BIG Update on the New Thai Tax Law

[@Way2sublime77]

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]

He also looks the part lol...ie ,smartly dressed with foreign accent of indeterminate Country ,with a hint of a napkin in Brest pocket .

[@Mark-yo5ue]

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]

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]

it aint going to happen. They wont be able to organise this, let alone see it through efficiently.

[@John-G]

Luca's a BS merchant, scaremongering to drum up business.

[@sweetjane6506]

Expats receive virtually no benefits? You don't use the roads, never call the cops? Nothing like that?

[@aniwee17]

@@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.

[@marklee8484]

I would prefer to stay less than 180 days to avoid all these nicely set tax questions!!.

[@DarkoFitCoach]

Yes agreed.

[@ilovetongmew]

Just withdraw cash from ATM

[@shadowfilm7980]

Yes. Easier. To be sure.

[@Dodger1999]

​@@ilovetongmewYou still have to file a Thai tax return. Good luck in renewing your visa reporting 0 income.

[@somnumna2606]

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!

[@seancanaway1131]

Honestly this seems like Thailand will lose more money than it can gain by retirees moving elsewhere.

[@DarkoFitCoach]

Nothing new. Stupid thai laws

[@pb12661]

personally, I think it's more about keeping westerners out of Thailand than it is revenue (only an excuse).

[@Tugela60]

@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]

@@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]

@@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.

[@chirots]

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]

@@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]

I agree!

[@chirots]

​@@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]

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]

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 ??

[@bigwaidave4865]

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.

[@philippserrin8268]

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]

Schoggistichdii

[@drakepassage4255]

@@jurgschupbach3059 Same rues in Colombia and Brazil. However not in Ecuador. Ecuador only taxes income earned in Ecuador only.

[@karlkunath]

No, It's an Advert disgused as a help video. Grow UP

[@thebrucewagner]

Regardless, it is an extremely helpful video. Thanks to Luca. 🙏

[@trevorbeevers9546]

⁰​@@drakepassage4255

[@HuatulcoGuy]

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]

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]

Come to Vietnam. Better economy, better tax situation.

[@SomParRaaz]

No need to come to stay in Thailand mostly they want tourists not long stay😂

[@R-uu7wo]

They usually make decisions then revert back or don't enforce them anyway.

[@TheUnFairAdvantageCrypto]

@@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

[@gotolangley]

Politicians consistently enact impractical regulations. Eventually, they may come to realize that numerous expatriates could relocate to Vietnam, Cambodia, Malaysia, and similar destinations.

[@georgepato6008]

Already happening

[@kennywoodyard4819]

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]

Eventually those countries laws will change too... "The only constant in life is change."

[@ophelydu26]

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]

@JohnHarthomstowCEO thanks this is good to know!

[@nefertemur8951]

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]

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.

[@somchai9033]

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.

[@davidlinscheid2618]

The attorney and his responses were extremely impressive. Thanks!

[@gordonduncan8892]

In Thailand Foreigners are prohibited to be a lawyer by Foreign Employment Act (1978), Thus, they are unable to obtain Lawyer's License.

[@llaregubjinks5080]

Yes, I wonder how much his services will cost , it’s all BS

[@gordonduncan8892]

@@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]

His comments were useless to an individual. No examples. Useless 🪴.

[@johnbell1810]

@@andrewrobinson2565 not useless, they went into several case scenarios.

[@zentravel1515]

Clear as mud. What a hot mess.

[@EndlessTravels]

@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]

This Is Thailand

[@DoorCam-l7y]

Welcome to Thailand...

[@inlandchris1]

@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!

[@DirtyBird506]

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]

Think like a Thai, and you'll not get robbed by a Thai.

[@gbtedx1157]

So are all my Thai friends going to start to pay tax? 5555

[@roymoxley2587]

No there not This is fear monger in order to collect a tax you need a I’d number Your not a citizen of Thailand You cannot work on a retirement visa go read the article from the Thai embassy web site

[@johnwest3615]

Yeah they not going after them are they?

[@ricke6854]

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]

Won't be so easy hopping planes on long trips once you hit 70 yrs old.

[@PKmuffdiver]

​@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]

Until they change the rules to counter that..

[@aniwee17]

@@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]

@@jetd9716 I also heard that Cambodia is very good. Just a short plane ride from Thailand.

[@richardjones9007]

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?

[@timrowley4274]

No way would I continue retirement in Thailand now!! 170 days only, so who loses ...... me because i love Thailand ..... ALSO ..... Thailand as losing 6 months ($20,000) spending into their economy.

