Clarification with regard to tax liability for money remitted into Thailand from savings..

[meuok]

With regard to the new tax regulations, I'm unable to find a clear answer to this:
Any savings that an individual has at 31/12/23, which are remitted into the country are tax free, but some people are saying this is just for the 24 year, and others for future years.
Can anyone elucidate?

[petermik]

Many topics on here about this....the general consensus is forget about it until something....if ever....is actually made official 👍

[Lorry]

10 hours ago, meuok said:

With regard to the new tax regulations, I'm unable to find a clear answer to this:
Any savings that an individual has at 31/12/23, which are remitted into the country are tax free, but some people are saying this is just for the 24 year, and others for future years.
Can anyone elucidate?

Savings you already had on 31st Dec 2023, can be remitted tax free any time, also in the future. 

 

[offset]

I got the impression that it does not matter how much money you bring into Thailand they are only interested in any money  earned and that as not been taxed 

 

If in future years if you bring in much more money that you earn they might be interested in where that money came from so it is a good idea to keep a record of what money that you have saved before the the year 2024

[NoDisplayName]

 

 

https://www.rd.go.th/fileadmin/user_upload/lorkhor/newspr/2024/FOREIGNERS_PAY_TAX2024.pdf

[Card]

18 hours ago, meuok said:

With regard to the new tax regulations, I'm unable to find a clear answer to this:
Any savings that an individual has at 31/12/23, which are remitted into the country are tax free, but some people are saying this is just for the 24 year, and others for future years.
Can anyone elucidate?

All years. All savings before 1 Jan 24 are exempt irrespective of when you transfer it to this country but you should have documentary evidence in case the irs ask you to prove that no further earnings, eg interest, have been added to it since then. If there is a subsequent mixing then it gets complicated. But the proof is on YOU.

[Card]

18 hours ago, meuok said:

With regard to the new tax regulations, I'm unable to find a clear answer to this:
Any savings that an individual has at 31/12/23, which are remitted into the country are tax free, but some people are saying this is just for the 24 year, and others for future years.
Can anyone elucidate?

All years. All savings before 1 Jan 24 are exempt irrespective of when you transfer it to this country but you should have documentary evidence in case the irs ask you to prove that no further earnings, eg interest, have been added to it since then. If there is a subsequent mixing then it gets complicated. But the proof is on YOU.

[khunPer]

On 3/12/2025 at 7:50 AM, meuok said:

With regard to the new tax regulations, I'm unable to find a clear answer to this:
Any savings that an individual has at 31/12/23, which are remitted into the country are tax free, but some people are saying this is just for the 24 year, and others for future years.
Can anyone elucidate?

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.

[ifmu]

here is what i have collected  ............ it seems accurate up to a point   and incomplete  albeit interesting 

 

copy paste from irs in usa    all of below is copy past 

 

1. The term "expats" refers to U.S. citizens or long-term residents who have given up their citizenship or residency to avoid U.S. taxes. In your case, since you have not formally renounced your citizenship or ended your residency, these expat tax rules do not apply to you. 

 

 

you should look at Article 20, Paragraph 2, which states that: 

 

- If social security benefits or similar public pensions are paid by the U.S. (the "Contracting State") to a resident of Thailand (the "other Contracting State") or a U.S. citizen, those payments are only taxable in the U.S. 

 

This means that as long as you remain a U.S. citizen, your social security benefits will only be taxed in the U.S., according to the treaty between the two countries. 

 

https://www.irs.gov/businesses/international-businesses/thailand-tax-treaty-documents

 

 

2. Notwithstanding the provisions of paragraph 1, social security benefits and other similar public

pensions paid by a Contracting State to a resident of the other Contracting State or a citizen of the

United States shall be taxable only in the first-mentioned State.