that other people are debating those topics, I can't imagine why any rational person would! 

[paddypower]

On 5/19/2024 at 1:54 PM, Mike Lister said:

This thread is a continuation of what was previously known as the long Tax thread which is linked here. The old thread, Part I, has been closed because it had become too long and unwieldy for members to usefully navigate.

 

Several related tax threads exist and these are listed and linked below, this list will be updated as soon as new related threads are started.

 

The Introduction to Personal Income Tax in Thailand, initially referred to as the Simple Tax Guide, is  here.

 

Links to Thai Tax Consultancies  is here. 

 

Legal Strategies to Reduce Thai Tax is here.

 

Feedback from Revenue Contacts is here. 

 

A discussion on Gift Tax is here (to be created)

 

A link to the TRD English language site, containing tax forms, instructions, tax guide and useful extracts from the tax code, here.

 

Copies of all Dual Tax Agreements' here.

 

 

 

 

 

thanks MIke,  for all the effort you put in to starting a new version of this thread - which will keep it thread on an even keel.

[EVENKEEL]

13 minutes ago, Mike Lister said:

It's most likely to be because expats are being inundated with advertising from tax consultants, videos on YouTube, article in the press, articles on other social media platforms and questions from people they know. Finally, eventually, many of those people have come to understand that they should have been filing tax returns for many years now but haven't and have decided that it's now high time they began to understand the things they should have been doing all along.

 

You want me to apologise for having posted so heavily in our attempt to communicate this information as far and wide as possible and and for having bored disinterested members. You also appear to want me to apologise for having caused more sensitive members distress. There is a useful ignore feature that members can deploy, nobody forces anyone to read posts about tax or even to be member of AN, if they find aspects they dislike so much. I don't mind that others debate US politics, the war in Ukraine or covid, those things don't interest me so I don't read them. But I sure as shino don't complain every week that other people are debating those topics, I can't imagine why any rational person would! 

The first paragraph is correct. The wolves smell the blood of scared expats. 

 

Never apologize, and that ignore function works both ways for those of us in general pop.

[JimGant]

13 hours ago, stat said:

If you cannot prove it or TRD is not happy with your documents they could tax every satang that you send

Right. That's why they're wisely considering switching to taxing worldwide income -- and not remittances. No more the problem of trying to determine whether or not that cash flow into Thailand is assessable income, or is it not.

[NoDisplayName]

3 hours ago, EVENKEEL said:

The expats here are burning their own house down thinking and worrying about this tax thing. It's the foreigners who are causing the hysteria. 

 

Hysteria caused by foreigners?  When the grand poobah of the tax authority himself states his government's intentions to the press?  Sure, blame the victim.

 

Quote

 

The Revenue Department of Thailand will amend a law to tax individuals with foreign income, even if that income is not brought into Thailand.

 

Director-General of the Revenue Department, Kulaya Tantitemit stated that the current tax law mandates individuals residing in Thailand for over 180 days per year to pay taxes on foreign income if it is brought into the country.

 

This income is currently subject to personal income tax payments to the department. The department is now working to amend the law based on the principle of worldwide income.

 

https://thethaiger.com/news/business/thailand-to-tax-residents-foreign-income-irrespective-of-remittance

 

 

I've spent a lifetime under the US regime taxing global, interstellar and multidimensional income.  Uncle Big Brother has already had a shot at all my income, and I've paid all taxes due as directed.  I don't see the need to submit to some corrupt, third-world entity grabbing what they have no right to.

[Mike Teavee]

4 hours ago, Presnock said:

by not changing one's mailing address for a bank account other than the original address, it is my opinion (maybe mine only) that you are avoiding or evading taxes somewhere.  I too lost my bank account of 50 years because after I sold my stateside home, I refused to use a relative's or friend's address in order to maintain that account.  There are always ways to legally use your true address and still have accounts in at least the US.  Like I said my opinion as I have seen some European explain how to legally get a local bank account in some countries without having a mailing address there.