[@luxuryseaviewvillas6744]

$20,000 ? dude, this isn't 1999, Thailand doesn't care about your pennies.

[@timrowley4274]

@@luxuryseaviewvillas6744 I'm sure Thailand would rather have 40K spent in country than 20K. Also, do not need 800k THB sitting in Thai bank anymore. Just saying, have a great day and thanks for your response.

[@petersmith6520]

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]

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]

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]

@@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]

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]

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.

[@sflxn]

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]

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]

Wife and I just said the same thing. We had been considering moving in the next 5 years. No thanks

[@DarkoFitCoach]

@@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]

4-7k in Thailand? Tf are you buying 😂

[@clrodrick]

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)

[@ringovski1980]

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]

I think as long as you don't use a Thai bank account should be apples 😊

[@metalguru5226]

You're the one kidding yourself. If you're there 180 days or more, you WILL be forced to pay under this law.

[@DarkoFitCoach]

​@@metalguru5226how will u be forced exactly, on what income will u be taxed?

[@josephkeith6954]

@@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]

@@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?

[@mikestockford8950]

I imagine Cambodia and Vietnam will be the big winners here

[@les8518]

Philippines too.

[@forretresss]

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]

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]

and when there's enough of you guys there they will bring in the same laws..

[@forretresss]

@@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.

[@nickg505]

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 😢

[@brookeschneider2321]

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]

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]

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.

[@AuntyJack123]

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]

How do you stay long term in Vietnam?

[@EndlessTravels]

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]

@@mlgneo2855 You don't unless you marry some chick which always turns into a bad decision for 99% of expats

[@AuntyJack123]

@@mlgneo2855 multiple 3 month visas.

[@christopherherbert2407]

Good thing they are being honest now, many portfolios could take a significant hit if not properly diversified

[@rodgertim2881]

With the FED’s warnings, I’m moving a portion of my investments into precious metals and other commodities

[@V.stones]

They tend to perform better during the economic downturns and high inflation periods

[@ericbergman7546]

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]

Good point! The global economy is very interconnected, so if the US market falters, others might too

[@cherylhills3227]

only high qualified professionals who had experienced the 2008 financial crisis could help to earn a high in these challenging conditions

[@frederickkrewson638]

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]

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]

US is horrible

[@davidalf5159]

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]

@@davidalf5159 only true if you exceed a certain threshold or you have non-pension income. Pensions are exempt.

[@frederickkrewson638]

@@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.

[@Thaitonic]

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]

Nothing new for thai government ey

[@Thaitonic]

@@DarkoFitCoachVery true, a classic example of short term thinking.

[@chosenfews]

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]

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.

[@Thaitonic]

@@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.

[@gregfraser2763]

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

[@bradleylocke4336]

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]

@@phuketeer maybe bali

[@AG-so4gl]

Malaysia now looks much more sweet despite bigger capital outlay

[@macinhiodasilva]

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]

@@phuketeer Cambodia, the kingdom of wonder is by FAR the freest country in Asia and most welcoming to foreigners.

[@DrFuzzyDuck]

@@phuketeer maybe return home?

[@rodgertim2881]

Effective tax management can significantly increase your investment returns by minimizing the tax burden on your gains

[@KatelynnCox-qb5er]

Strategic tax planning allows you to take advantage of various deductions and credits, optimizing your overall financial position.

[@MartinHicks-dw2su]

Diversifying your investments smartly can help rspread tax liabilities across different asset classes, reducing the impact of taxes on your portfolio.

[@sebastiaanthijn7982]

Investing in tax-advantaged accounts such as IRAs and 401(k)s can provide immediate tax benefits while saving for retirement.

[@PaulWard-nr5rj]

Understanding capital gains tax rules enables you to time your investment sales for maximum tax efficiency

[@ericbergman7546]

Utilizing tax-loss harvesting can offset gains with losses, potentially reducing your taxable income.

[@frederickkrewson638]

Exactly correct. The DTA between the USA and Thailand specifically excludes US Government pensions from ANY taxation in Thailand.

[@hondoelsinore]

You can spin it all you want, but bottom line, taxation without representation is theft.

[@markdsm-5157]

only in the West, and even then it's not universal.

[@5anjuro]

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]

That's what the brainwashed believe.​@@5anjuro

[@flighteye6642]

Thai tax authorities will not be experts on Canadian tax, US tax, UK tax, German tax etc etc. They won't care Canadian TFSA nor the US Roth IRA is tax free gains - how can they keep track of all the credits, exemptions etc of each country? how will they determine the funds I want to transfer to Thailand were from my after tax decades vrs last year's earnings? this is all absurd.

