On 7/6/2025 at 5:56 AM, Sheryl said:

There is no procedure for reporting transfers as such to the RD.

 

There is only self-reporting of assessable income on tax returns. 

 

You said that word again!

 

Be careful! 

 

If you say it three times, you'll conjure the "Tax Clearance Certificate" demon!

On 7/6/2025 at 6:05 AM, Sheryl said:

Prior to 2024, any remittance of funds not earned in the year of remittance, was non-assessable. In practice few paid 

Actually it was. Funds remitted during the year of earning have always been assessable. The weren't if remitted years posterior to the year of earning.

 

Therefore it was wise to keep a buffer of one year earnings in your overseas bank account.

 

All the pensions paid into Thai bank account have been assessable. There might be some tax to collect there.

1 hour ago, NoDisplayName said:

 

Why not open a Schwab International account, put the cash in ETF's?  

15% withholding on interest and dividends, zero tax on capital gains for non-(US)-resident aliens.  No US tax filing required.

Estate Tax considerations?????

6 minutes ago, dinga said:

Estate Tax considerations?????

 

Assume you mean you open account and she inherits.

It's the wife's money, right?

She opens the account in HER name.

 

She can get 7% on HY bonds and have 15% withheld for IRS, or get 30% on tech funds that don't pay dividends, paying 0% on the capital gains.

 

If proposed rules change passes, no tax on current year income remitting into Thailand.

1 hour ago, dinga said:

3 hours ago, NoDisplayName said:

 

Why not open a Schwab International account, put the cash in ETF's?  

15% withholding on interest and dividends, zero tax on capital gains for non-(US)-resident aliens.  No US tax filing required.

Estate Tax considerations?????

 

Indeed. US estate tax is a major concern for non-US persons (unless they don't care about their heirs) investing in US domiciled assets (there are some tax exceptions as interests from US treasuries).

 

https://www.deadsimplesaving.com/blog/us-estate-tax-non-resident/

 

"The challenge with using US brokers is the US estate tax on non-residents. If you die with more than $60k in ‘US-situs assets’ (i.e. investments considered to be based in the US), your portfolio will get hit by a hefty tax. For anything just over the $60k allowance, you pay 18%, rising to 40% over $1 million." 

 

https://www.bogleheads.org/wiki/Nonresident_alien_taxation

 

"Although the US generally classifies US source interest as fixed, determinable, annual, or periodical (FDAP) income, and taxed at a 30% flat US rate, the wide range of exclusions means that in practice the US does not actually tax the most common types of US source interest that nonresident aliens receive, such as that paid by banks, savings and loan institutions, credit unions, and insurance companies. This means that holding US treasuries can be a tax-efficient way for you to hold some US assets.

 

US source interest that does not fall under an exception may be taxable to the US for a nonresident alien. Examples include interest effectively connected with operating a US trade or business, and broker interest on cash deposits held at US brokers."

 

1 hour ago, NoDisplayName said:

 

Assume you mean you open account and she inherits.

It's the wife's money, right?

She opens the account in HER name.

 

She can get 7% on HY bonds and have 15% withheld for IRS, or get 30% on tech funds that don't pay dividends, paying 0% on the capital gains.

 

If proposed rules change passes, no tax on current year income remitting into Thailand.

No - assume nothing..... except there is nothing simple re. Taxation

 

I understand there is an US Estate Tax if the investor dies with a balance over USD60,000.  Also think there are additional complications with Precious Metals ETF, BDCs, MLPs etecetc etc

 

No doubt our Yank members can chime in....

 

 

If you residence more than 180 days you will become a tax resident

Just a clarification, the 180 days in a year is in the "aggregate." It doesn't have to be sequential days.

On 7/5/2025 at 10:10 PM, Celsius said:

2 poor condo owners downvoted my post

No, almost all AN Member

On 7/6/2025 at 5:56 AM, Sheryl said:

There is no procedure for reporting transfers as such to the RD.

 

There is only self-reporting of assessable income on tax returns. 

 

On 7/6/2025 at 10:12 AM, CallumWK said:

 

My point being, if you transfer assessable income from your home country to Thailand, and don't declare in your tax return, the Thai RD will not know anything

I dont think we know yet whether the RD will know.
With the implementation of the CRS in Thailand, the banks should be requesting your TIN. And if you are tax resident they will request the Thai TIN. Some have already been doing it, but its likely to be another year or two until they insist. In the UK when the CRS got implemented it took a couple of years.

