Hi, a friend in the UK is considering retiring in Thailand in maybe 4 years time.

They have in the region of 50 million bht to spend on a high end property.

1. What is the best way to bring such a sizeable amount to Thailand?

2. What are the potential tax implications of such an amount arriving in your Thai bank account?

I have already suggested they see a reputable expat friendly Thai based accountant on their next trip here so any recommendations from your good selves would be gratefully received.

Cash is king.

Does he know he cannot own land in Thailand.

So only the 30 year lease or an "high end" apartment ?

 

Bringing it in as a company , not a private person ?

Bringing it in , in a year that he is less than 180 days in Thailand.

 

 

 

1 hour ago, Ralf001 said:

Cash is king.

If you are suggesting that he get a million pounds in cash and fly to Thailand with it in a bag, that is a really really terrible idea. 

1 minute ago, Everyman said:

If you are suggesting that he get a million pounds in cash and fly to Thailand with it in a bag, that is a really really terrible idea. 

What could possibly go wrong.

47 minutes ago, FlorC said:

Does he know he cannot own land in Thailand.

So only the 30 year lease or an "high end" apartment ?

 

Bringing it in as a company , not a private person ?

Bringing it in , in a year that he is less than 180 days in Thailand.

 

 

 

Thanks for the reply. Yes, he's aware he can't own land here. He's married to a Thai lady. He wants a house so lease would be an option. Thanks for reminding me of the 180 days in country, that totally slipped my mind.

Well if he's buying an apartment in the 'foreign owned quota' then he will need some kind of 'foreign exchange' certificate in order to buy it - suggest checking in the forum where they talk about real estate.

 

There may be tax implications but they are easily avoidable right now - you just send it in a year when you're non resident - ie - less than 180 days in the current year - you're not a tax resident.

But that's both this year and now, there are pending changes to laws which will assuming they proceed and become law will affect this very scenario - also nobody knows who will be in government in a few months time, never mind on 4 years time.

Is he planning on sending the money prior to arriving - being non resident would definitely be a big bonus here I think - it would definitely be worth discussing this with an accountant in Thailand to make sure everything is aligned correctly.

Also the banks will want to know what it's for but I've never sent that much in one go so I don't know what they will erquest or require - I send about $100k once and they just asked what it's for - they phoned me and asked if the exchange rate was ok as well.

Planning for something 4 years out with so many legislative and potential political changes pending is not going to be so easy so it's kind of straying into speculation.

 

3 hours ago, edwinchester said:

Hi, a friend in the UK is considering retiring in Thailand in maybe 4 years time.

They have in the region of 50 million bht to spend on a high end property.

1. What is the best way to bring such a sizeable amount to Thailand?

2. What are the potential tax implications of such an amount arriving in your Thai bank account?

I have already suggested they see a reputable expat friendly Thai based accountant on their next trip here so any recommendations from your good selves would be gratefully received.

 

Can your friend produce a bank statement proving they had the 50-million THB in cash in the UK on 31-Dec-2024?  If they can, then it should not be taxed by Thailand when brought into Thailand.

 

Two Thailand ministerial directives (POR.161/162) together basically state any money that was savings before 1-Jan-2024 is not taxable if brought into Thailand.   However it gets complicated if the money was not in cash on 31-Dec-2023 as it is not clear in my mind, if the money remitted will be treated by Thailand as 'savings' if not in cash on that date

.

With all the unpleasent tax surprises that arise and can or will arise in the future, bad idea to be a full time resident in Thailand. Those who can are in fact leaving and going over to other foreigner friendly nations like Vietnam. 

3 hours ago, edwinchester said:

Hi, a friend in the UK is considering retiring in Thailand in maybe 4 years time.

They have in the region of 50 million bht to spend on a high end property.

1. What is the best way to bring such a sizeable amount to Thailand?

2. What are the potential tax implications of such an amount arriving in your Thai bank account?

I have already suggested they see a reputable expat friendly Thai based accountant on their next trip here so any recommendations from your good selves would be gratefully received.

what is he an idiot, who in their right mind would invest 50 million baht on a Thai property

Well first you open a bank account in my name ..........

11 minutes ago, Middle Aged Grouch said:

With all the unpleasent tax surprises that arise and can or will arise in the future, bad idea to be a full time resident in Thailand. Those who can are in fact leaving and going over to other foreigner friendly nations like Vietnam. 

 

I urge caution for anyone who reads that. Vietnam has worldwide taxation. NOT remitted taxation.

 

My understanding is the case of Vietnam, one is generally considered a tax resident if in Vietname for 183 days or more in a calendar year (and not being able to prove tax residency in another country).