How am I Avoiding/Evading tax when

1. All of my income arises in the UK & I (well my accountant) files a tax return to report it.
2. Any income I've brought into Thailand thus far has been non-assessable for Tax either because I was non-Tax resident (for most of the time I've been bringing money into Thailand to set me up for retirement I was working in SG) or was from previous year's income (E.g. When I left Singapore my final salary payment was in Dec 2019 & I transferred over more of less what was in my Singapore bank accounts in Feb 2020 - None of it Tax Assessable). 

 

It is only this (well technically next) year when the possibility arises that some income I've earned in the UK might be tax assessable but as I'm only remitting up to my allowance + 150K it doesn't matter as there will be no tax to pay. 

 

Now if Thailand were to move to a Global Taxation model then I would agree that I could be avoiding/evading Tax by not reporting to Thailand income from my UK Banks, but if that ever happened I'll be Non-Tax Resident so it wouldn't apply to me.

 

 

 

You cannot Avoid or Evade Tax if you do not owe any Tax in the 1st place.

 

Edited June 20 by Mike Teavee

[Presnock]

32 minutes ago, Mike Teavee said:

How am I Avoiding/Evading tax when

1. All of my income arises in the UK & I (well my accountant) files a tax return to report it.
2. Any income I've brought into Thailand thus far has been non-assessable for Tax either because I was non-Tax resident (for most of the time I've been bringing money into Thailand to set me up for retirement I was working in SG) or was from previous year's income (E.g. When I left Singapore my final salary payment was in Dec 2019 & I transferred over more of less what was in my Singapore bank accounts in Feb 2020 - None of it Tax Assessable). 

 

It is only this (well technically next) year when the possibility arises that some income I've earned in the UK might be tax assessable but as I'm only remitting up to my allowance + 150K it doesn't matter as there will be no tax to pay. 

 

Now if Thailand were to move to a Global Taxation model then I would agree that I could be avoiding/evading Tax by not reporting to Thailand income from my UK Banks, but if that ever happened I'll be Non-Tax Resident so it wouldn't apply to me.

 

 

 

You cannot Avoid or Evade Tax if you do not owe any Tax in the 1st place.

 

I agree with your last sentence.  Hope it all works out for you.

[JimGant]

24 minutes ago, NoDisplayName said:

I've spent a lifetime under the US regime taxing global, interstellar and multidimensional income.  Uncle Big Brother has already had a shot at all my income, and I've paid all taxes due as directed.  I don't see the need to submit to some corrupt, third-world entity grabbing what they have no right to.

Oh, barf. Yanks -- as has been said ad nauseam on this forum -- realistically have no dog in this fight. Since all our income is already taxed by Uncle Sam, should Thailand suddenly get a piece of the tax pie -- per international tax treaty -- then US taxes will decrease dollar for dollar, as the IRS will have to absorb a tax credit from Thailand. Yes, a few outliers -- the poor Yank, who doesn't pay any US taxes, may wake up to a Thai tax. But nothing substantial, at their income level. And the guy who has to take a big chunk out of his IRA, to finance whatever in Thailand. Depending on how big the chunk -- this could be a substantial Thai tax hit. But -- no one taking an RMD would normally fall into this situation -- unless your IRA contains several millions of dollars. So, Yanks. Relax, have a beer, and read more enlightening threads on this forum.

 

3 hours ago, EVENKEEL said:

I'm just curious as to how many expats living in Thailand are tax refugees. Those guys who don't pay taxes in their home country perhaps could be hit with a Thai tax

Yeah, except for a few misguided Yanks, these seem to be the folks screaming "179 days, then I'm outa here." So sad.

[Presnock]

3 hours ago, EVENKEEL said:

I'm just curious as to how many expats living in Thailand are tax refugees. Those guys who don't pay taxes in their home country perhaps could be hit with a Thai tax. I'm willing to bet that most expats are just guys with some forms of pension and some extra investment money which most of us claim in our home country. 

 

It's my opinion, which by the way I'm entitled to have that there's a few folks who really stoked the fires early on in this discussion. And, they really don't like anyone who disagrees to the point of name calling. Very childish I might add.

