BIG Update on the New Thai Tax Law

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Retired Working For You

Retired Working For You

Күн бұрын

Пікірлер: 2 300
@Way2sublime77
@Way2sublime77 4 ай бұрын
Lots of talk about individual situations, but let's stop to give some props to this lawyer. This guy knows his shit. Refreshing to hear someone so competent.
@anthonydowling3356
@anthonydowling3356 3 ай бұрын
He also looks the part lol...ie ,smartly dressed with foreign accent of indeterminate Country ,with a hint of a napkin in Brest pocket .
@davidlinscheid2618
@davidlinscheid2618 4 ай бұрын
The attorney and his responses were extremely impressive. Thanks!
@gordonduncan8892
@gordonduncan8892 4 ай бұрын
In Thailand Foreigners are prohibited to be a lawyer by Foreign Employment Act (1978), Thus, they are unable to obtain Lawyer's License.
@llaregubjinks5080
@llaregubjinks5080 4 ай бұрын
Yes, I wonder how much his services will cost , it’s all BS
@gordonduncan8892
@gordonduncan8892 4 ай бұрын
@@realpropertymangement7640 He was not specific when mentioning what is taxable. As someone who makes a 7 figure sum per year in USD he needs to be very specific.
@andrewrobinson2565
@andrewrobinson2565 4 ай бұрын
His comments were useless to an individual. No examples. Useless 🪴.
@johnbell1810
@johnbell1810 4 ай бұрын
@@andrewrobinson2565 not useless, they went into several case scenarios.
@philippserrin8268
@philippserrin8268 4 ай бұрын
This is the most informative video I have seen (all subjects, not just taxes) I have seen this entire year. Thanks for doing this. For 2024, I will spend less than 180 days here.
@jurgschupbach3059
@jurgschupbach3059 4 ай бұрын
Schoggistichdii
@drakepassage4255
@drakepassage4255 4 ай бұрын
@@jurgschupbach3059 Same rues in Colombia and Brazil. However not in Ecuador. Ecuador only taxes income earned in Ecuador only.
@karlkunath
@karlkunath 4 ай бұрын
No, It's an Advert disgused as a help video. Grow UP
@thebrucewagner
@thebrucewagner 4 ай бұрын
Regardless, it is an extremely helpful video. Thanks to Luca. 🙏
@trevorbeevers9546
@trevorbeevers9546 4 ай бұрын
⁰​@@drakepassage4255
@frederickkrewson638
@frederickkrewson638 4 ай бұрын
Exactly correct. The DTA between the USA and Thailand specifically excludes US Government pensions from ANY taxation in Thailand.
@nefertemur8951
@nefertemur8951 4 ай бұрын
Greetings Chris, Thanks for the informative update. It seems to me that a country like Thailand that’s so dependent on tourism would construct their governmental policies to accommodate or promote expat residency and other various forms of liquidity influx into Thailand without so much bureaucracy related to taxation. There goes my plans to relocate to Thailand. Instead, I will redirect my life savings and - pensions elsewhere. Continue to enjoy life in Thailand Chris and I look forward to making good use of Thailand’s 180 day policy in the future. Thanks for sharing.
@Originalman144
@Originalman144 2 ай бұрын
I don't think you have anything to worry about unless a worse leader who hates foreigners gets in office and nationalist sentiment rises. You just cannot transfer money into a Thai bank.
@marklee8484
@marklee8484 4 ай бұрын
I would prefer to stay less than 180 days to avoid all these nicely set tax questions!!.
@DarkoFitCoach
@DarkoFitCoach 4 ай бұрын
Yes agreed.
@ilovetongmew
@ilovetongmew 4 ай бұрын
Just withdraw cash from ATM
@shadowfilm7980
@shadowfilm7980 4 ай бұрын
Yes. Easier. To be sure.
@Dodger1999
@Dodger1999 4 ай бұрын
​@@ilovetongmewYou still have to file a Thai tax return. Good luck in renewing your visa reporting 0 income.
@somnumna2606
@somnumna2606 4 ай бұрын
Less than 180 days in the easiest option. I was going to buy a house here but now i will not. I should have bought it last year!
@chirots
@chirots 4 ай бұрын
As Thai, I disapprove this tax laws. The government should encourage wealthy and well-behaved foreigners to move to Thailand for work, business, semi/full-retirement, tourism, etc. We Thai have been subjected to contribute more taxes to the new land and property tax and it has been tripled for a few years. I used to pay 40k and I paid 140k this year. The government has no ability to earn revenue smartly and efficiently.
@Tugela60
@Tugela60 4 ай бұрын
@@heisenberg1271 They will know because tax information is shared. Once the money comes into your Thai bank account you will have to account for where it come from, and if you leave it in your home state bank account, THEY will want to know where the money came from.
@travelingman9763
@travelingman9763 4 ай бұрын
I agree!
@chirots
@chirots 4 ай бұрын
​@@heisenberg1271 To be honest, I personally don't know. If they are really desperate, they will search for. However, I believe they are relying on your honesty and how you summit your documents. As a foreigner, you have got an option to leave, and they cannot do anything. I do disagree with this taxation, yet I encourage you to do the right thing and search the best way possible.
@Johno47814
@Johno47814 4 ай бұрын
I have an Australian Superannuation pension account that I contributed an inheritance into from my parents in 2020, and the years following as per fund contribution guidelines, fully taxed which I can move 500,000 bht to thailand per year to live on. Will this be taxed as an eligible pension, and is INHERITENCES taxed by thai government or gifting to my thai wifes bank account ?? Thankyou if you can advise..
@Johno47814
@Johno47814 4 ай бұрын
I also have read about various allowances..? Over Age 65 Exemption - 190,000 50% deduction for pension income, up to 100k - 100,000 The above totals 350,000 Baht. In addition, the first 150,000 Baht of income is zero rated for tax. These things combined mean that the first 500,000 Baht of income received in Thailand each year, will not be taxable. Further deductions and allowances exist for a spouse, a partner, children, health and life insurance, school fees, mortgage costs and many other things. The following links describe deductions and allowances further. Are thes allowances available ??
@Mark-yo5ue
@Mark-yo5ue 4 ай бұрын
Thanks for the video Chris. Luca seems to be on top of the new interpretations / rules. It seems you will be able to “drive a truck” through these new rules if you plan ahead and take necessary action. Also, as an accountant, I can’t see how the Thai tax authorities will be able to efficiently and consistently implement these new rules. So, my initial conclusion is … those with a lot of assets will never pay any taxes in Thailand and those who do not may get trapped into paying some amount of Thailand taxes. This is Painful, as expats receive virtually no benefits from Thailand other than the privilege to reside here for as long as their visa is valid. Expect a reduction in future expats to Thailand and a reduction in time spent in Thailand for existing expats. What a cluster f&@k!!
@theamazingjustin
@theamazingjustin 4 ай бұрын
Yea on surface it would seem fairly easy to enforce. If money hits a thai bank account and there’s no tax return to explain the source, then seize the account. However if there is a tax return with “proof” documents, how will they verify the validity of, let’s say, a foreign bank statement? Do they have enough man power to call every foreign bank or entity to verify the information? For example, someone can photoshop a bank statement that shows that they have $1M in savings earned prior to Jan 2024. Since savings is not taxable, the expat would never have to pay taxes.
@nickmondo222
@nickmondo222 4 ай бұрын
it aint going to happen. They wont be able to organise this, let alone see it through efficiently.
@John-G
@John-G 4 ай бұрын
Luca's a BS merchant, scaremongering to drum up business.
@sweetjane6506
@sweetjane6506 4 ай бұрын
Expats receive virtually no benefits? You don't use the roads, never call the cops? Nothing like that?
@aniwee17
@aniwee17 4 ай бұрын
@@theamazingjustin it will be done by AI. And you will get a form letter in the mail in Thailand, requiring you to either file your expat tax return or assess a penalty for not filing.
@hansrow
@hansrow 4 ай бұрын
Great video. My case is exactly what you covered with one of your cases. As far as I understand the best thing to do to avoid taxation in Thailand (if your domestic taxation would be lower or even zero) is to stay less than 180 days.
@Jason1fromNYC
@Jason1fromNYC 4 ай бұрын
Yep. Spend the other six months in Japan, Bali, Vietnam, etc. The overreach by taxation is total theft and always brought about by leftists and globalists. Global communism is the end goal for the ones orchestrating this madness behind the scenes. Looney leftists love taxing the workers. The should not be allowed to govern anyone. Over taxation ruins all free nations. Every single time.