 

Vietnam taxes world wide income. So if one meets the criteria to be a Vietnamese tax resident, one may be subject to personal income tax (PIT) on all one's income, regardless of whether it is earned inside or outside of Vietnam. This includes income from wages, salaries, investments, and other sources. This depends on the Double Tax Agreement (DTA) between Vietnam and the country from where one's income is sourced.

 

Vietnam has a progressive Tax Rates: Tax residents are taxed at progressive rates, ranging from 5% to 35% on their employment income.

 

As inferred, Vietnam has DTAs with many countries to prevent individuals from being taxed on the same income twice. If one has paid taxes on foreign income in another country, one may be able to receive a tax credit in Vietnam to offset their tax liability, but the deduction cannot exceed the tax amount payable on that income in Vietnam.  Ergo it's important to check if your home country has a DTA with Vietnam.

 

If one live in Vietnam, but does not meet the criteria for tax residency, one is considered a non-resident. However non-residents are taxed on their Vietnam-sourced income at a flat rate of 20%. They are not eligible for Vietnam personal deductions in such a case.

13 minutes ago, flexomike said:

what is he an idiot, who in their right mind would invest 50 million baht on a Thai property

 

Who?  Someone who has lots and lots of money who does not see the 50-million THB as an investment.

 

Someone who also loves  the country of Thailand and who really like the condo they plan to purchase (I assume foreign freehold condo) .

 

Yes - if not a foreign freehold property, someone can setup a Thai company and have that company buy Thai property, but this can be shady at best and Thai politicians every now and then claim they will shut that loop hole down.  

Suggest to your friend to join AN, then he can ask & get answers to the multitude of questions he'll have.  OP ... someone with a bit of money want to move to TH, doesn't give anyone anything to work with.

 

Main concern is, 'married to Thai'?  For how long ?  Already stating wanting a house, but what's his knowledge & experience in TH ?  Where and how long, along with how many different areas has he spent time here.

 

His idea to live in TH, or wife's and what's her take on the move ?  Live in parent's village ?

 

He's obviously done very well, but does he know RE, and screw the lease idea, as basically useless.  Usufruct a bit more protection, but reality, there is no protection if a family or spouse don't want you around.   Condo in his name is only true protection, for his, their most expensive asset.

 

No matter the answers to any of those ... RENT RENT RENT, until he knows TH is for him, as it's not for everyone, and many don't find that out until a year or 2 of 24/7 living here.

 

The weather & smog needs to be experience for 2 years.  Before buying in anything, anywhere.

 

Tax implications .. now - irrelevant, in the future - unknown.

14 minutes ago, oldcpu said:

 

I urge caution for anyone who reads that. Vietnam has worldwide taxation. NOT remitted taxation.

 

My understanding is the case of Vietnam, one is generally considered a tax resident if in Vietname for 183 days or more in a calendar year (and not being able to prove tax residency in another country).

 

Vietnam taxes world wide income. So if one meets the criteria to be a Vietnamese tax resident, one may be subject to personal income tax (PIT) on all one's income, regardless of whether it is earned inside or outside of Vietnam. This includes income from wages, salaries, investments, and other sources. This depends on the Double Tax Agreement (DTA) between Vietnam and the country from where one's income is sourced.

 

Vietnam has a progressive Tax Rates: Tax residents are taxed at progressive rates, ranging from 5% to 35% on their employment income.

 

As inferred, Vietnam has DTAs with many countries to prevent individuals from being taxed on the same income twice. If one has paid taxes on foreign income in another country, one may be able to receive a tax credit in Vietnam to offset their tax liability, but the deduction cannot exceed the tax amount payable on that income in Vietnam.  Ergo it's important to check if your home country has a DTA with Vietnam.

 

If one live in Vietnam, but does not meet the criteria for tax residency, one is considered a non-resident. However non-residents are taxed on their Vietnam-sourced income at a flat rate of 20%. They are not eligible for Vietnam personal deductions in such a case.

 

Very good post. 

 

However Vietnam still deserves consideration as their cost of daily living is far lower compared to what Thailand has become. 

As a wealthy retiree, there should be tax-advantaged visa options.

2 hours ago, NoDisplayName said:

As a wealthy retiree, there should be tax-advantaged visa options.

Vietnam is a communist country, however tax enforcement level is on par with Thailand.

6 hours ago, Everyman said:

If you are suggesting that he get a million pounds in cash and fly to Thailand with it in a bag, that is a really really terrible idea. 

No no no. Go to the ATM every day until the THB 5000000 are withdrawn. Could be done in less than 18- days, no?

IMO - not a single person has ever paid a single baht of Thai tax on funds remitted to Thailand to buy a property.