What i was implying is about those that brag even openly about never paying the taxes anywhere and I have continued saying many times here that this new interpretation of the thai tax law might not affect any of the retired expats as some ASEAN countries that also changed the way they look at taxes after July 2023 OECD agreement and are not taxing pensions at all nor anything that has been taxed in one's home country even though they are tax residents in SEA.  I still believe that IF the Thai look at what the retired community does in benefits probably outweighs anything that they change if they do go to a world wide even program.  Though some people are I guess leaving quickly so as not to become tax residents, I guess it would obviously cost them too much.  The OECD program if one reads their documents  that a forum reader provided a link, the main reason for the changes is to enable countries to get taxes that are paid as a "fair share".   Good luck in any case

[NoDisplayName]

8 minutes ago, JimGant said:

But nothing substantial, at their income level.

 

Already ran the numbers.  Thailand will tax assessable income, disregarding IRS deductions, credits, and offsetting capital gains losses.

 

If this tax law change is approved, my Thai tax bill will be minimum US$10,000 annually, with zero offset on US taxes.

 

Not substantial?

[Mike Teavee]

15 minutes ago, Presnock said:

I agree with your last sentence.  Hope it all works out for you.

Trying/Planning hard to ensure it does & the ultimate plan is to join you lucky sods on the LTR Visa in 2026 😄  

 

Here's hoping things don't change too much between now & then, TBH the talk of Global Taxation is making me think twice about investing >$250K into a Condo, if it's not been squashed by 2026 I'll probably lean more towards Thai Bonds (or some other asset that can be easily liquidated) than property. 

 

Edited June 20 by Mike Teavee

[Presnock]

2 hours ago, Mike Lister said:

It's most likely to be because expats are being inundated with advertising from tax consultants, videos on YouTube, article in the press, articles on other social media platforms and questions from people they know. Finally, eventually, many of those people have come to understand that they should have been filing tax returns for many years now but haven't and have decided that it's now high time they began to understand the things they should have been doing all along.

 

You want me to apologise for having posted so heavily in our attempt to communicate this information as far and wide as possible and and for having bored disinterested members. You also appear to want me to apologise for having caused more sensitive members distress. There is a useful ignore feature that members can deploy, nobody forces anyone to read posts about tax or even to be member of AN, if they find aspects they dislike so much. I don't mind that others debate US politics, the war in Ukraine or covid, those things don't interest me so I don't read them. But I sure as shino don't complain every week that other people are debating those topics, I can't imagine why any rational person would! 

BTW I note fm another forum user that there will be another webinar on tomorrow fm HUAHIN.  Wonder if it will say the same things, SUGGEST other wild things or just advertising their service.  I will  listen/watch or whatever and read the comments of others.  Though as I have said, I know exactly what my resposibilities  are until the government comes out with something telling me something new or

 nothing new.  I know that Mike has to frustrated with the same folks complaining without offering constructive thoughts.  Hang in there Mike, smile enjoy life here!

[Presnock]

10 minutes ago, Mike Teavee said:

Trying/Planning hard to ensure it does & the ultimate plan is to join you lucky sods on the LTR Visa in 2026 😄  

 

Here's hoping things don't change too much between now & then, TBH the talk of Global Taxation is making me think twice about investing >$250K into a Condo, if it's not been squashed by 2026 I'll probably lean more towards Thai Bonds (or some other asset that can be easily liquidated) than property. 

 

 

6 minutes ago, Presnock said:

BTW I note fm another forum user that there will be another webinar on tomorrow fm HUAHIN.  Wonder if it will say the same things, SUGGEST other wild things or just advertising their service.  I will  listen/watch or whatever and read the comments of others.  Though as I have said, I know exactly what my resposibilities  are until the government comes out with something telling me something new or

 nothing new.  I know that Mike has to frustrated with the same folks complaining without offering constructive thoughts.  Hang in there Mike, smile enjoy life here!

Yeah, good luck on the LTR.  I too hope that there is no major change in the benefits - besides the taxes, no 90-day reports either and over all cost not much more or even less than the yearly renewals...they might even change the cost of those as some are suggesting too.  If they did that along with the widening of taxes that would ensure no retirees would come here.

[JimGant]

20 minutes ago, NoDisplayName said:

If this tax law change is approved, my Thai tax bill will be minimum US$10,000 annually, with zero offset on US taxes.

5 minutes ago, NoDisplayName said:

Already ran the numbers.  Thailand will tax assessable income, disregarding IRS deductions, credits, and offsetting capital gains losses.