@TerryAShaw
@TerryAShaw 4 ай бұрын
That was very informative. We dont really need the hassle of more taxes and the implications of shuffling money around. It looks like 175 days will be it. Thanks so much Chris.
@frederickkrewson638
@frederickkrewson638 4 ай бұрын
I am a US citizen and only receive / only repatriate funds from a US Government pension - into Thailand. I consulted a Thai Tax Attorney and was told that there is NO REQUIREMENT for me to file a tax return ( or get a THAI TAX IDENTIFICATION NUMBER )- because I was telling them that all of the funds that I will be moving into Thailand are 100% exempt from taxation in Thailand ( based on the DTA between the USA and Thailand ) He did tell me that ( in the VERY UNLIKELY case that I would ever be audited - I should be able to prove that the funds that I had repatriated were based on my US Government pension ). Thank God for DTAs.
@lancemided3251
@lancemided3251 4 ай бұрын
The information you have received is the ultimate truth for US pensioners. There is no tax liability. All the other spins are just paranoid interpretations by those that have an agenda. Either they have a service to sell or they like creating chaos. Those that wish to curtail the overcrowding caused by more expats arriving would also have a stake in the misinformation game. The government would never target long term residents who maintain sizable deposits in Thai banks per visa regulations. That would be financial suicide. The internet is a hotbed of both good and bad information. Don’t buy in to the paranoia.
@Hmmm313
@Hmmm313 4 ай бұрын
US is horrible
@davidalf5159
@davidalf5159 4 ай бұрын
The point is the DTA does not cover the difference between the tax laws / rates in one country to another. It only allows credits to prevent double taxation. As the lawyer said, u need to work out the differences by filing a tax return if u reside.
@lancemided3251
@lancemided3251 4 ай бұрын
@@davidalf5159 only true if you exceed a certain threshold or you have non-pension income. Pensions are exempt.
@frederickkrewson638
@frederickkrewson638 4 ай бұрын
@@davidalf5159 The DTA between the USA and Thailand specifically says..."that USA government pensions are only taxable in the USA" ( Thailand is incapable of taxing them at all. ) I realize that with some "earnings" or pensions - it may be necessary to file a tax return and that depending on which tax rate is higher / lower - there may be some tax owed in Thailand. ( but when a DTA specifcally /explicity states that certain forms of income are ONLY TAXABLE IN THE COUNTRY OF ORIGIN ( the USA in this case ) - then Thai Tax Attorneys have advised me that there are no filing requirements.
@jpnx7402
@jpnx7402 4 ай бұрын
Hi Chris, and everyone…. I’m an LTR Visa holder. After watching this vid I reached out to BOI for clarification. The LTR Visa Unit replied: “Greeting from LTR Visa Unit. There is no official announcement from the Revenue Department regarding changes to the tax rules for LTR Visa benefits. Please do not trust rumors or unconfirmed news from sources such as the Bangkok Post.” Not that things can’t go sideways, but the LTR visa was promoted with a number of benefits, one being NO TAX ON GLOBAL INCOME, and a Personal Tax flat rate of 15% on taxable income earned IN Thailand. Let’s see where this goes…
@jimsdad3739
@jimsdad3739 4 ай бұрын
Thanks for that
@Originalman144
@Originalman144 2 ай бұрын
Exactly. Where does he get this 17% tax example from for digital nomad?
@ricke6854
@ricke6854 4 ай бұрын
Hey, it's too hot and/or rainy in Thailand for 6 months per year anyway. (Or too smokey). So I will simply stay in Thailand for less than 6 months, enjoy summers in Canada, and also avoid the whole tax headache...
@jetd9716
@jetd9716 4 ай бұрын
Won't be so easy hopping planes on long trips once you hit 70 yrs old.
@PKmuffdiver
@PKmuffdiver 4 ай бұрын
​@jetd9716 I'm not anywhere near there yet, but that's pretty damn accurate. It's way too much travel time. It sucks going there now.
@Johno47814
@Johno47814 4 ай бұрын
Until they change the rules to counter that..
@aniwee17
@aniwee17 4 ай бұрын
@@jetd9716 just go on a pacific cruise. Or fly to Hawaii and relax on a beach for week, then go back home in North America.
@aniwee17
@aniwee17 4 ай бұрын
@@jetd9716 I also heard that Cambodia is very good. Just a short plane ride from Thailand.
@christopherherbert2407
@christopherherbert2407 4 ай бұрын
Good thing they are being honest now, many portfolios could take a significant hit if not properly diversified
@rodgertim2881
@rodgertim2881 4 ай бұрын
With the FED’s warnings, I’m moving a portion of my investments into precious metals and other commodities
@V.stones
@V.stones 4 ай бұрын
They tend to perform better during the economic downturns and high inflation periods
@ericbergman7546
@ericbergman7546 4 ай бұрын
That’s a smart move. Diversifying into non traditional assets can definitely help. I’m also looking at international stocks since some global markets are showing resilience despite the FED’s gloomy outlook
@Sanchyfab
@Sanchyfab 4 ай бұрын
Good point! The global economy is very interconnected, so if the US market falters, others might too
@cherylhills3227
@cherylhills3227 4 ай бұрын
only high qualified professionals who had experienced the 2008 financial crisis could help to earn a high in these challenging conditions
@HuatulcoGuy
@HuatulcoGuy 4 ай бұрын
I am a Canadian who moved permanently to Mexico in my retirement. I was thinking of giving Thailand a try to see if I could move there permanently, but this has changed my mind. If Thailand does not want me to live there and have me pump my money into its economy to help support Thai citizens, then I guess they are doing OK.
@userdhss-hsjs
@userdhss-hsjs 3 ай бұрын
Don't waste your time in Thailand. Thais are racist and actually don't like foreigners. I lived there for years so I know the reality. You will never get the truth on scamtube. Just BS and feel good narratives made to sell ads.
@ShelbyCobra-q1l
@ShelbyCobra-q1l 3 ай бұрын
Come to Vietnam. Better economy, better tax situation.
@SomParRaaz
@SomParRaaz 2 ай бұрын
No need to come to stay in Thailand mostly they want tourists not long stay😂
@R-uu7wo
@R-uu7wo 2 ай бұрын
They usually make decisions then revert back or don't enforce them anyway.
@TheUnFairAdvantageCrypto
@TheUnFairAdvantageCrypto 2 ай бұрын
@@R-uu7wo ya its true. and i really dont see how a person living off a bank card regardless of the income that funds it could ever seriously be flagged. seems like honor system only. i would see a clearl line of understanding if i wired 100k into a local bank and called that my living money or was getting monthly drops but the card thing to me seems too hard to enforce
@gegaoli
@gegaoli 4 ай бұрын
This was a fantastic segment. Thank you and please keep updating these.
@richardjones9007
@richardjones9007 4 ай бұрын
I attended the seminar by a prominent accounting firm in Bangkok on the subject and their information was not consistent with those presented here. Specifically, the accounting firm said that if you’re overseas income was not assessable in Thailand, for example because it consisted of a state sponsored pensionor protected by a dual taxation agreement, you did not have to file a tax return with respect to that income. Perhaps you can get to the bottom of this conflict?
@smartbiz888
@smartbiz888 4 ай бұрын
Good clear advice Luca has provided... Even 17% is more than I want to pay... When I retired 25+ years ago from the US Army, I stayed in Germany... I had built a house and refurbished an apartment there... Those properties have doubled (house) and tripled (apartment) in value... I also chose to pay US taxes (10% average with write-offs, plus 12% social security and Medicare taxes)... I also startedca business (US based)... Having a business helped me lower taxable income considerably... I was also able to write off a ton of expenses through my business... I think that might be the way to go in Thailand as well... Depends on your circumstances, I guess... In any case, I'm pretty sure Thailand is going to lose a lot of year-round expats who'll otherwise have to pay taxes there... I know I'll be spending much less time there than 180 days, whether this new law was in effect or not, so it doesn't affect me (yet)... But this video certainly has helped me understand what I can and should be aware of... Thanks, Chris and Luca! 👍😎👍
@SomeUserNameBlahBlah
@SomeUserNameBlahBlah 3 ай бұрын
I'm not against paying Thai tax. But as a U.S. citizen who gets heavily taxed already, another 17% on top of that is ridiculous! Drop it to 5% and you'll see a lot of digital nomads and people with fat investments living there and spending like crazy. Also, 5% from a U.S. income is a lot for Thailand. I don't understand why they are being so greedy at 17%.
