How Much Tax You Pay On Bank Interest ?

[peacemakers]

I have a work permit here in Thailand and considering to move here permanently. If I deposit my money into bank account in Thailand (around $500,000) how much interest will I get and how much tax I should pay to the Thai Government ?? Any advice it's much appreciated. Can I apply for retirement visa also, as I am over 55 ??

[BEENTHEREDONETHAT]

For 1.6 million baht for three months we got 2.6% and 15% of the interest is automaticly deducted for taxes. We needed the money here for three months for retirement visas. Youwon't get rich from it.

[peacemakers]

For 1.6 million baht for three months we got 2.6% and 15% of the interest is automaticly deducted for taxes. We needed the money here for three months for retirement visas. Youwon't get rich from it.

Which Bank ? safe, secure and guarantee ??? Thanks

[naka]

Better to keep your nest egg offshore better security ... better rates ... better mobility ... less tax.

I can see no good reason for bringing it all to Thailand just to put it in the bank.

Naka

[peacemakers]

$500,000 is 15 million Baht, not 1,6 million. So, if the interest 2.6% = 390,000 baht for three months. less tax 15% = 58,500 baht . Nett = 331,500 Baht / month one month = 110,500 baht ($3683) NOT SUCH A BAD INCOME ! NOW WHICH BANK give you 2.6 % interest ???

[Lite Beer]

$500,000 is 15 million Baht, not 1,6 million. So, if the interest 2.6% = 390,000 baht for three months. less tax 15% = 58,500 baht . Nett = 331,500 Baht / month one month = 110,500 baht ($3683) NOT SUCH A BAD INCOME ! NOW WHICH BANK give you 2.6 % interest ???

Most of them.

For retirement visas you need to be over 50 and have 800,000 Baht in the bank or an income of 65,000 Baht a month. So why bring over more than you need to. Leave the rest off shore as Naka said and get 6% plus.

Edited December 12, 2007 by Lite Beer

[Donnyboy]

Better to keep your nest egg offshore better security ... better rates ... better mobility ... less tax.

I can see no good reason for bringing it all to Thailand just to put it in the bank.

Naka

too right.

Im getting 8.08% p.a. from the BNZ on a monthly term. This rate varies thou but its been hovering around the 7.5- 8 % mark for some time now. Im taxed at 19% on the interest earnt, but still better off than parking the funds here.

[Jingthing]

Off topic a bit, but I receive some interest on my Thai account (on a retirement visa). I don't file in Thailand but since I do have to report my Thai bank account to the US treasury department, I also declared the Thai interest on my US federal tax form. Was this necessary?

[GuestHouse]

Never mind the interest - Remember the Golden Rule.

Don't bring money that you can't afford to loose to Thailand

Of course we non of us can afford to loose money, but what you should be looking at is only bringing as much money to Thailand as you absolutely need too and leaving the rest back home.

As others have said, interest rates here in Thailand are pretty poor - plus the automatic taxation of interest. Yet one more reason not to bring all your money over.

Also take a look at the way exchange rates cycle throughout any one year period - when you do bring money across look to choosing the best exchange rate - A look at the historical data over the past two years or so will give you and idea of the range over which exchange rates fluctuate.

[ignis]

Or invest in the Government Bank or Bond 10 million and get permanent Residence…

See Immigrations’ Web site under Visa then ‘In category of investment’

[malcolminthemiddle]

$500,000 is 15 million Baht, not 1,6 million. So, if the interest 2.6% = 390,000 baht for three months. less tax 15% = 58,500 baht . Nett = 331,500 Baht / month one month = 110,500 baht ($3683) NOT SUCH A BAD INCOME ! NOW WHICH BANK give you 2.6 % interest ???

If you took the time to read BTDT's post, I believe you will find BTDT was saying that Baht 1.6 million was deposited in a 3 month fixed term account paying interest at the annual rate of 2.6% with interest taxed at the rate of 15%.