[@Bansansook2]

It’s a complete mess, as you said it’s very hard to know all the foreign tax rules, and 1 in 1000 tax agents will understand the rules, especially on what was earned before or after Jan 1 2024 !

[@zimben8]

U have to do that. It's u who has to fill out a Tax return here with receipts. U will get a Tax ID number here the next time u have to go for the 90 days "probation office" or when u need another 1year Visa, or u won't get a new Visa.

[@realgains1538]

absolutely impossible to police .....people here are ridiculously paranoid from years of following "the man". Just don't have a Thai bank account or at least don't dump large sums. You don't even need a Thai bank account with the new DT visa

[@TimK2646]

Lawyers and Accountants always Win Win Win.

[@gordonduncan8892]

In Thailand Foreigners are prohibited to be a lawyer by Foreign Employment Act (1978), Thus, they are unable to obtain Lawyer's License.

[@albaladejoraphael6661]

@@gordonduncan8892 yes and so what??????? Maybe he is married to a Thaï and maybe he is Thaï now.....

[@gordonduncan8892]

@@albaladejoraphael6661 Even as a Person with a Thai residency permit he cannot because he was not born in Thailand.

[@albaladejoraphael6661]

You can become Thai simple is that. I know some french guys that have the nationality now....

[@gordonduncan8892]

@@albaladejoraphael6661 you need to be born here to become a lawyer, period. Lookup the Law.

[@jpnx7402]

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]

Thanks for that

[@Originalman144]

Exactly. Where does he get this 17% tax example from for digital nomad?

[@CyndieGawain]

Time to do the trifecta. Live in thailand 179 days, move to Vietnam for some months then a little time in Cambodia then Thailand This is going to hurt sales of condos. It is going to hurt Thailand in the number of Expats who decide to move here. I think it's gonna hurt their economy and many ways if they enforce it.

[@LD-yq7cl]

hope there are some websites where people can do condo swap... like... I am 4 months here, can I go to your neighbor country condo and go get in mine... to save costs... cannot pay rent in both countries... not me at least

[@gymratt17]

This was my original plan but decided to stick it out this first year and see what happens. I did spend a month in Phnom Penh though and really enjoyed it.

[@CyndieGawain]

I knew about that strategy from nomad capitalist but I was too new at this to do it. While I was going through the process of getting the visa and I was already over here. I realized that that is what I should have done because I do want to spend time in a lot of other countries and not just Thailand. If I had known Thailand was going to change their tax laws, I would have definitely done that. I ruled out Spain and Portugal because of these type of laws. But it's not too late whenever my year is over I might still do that

[@CyndieGawain]

@@LD-yq7cla new business opportunity for someone! Excellent idea to create a website to connect people and help orchestrate seamless moving from one se asian country to another to get around tax and visa requirements and still have home bases

[@luisRoma747]

I agree with you % 100

[@gegaoli]

This was a fantastic segment. Thank you and please keep updating these.

[@hansrow]

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.

[@NewYorkerNomad]

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.

[@rufuscollis303]

Thats pretty much the end of Thai retirement for most.

[@alanchase7329]

Why? I will possibly have to pay some tax on money I bring into Thailand. There are various tax allowances that I can use to reduce the amount of that money that is subject to tax. If I returned to my home country I would be taxed on my worldwide income apart from a small tax free allowance

[@AG-so4gl]

You clearly were not listening

[@signalizer]

yea because of standard deductions I'd only be taxed at 22% on my pension in the US. However, if in Thailand I'd be taxed another 18% because I'd fall in their 30% bracket. That's ridiculous. Looks like I'll be using my Wise card and leaving all money back in the US instead of opening a Thai bank account.

[@gregb1599]

No Thai bank account no tax. However that money needed for retirement visa will not be taxed and as long as you do not add international money to that account then no tax to pay. If you had bothered watching the video that's all talked about. Like many have suggested use a card and app like Wise so easy!

[@Mark-yo5ue]

@@signalizerI was thinking the same thing. Never transfer funds to a Thai bank account and just use Wise for all or almost all your payments in Thailand. Easy solution.

[@hellocyrax]

This man is sharp. What is his health routine? What is he eating?

[@KeepingItRealBro]

I'm ahead of you okay, get in line, please.