@jbennison5672
@jbennison5672 4 ай бұрын
I was impressed by this Lawyers knowlege last time...thanks for following up on it.
@PaulJagger
@PaulJagger 4 ай бұрын
I expect WISE and REVOLT will win many new clients when Luca's advise is considered. Thanks for sharing.
@somnumna2606
@somnumna2606 4 ай бұрын
I have both and they are both linked to ANZ in Australia if you check. They are fully traceable
@sfbillable
@sfbillable 4 ай бұрын
@@somnumna2606 Just use your WISE card at an ATM and it will not be taxable. Just got to fork over the service charges
@opesprings
@opesprings 4 ай бұрын
You cannot use wise or revolute to buy things in Thailand, you have to convert the money into Thai baht by way of a Thai bank account.
@vladyslavstetsenko55
@vladyslavstetsenko55 3 ай бұрын
@@opespringsbut you can pay off cash
@kazino21
@kazino21 2 ай бұрын
? I use both without any issues ​@@opesprings
@ginorako2176
@ginorako2176 4 ай бұрын
I have been waiting for this video. 2days ago, i checked and wanted to know what all happend to this ridiculous law, now here you come with a full video about it with the right person talking about this subject. Thanks Chris!
@21stcenturyshowgirl
@21stcenturyshowgirl 4 ай бұрын
he's a legend the julian assange of real estate. love this guy. not the lawyer...he's disgusting.
@roymoxley2587
@roymoxley2587 4 ай бұрын
This law is not for retirement people go read the article from the Thai embassy Enough said and stop talking to lawyers
@21stcenturyshowgirl
@21stcenturyshowgirl 4 ай бұрын
@@roymoxley2587 yeah lawyers are all grubs
@limirl
@limirl 4 ай бұрын
No expert knows anything yet, because the Thai govt haven't published the full extent of the new laws. They don't even know themselves so how can anyone trust what these so called professional think is going to happen
@John-G
@John-G 4 ай бұрын
Nothing "happened to it" - it's aimed at Thais earning money abroad who are avoiding paying tax abroad because they're abroad for less than 180 days and, so far, not taxed on it here either. Nothing to do with retirees, etc.
@gotolangley
@gotolangley 4 ай бұрын
Politicians consistently enact impractical regulations. Eventually, they may come to realize that numerous expatriates could relocate to Vietnam, Cambodia, Malaysia, and similar destinations.
@georgepato6008
@georgepato6008 4 ай бұрын
Already happening
@kennywoodyard4819
@kennywoodyard4819 4 ай бұрын
I mean talk about losing Expat Income that helps stimulate the economy here... Wow. I just don't get it... In America we call this Liberal Social Democrats....
@ostrajazda7507
@ostrajazda7507 4 ай бұрын
Eventually those countries laws will change too... "The only constant in life is change."
@ophelydu26
@ophelydu26 4 ай бұрын
Well, Vietnam is the same from my understanding. You have to file taxes if you stay more than 182 days in a year! Malaysia tho is an option!
@ophelydu26
@ophelydu26 4 ай бұрын
@JohnHarthomstowCEO thanks this is good to know!
@chrissmall1246
@chrissmall1246 4 ай бұрын
Excellent news regarding retired xpats making ATM withdrawals and credit card usage not being considered as repatriated funds and therefore not subject to taxation. Beautiful, leave us old pensioners to living simple and frugal lifestyles without worrying about taxes. I pay about 1.6 percent on my withdrawals which includes the ATM fee plus my country of origin banking institutions fee. At 25000 Baht withdrawal I pay approximately 345 Baht which is very reasonable, flexible and convenient. This all varies depending on current exchange rates of course. Very good news, thanks for that Chris.
@I-LikeColdBeverages
@I-LikeColdBeverages 4 ай бұрын
Agreed, excellent news if true
@gegaoli
@gegaoli 4 ай бұрын
Once the world forces people away from cash that option my go away and all govts get to control everything
@peterpower7840
@peterpower7840 4 ай бұрын
This is not correct, credit card usage and ATM withdrawals ARE considered as remittances to Thailand and therefore subject to taxation. See Expat Tax Thailand for details.
@6789uiop
@6789uiop 4 ай бұрын
@@gegaoli Samitivej Hospital cafeteria refuses cash, digital only already. I have a marriage visa and was refused a digital wallet here for not having a work permit visa.
@I-LikeColdBeverages
@I-LikeColdBeverages 4 ай бұрын
​@@peterpower7840Thanks for the reference, much appreciated. Two different opinions from two tax firms, surprising. CHRIS......a follow up with specifics of the Thai tax code concerning ATM withdrawals would be appreciated
@le_th_
@le_th_ 2 ай бұрын
This lawyer does an excellent job explaining these changes. Super informative video.
@mdarrenu
@mdarrenu Ай бұрын
Did I miss he explanation. For the people that bring over $5,000 a month from rental income - which is taxes in the US - they are subject to double taxation? Or just if the difference is higher in tax.
@AuntyJack123
@AuntyJack123 4 ай бұрын
Number of new tax agents in high expat areas is going to go way up!! Between your visa agent and lawyers and tax agents and the taxes good luck. Hello Vietnam 😊
@mlgneo2855
@mlgneo2855 4 ай бұрын
How do you stay long term in Vietnam?
@EndlessTravels
@EndlessTravels 4 ай бұрын
LOL Vietnam? Today July 1st VN jjust locked down the banking system and is now micromanaging the people's money and also expats with bank accounts. This isn't JUST Thailand doing this. China has also been doing it for the lats 9 months.. Asia is doing everything it can to F over any and all tourist and expats
@EndlessTravels
@EndlessTravels 4 ай бұрын
@@mlgneo2855 You don't unless you marry some chick which always turns into a bad decision for 99% of expats
@AuntyJack123
@AuntyJack123 4 ай бұрын
@@mlgneo2855 multiple 3 month visas.
@zentravel1515
@zentravel1515 4 ай бұрын
Clear as mud. What a hot mess.
@EndlessTravels
@EndlessTravels 4 ай бұрын
@danielerubini3434 Yeah this is becoming a trend in all of SE Asia, China is masivly doing it, VN starting July 1st 2024 is going to micromanage banks and people'ls money its all a mess for sure
@BobTX041966
@BobTX041966 4 ай бұрын
This Is Thailand
@DoorCam-l7y
@DoorCam-l7y 4 ай бұрын
Welcome to Thailand...
@inlandchris1
@inlandchris1 4 ай бұрын
@danielerubini3434yes, especially when inflation is here. Uneducated ministers proposing to raise taxes during this event will harm the economy when they think of only raising income for the government. Government should be in debt and continue to be in debt until inflation is over. To get inflation down, is to raise interest rates which they have not. Everything they are doing is wrong and the people will pay the price, voting people. Raise taxes or other revenue when inflation is Gone!
@IsaanMan
@IsaanMan 4 ай бұрын
1) For Americans, Brits & Aussies Expat Tax Thailand have Vids where they go through all aspects of the DTA’s and give case study examples. 2) To see a full list of Thailand Tax allowances you can claim go to - Thailand Tax Deductions & Allowances SHERRINGS.
@ru54623
@ru54623 4 ай бұрын
this is very useful - i find that tax advisers only usually only tell half the story (probably because they are so bored 😂) and miss important aspects e.g. what defines repatriation of money? answer = moving money into Thai bank account - these example cases get right to the important facts - thank you
@neilrmartin1984
@neilrmartin1984 4 ай бұрын
Yep, that was a crucial bit of info
@6789uiop
@6789uiop 4 ай бұрын
@@neilrmartin1984 Especially since 'repatriation' generally means- a person returning to their home country.
@parapilot09
@parapilot09 4 ай бұрын
All the research that I have done online and having spoken with Thai Tax advisors and my local Revenue Dept is that money remitted into Thailand as a Thai Tax resident via ATM withdrawals with a foreign issued card is considered remitted income and so the subject of Thai tax assessment!
