Expat Retirees As "Annually-Renewables" And Thai Tax Policy?

#Retirement #Thailand #ThailandTax
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[@harryviking6347]

Expats brings in billions of Baht each year. That should be sufficient.

[@lordgrinz]

Ok, but why spend time and resources on ridiculous paperwork for extensions, tm30, 90 days, etc?

[@brettharman3909]

Foreigners are trying too hard to live here. I am sitting on my condo balcony after being away from Thailand for 4 1/2 years. It's not the same. I did live here in pattaya and bang saray for 10 years before that. I am going to give Thailand a miss for retirement. My holiday her now is very much a disaster and will not live here. Good luck to the thoughts that try.

[@IsaanMan]

Thailand has signed up to the CRS (Common Reporting Standard) so they are now obligated to share information & part of the information they have to share is Tax ID numbers. So for Thailand to comply with CRS they have to share every Thailand Tax Resident Expat Tax ID Number and to do that all these Expats will all have to be given Tax ID Numbers. As for burying your head in the sand, you won’t be able to keep it buried for long as you have to file a tax return between 1st January to 31st March and if you don’t the fine is up to which ever is the greater of 200,000 or double the tax due.

[@planetarykidz]

Surprised there is no mention of the double taxation treaty between Thailand and U.S. Seems like there should be a legal challenge to an attempt to supersede an international treaty. What is your view?

[@Swenser]

If you try and calculate the amount of tax the government receives only from VAT daily, you start to wonder how amazing the world is and ask where does all the money go?

[@AmazingPhilippines1]

Thanks Benjamin.

[@Traveler19491]

Hopefully, Thai immigration and tax authorities will view this issue in the same light you do. As an American whose only income source is my Social Security, having to file a Thai tax form when I don't even have to file in the U. S. would be a pain. Not enough to even passingly consider leaving, but a pain just the same.

[@southpaw1755]

Why don't you have to file in the U.S.?

[@commanderbishop]

@@southpaw1755 He should be filing taxes unless Single Under 65 at $13,850 per year or Single 65 or older at $15,700 per year (reference IRS website). If you only bring in $1308.00 USD per month (over 65 rate), or 48K BAHT per month at current exchange rate which is the highest it's been in a decade or more, one doesn't even meet the minimum retirement requirements unless you just have 800k BAHT sitting in the bank - 800k BAHT sitting in the bank, this is what most retirees do to overcome the monthly minimum requirement. You're definitely not going to have much of a life in Thailand on that kind of income. This is why many retirees are in Thailand. They can at least live a marginal live, if they went back home, they couldn't live at all. This is also why so many retirees complain when the Thai government wants to tighten visa requirements. They can't afford medical insurance and other things - they would be priced out of the market.

[@Traveler19491]

@@southpaw1755 The US tax laws stipulate that if your only source of income is Social Security (our government pension), you are free from having to file.

[@southpaw1755]

@@Traveler19491 Thank you. I was unaware of that.

[@mikepolioudakis775]

Three quarters into the video, and it is the most common sense and useful short commentary on the situation that I have yet heard or read. I suspect, a few years from now, retirees will have to submit with their applications for visa renewal, a formal list of income, including tax liability elsewhere, that likely won't be investigated much but could be investigated if relevant Thai authorities deem needed. Most retirees won't be hurt or much affected. Good. Let's hope "the revenooers" of Thailand don't go nuts and do more than that on O and OA people. Thanks for a good vid. Mike

[@mikepolioudakis775]

Hi. Thanks. Up voted. That might not be the best path best choice for everyone at this time. Can't go into details. Wife and I both retired, income entirely from pensions. Thailand has bilateral agreement with our originating country that excludes it all, I think. TM (Immigration) and Revenue don't want us to bother them, I think. But, in future likely we will have to formally list income even if we do not need to file an official return. Don't know how many people in similar boat. Thanks. Mike

[@davidleigh5798]

Do you think that any new tax changes brought in will be applied retrospectively i.e 1st Jan 2024. To date this is the only date i have seen mentioned.

[@1990-t1j]

Good video. Logical conclusion.

[@phbusch4634]

What is so good. He has not answered anything and only tells of all possibilities. I know as much as I did before!

[@nickmondo222]

please give the tax subject a rest until there is definate information please. Its getting really boring now.