Under the CRS , banks and finacial institutions are required to report things to the RD. But would need to do it with a TIN.
Although they have been very slow to implement the CRS here, IMHO its only a matter of time until the RD realises that they can get the information from the banks. How long is anybody's guess. TIT.
People may consider it an unlikely concern at the current time.
And even more so if you have not yet had to give the bank a TIN.

I trust that we will get to know if and when it starts to happen through posts here.

1 minute ago, jojothai said:

I dont think we know yet whether the RD will know.

 

As I said in my other post, I got the answer from an officer of the revenue department in my country, which I'm sure is light years ahead compared with Thailand.

 

CRS is about tax identification, so the countries share the information about your tax liabilities.

 

The officer of the RD in my country commented on my question if the revenue department know if you transfer money from overseas, which they said revenue departments do not get that info automatically.

11 minutes ago, CallumWK said:

 

As I said in my other post, I got the answer from an officer of the revenue department in my country, which I'm sure is light years ahead compared with Thailand.

 

CRS is about tax identification, so the countries share the information about your tax liabilities.

 

The officer of the RD in my country commented on my question if the revenue department know if you transfer money from overseas, which they said revenue departments do not get that info automatically.

"it would be impossible for the revenue department in Thailand to know who transfers money from abroad into Thailand".
Yes they will not know who transferred the money in, but you state that
"the Thai RD will not know anything". But its not so simple.
If they do implement the information exchange with  RD, we can expect that the banks will (eventually?) be required to provide the information on the account and the information on the account should show the income to the account if there has been transfers.
If RD gets that information, they can consider any income as taxable income if it exceeds the taxable threshold.
And the onus will be on the individual to then show why it is not taxable income.

6 minutes ago, jojothai said:

"it would be impossible for the revenue department in Thailand to know who transfers money from abroad into Thailand".
Yes they will not know who transferred the money in, but you state that
"the Thai RD will not know anything". But its not so simple.
If they do implement the information exchange with  RD, we can expect that the banks will (eventually?) be required to provide the information on the account and the information on the account should show the income to the account if there has been transfers.
If RD gets that information, they can consider any income as taxable income if it exceeds the taxable threshold.
And the onus will be on the individual to then show why it is not taxable income.

 

Yes that is also what I said earlier. If the RD requests that info from the bank, they will be required to provide it.

 

Every day there are thousands, most likely even tens or hundreds of thousands, incoming transfers from abroad to Thai bank accounts, and I think even if the banks would automatically forward that info to the RD, it would be impossible to keep track of it.

 

To give you some evidence. I have several bank accounts with different banks, and each year I file a return for the withholding tax on my interests.

 

I have several overseas transfers each year, but they all go to the same account, and I exclude that account from my return fillings.

 

There has never been asked a question about that account, also not this year.

9 minutes ago, CallumWK said:

 

Yes that is also what I said earlier. If the RD requests that info from the bank, they will be required to provide it.

The RD will eventually want the information on the account automatically, when the system gets implemented, but to be clear, I agree they should not require any information on who made the transfers.
Just the same as you pointed out for the overseas accounts.
If the RD have the information on Income to the account thats all they need so that they can see if the income exceeds the taxable threshold.

Its unlikely they will have the resources to check a lot of the information provided. So, will it be hit and miss?
FYI, there are standard electronic formats for the reporting. I have seen them on one of the websites and tried looking at one, but it looked too difficult to figure out and i didnt have the time to go through all the stacks of guidance notes.
If the reporting is in a standard electronic format, then it could be very easy for the RD to run simple automated checks on the information provided for the amount of income to identify any that are above the taxable threshold for further investigation. With this in mind, there is good reason for people to watch out for reports of how this issue develops in the next year or two. 

 

On 7/5/2025 at 9:06 PM, Celsius said:

 

I dunno. Why does idiot Farang transfer 10 million baht to thailand to buy a condo only to be destroyed by some earthquake tremor from 1000km away?

 

But to answer your question at least she gets 5% interest in canada while in thailand she would get f all. If she decides to go back to thailand shouldn't she bring the money back?

angry man... you used to post like a billionaire... sorry for your problems,