If interest was 2.6% for only 3 months then I guess we would all like to know which bank is paying 10.4% gross?

[JimsKnight]

I pay 20% tax on my savings. I'm getting 6.13% monthly

8.08%!! Thats a wonderous rate of interest! Donny! Nice one

[Naam]

Or invest in the Government Bank or Bond 10 million and get permanent Residence…

See Immigrations’ Web site under Visa then ‘In category of investment’

post a direct link please. i don't think this information is correct

[ignis]

Or invest in the Government Bank or Bond 10 million and get permanent Residence…

See Immigrations' Web site under Visa then 'In category of investment'

post a direct link please. i don't think this information is correct

Siam Legal......... Call Jason King 02-253-8100 for free consultation

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Section 1, Immigration Division 1, Sub-Division 1, Immigration Bureau (room 301), Soi Suan Plu, Bangkok, Tel. 662 287-3117

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http://www.immigration.go.th/nov2004/en/base.php ........click on Visa then Investment..... shows todays date on web site so maybe is still sorrect

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PERMANENT RESIDENCE FOR FOREIGN INVESTORS THROUGH IMMIGRATION BUREAU

2.1 QUALIFICATIONS REQUIRED BY AN APPLICANT

• A foreign national of any country who has legally entered Thailand by passing through an immigration checkpoint ;
  
• Free of disease and not prohibited from entering Thailand under the Immigration Act;
  
• Able to submit a money certificate for funds transferred from abroad through one or more banks in Thailand in the name of the applicant, amounting to not less than 10 million baht
  

Applications may be submitted under one of the five categories of investments listed below;

• Investment in a private company or public company;
  
• The purchase of a condominium from the owner of the condominium project;
  
• The purchase of government bonds or state enterprise bonds;
  
• Deposit(s) totaling not less than 10 million baht in one or more Thai banks;
  
• Other investments in accordance with the specification of the Immigration Commission.
  

Note : Investors must hold their investments continuously for a minimum of three years after being granted permanent residence in Thailand, and must submit evidence of their investment holding to the Immigration Bureau before the end of September in each of the three years.

[cclub75]

I have a work permit here in Thailand and considering to move here permanently. If I deposit my money into bank account in Thailand (around $500,000) how much interest will I get and how much tax I should pay to the Thai Government ?

Why would you do that ? I mean paying taxes to the thai gvt ? What for ? So they can buy "submarines" and other "swedish jetfighters" (i don' know if you follow the news...) ?

Put instead your half million USD in Singapore. No taxes on interests. Easy, sweet. And no capital controls (we still have some in Thailand, watch out).

Many threads on TV talk about banks in Singapore.

[thaibkk]

$500,000 is 15 million Baht, not 1,6 million. So, if the interest 2.6% = 390,000 baht for three months. less tax 15% = 58,500 baht . Nett = 331,500 Baht / month one month = 110,500 baht ($3683) NOT SUCH A BAD INCOME ! NOW WHICH BANK give you 2.6 % interest ???

strange calculation and incorrect

390.000 baht on a yearly basis = divide by 12 for a month and you get = 32500 per month - 15% tax ...

[CTM]

Why don't you take 2 minutes and go to the Thai banks web sites? Deposit rates are listed and it all depends on how much you deposit and how long the fixed term will be.

[BEENTHEREDONETHAT]

Sorry if I confused anyone that was an annual rate of 2.6% for 90 day deposit. That was the Bank of Ayudhya in Hua Hin. That is 10,400 Baht for 1.6 million baht -1560 baht for tax.

[Firefan]

The 10M Baht investment visa (and the 3M Baht version) are no longer issued no matter what the homepage says.....

Cheers!

[willi2006]

Bank of Thailand"s table of interest rates of Thai banks: http://www.bot.or.th/BOThomepage/databank/.../interest_e.asp.

In Singapore you get also about 8% on NZD without tax deduction as in New Zealand.