[@faustinodibauda251]

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

[@meta4kl237]

Wow!!!! The more I listen to the more misinformation I hear He says money you take out of an ATM or purchases made with a credit card is not “repatriated “. First, the proper word is remitted, and money brought into Thailand, whether through an ATM or credit card purchase is considered remitted funds and is subject to taxation

[@IThailand-f3u]

Exactly! but he charges 15,000 baht per hour (someone here says he figured it out) - so he must automatically be right ;)))

[@rslick27]

Thailand benefitting from tax on foreign income should result in more rights for those individuals in Thailand in that case. This is what happens in the countries they are looking at following. People won’t stick around paying tax for the same rights as they previously had not paying it… seems very short term thinking otherwise and another SEA country will benefit instead of Thailand

[@Alan-wk4xc]

Yes no hospital treatment same as thais tax payers. Loose loose

[@anthonyloh9193]

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

[@twofaceone7]

If we have to pay taxes, are there going to be any benefits from the Thai government ?

[@Freddy456]

No. Very simple.

[@neilblondell4235]

It doesn’t make sense that credit card spending and ATM withdrawals are not remittances. Many countries look at these as remittances. Otherwise just live on credit cards and cash withdrawn from ATM’s and live tax free? I think he is not correct on this.

[@johnpark777]

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.

[@137dylan]

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]

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]

Absolutely right. Exactly AS i plan to do it.

[@chinesecrested9528]

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]

I’ve Bought Bitcoin and ETH, Banks are going to shutdown everyone’s cash, and blame it on Putin.

[@TripleDeano]

Begging for stay at Bangkok Hilton. Not sure Iron Marriage to guy w most Cigs in my retirement plan 😂

[@Fozibear]

Would really like to hear a little more about how crypto is taxed in Thailand? Including cashing out staking rewards etc

[@SomeUserNameBlahBlah]

Once you convert crypto to cash, you'll be taxed for capital gains.

[@TerryAShaw]

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.

[@bragboy]

Thailand - 5 months, Dubai - 3 months (to claim tax residency), 4 months rest of the world :)

[@nickmondo222]

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]

@@nickmondo222 it’s true.

[@bragboy]

@@phuketeerthey still do if you own a company

[@bragboy]

@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. :)

[@krystoflolhoffel4227]

The informations the attorney gives about Thai Tax system are completely wrong. Look at the cases and the chart. He says you have to pay 35 percent of Tax if you got a pension of 3000 Dollar. Absolutely wrong. Even the chart that he copied from the internet shows that he is wrong. That is the truth: If you have 3000 dollar pension every month, you will pay around 12 percent tax in Thailand

[@ericl2152]

I don't live in Thailand for more than 180 days, so no taxes.

[@Johno47814]

????

[@palirvin1871]

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]

or just send it to your lady

[@justinccross]

As a foreigner that regularly pumps money into the Thai economy and lives here, I would leave Thailand immediately (with respect) if they attempt to tax my American income

[@binary_ironclad]

Be prepared to leave then, my friend. New tax proposal (in addition to this video's content) is in the works to now tax ALL foreign income, regardless whether it is brought into Thailand or not. I just found out about it a few days ago. You can check Siam Legal and other sources. As an American as well, this is especially murky since we're 1) already taxed globally, 2) not a CRS nation (so how would they verify income?) and 3) allowed to claim FEIE with the IRS if the criteria are met. I feel for other nations since their citizens will absolutely get rocked by this, but as Americans we need to pay close attention since there are special circumstances for us here, and I'm really not sure how Thailand is going to navigate that....

[@justinccross]

⁠ I want to thank you for taking the time to write this. Insightful and makes me disappointed to hear it because I just signed a 12 month lease here and it’s instantly not cworth to stay here in my opinion it if its formally enacted/initiated

[@binary_ironclad]