OK, good point. I wonder if your situation is an outlier, or more normal than I considered. All my cap gains are ordinary income within my IRA -- and I have no rental income. Maybe I'm the outlier......but, I think, I'm the typical retiree, with pension, SS, and an IRA. But, I guess, you too could pack your bags, and head for the border -- given your new situation.

[NoDisplayName]

3 minutes ago, JimGant said:

OK, good point. I wonder if your situation is an outlier, or more normal than I considered. All my cap gains are ordinary income within my IRA -- and I have no rental income. Maybe I'm the outlier......but, I think, I'm the typical retiree, with pension, SS, and an IRA. But, I guess, you too could pack your bags, and head for the border -- given your new situation.

 

For 2024 US taxes, for single filers, the standard deduction is $14,600.  The 0% capital gains rate applies thru the first two tax brackets to $47,150.  These will of course be increased for 2025 and 2026, etc.

 

The 0% gains rate applies AFTER offsetting losses against gains, so if you're tax loss harvesting you're in for a big surprise.  Thailand taxes gains, but does not allow reduction for losses.  Thailand taxes all of these foreign capital gains as regular income, while capital gains on sales of Thai stocks are not taxed.

 

Two years of global income tax paid to Thailand, probably looking at US$25K when this goes through, would cover the entire purchase price of a nice little condo in one of the surrounding countries.

 

My plan B will be two residences, a summer home and a winter home, each occupied 5-1/2 months, plus a month of travel to a third country.

[stat]

1 hour ago, NoDisplayName said:

 

Already ran the numbers.  Thailand will tax assessable income, disregarding IRS deductions, credits, and offsetting capital gains losses.

 

If this tax law change is approved, my Thai tax bill will be minimum US$10,000 annually, with zero offset on US taxes.

 

Not substantial?

I fully agree with your post! The point is that some expats without much capital to their name (in this forum) fail to understand that some expats would have to pay 500.000USD p.a. in Thailand as tax. Beforehand they paid zero in PIT. Some posters recommend to just sit back and wait. If you wait until 1 July 2024 or 2025 and this new tax directive/law come to pass you would owe 500.000 USD, so waiting is not a good idea.

 

 

 

 

NB: I know quite a lot of them. The reason I mention this is because some "smart guy" will tell me there are not that many and if they would be that rich etc...

Edited June 20 by stat

[topt]

1 hour ago, stat said:

500.000USD p.a. in Thailand as tax.

18,000,000 Thai baht tax bill.........

Presuming it is not a typo I guess you are talking people who have untaxed income of around $2m USD pa? 

Note I have underlined income since you mention capital in your post........

[stat]

2 hours ago, topt said:

18,000,000 Thai baht tax bill.........

Presuming it is not a typo I guess you are talking people who have untaxed income of around $2m USD pa? 

Note I have underlined income since you mention capital in your post........

Correct I am talking about 500K USD tax bill with around 1.7 M USD cap gains p.a. If you wait some years and come to TH to realize your cap gains we are talking some more millions in the first year. 

 

Do not get mistaken not everyone in TH is on a 2K USD monthly budget. The incentive to move to Thailand was very big to move to Thailand for some people. In addition you have the rich Chinese and Russians who do not care about ROI they just care to get the money out of their country.

Edited June 20 by stat

[EVENKEEL]

33 minutes ago, stat said:

Correct I am talking about 500K USD tax bill with around 1.7 M USD cap gains p.a. If you wait some years and come to TH to realize your cap gains we are talking some more millions in the first year. 

 

Do not get mistaken not everyone in TH is on a 2K USD monthly budget. The incentive to move to Thailand was very big to move to Thailand for some people. In addition you have the rich Chinese and Russians who do not care about ROI they just care to get the money out of their country.

Guess we know who's buying the next round. Drink up boys.

[Yumthai]

31 minutes ago, stat said:

Correct I am talking about 500K USD tax bill with around 1.7 M USD cap gains p.a. If you wait some years and come to TH to realize your cap gains we are talking some more millions in the first year. 

People who are able to achieve several millions USD capital gains per year are not that dumb and can afford to structure themselves in order to mitigate their tax bill, if not close to 0.