@Mark-yo5ue
@Mark-yo5ue 4 ай бұрын
@@parapilot09hope you are wrong, but would seem Reasonable that atm withdrawals in Thailand would meet a Definition of repatriated income
@ru54623
@ru54623 4 ай бұрын
@@parapilot09 accounting for every atm withdraw and card purchase - not really the 'good life' 😂
@Radiancegrace
@Radiancegrace 4 ай бұрын
Anytime you arise I watch. So gifted with ability to cover vast amt of areas to help us from varying parts of the world in our move to Thailand 🙏🏻
@sflxn
@sflxn 4 ай бұрын
Leave Thailand and visit. I spent 4-7k/mo there. They’ve lost that revenue for several months now. Imagine the reporting hassle and the lawyer fees to make sure the filing is correct. I’m sure Chris will keep pumping move to Thailand. Dealing with lawyers and filing papers are not paradise.
@DarkoFitCoach
@DarkoFitCoach 4 ай бұрын
Chris doesnt earn anything from people visiting thailand. Yes he is a thai optimist but so are many. You also Doesnt mean he aproves of this law
@jpatter123
@jpatter123 4 ай бұрын
Wife and I just said the same thing. We had been considering moving in the next 5 years. No thanks
@DarkoFitCoach
@DarkoFitCoach 4 ай бұрын
@@jpatter123 remember TIT. This is thailand. Dont make any big conclusions yet. Thailand changes laws as the wind blows. So give it some time to see what this actually entails and how it pans out. Thailand has had hundreds of laws that were cancelled
@Winstonbfit
@Winstonbfit 4 ай бұрын
4-7k in Thailand? Tf are you buying 😂
@clrodrick
@clrodrick 4 ай бұрын
Multiply this by 100s of thousands of expats saying NOPE! Not going to deal with yet another hassle after all the other hassles of dealing with Thailand immigration endless hoops to jump through (plus constant fees)
@bradleylocke4336
@bradleylocke4336 4 ай бұрын
179 days in Thailand to not become a tax resident,then have to find another country for the other 6 months,might not be such a good retirement choice now for many.Employ an accountant,lawyer,90 day reporting ,visas and possible tax on pension might knock the land of smiles off some people’s faces.
@bradleylocke4336
@bradleylocke4336 4 ай бұрын
@@phuketeer maybe bali
@AG-so4gl
@AG-so4gl 4 ай бұрын
Malaysia now looks much more sweet despite bigger capital outlay
@macinhiodasilva
@macinhiodasilva 4 ай бұрын
Neighbouring Laos 🇱🇦 Not retired, but working remotely. Visa options in Laos are super easy and nobody gives a damn about paying taxes at all, especially not if you have foreign income ​@@phuketeer
@metalguru5226
@metalguru5226 4 ай бұрын
@@phuketeer Cambodia, the kingdom of wonder is by FAR the freest country in Asia and most welcoming to foreigners.
@DrFuzzyDuck
@DrFuzzyDuck 4 ай бұрын
@@phuketeer maybe return home?
@137dylan
@137dylan 4 ай бұрын
I personally know someone who's lived in Thailand for almost 10 years, makes his income from the US, pays tax on his US income, has MULTIPLE Thai bank accounts which he funds through transfers all the time....and he's NEVER filed a single Thai tax return. Obviously he's breaking about 100 laws at once, but the fact he continues to live his life without a care in the world tells me that the Thai authorities are largely incompetent, otherwise they'd have nailed his butt years ago. My take is: just don't spend more than 180 days. This is a pain as it means you can't live there year round. And makes getting a lease on a property even harder, but by ensuring you're never over that threshold the authorities have nothing on you. Or, stay as long as you want, sign that lease, buy the new air fryer and get settled in as if you live there...but don't transfer any major funds into your Thai bank account. Rely on ATM withdrawals and card payments only, and hope nobody comes asking. At worse, you book a flight and leave (one of the many benefits in renting over buying). One thing's for sure: this is going to result in less foreigners settling in Thailand, which means less money yielded from them, which ultimately means the Thai gov's plans backfired spectacularly.
@IsaanMan
@IsaanMan 4 ай бұрын
Thailand has joined the CRS (Common Reporting Standard). They started sharing information on high value accounts last year and will add low value this year. Also if your not a tax resident in any Country then any money you send to a CRS Country will be taxed as if you are a tax resident in that Country regardless of if you are or not. See - Thailand Begins Common Reporting Standard Exchange In September 2023 TAINA.
@m.s.7711
@m.s.7711 4 ай бұрын
Absolutely right. Exactly AS i plan to do it.
@chinesecrested9528
@chinesecrested9528 4 ай бұрын
Yup, the new thai government just figured out they have no way to fund the 10,000.00 bhat giveaway. It will be yet another ridiculous rule that will backfire over time, just like recriminalizing pot.
@barryoneill-ec9zz
@barryoneill-ec9zz 4 ай бұрын
I’ve Bought Bitcoin and ETH, Banks are going to shutdown everyone’s cash, and blame it on Putin.
@TripleDeano
@TripleDeano 4 ай бұрын
Begging for stay at Bangkok Hilton. Not sure Iron Marriage to guy w most Cigs in my retirement plan 😂
@VangeliRock
@VangeliRock 4 ай бұрын
Nice job Chris. Best video I've seen so far on this topic. Torontonian here still contemplating retiree abroad, just working out how to go about it. Your vids are the most helpful.
@Thaitanic-Media
@Thaitanic-Media 4 ай бұрын
You only have to look at the comments on this video to understand the obvious self harm thailand has inflicted on itself with this tax change. Thai tax advisors are rubbing their hands together right now, taking advantage of all this fear and uncertainty. So much potential extra business. Give it a couple of years, there will be incentives on offer for retirees and investors because of the lack of money coming into thailand compared to previous years. They will eventually realise they need to encourage people to bring money into thailand and not withhold money due to fear and uncertainty. An incredible act of self harm.
@DarkoFitCoach
@DarkoFitCoach 4 ай бұрын
Nothing new for thai government ey
@Thaitanic-Media
@Thaitanic-Media 4 ай бұрын
@@DarkoFitCoachVery true, a classic example of short term thinking.
@chosenfews
@chosenfews 4 ай бұрын
that is Thai Government they have no idea. Instead of looking at a possible other way they come after the people who are giving the Kingdom so much injection to GDP. They get our income via spending on goods and services. This stinks WEF doing. Let's not forget, the Thai Government take lease payments for the condos we buy / accommodation, 51% ownership of business etc. Now they want our income. With the cost of living in Thailand going upwards soon it will be the same price living in Thailand then our own home countries.
@HairyPixels
@HairyPixels 4 ай бұрын
they had people willing to come here and spend tons of money year over year and now they're scaring them away. total foolishness. I expect a reversal also even if they could figure out how to enforce it.
@Thaitanic-Media
@Thaitanic-Media 4 ай бұрын
@@HairyPixels So true. The effect of this is already visible. Factories are closing all over thailand. 52% of GDP was foreign investment, would be interesting to see what the current rate is (not published yet). The damage will become more visible over time I'm sure.
@TimK2646
@TimK2646 4 ай бұрын
Lawyers and Accountants always Win Win Win.
@gordonduncan8892
@gordonduncan8892 4 ай бұрын
In Thailand Foreigners are prohibited to be a lawyer by Foreign Employment Act (1978), Thus, they are unable to obtain Lawyer's License.
@albaladejoraphael6661
@albaladejoraphael6661 4 ай бұрын
@@gordonduncan8892 yes and so what??????? Maybe he is married to a Thaï and maybe he is Thaï now.....
@gordonduncan8892
@gordonduncan8892 4 ай бұрын
@@albaladejoraphael6661 Even as a Person with a Thai residency permit he cannot because he was not born in Thailand.
@albaladejoraphael6661
@albaladejoraphael6661 4 ай бұрын
You can become Thai simple is that. I know some french guys that have the nationality now....
@gordonduncan8892
@gordonduncan8892 4 ай бұрын
@@albaladejoraphael6661 you need to be born here to become a lawyer, period. Lookup the Law.
@petersmith6520
@petersmith6520 4 ай бұрын
Did i hear that right? If you withdraw funds from ATM using overseas bank account or spend on overseas debit card its not considered repatriating funds to Thailand and therefore not subject to tax in Thailand. If thats true then there’s no need for any retired farang to pay tax in Thailand ever.
@apassionfortravelling3280
@apassionfortravelling3280 4 ай бұрын
I said that and a bit more before I saw your comment. I do think that's what was said. So, just pay with atm withdrawals and your cards, no tax.