@@justinccross I don't know if it's wise to give up hope quite yet -- there's a lot involved here. My flight over is in January but I haven't signed any leases or anything, so I'm at a point now where I need to see some additional details, and I'm sure you feel the same. Let us consider this: The IRS allows FEIE if you can pass either the Physical Presence or Bona Fide residency test, basically both of which say that you've been out of the country and on the ground (literally - time in the air/flights doesn't count if you're audited) in another country. If you earn less than the FEIE cutoff amount, I think for 2024 that's 126,000, then you can effectively reduce your taxable income to zero. In kind, if you earn 136,000, then you'd be taxed at 10,000. 146,000 you'd be taxed for 20,000 of income, etc. Whatever the cutoff is for that year, if you're under it then you effectively have 0 taxable income. This is where it will get hairy for us US citizens - what will Thailand require as verification of income? Will they base it off what you file for your taxes? Are they going to tax the difference relative to their tax brackets? Is the DTA going to prevent this in its entirely such that Thailand won't even bother with US citizens since we aren't a CRS nation? If you're not familiar, CRS is kind of a "FATCA lite" (in a very loose sense) that other nations have adopted - "Common Reporting Standards" for things like verifying financial/banking/taxation information, etc. USA is not a CRS nation. Therefore, Thailand wouldn't have that medium at their disposal to verify anything about us. It's really very murky how Thailand would verify anything from us outside of the IRS short of demanding to see bank statements, paystubs, etc., but even then, how would they know if you're providing all the banking and/or pay information (if you had multiple sources)? This is so nebulous for us that right now it's hard to say what will come of it. I'm going to throw up a little in my mouth with this next statement: the IRS may actually be *good* here in this instance, in that it is very greedy and jealous and really doesn't want outside sources hammering us for money (it wants as much of it for itself from us as it can get). So it's a shield, in a sense. Question is how Thailand will attempt to circumvent that against us (and it will likely try). So, so messy. And again, I definitely feel for what our friends from other nations are going to get hit with - we've been dealing with it all along now, and it's never a fun time. Part of life I guess, though. Anyway, hope this helped a little bit. Too early to tell one way or the other but it mandates attention so that we don't get caught unawares. Good luck in your journey my friend.

[@karlkunath]

NO ONE will become an EXPATRIAT in Thailand under this kind of tax fraud. GO TO THE PHILLIPINNES.

[@johntirish]

Tax fraud?? Thailand can manage their affairs as they want.

[@damienbates]

Seems like it’s only an issue if you have a bank account in Thailand and transfer money into that account. If you use a credit or debit card from your home country there is no tax obligation.

[@Viking7771]

All tax is fraud in any country!

[@chicago9458]

Fraud? Which planet are you from? Don’t come to Thailand 🇹🇭! End of story

[@cicizulahkaidkhow]

Go to indonesia, ita better

[@steveone]

So if i live off my savings earned over 40 years working in my home country , im spending all of that money in Thailand , the Thai goverment want to tax this money i bring into the country ?

[@Originalman144]

It seems they are attempting to. Money hungry governments know no borders

[@BenoitThailand]

This news has been around expat communities for about 6 months. However, it is mainly to tax the Thai people themselves on their foreign income. If you really want to learn more about this subject just ask regular thai people what they think about this new government tax law. You will know what to do for yourself.... 😅

[@teplostar]

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.

[@steveforbes8287]

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]

This. Chris’s example scenarios were pretty lame tbh.

[@opesprings]

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.

[@chrissmall1246]

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]

Agreed, excellent news if true

[@gegaoli]

Once the world forces people away from cash that option my go away and all govts get to control everything

[@peterpower7840]

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.

[@billytheweasel]

@@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]

​@@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

[@TheJaybez]

Well that's as clear as mud Lol.

[@didous12]

Great video. I was a process control engineer (just retired 2/21/24) I would always stress test my projects just to make sure it would work under all conditions. Also depending on the government. But I found away of earning more income despite my Retirement. $57k weekly returns has been life changing, after so much struggles.

[@babytruca02]

wow this awesome 👏 I'm 37 and have been looking for ways to be successful, please how do I make such weekly??

[@didous12]

@@babytruca02Maria Angelina Alexander I really appreciate her efforts and transparency.

[@didous12]

I remember giving her my first savings $20000 and she opened a brokerage account for me it turned out to be the best thing that ever happened to me.

[@didous12]

My outlook on money changed when I realized someone making $200K can retire broke & someone making $80K can retire a millionaire. With the current market movement.

[@marcosvg90]

You're correct!! I make a lot of money without relying on the government. Investing in stocks and digital currencies is beneficial at this moment.

[@Sharpy1973]

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]

They had to find ways to fund their corruption, so why not get it from foreigners.

[@brianwood8086]

after you factor in exemptions and the progressive tax scale, you would pay nowhere near 35%. Probably less than 10%

[@Bansansook2]

Your super has been making money for 40 years , 98% before 2024 , so NO you are wrong !

[@realgains1538]

CANNOT be policed.....do not worry ....just don't dump large sums into a Thai bank

[@brianwood8086]

@@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.

[@ru54623]

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]

Yep, that was a crucial bit of info

[@billytheweasel]

@@neilrmartin1984 Especially since 'repatriation' generally means- a person returning to their home country.

