Do I have to pay taxes on 1 million baht cash in Thailand if I live off it for two years?

No. No income, no tax.

If the 1 millions was earn before 2024, no tax

Going forward IAM just loading my Thai bank account monthly from my UK account via wise

Take out from an ATM? That would be many ATM trips. The maximum is 30,000 Baht at Bangkok Bank (as far as I know). 220 Baht per withdrawal. Probably easier in the bank with your card, and most likely cheaper considering the number of withdrawals.

I would strongly advise against having so much cash lying around though.

Hypothetically? you would struggle to do that. You would need an account here to transfer too, you couldn’t carry cash, and if you did you would have to declare it both ends anyway.

Just gift it to tee rak and she'll take good care of you na

Another one......

Why would you pay tax anyway? You're not a resident in Thailand

Withdraw in cash within Thailand? How?

Because if you bring the cash physically, from abroad, you'll end up paying taxes anyway.

Edit:

You dont even need to keep it in cash. Ive just been trough a round with tax advisor as my situation is complicated. The "trick" is to bring in the money THIS year if you plan to move to Thailand.

Cash or bank balance doesn't make a difference in terms of tax law. What matters is if you are tax resident or not while bringing in the money. I also believe 1 million is above the limit you can enter the country with *undeclared* cash legally, used to be 20k USD, now 10k USD.

There is so much unnecessary hysteria around the remittance tax, but its very important to prepare BEFORE becoming tax resident,

- Any money you remit into Thailand in a year you are NOT tax resident, is not subject to Thai remittance tax. If you are not spending more than 180 days in 2024, you can bring in as much as you like and that money will not be taxed. Only money you bring into Thailand in the calendar year you are tax resident is subject to remittance tax.

* If you only brought in money in a non tax resident year; You dont even have to file tax return.

You can bring in 5 million baht if you like to a Thai bank account while NOT tax resident. And live on it until it runs out. That money is exempt from tax. (But would be incredibly stupid due to loss of investments gains vs tax of bringing in say 1million a year)

AND remittance tax is not as much as you would think. A million baht without tax credit is effectively taxed under 15%. Remittance tax is calculated same as income tax. (From 5 million its gets expensive) Depending on tax treaty with your home country, in most cases the tax already paid on the money you bring in can be used as tax credit in Thailand.. If tax paid "at home: is more % than rate in Thailand > no effective tax in Thailand. But do check if there is double tax agreements,



- Capital gains tax:

This can be "reset" in the year before you are tax resident by liquidating/taking profit and buying back in. (If done outside Thailand). This was VERY beneficial for me, coming from a wealth tax country as liquidating doesn't generate taxes where I am moving from. But would not be beneficial if moving from a country where selling assets is a tax event,

- Dept/loans

Taking a loan in your home country and bringing this intro Thailand while Thai tax resident is NOT subject to Thai remittance tax,

- Any money that has been sitting on your bank account abroad from before December 2023 is also not subject to remittance tax is brought in, Regardless of what year bringing in.

There is a YouTube channel called "Thai Expat Tax" with allot of up to date good information,

Please be careful. People do steal. Especially in tourist areas.

It doesn't mean you have to pay tax at all. It's not as simple as 180 days l must pay tax. I have x amount of money l brought into Thailand. It goes beyond that. I would be worrying until the tax man knocks in your door otherwise it's all hypothetical your just guessing and all the experts here thrive in that it's nonsicial just enjoy why you come here. Surely you have more to do that just working about tax ffs

Nobody is paying any tax yet and I don’t think 1 million is enough to live for two years

You pay taxes on funds remitted into Thailand and/or taxable earnings from outside. You haven't said where this 1 million originated from.

If hypothetically you were able to bring this money into Thailand you would not be taxed. But just to be clear, so far the tax on money for those who stay more than 180 days in Thailand has not been confirmed.

The most important thing if you do it is, to inform us where exactly you live 😝

If you bring in the 1 million in a year you live less 180 days, you would not have to pay tax.

If you bring in in a year you live over 180 days you might have to pay tax, which is dependant on your situation, if it is money you already had before 1-1-2024 and if your country has DTA.

DTV has nothing to do with paying tax, you don't pay tax because you get DTV, you get tax resident when you stay over 180 days a year, even on visa exempt.

P.S. I think 1 million is not very much for 2 years...

1. Did year get Thai bank account yet?

2. Did you get DTV ? Or just your plan for next year

You have to consider at when the money came into the country and when you received your visa ?

If you managed to bring it in the first place then no, they would never find out.

Then again, why are people so afraid of taxes? If they already paid taxes in their own country, you can pass the receipt for deduction or even exemption.

It has nothing to do with the amount of money. If you stay more than 180 days per year in most countries around the world, you must file taxes in that country. Taxes paid are based on worldwide income, and the agreement that the country you are residing in and your home country have together. Good luck.

“Take out” from where?

Question is...how do you bring the 1 million baht in legally

You’re going to get lots of opinions and I’d guess no facts.

No, same as if you left it in the bank.