 

 

17 hours ago, NoDisplayName said:

As a wealthy retiree, there should be tax-advantaged visa options.

LTR Visa, they are exempt from paying Tax.

18 hours ago, Middle Aged Grouch said:

 

Very good post. 

 

However Vietnam still deserves consideration as their cost of daily living is far lower compared to what Thailand has become. 

But his wife is Thai,,,,,,,,

On 8/14/2025 at 5:27 PM, flexomike said:

what is he an idiot, who in their right mind would invest 50 million baht on a Thai property

 

I came up against this very problem myself years ago and I'm faced with it today in a sort of way because I am now semi retired and will be spending somewhere between 4 to 8 months a year in Thailand which could increase to near full time within a couple of years.

 

I'm fully aware of all the illegal company shenanigans which might come crashing down in the future but I also have a Thai daughter who could own or inherit without issue. Nevertheless, whilst I might not want to spend £1m on a property, I might have considered somewhere between Bt10m to Bt20m so up to around £500k.

 

But I won't, because I have no desire to simply throw that money down the drain which is what it could be even in an expat heavy area and which it would certainly be if I built a mansion in the jungle where it would have near zero value after I died.

 

I guess if you had £100m then wasting £1m on a place you really wanted could be justified. I don't have that much so throwing up to £500k down the drain just to have a nice place to live in seems stupid to me.

 

I'll rent in Bangkok and travel where I want, staying in 5* hotels, which is a compromise between buying and living permanently in a 5* hotel, which was a serious option and one which I have done around the world previously.

Being an African Prince living in Northern Thailand, if he were to send the money to my bank, I would then be able to release the 100 Million dollars that my government left me, the account number is........

On 8/14/2025 at 5:27 PM, flexomike said:

what is he an idiot, who in their right mind would invest 50 million baht on a Thai property

    Lots of Pattaya residents are purchasing new properties in the 20MB to 50MB and up price range.  The Darkside has a number of new projects in that price range, with some villas in the 100MB range.  

I took a stroll down the very nice Dongtan beachfront in Pattaya recently. I was astounded to see big boards advertising a proposed new property on a very big block. 

The quoted price was..... 385million baht! 

On 8/14/2025 at 8:40 AM, edwinchester said:

Hi, a friend in the UK is considering retiring in Thailand in maybe 4 years time.

They have in the region of 50 million bht to spend on a high end property.

1. What is the best way to bring such a sizeable amount to Thailand?

2. What are the potential tax implications of such an amount arriving in your Thai bank account?

I have already suggested they see a reputable expat friendly Thai based accountant on their next trip here so any recommendations from your good selves would be gratefully received.

1) Bank transfer, but clear with the bank(s) in advance, so you are not mistaken for white washing or being a mule. The funds need to be declared to Bank of Thailand when arriving here when more than equivalent to US$50,000; keep the declaration-receipt, as it makes your friend eligible to transfer same amount out of Thailand, if/when property is sold.

 

2) Depending on where the 50 million baht savings originate from. If it's documented savings from before 1st January 2024, there is no tax. If earned later, there are normal income tax; however, foreign money earned in 2025 and 2026 and transferred into Thailands same year might be tax-exemted, but so far only a suggestion.

On 8/14/2025 at 12:27 PM, flexomike said:

what is he an idiot, who in their right mind would invest 50 million baht on a Thai property

If you have the funds and are looking forward to a great retirement, and even has a Thai spouse, why not enjoy life – "the meaning of life is to be happy".

 

Depending on individusal personal circumstances, there are also way where you can protect your "investment"; which not always need to be looked at finacially, as having a great otium is one's dream-villa might not be compareable to financial value increase and resale value – especially if you wish to stay there for as long as you live.

On 8/22/2025 at 2:24 AM, newnative said:

Lots of Pattaya residents are purchasing new properties in the 20MB to 50MB and up price range. 

Link please.  I smell more real estate BS from you. 

4 hours ago, KhunHeineken said:

Link please.  I smell more real estate BS from you. 

    I'm the link.  Don't believe me, get off your butt and go do the research yourself, as I have.  

18 hours ago, newnative said:

    I'm the link.  Don't believe me, get off your butt and go do the research yourself, as I have.  

No, you are not the link.  You are a realtor who has been working here illegally, thus, you have a conflict of interest when posting about property here. 

 

I don't believe you, and since you are the one who posted "Lots of Pattaya residents are purchasing new properties in the 20MB to 50MB and up price range." I am calling you out on it. 

 

Post a link to some recent sales, or where you sourced the information for your comment.  You said "lots of Pattaya residents" so it shouldn't be difficult.