[@parapilot09]

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]

@@parapilot09hope you are wrong, but would seem Reasonable that atm withdrawals in Thailand would meet a Definition of repatriated income

[@ru54623]

@@parapilot09 accounting for every atm withdraw and card purchase - not really the 'good life' 😂

[@saffron8238]

A video on the loop holes would be good! :)

[@timclem2443]

What a mess actually. You pay taxes at one rate in your home country. Then find out you are in higher tax bracket in thailand and have to pay more taxes because their tax tables are based on tax income of thai wages.

[@DarkoFitCoach]

Yes so by definition all our western income falls into thai highest tax bracket. Disaster

[@josephkeith6954]

Thai government will make sure they top up your tax rate to 35%. that’s like “tax the rich” except it’s real this time due to comparably low wages in thailand vs western countries.

[@NewYorkerNomad]

Yep. They global communists (those behind the leftist taxation thieves) just ruined Thailand.

[@Armageddon1616]

Exactly.

[@bosse641]

A world full of greed. A fallen world indeed.

[@macbrewster2392]

1) What about savings I saved up from previous income that was already taxed in my home country? Say I move to Thailand and open a Thai bank account and deposit money from my savings, is that taxable? 2) 180 days consistent or 180 total if traveling in and out of Thailand given time out of Thailand is consistently more than ???? days.

[@Originalman144]

Yes and yes. Transferring money into a Thai bank is the trigger for taxation. 180 days or more in any given calendar year is considered a Thai tax resident. Find a bank account with no foreign transaction fees and you're golden.

[@daangs3161]

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]

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]

@@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]

You don't pay 35% on every dollar, that's just the top incremental rate

[@KeepingItRealBro]

@@ricke6854 I can't live below 30% threshold. Below 35% is doable.

[@bigstick8699]

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.

[@nickgsj]

If you choose to file (Thai) the tax returns and declare ALL your income from your home country, you deserve to be taxed

[@acenewark]

Thank you for this video Sir

[@billytheweasel]

Rental income; How would I prove the money I brought in was only from pension income and not rental income?

[@CumbiaDancer5678]

The tax situation is the big reason why I have not considered living full time in Thailand. I'll just bouce between Thailand, Vietnam, South Korea, Japan & Malaysia.

[@parapilot09]

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]

i have heard that too.

[@parapilot09]

@@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]

@@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]

Exactly. repatriation or remittance? Before we were told it is any type of remittance to thailand which include ATM withdrawals

[@KeepingItRealBro]

@@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

[@stevecowboy4159]

The USA has a tax treaty with Thailand. Our SS or pensions will not be taxed, ever. Don't need a lawyer for that, but thanks for the info.

[@roymoxley2587]

This guy apparently can’t go to the Thai embassy website and read about retirement people on there visa You cannot work and are not subject to tax from your home country , This guy has to get a lawyer on this subject Lol Who trust a lawyer Not Me

[@christopherjdanna]

Did you speak to a tax attorney about this? From my discussions with two tax lawyers here that's not necessarily true given how the law is currently written.

[@stevecowboy4159]

@@christopherjdanna Don't need an attorney, the law is pretty clear. 1. Subject to the provisions of paragraph 2 of Article 21 (Government Service), pensions and other similar remuneration paid to a resident of a Contracting State in consideration of past employment shall be taxable only in that State. 2. Notwithstanding the provisions of paragraph 1, social security benefits and other similar public pensions paid by a Contracting State to a resident of the other Contracting State or a citizen of the United States shall be taxable only in the first-mentioned State

[@dtester61]

True for US citizens but not the same for others.

[@scottfree993]

Once again, it depends whether the pension country has a bi lateral double taxation agreement with Thailand.​@@dtester61

[@Charles-i5t8v]

What about US social security? What about money derived from discretionary trust of inheritances that are not subject to tax in the US? What about a spouse repatriating money to his Thai wife while outside Thailand for more than 180 days?

[@00dfm00]

Thailand or Philippines. Not sure where I'll end up but this is great info in helping me figure it out.

[@vernonhowell4485]

No way am I paying double tax. Was strongly considering moving to Thailand. Not even on my radar anymore.

[@jamescalifornia2964]

✨️🇮🇩 Indonesia awaits 🌴

[@richmann8230]

READ THE TREATY FOR CANADA. IT'S ONLINE. Very clear. ARTICLE 4.... section 3 especially.... No double taxation and defines resident of Canada. ARTICLE 18 PENSIONS. Only taxable in Canada. This is Canada only... But 20 countries have treaties regarding double taxation. Find and read.

[@ginorako2176]

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]

he's a legend the julian assange of real estate. love this guy. not the lawyer...he's disgusting.

