Thai tax liability?

[kanitus]

I'd like to solicit some advice on a potential Thai tax liability:

 

I have an existing Thai savings account and I will be adding several million baht to it over the next year in preparation for semi-retirement in Thailand.  So far I have not had to worry about paying Thai taxes or having my savings account dunned automatically but am concerned that as I begin to add significant amounts of money it will trigger some Thai tax authority or Bangkok Bank review of my activities.  Long term, I plan on moving the money from the savings account to Thai stocks, bonds and mutual funds but first need to "park" the money in my savings account until I've relocated some funds from my country of origin.  I will happily pay the appropriate taxes when I reside in Thailand but hope to avoid a surprise before I move there.    

Does anyone have experience with this aspect of Thai tax law?  Please advise.

Regards,  kanitus

[lopburi3]

Do not believe there is any checking of multi accounts so if each bank account stays low enough to earn less than 10,000 baht in interest (not that hard these days) no tax will be taken out.  This was published in The Bangkok Post within the last few years (at the time keeping it below 500k was the suggestion).

[kanitus]

lopburi3,

An interesting perspective.  It could be very effective but a hassle to maintain many accounts if you move several million baht into Thailand.  I'd have an account at every bank in town!  Thanks, kanitus

[lopburi3]

Well using my 'old' math several million would only be 4 or so accounts and I count more than 8 banks without leaving my Soi.  Would not be that great a problem.

[Roger13]

and I will be adding several million baht to it over the next year in preparation for semi-retirement in Thailand.  ....  Long term, I plan on moving the money from the savings account to Thai stocks, bonds and mutual funds .

I know your Q was about Tax ...

But do you think it wise to convert

so much Foreign Currency to Thai Baht?

You could easily make such Investments

in US$, GBP or EU

Retirement in Thailand does not rquire you to move all your assets here

[TRIPxCORE]

Move your money to an offshore account in the Carribean or Central America and avoid any Thai tax at all.  These accounts will allow you to invest in major equities from almost any country in the free world and you pay no capital gains tax on any profits.  No local tax obligations either make it a good solution for you.  Keep all the money at one bank with one ATM card and manage the account online.  Couldnt be simpler.

[MaiChai]

Remember 1997. As much as we love Thailand, its past fiscal management is not exactly what one migh call reliable and excellent. Trust 1st world countries with your money (UK, US, etc), they know how to run an economy. And you would not want another devaluation to ruin your savings would you?