@camiller4916
@camiller4916 4 ай бұрын
Some countries require you to deposit $ into a local bank account in order to get a long term visa. Not sure if Thailand does this. If they do require a local bank account, then anything coming into this account would be eligible for taxation
@sweetjane6506
@sweetjane6506 4 ай бұрын
@@camiller4916 Yes, they could make a grab for the 800,000THB requirement for the retirement visa or if you got the visa because of your income, they'd know about that.
@sweetjane6506
@sweetjane6506 4 ай бұрын
But there would be a need to explain to the BIB how you're living in Thailand on zero funds when it's time to renew your visa. I don't think this would work for long.
@igobyplane
@igobyplane 4 ай бұрын
I pay rent and Lazada from my Thai bank account as well as avoid ridiculous atm fees for my us bank. I also live on a small island so much more cash based transactions compared to Bangkok.
@anthonyloh9193
@anthonyloh9193 4 ай бұрын
I have make up my mind to avoid being tax, will plan to stay in Thailand not more than 170 days. Thinking of Malaysia or Lao as my second home
@StephenWestrip
@StephenWestrip 4 ай бұрын
Clear and concise video. As always with taxation in any country it is a matter of planning and timing. Capital gains is the most difficult to work around but go travelling outside Thailand for a bit a don’t be a tax resident in your capital gain tax year. As Luca said, it is about planning.
@josephkeith6954
@josephkeith6954 4 ай бұрын
Edited: WHEN they close that loophole. we are at the mercy it.
@StephenWestrip
@StephenWestrip 4 ай бұрын
@@josephkeith6954 same in every country. Tax laws can change and they are either favourable or not depending on your personal circumstances.
@parapilot09
@parapilot09 4 ай бұрын
Chris, All the research that I have done online and having spoken with Thai Tax advisors and my local Revenue Dept is that money remitted into Thailand as a Thai Tax resident via ATM withdrawals with a foreign issued card is considered remitted income and so the subject of Thai tax assessment!
@tedosmond413
@tedosmond413 4 ай бұрын
i have heard that too.
@parapilot09
@parapilot09 4 ай бұрын
@@DeusExMachina50 quite easy, if your home country is one that has signed up to The Common Reporting Standards. There are over 140 countries and Thailand is one of them. If so, Thailand RD can easily access information of all Bank transfers, card purchases and ATM withdrawals made from your home bank accounts under the CRS.
@KeepingItRealBro
@KeepingItRealBro 4 ай бұрын
@@DeusExMachina50 1950 it would've been difficult, but Thailand signed up to CRS, therefore all your account movements are automatically reported to the tax office.
@iloilocrypto
@iloilocrypto 4 ай бұрын
Exactly. repatriation or remittance? Before we were told it is any type of remittance to thailand which include ATM withdrawals
@KeepingItRealBro
@KeepingItRealBro 4 ай бұрын
@@DeusExMachina50 yes, he does. Seems incredible to me. But what do I know. He's the expert, but just as with doctors,.a second opinion might be worth looking into
@seancanaway1131
@seancanaway1131 4 ай бұрын
Honestly this seems like Thailand will lose more money than it can gain by retirees moving elsewhere.
@DarkoFitCoach
@DarkoFitCoach 4 ай бұрын
Nothing new. Stupid thai laws
@pb12661
@pb12661 4 ай бұрын
personally, I think it's more about keeping westerners out of Thailand than it is revenue (only an excuse).
@Tugela60
@Tugela60 4 ай бұрын
@seancanaway1131 Replacing pensioners receiving government pensions with retired CEOs makes way more sense. In the old days when standards of living were low, foreign retirement money coming into the country was good. But as the local standard of living increased, foreign pensions became increasingly unimportant and at some point those people will be costing the country more than they are worth unless they are wealthy. The government would want the retired expat community to transition from government pensioners to wealthy business people and other high net worth individuals as Thai society develops. They don't want people living off social security to be moving to their country, they want millionaires to come instead. If you are going to have 100k expats, it is much better to have 100k retired CEOs than it is to have 100k retired postal workers.
@DarkoFitCoach
@DarkoFitCoach 4 ай бұрын
@@Tugela60 thailand has 7000usd gdp per capita. Usa has over 81 000usd per capita. Thailand is a 3rd world country and even the lowliest pensioners from the west earn and bring in MORE then an average thai. For example the average pension for a dutchman is 3000euro net. Thats 120 000baht. Thats way more then what thais make. So conclusion is: you have no idea what u are saying
@Tugela60
@Tugela60 4 ай бұрын
@@DarkoFitCoach That is changing. The value pensioners bring decreases as a country develops. You see that even now, where a lot of these working class pensioners are struggling with the cost of living. These people are adding literally nothing to the country, and that cohort will just grow over time.
@theamazingjustin
@theamazingjustin 4 ай бұрын
Thanks for the vid Chris. Regarding the “loophole” that Luca said exists if you cease to be a tax resident in order to sell your home for capital gains, I spoke to another accountant a few weeks ago who said you still have to pay taxes on the capital gains proportionally to the amount of time you spent in Thailand as a tax resident. In your example, the couple who spent 2yrs in Thailand and then discontinued their tax resident status in the following year to sell their home in the US, they still have to pay taxes on capital gains for the 2 yrs they were tax residents in Thailand. Let’s say they owned the house 8 years prior to moving to Thailand, with a total 10 years (2 years while living in Thailand). Then 20% of their capital gains would be subject to capital gains tax in Thailand if repatriated. When I romanticized about retiring in Thailand, I didn’t consider Thailand taxation. It would be one thing if the code was clear and concise so one could plan, but it’s not.
@DarkoFitCoach
@DarkoFitCoach 4 ай бұрын
How would thailand be able to tax this capital gain or say salary of one never brings it over into a thai bankaccount?
@DarkoFitCoach
@DarkoFitCoach 4 ай бұрын
@@theamazingjustin if thailand joins ww income then i foresee an exodus of expats. Not 1 single person wants to pay tax money and not get any benefit in that monkey country
@theamazingjustin
@theamazingjustin 4 ай бұрын
@@DarkoFitCoach From what I understand, they wouldn’t. For now, if you don’t transfer the money through your thai bank account, they won’t tax it. Once you do, you have explain what source that money came from. However, their new proposal is to tax world wide income whether you bring it to Thailand or not. Thailand is considering joining a world wide system that will give them a report of their tax resident’s global income. This is assuming that the couple returns to Thailand to become tax residents once again in the 4th year. If they go back to the US in the 3rd and realized the capital gains and didn’t return to Thailand, then of course it would be near impossible for Thailand govt to collect that tax. Take this with a grain of salt. I’m just pointing out inconsistencies with two different accountants. Nothing is clear at least to me.
@DarkoFitCoach
@DarkoFitCoach 4 ай бұрын
Who is deleting my posts?
@theamazingjustin
@theamazingjustin 4 ай бұрын
@@DarkoFitCoach which post? I still see your initial post.
@jacksonj3082
@jacksonj3082 4 ай бұрын
Mr. Bernardinetti is definitely well-versed as a tax attorney in Thailand - thank you Sir. About rental property in the US, there are costs associated with the property (not just the income) such as mortgage interest, property insurance, depreciation, maintenance, property tax, marketing fees. In many cases these expenses cause an annual net loss. Thus, for Thai tax reporting purposes, should only the gross rental income be reported or rather should the net income (loss) on the rental property be reported in Thai tax reporting.
@John-G
@John-G 4 ай бұрын
"Well versed"? He's the biggest snake oil salesman / BS merchant I've come across here - no exceptions.
@jacksonj3082
@jacksonj3082 4 ай бұрын
@@John-G you are talking about the YT'er or the tax lawyer ? Would be great to hear your personal experience with the BS merchant.
@John-G
@John-G 4 ай бұрын
@@jacksonj3082 The tax attorney was the one you described as "well versed", so I thought it was clear he was the one I was referring to . Why would I have or want any "personal experience" of him? The video's more than adequate.
@rayhchow
@rayhchow 3 ай бұрын
Excellent. I applaud the presenter and anchor for the information.
@Bucketlistie
@Bucketlistie 4 ай бұрын
Very well articulated and explained in simple language. Great questions with scenarios. Thank you for both your time and free consultation! It would have cost us at least $100 or more had we made an appointment with the lawyer.
@hondoelsinore
@hondoelsinore 4 ай бұрын
You can spin it all you want, but bottom line, taxation without representation is theft.
@markdsm-5157
@markdsm-5157 4 ай бұрын
only in the West, and even then it's not universal.