[@roymoxley2587]

This law is not for retirement people go read the article from the Thai embassy Enough said and stop talking to lawyers

[@21stcenturyshowgirl]

@@roymoxley2587 yeah lawyers are all grubs

[@limirl]

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]

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.

[@Money8OOST]

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👍

[@leemoo7919]

Just stay 179 days in Thailand, the rest in other countries...

[@rsykp]

As you know, from 2025, in Thai, all of tax from overseas like Bitcoin , Ethereun, US Securities like Nvidia, Tesla, Apple and ETF like SVOL, TMF, and also rental house fee from overseas, furthermore, KZbin also, and Digital Nomad also, are taxed in thai. So, Top KZbinr👉MAX 35% in Thai. Even if you earn 200% on Nvidia and TMF, you must pay MAX 35% Tax in Thai. On the basis of Tax treaty, if you pay tax in your county, you must GET a Certification. This means is that, You must go to your home country so you must buy a round trip ticket and transfer English to Thai. and also, Notarization is required, I think this costs also - maybe Notarization costs 500 USD something like that. but remember, that is only 1 paper. If you want to get more, you must pay not only Bitcoin but also Securities, rental house income, income from digital nomad and more. So costs more and more. So Foreigner must claim this issue to Thai Revenue.

[@johngagne986]

Hi Chris, Good subject: one of the categories in the list presented of what sources would be included in taxable income was "Fixed Income". Direct question then: Does that include US Social Security Payments which are monthly Fixed Income sources?

[@xpusostomos]

This is as clear as mud. Let's say i have $50,000 in foreign income and also $50,000 capital just sitting in the bank in America, and i transfer $50,000 to Thailand, how would they decide that's $50,000 in repatriated income, or merely $50,000 of your capital? For that matter, how would the government get any information at all about your foreign affairs? If you told them, no that's not income, not much they can do aa far as i see. And the ATM loophole is a huge loophole.

[@Mark-yo5ue]

Good point. I don’t see how this workable without interpretive guidance issued by the Thai tax authorities. Nightmare to administer and determine what is taxable.

[@DarkoFitCoach]

This whole law makes as much sense as injecting bleech rectally for the fun of it. Zero sense and logic and possibility to actually do it Say we rent a house and live there all year. And pay all by cash. They cant do shit. Or pay by CC or cash from atm. Is thailand going to monitor hundreds of millions of atm withdrawals yearly? Ofcourse not. So this law is typical thai shit.

[@IsaanMan]

1) It’s up to you to prove where the money came from and that tax was paid on it so you can get a tax credit from Thailand. No tax credit and they will tax it. 2) 140 of the worlds 195 Countries are now members of the CRS Club (Common Reporting Standard) and the member Countries automatically share your financial dealings. See - Thailand Begins Common Reporting Standard Exchange In September 2023 TAINA.

[@DarkoFitCoach]

@@IsaanMan so then i would never stay 180days in thailand. No thanks. I already pay taxes in my european country on my income and investments and no need to pay more to thailand. Bye bye thailand

[@xpusostomos]

@@IsaanMan imagine you're a successful person.. you've got a million in the bank and have for years. You've got work, investments, property etc etc. Now you withdraw $100. Where in hell did THAT $100 come from? From money you inherited 30 years ago? From income pre 2024? From dividends last week? All your common reporting doesn't answer that unanswerable question. This is especially pertinent for pensioners. Let's say I invest in a pension scheme for 30 years. I then tell the scheme to start paying me $30000 a year. Is that income? Not really, I saved for that investment scheme 30 years ago. But it's sort of like an income. Now, many home countries have special rules about this sort of thing. But what the hell is Thailand going to do with it? Nobody knows from this video at least. And it's going to be half the people thinking to go to Thailand.

[@sflxn]

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]

I combine transferring funds to my thai bank account with withdrawals via ATM.

[@HairyPixels]

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]

If they start doing that, they can watch new retirement visas fall off a cliff.

[@lordy1952]

So basically need to spend less than 180 days a year in thailand

[@tbadj649]

@Retired Working For You: Great video, appreciate your channel. 11:53 - 12:11 WHERE did the lawyer look to know that withdrawing funds from an ATM would not be considered repatriation? Anyone know?

[@arolavs]

I think he means local cards, because there is no tax free transfers. If it is free, there will be other ways to stop it ;) I know they have not taxed my withdrawal before if I have normal transfers tp my bank during the year. I have declared my transfers last 9 years. If one person has only ATM, they will find it! No problem, it is in the system!

