income tax question

[mohinga]

Been out of LOS for a many years; so only know about the latest rule changes from internet chatter.

I might have to leave my current country of residence in a couple of years; and would like have the option of getting a Thai retirement visa. I know things can change a lot in a couple of years; but I still have to make tentative plans.

If I were to go someplace in Thailand, say for instance Surat Thani, and start the application process for a pension visa, might I be able to get a bank account?

I'm unclear how the tax situation stands with respect to funds transferred into Thailand.

If I transfer funds into a Thai bank account for the purpose of getting a retirement visa (still 800k?) then are those funds taxed as income?

If so, then could that be avoided by doing the visa application and funds transfer in the second half of a calendar year? e.g. if funds transferred in late this year; but I  do not spend 180 days in the Kingdom this year, and only become a tax resident next year.

Lots of "ifs" I know; and I would definitely consult a tax accountant before making a move; but maybe someone has some insights to share?

Also if anyone knows of a good agent in Surat Thani?

[Peterw42]

No such thing as a pension visa. Any of the taxation is currently theoretical, not being enforced. Even if/when it does get enforced, your home country most likely has a tax treaty with Thailand and tax already paid, pensions etc will not be taxable.

Agents are in the places expats mostly live, Bangkok, Pattaya, Phuket etc., I doubt you would find any agents in Surat Thani (maybe Koh Samui), but you could certainly do the visa yourself at any of the local immigration offices. Local banks will usually open an account to do with retire visa's.

There is no need to consult a tax accountant, leave after 180 days, arrive at a certain time of year etc.

[ukrules]

If you stay less then 180 days in the first year then you are correct, you will not be a tax resident and you can submit as much money as you want - millions or tens of millions - doesn't matter although you're going to lose interest on any extra, but that might be worth it.

Personally when I become a tax resident again, perhaps in 2030 or some time around there I will have enough cash on hand inside Thailand already to last me the next 5 to 10 years in cash (banks,etc) ...assuming I can bear the thought of remitting that amount from places where it is earning decent returns.....

 

In Thailand I have only come across things like government bonds which have derisory returns

 

 

The goal for me is to pay zero tax, ever.