@5anjuro
@5anjuro 4 ай бұрын
Not really.. You can always leave. If you're staying, you're agreeing to pay the cost of staying, including the taxes. You're paying some taxes anyway.
@hondoelsinore
@hondoelsinore 4 ай бұрын
That's what the brainwashed believe.​@@5anjuro
@Sharpy1973
@Sharpy1973 4 ай бұрын
I have been planning my Thailand retirement at the end of this year and living off my australian superanuation for 6 years. Appears that I will now loose 35% of my income to the Thai government and I will definitely need to reconsider.
@jetd9716
@jetd9716 4 ай бұрын
They had to find ways to fund their corruption, so why not get it from foreigners.
@brianwood8086
@brianwood8086 4 ай бұрын
after you factor in exemptions and the progressive tax scale, you would pay nowhere near 35%. Probably less than 10%
@Bansansook2
@Bansansook2 4 ай бұрын
Your super has been making money for 40 years , 98% before 2024 , so NO you are wrong !
@realgains1538
@realgains1538 3 ай бұрын
CANNOT be policed.....do not worry ....just don't dump large sums into a Thai bank
@brianwood8086
@brianwood8086 3 ай бұрын
@@Bansansook2 Thai government has categorically stated that any money that you can show was in your bank or assets prior to 31/12/2023 is not liable for taxation when transferred to Thailand.
@teplostar
@teplostar 4 ай бұрын
This is exactly what I did in Canada and now I am counting the number of days I will be staying in Thailand in 2024. The downside for Thailand is that I will spend 500K less in 2024 and it looks like in 2025 vs if I just stayed there.
@rogerbeins5186
@rogerbeins5186 4 ай бұрын
Awesome bro! Heard a snippet on new tax law via Thaiger news podcast and was concerned as I'm married to a Thai national. Even though the Thai bank account that we transfer funds in to is in her name, as she lives here in M'sia with me, and does not stay in Thailand for anywhere near 180 days when she does travel home, monies transfered to her BKK Bank acct (regularly) do not qualify as taxable for the clear and simple reason pertaining to 180 days residency rule. Thank you very much for this very informative video. Thanks to Luca too, what a gem of a guy!
@nestorpou253
@nestorpou253 4 ай бұрын
Chris: Thank you for this helpful videos, specially for people like me considering to move to Thailand. I wish you the best on you Koh Samui adventure but please keep sharing more vids on your developments and the great tutorial ones like this. You are a force of wellbeing. Thanks a lot from Spain
@userdhss-hsjs
@userdhss-hsjs 3 ай бұрын
You've been fooled by this grifter.
@saffron8238
@saffron8238 4 ай бұрын
A video on the loop holes would be good! :)
@gregfraser2763
@gregfraser2763 4 ай бұрын
This is to make work for tax accountants and admins. Too bad they can not just charge more for visas and avoid the HUGE hassel and fear of having to report to the tax man. RETIREES HAVE BEEN TAXED ENOUGH
@mikestockford8950
@mikestockford8950 4 ай бұрын
I imagine Cambodia and Vietnam will be the big winners here
@les8518
@les8518 4 ай бұрын
Philippines too.
@forretresss
@forretresss 4 ай бұрын
Thailand is just damaging its reputation at this point. What's the point of moving to a 3rd world country, when the taxes is 1st world complicated...
@somchai9033
@somchai9033 4 ай бұрын
It's easy and cheaper to live in Vietnam and Malaysia. I get 90 days on arrival. Vietnam requires online visa prior. I've spent a month in each place to get a feel for where to live. The Philippines is next.
@alias_EP
@alias_EP 4 ай бұрын
and when there's enough of you guys there they will bring in the same laws..
@forretresss
@forretresss 4 ай бұрын
@@alias_EP Not every country is broke like the Thai government... Thailand's GDP is growing so slow (slowest in SE Asia) that they have to push higher taxes to minimize the gov deficit. Malaysia and Vietnam is growing lightyears faster than Thailand's economy sadly.
@puretesla2565
@puretesla2565 4 ай бұрын
That was an excellent interview with great information. Appreciate it Chris. Very well explained and great questions asked.
@maakamakana7007
@maakamakana7007 Күн бұрын
Brilliant lawyer...well spoken..knows his stuff...thanks for the video,,
@DirtyBird506
@DirtyBird506 4 ай бұрын
Taxation Without Representations! Thailand like many SE Asian countries want foreign money but do nothing to help foreigners when they have troubles. They have laws against us earning money inside their country but want to take the money we earn outside of their country! Help me help you I say! I will not put my money in a Thai bank! I will not buy property in Thailand because of this. I loved Thailand but not that much! Sorry! Let us know when they cave!
@jetd9716
@jetd9716 4 ай бұрын
Think like a Thai, and you'll not get robbed by a Thai.
@bigwaidave4865
@bigwaidave4865 4 ай бұрын
The Thai property market is already in a slump. That’s why the proposal regarding percentage increases for foreign ownership. Who in the right mind is going to transfer the purchase price of a new home or condo into the country when you can get slapped for another 25 to 30% of the purchase price. Thailand is cutting off its nose despite its face.
@yannip2083
@yannip2083 13 күн бұрын
Thailand is killing the goose that lays the golden egg!
@palirvin1871
@palirvin1871 4 ай бұрын
So to most full-time [meaning more than 180 days] expats it falls in terms of pragmatic impact into this: If you have to bring money into a Thai bank account in Thailand then you are going to have to expect to pay taxes at some level and file tax returns in Thailand. IF on the other hand you only bring money into thailand via extractions via an ATM / via your bank cards then that income will not be taxable but if you are full-time you must still file a Thai tax return. The last method which also has limitations is that money you bring on your person through customs will also not be taxable but is subject to maximum allowed levels and above those levels you would be subject to paying tax at customs above the max allowed. For those that live less than 180 days & do not have residency [aka perma-tourists] there is no tax obligation but watch those border runs because a couple of border runs and you're goiing to be a tax resident without the beneifits.
@luxuryseaviewvillas6744
@luxuryseaviewvillas6744 4 ай бұрын
or just send it to your lady
@fishlessfisherman1539
@fishlessfisherman1539 4 ай бұрын
This helps some. My wife is Thai and we are going to live there in a year or two. But I agree with some of these other comments on how this is actually going to hurt them than help. Great video.
@decadentia84
@decadentia84 2 ай бұрын
First time viewer, fellow Canadian - Software Dev, just wanted to say great content. Very informative, lots of examples and great follow up questions.
@rodgertim2881
@rodgertim2881 4 ай бұрын
Effective tax management can significantly increase your investment returns by minimizing the tax burden on your gains
@KatelynnCox-qb5er
@KatelynnCox-qb5er 4 ай бұрын
Strategic tax planning allows you to take advantage of various deductions and credits, optimizing your overall financial position.
@MartinHicks-dw2su
@MartinHicks-dw2su 4 ай бұрын
Diversifying your investments smartly can help rspread tax liabilities across different asset classes, reducing the impact of taxes on your portfolio.
@sebastiaanthijn7982
@sebastiaanthijn7982 4 ай бұрын
Investing in tax-advantaged accounts such as IRAs and 401(k)s can provide immediate tax benefits while saving for retirement.
@PaulWard-nr5rj
@PaulWard-nr5rj 4 ай бұрын
Understanding capital gains tax rules enables you to time your investment sales for maximum tax efficiency
@ericbergman7546
@ericbergman7546 4 ай бұрын
Utilizing tax-loss harvesting can offset gains with losses, potentially reducing your taxable income.
@krk111761
@krk111761 4 ай бұрын
Great to see another video with really good, straight forward information. Thanks Chris
@nickg505
@nickg505 4 ай бұрын
As someone who has wanted to move there for 2 decades and have been waiting until I reach min age retirement visa, I am absolutely crushed 😢
@steveforbes8287
@steveforbes8287 4 ай бұрын
Chris: You will need to do an update to this video. It seems that there was no absolute determination if USA Social Security is considered taxable income. Some of us live on that only and IF we can find our way over there it would still be our only income. That question needs to be answered directly and without ambiguity.
@dough.9241
@dough.9241 4 ай бұрын
This. Chris’s example scenarios were pretty lame tbh.
@opesprings
@opesprings 4 ай бұрын
It was already answered all money bought in to Thailand will be taxable unless it's already been taxed in your home country. That's if you stay in Thailand for more than 180 days.