[@GunterD1337]

Question: What if I live there 100% using my credit cards and cash, therefore I'm not remitting anything ever. Will they still extend my visa? Or will they be pissed I'm obviously avoiding repatriation / taxes?

[@GeFarr]

Cambodia here I come....😢😢😢😢😢😢😢😢😢😢

[@Matteuccishane]

Good luck and enjoy

[@joshbanks9261]

Siem Reap isn't a bad option its where I would go if I had to leave Vietnam but right now its just every three months that I get through my agency. Siem Reap though can be a bit quiet but its easy enough to head down to Phonm Phen which has better nightlife but Siem Reap can be fun as well.

[@Eagle-Gardening]

This makes no sense. All the money I bring into Thailand is spent in Thailand. For Thailand, it's free money. As for the tax, I'm left with 3 options: Move to another country, bring more money to pay for the tax, or I have to take from the money I spend in the local stores and restaurants. I'm not bringing more money, so the looser here is the locals' businesses either way.

[@Eagle-Gardening]

If you look at this in another way, and imagine I lived in another country, spending all my money on Thai products, how sensible would it be to put this tax on the exported goods? How would it impact Thailand s export? There is not much difference in what is happening here.

[@TERMICOBRA]

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.

[@Krahang1267]

Tax: Anyone thinking of living or already living in Thailand should strongly reconsider their plans as you may be required to pay Thai tax in addition to tax in your country of origin. Further, It’s very difficult if not impossible to plan on the speculation of WW Tax which, even if not implemented now, may be implemented at some time in the future & will affect many, some seriously. As to the so called tax experts it appears we are being provided with conflicting advice. Worse some are trying to get us involved with questionable financial products. As to obtaining a TIN good luck if you live outside BKK. I hear the going rate is 5,000 baht. Final gripe. It’s disgusting that the rich who can afford the long term visa will be taxed nothing but the average guy will be taxed until it’s painful. Also, taxing expats takes money away from the local Thai community & redirects it to the Thai government (to waste?).

[@zimben8]

Hello there. Good Video as always. BUT, the list @5:36 can not be a list of all countries because i was looking into moving back to Colombia and they changed to new measures as of this year and also have WIT,even on retired pensions. Then i looked @ Argentina, same, WIT also on retired pensions. Maybe this list should be updated. One more thing to think about is, in order to get a long term Visa in Thailand, u have to prove that u have 800'000 baht a year or 65'000 an month and by that amount u will have to pay income taxes , right ? So for any person who want to life in Thailand for longer can not just use the ATM to life on it here... Im from Switzerland and i pay no taxes on my pension in Switzerland when i officially move out and have my papers in an other country. I know of other countries that don't tax their retired citizens, so a DTA will not help us and we have to pay the full pension income tax here. For me that would be over 400'000 baht. I life here since 18years and spend about a million baht every year to enjoy the Coups,chaos90 day reporting to the "probation agent",Falang double pricing and the dirty air NO WAY. I have enough of this chaos here. Thank u and take care

[@jacksonj3082]

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]

"Well versed"? He's the biggest snake oil salesman / BS merchant I've come across here - no exceptions.

[@jacksonj3082]

@@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]

@@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.

[@mspanebianco1]

Wreaks of World Economic Forum interference.

[@gegaoli]

the forum is just one arm of totalitarian elite trying to control people everywhere

[@matthewsheeran]

Nah, it's just the Thai government closing loopholes to get what they deserve if you are resident more than 180 days then sure you should be paying tax on income repatriated into Thailand. Would you expect anything less from any Western government instead, hmmm? In any case it's less than you pay in the West and they do gave reciprocal tax arrangements, to avoid hopefully getting taxed twice.

[@matthewsheeran]

I just wish that they would exempt foriegn pensions that's all.

[@brianbrown9512]

​@@matthewsheeran Why just so you benefit??? But Thais dont.

[@brianbrown9512]

Yep all part of the OECD and Global Taxation.

[@Ozjockey111]

There is always a way...

[@lolandsz]

just don't pay tax lol

[@brudo5056]

Proposal to any 'expert' on KZbin: A (downloadable) Excel Spreadsheet with reference date, with in the vertical axis (left column A) all existing Visa types, and on the top horizontal line (row 1) all typical visa characteristics (cost, renewal frequency, duration, all possible restrictions vs. benefits, taxes etc.), and in the 'crossing' result cells a Yes, No or list number (referring to an attached list with short further explanation or relevant link) could be a basic overview and starting point for a more systematic approach to Visa choice? Or does it exist already ? Greetings