@nokchilton1562
@nokchilton1562 4 ай бұрын
As a dual citizen British and Thai, this is very useful information for Thai people who have been working abroad and wanted to retire in Thailand after working our socks off 😢
@asiaexpat62
@asiaexpat62 4 ай бұрын
Thank you for the detailed interview, it was valuable to all.
@Fozibear
@Fozibear 4 ай бұрын
Would really like to hear a little more about how crypto is taxed in Thailand? Including cashing out staking rewards etc
@SomeUserNameBlahBlah
@SomeUserNameBlahBlah 3 ай бұрын
Once you convert crypto to cash, you'll be taxed for capital gains.
@00dfm00
@00dfm00 4 ай бұрын
Thailand or Philippines. Not sure where I'll end up but this is great info in helping me figure it out.
@williammit1332
@williammit1332 4 ай бұрын
This guy is brilliant. I found my new Thai lawyer.
@garycushing8521
@garycushing8521 4 ай бұрын
Thank you again that was a great update. You gave me so options which also may apply to some other countries that our doing the same Taxes that Thailand has done.
@bobterry9062
@bobterry9062 Ай бұрын
I'm not as impressed by this as most appear to be. As far as I know the proposal to adjust the tax regulations is still at the proposal stage and may not be enacted, at least in the foreseeable future.
@beberkakunedent
@beberkakunedent 4 ай бұрын
It will be 6 months Thailand, 3 months Vietnam, 2 months Bali, 1 Cambodia...pay tax or travelling, I prefer to travel.
@justbrowsing5279
@justbrowsing5279 4 ай бұрын
Great follow up. I'd love to hear about 401ks since in the USA only government employees have pensions for the most part these days. 401ks are far more common. Most of this income was earned a long time ago but it's really impossible to distinguish which funds came from when. Does it even matter when it was earned or is it all subject to taxation anyway? He mentions that if the tax was higher where you earned it you wouldn't be taxed. Seems like that would be uncommon. One of the main reasons to go to Thailand is that our money goes much further. Tax rates on the amount of money withdrawn from a 401k would be much lower in the USA than in Thailand. Plus it just gets complicated given that we pay FICA and Social Security when contributing to a 401k and not when withdrawing. Seems impossible to even figure out what taxes were paid. Things seem problematic enough to not want to get involved. I was in the early early stages of considering retiring and all this is enough to move on to other ideas. Thanks a lot for doing these videos. I'd hate to have gone further in planning without knowing about all this.
@6789uiop
@6789uiop 4 ай бұрын
In light of the confusion with Immigration - the thought of trying to segregate or date income for the Revenue Dept sounds AWFUL!!
@bigwaidave4865
@bigwaidave4865 4 ай бұрын
That’s exactly right. Our money has been accumulating while we were working and even to this day in the 401(k) account.. so in order to prove that we paid our taxes on withdrawals we are supposed to submit tax returns for the last 40 years while we were employed? Crazy.
@MrSuperohhlala
@MrSuperohhlala 4 ай бұрын
They’re cutting off their nose despite their face. I’m guessing at some point they’ll realize how ridiculous this is and how it hurts their economy when retired folks stop coming and injecting money on local goods and services. Perhaps that’s a pipe dream since logic and face seem to get in the way.
@Mark-yo5ue
@Mark-yo5ue 4 ай бұрын
I suspect that you would only be taxed if you remitted the 401K distribution into Thailand. Exactly how this will be tracked, explained, rebutted, is 100% unworkable without some sort of tax ruling from Thai tax authorities. Otherwise you will be relying on your tax advisor that hopefully will keep you out of trouble. What a way to drive away a well established expat community.
@somchai9033
@somchai9033 4 ай бұрын
How long until all the visa agents in Thailand suddenly become tax preparers as well? Brown envelopes under the table will solve the tax situation.
@waynelesperance5604
@waynelesperance5604 4 ай бұрын
As fellow Canadian, greatly appreciated this video. It helps me figure out want I will do about length of stay in Thailand and paying taxes in Thailand. I have no choice on payment of taxes on my government pensions in Canada. Currently even as non resident I must pay taxes on my pensions in Canada .
@NotASheep100
@NotASheep100 4 ай бұрын
Thanks Chris...very interesting....were would we be without you....😊
@acenewark
@acenewark 4 ай бұрын
Thank you for this video Sir
@Money8OOST
@Money8OOST 4 ай бұрын
Thailand still doesn't tax foreign companies even if they are controlled from Thailand as long as they don't do business in the country. So many entrepreneurs / freelancers can run their foreign companies that are registered in low or zero tax countries and only pay taxes on their personal income. This is different from most countries and pretty much every western country, so Thailand still remains one of the tax friendliest countries for some people👍
@faustinodibauda251
@faustinodibauda251 4 ай бұрын
Not so much on the little news that was given today which was excellent by the way. Thank you I just think Thailand's getting more and more expensive and not feeling welcome there as I used to be
@sbarmiueenl
@sbarmiueenl 3 ай бұрын
You asked very good questions to help clarify the matter. You and your guest did a great job to clarify the situation. At the end of the day, just don't move money to Thailand.
@selenescourse
@selenescourse 4 ай бұрын
Thank you for another informative video. Nothing will deter us from moving to Thailand. See you soon!
@bragboy
@bragboy 4 ай бұрын
Thailand - 5 months, Dubai - 3 months (to claim tax residency), 4 months rest of the world :)
@nickmondo222
@nickmondo222 4 ай бұрын
i have been trying that. It sucks. Im in Da Nang at the moment, its bloody horrible. Personally, i need a base, and live out of hotel or short condo rentals for half a year
@bragboy
@bragboy 4 ай бұрын
@@nickmondo222 it’s true.
@bragboy
@bragboy 4 ай бұрын
@@phuketeerthey still do if you own a company
@bragboy
@bragboy 4 ай бұрын
@phuketeer Absolutely! Flexibility is key with these options. When CBDCs go mainstream, these distinctions might become meaningless. So, let’s make the most of it while we can. :)
@eriktorne1350
@eriktorne1350 4 ай бұрын
Good info here Chris. But there is still Alot of issues not answered. For instance, we send money to Thailand every month to pay for our car loan and to support our family. This is done through bank transfers. Will the receipiant be taxed for this? Can we demand a tax reduction for interest payed on the car loan? This new tax legislation is going to backfire on Thai economy as more and more people will find it completely unfair to pay taxes and receive nothing in return.
@Originalman144
@Originalman144 2 ай бұрын
Yes, sending through to a Thai bank account is a trigger for taxation. Pay from a foreign bank or in cash. Or wire the money from your foreign bank directly to the loan holder without going through a Thai bank.
@daangs3161
@daangs3161 4 ай бұрын
It’s nuts that expats with the highest incomes (80k+ usd) can qualify for a LTR visa, which exempts them from Thai tax, whilst most of us with modest incomes have all the hassle and might still be subject to 35% Thai tax! I hope they will consider a similar exemption in future for pensioners who will probably be the expats hit hardest.
@AuntyJack123
@AuntyJack123 4 ай бұрын
Are you naive that you don't realise this is expected. Thailand will always protect the wealthy investors. Us commoners are nothing to them.
@KeepingItRealBro
@KeepingItRealBro 4 ай бұрын
@@AuntyJack123 Depending the type of LTR- visa the respective holder doesn't invest a single Baht into Thailand. It's a privilege that will go away very soon IMO
@ricke6854
@ricke6854 4 ай бұрын
You don't pay 35% on every dollar, that's just the top incremental rate
@KeepingItRealBro
@KeepingItRealBro 4 ай бұрын
@@ricke6854 I can't live below 30% threshold. Below 35% is doable.
@bigstick8699
@bigstick8699 4 ай бұрын
How about stay in your own country. No one says you have to go. You seem ignorant and full of self interest. Wrong county buddy.
@pepelepar515
@pepelepar515 4 ай бұрын
Amazing interview! You asked very poignant questions and got very direct answers. Thank you!
@thehebrewmessiahcom8164
@thehebrewmessiahcom8164 4 ай бұрын
Thanks friend! It sounds like certain USA non-taxable income, such as veteran disability pensions, may not be taxable then, according to USA /Thailand tax treaty, something for me to look into. Your video raises the right questions and answers many as well. Grateful!
@joonk777
@joonk777 4 ай бұрын
as an expat every country you go to will find some way to get your money. thats why its better just to rent and never buy, so you can pick and leave anytime you want whenever the government gets to greedy.
@AG-so4gl
@AG-so4gl 4 ай бұрын
Wise Card all the way then, been using mine for years, never let me down
@GeFarr
@GeFarr 4 ай бұрын
What's the wise card ? THANKS !!😢
@signalizer
@signalizer 4 ай бұрын
@@GeFarr really look into this. It is a great thing. Been using it for a couple years on trips. Used to be known as travelwise.
@gregb1599
@gregb1599 4 ай бұрын
Yeah and always has the best exchange rates with low fees for transfers into the account
@markwalker8374
@markwalker8374 4 ай бұрын
@@GeFarr Wise is a money transfer company that offers better exchange rates than many banks. You set up a Wise account in your home country and transfer funds into the account then you can pay by direct transfer to anyones bank account where the currency is supported (eg you can't do this in Laos as Kip is not supported). Alternatively use your Wise debit card to withdraw funds at any Thai ATM ie you can withdraw up to 35,000 Baht for the standard fee of 200 Baht.
@youtuber-MGTOW
@youtuber-MGTOW 4 ай бұрын
@@GeFarr You do have internet, don´t you? Google "wise card"!
@ringovski1980
@ringovski1980 4 ай бұрын
My aussie pension or capital gain is not taxed by Australian government. So the thai government is kidding themselves if they think I'm going to pay them tax.
@AuntyJack123
@AuntyJack123 4 ай бұрын
I think as long as you don't use a Thai bank account should be apples 😊
@metalguru5226
@metalguru5226 4 ай бұрын
You're the one kidding yourself. If you're there 180 days or more, you WILL be forced to pay under this law.
@DarkoFitCoach
@DarkoFitCoach 4 ай бұрын
​@@metalguru5226how will u be forced exactly, on what income will u be taxed?
@josephkeith6954
@josephkeith6954 4 ай бұрын
@@DarkoFitCoachin time they will find a way. Generative AI is very good with turning data into information. if they cannot determine source of income, they will just treat it as taxable income. simple. then you are forced to proof otherwise.
@DarkoFitCoach
@DarkoFitCoach 4 ай бұрын
@@josephkeith6954 thats exactly my point. WHAT income will they tax exactly? If i have my retirement visa and 800k baht in account as requirement. Then what exact income are they taxing? You mean what i spend each month to live on? How in the hell would they know what i spend if i dont have it in a thai bankaccount and use cash and creditcard?
@jeffrey88888
@jeffrey88888 4 ай бұрын
Good to know. My father is retired in Thailand and the Canadian tax bracket is pretty similar so he won't need to pay additional taxes.
@AbroadInThailand
@AbroadInThailand 4 ай бұрын
Great interview! Really helped to clear up quite a few questions I had. Thanks for the update.
@MultiHogy
@MultiHogy 4 ай бұрын
Thank you! Lately i felt I'm unclear about it with the new visa changes🙏. I'm not age retired yet😅
@brookeschneider2321
@brookeschneider2321 4 ай бұрын
What Expat in their right mind would file Thai tax forms when they file in their home country ? With bilateral tax treaties and “your ACB of investments AT DEC 31, 2023” you’ll only be bringing in “non taxable income”. Thai tax authorities enforcing nebulous tax provisions on individual Expats will be a sight to see…like nailing jelly to a wall. Thai accountants/lawyers are likely “pissed” that Thai visa agents are getting their share…and they want in. 😅 I have a good friend who has left Thailand due to this FUD. There will be a lot more taking their money and running to “friendlier jurisdictions” should this not get cleared up soon 😢.
@Götz-DietrichScheel
@Götz-DietrichScheel 4 ай бұрын
Germany also got a DTA since 1967 but I pay already a taxoffice in Germany and dont want to pay another in Thailand where nothing is clear and even regulations that are clear now , may be changed in tomorrow. I heard from an German pensionist, 80 years thinking to commit suicide because he can't stand this unclear future. The only thing that's clear is, staying under 180 days in Thailand avoids paying a second time taxes in Thailand. Lucky Laos, lucky cambodia lucky Vietnam, lucky Germany put poor Thailand, which I love so much lost a lot of VAT for 6 month.
@SomeUserNameBlahBlah
@SomeUserNameBlahBlah 3 ай бұрын
For me the issue isn't paying taxes, the issue is the amount. 17% on top of U.S. tax is insane! Drop the tax rate to 5% (making up a number) on income only and you'll see people come back.
@sflxn
@sflxn 4 ай бұрын
Chris didn’t ask a major question. Will they require submission of tax filing to get retirement visa renewal? You guys think just using your overseas atm card will protect you? My guess is, no, it will not. We’ll know in 6 months.
@karllarsson4469
@karllarsson4469 4 ай бұрын
I combine transferring funds to my thai bank account with withdrawals via ATM.
@HairyPixels
@HairyPixels 4 ай бұрын
no one knows this, he's already saying way too much just to make content. the government could change their minds tomorrow or change all the rules for all we know. that's how it's done here.
@genericdeveloper3966
@genericdeveloper3966 4 ай бұрын
If they start doing that, they can watch new retirement visas fall off a cliff.
@trevorcuthbert2839
@trevorcuthbert2839 4 ай бұрын
I am moving to thailand in August ,just sold my house in Australia & have a house in thailand ,i have been coming backwards & forwards to thailand for many years ,have bank accounts in thailand driving licences ect ,but this tax year i will not have spent any more than 180 days in the country ,so i will send the funds to thailand for my house sale & have no tax liabilities I think this is the key issue 180 Days in the country Good video Chris
@brianwood8086
@brianwood8086 4 ай бұрын
Crazy loophole
@Landofsmiles999
@Landofsmiles999 4 ай бұрын
Bloody great episode, Chris. Your guest is impeccable. Top marks, thank you
@pb12661
@pb12661 4 ай бұрын
meh
@TERMICOBRA
@TERMICOBRA 4 ай бұрын
American VA (Veterans Administration) Disability Compensation for war/training injuries is something that a lot of US veterans have. It's NOT taxed in the United States and it's NOT the same thing as a military pension. The US does NOT count it as income. Is that monthly amount taxable in Thailand? A lot of expats are US veterans so this is a crucial question.
@martypoll
@martypoll 4 ай бұрын
This was a much clearer interview than the previous one. Thanks. I have the pensioner LTR and, once again, it sounds like my remitted transfers to Thailand are not taxable. It is still unclear to me though whether I have to file a tax return and somehow/somewhere indicate that I am here on an LTR visa.
@johnwest3615
@johnwest3615 4 ай бұрын
Anyone know what the income tax forms are on ie a site where one can find the form. Thanks
@craig975
@craig975 4 ай бұрын
Its very simple. Unless you want to spend alot of money to get the LTV Visa, stay in Thailand for less than 180 days a year.
@AG-so4gl
@AG-so4gl 4 ай бұрын
Huh, wrong.
@stumpytkd1774
@stumpytkd1774 4 ай бұрын
What a prick no enforcement it will take decades USA citizens will be queuing up to file tax returns needlessly I will wait till they order every expat never going to happen no trained staff need hundreds of highly trained staff in every language and a massive tv and social media campaign to inform every expat of there duties
@christopherjdanna
@christopherjdanna 4 ай бұрын
It's only 50k THB for 10 years. Got mine a few months ago. Actually a fairly cheap visa option if you can qualify
@masonryjoe
@masonryjoe 4 ай бұрын
@@christopherjdanna Thats less than $2000 CAD, whats the catch ?
@christopherjdanna
@christopherjdanna 4 ай бұрын
@@masonryjoe there is no catch. Thailand wants to attract wealthy foreigners to lives here and accrue the benefits to their economy from the money wealthy expats spend. I can assure you it's only 50k THB for the 10 year LTR. You can verify on the Thai immigration website. LTR is probably one of the cheapest visa options here.
@theblackboxpodcastshow1791
@theblackboxpodcastshow1791 3 ай бұрын
I guess I’ll write off Thailand as a retirement destination, my pension and SSi will be taxed already in my home country, so now I’ll have the added concern about what equivalent of a capital gains tax because my pension/SSi will put me in the top earners in Thailand. I’m glad I am still in the process of figuring out where to retire to but it can’t be Thailand, will visit but won’t be there to stay . Thanks for the information, keep up the good work 😊
@mariobestic138
@mariobestic138 4 ай бұрын
Chris, Thank You so much from Toronto Ontario Canada! Great information I hope to meet You there one day ! Chris and HaeLee Best Wishes & to Anna 😊 Study hard it's worth it !!
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