Do we need to open two separate bank accounts for our visa, and will that involve paying two agent fees?

@Paul ******

No mate. All my family as far as I know on my father's side are dead.

@Ron *****

That's right! As if I'm naive enough to use my real name on this Scamland called Facebook....

@Brent ******

if you have been doing retirement extensions for many years, you will need to ask Immigration if they will allow your wife as a trailing spouse. But she has to start with a Non-Imm-O trailing spouse visa in her home country. And that's under the jurisdiction of the Embassy

@Jan *****************

ur telling me like i don't know anything

Been going to Thailand for 35 years and speak it

I'm giving u info

I have all my ID and accounts and residency

And I did it all with a multiple entry visa the 1st time

@Radius *****************

ok sorry, I misread and thought I answered the tread starter. Hope you didn’t get serious offended.

By the way I did both mine in Bangkok Bank and Krungthai Bank on visa exemption, but this is not easy anymore.

And you don’t need a Thai ID. Passport and national or international driver licenses is sufficient.

@Jan *****************

may not need it, even though it's rule of thumb , but it helps significantly

Nah take more then that to offend me

I'm offended by liberals lol

@Chris *****

it used to but now u need those forms and ID

@John *******

You've earned your pension by paying taxes your whole working life 🤣🤣

In sum, if you are earning or drawing pensions in 2024 and will be in Thailand more than 180 days in 2024, that income is taxable, whenever it is brought into Thailand. If you have pension withdrawals or earnings pre-2024, that is tax free whenever it is brought in. Hence my recommendation to keep any income 2024+ separated, if you can live off income from pre-2024. However it is all much rumor and social media misinfo.

@Martin *****

Pensions have never been taxed probably because most are exempt through DTAs. Wouldn't be worthwhile Treasury trying to sort them out

If you look at the linkedin article above, it gives details of the different DTAs. In the UK for example, the gov pension is tax free but not private pensions. The countries that are totally tax free are a tiny minority (three countries?).

Worth remembering that if you contributed to a pension, you did not pay tax on that income, hence it is taxed on withdrawal.

@Martin *****

yes, taxed in your home country if you have been honest about it. If you have your pension paid directly into a Thai bank then the situation is different.

This also suggests the critical date is the year money was earned:



"Example: In 2023, Adam resided in Thailand for 200 days total. He had a foreign-source income from rental property overseas, in which that income was transferred into his offshore account. Later in 2027, Adam transferred that money into his bank account in Thailand. Thus, Adam must disclose that money for calculating the income tax for the 2027 calendar year.

@Martin *****

I can understand that because he had never paid tax on his rental income. My rental income is taxed in the UK so should not be taxed again in Thailand. Yes?

I thought it is the date you transfer the money in is the crucial date, not the date you earned the money, but maybe misread.

This article suggests pension income is treated as 'earned' on the year it is paid out (and some countries have carve outs):

I have no idea how authoritative it is, but this article says this:

"...a person lives and works in a foreign country and later retires to Thailand with his/her overseas earned income. Will such a person have to pay taxes on these earnings?

The revenue department says:

No. This is because the said accumulated earnings came from assessable income that occurred in the tax year in which the person stayed in Thailand for less than 180 days. Example: Mrs. D. is of Thai nationality and has been living in China since 2007. But in 2024, Mrs. D. wants to travel back to live in Thailand permanently, so she brings back her accumulated earnings from working in China. As such, Mrs. D. is not obliged to pay any personal income tax on money brought into Thailand in 2024 because the said accumulated money comes from assessable income that occurred in the tax year in which Mrs. D. was not a resident of Thailand.

Jim do you have a link to the law that exempts pensions? Does it exempt any other sources?

@Martin *****

Yes. It's in the DTA. You can access your country's DTA via the Thailand Treasury website

@Jim *******

please continue to post on social media how you have been evading Thai taxes for 15 years 😂

@Craig *******

Pension not taxable in Thailand. No evasion 🤣🤣🤣🤣

@Nick ***********

If you're silly enough to declare it! How much are you planning to bring in?

@Jim *******

well there begs the question. How do they know whether it was taxed or not? Say enough for a new car and stuff to furnidh a house.

@Nick ***********

So just transfer the amount of money which you originally paid for the house. That's savings and therefore not taxable

@Jim *******

sounds reasonable but providing the paperwork to prove it if asked might be somewhat of a problem.

@Nick ***********

You won't be asked.

@Craig *******

each DTA can be different,....

@Craig *******

Which for 800k transfer wouldn't be worth it. The tax authorities in Thailand have never bothered to look at this before and won't be looking at it now.

@Jim *******

maybe they will maybe they wont, but we won't know for sure until next year, which is what I said originally. If you are absolutely convinced that nothing will change for any expat bringing money into Thailand then you are likely incorrect.

@Craig *******

I think I'm right because Treasury has never been interested in this transfer of savings before and won't be interested now. Nothing has changed

@Jim *******

perhaps you are, but opinions vary including the opinions of some Thai accountants and lawyers. The truth is no one knows for sure until next year which was the point of my original post.

@Craig *******

There's nothing in Thai tax law to say savings can be taxed. Interest in savings yes, which banks here automatically do. Oh yes, you're another who's been hoodwinked by the "tax experts" touting for business! Fortunately I'm not that gullible!

@Jim *******

No one said anything about savings, that is you introducing this to the conversation. Not only that, if they decide to tax income coming in from expats then it will be up to you to prove it was savings and not income.

@Craig *******

No it won't be. If someone transfers 800k in savings there's no tax. It's never been taxed in the 15 years I've been here.

@Jim *******

no one said your savings would be taxed. What I said was that no one knows exactly how things are going to change starting next year which is quite obviously true. Furthermore if they do begin to tax expats bringing income into Thailand it may be up to you to prove that your deposits are savings and not income which was what I just said to you and you seem to have overlooked

@Craig *******

I haven't overlooked anything. I've been bringing in money for years, never been taxed. I know I won't be taxed this year, next year or any other year. I'm sorry if you've been duped by the "experts".

@Jim *******

no one has been duped Jim, and you have absolutely been overlooking what I have been saying and assuming I am saying things I am not.

@Craig *******

All I know is you're talking rubbish and I've not "overlooked" anything, and the beauty of this world is we can believe whatever we want. I'll base my knowledge on WHAT IS KNOWN, whereas you base yours on internet speculation!

@Jim *******

what exactly is it you think i believe? You should re-read this thread. It feels like you're arguing with someone else from some other thread instead of actually reading and considering what I've said in this one. This is what you're overlooking, the actual content of my posts

@Craig *******

But the content of your posts is based on your prophecies for the future, whereas my comments are based on fact. Savings are not taxed. That's simple. As an Australian tax resident, similarly my pension is only taxable in Australia. So I have not paid tax in the past, have never been asked to "show proof", and will not be taxed in the future. I haven't overlooked a single thing. So simple!

@Jim *******

I made no prophecies at all, again you are completely ignoring what I actually said. Oh Australian, that explains it.

@Craig *******

Yep. Australian, with a rock solid DTA! 🤣 Laughing

@Jim *******

what i find most amusing is that while I have continually said that no one is completely sure how this will play out and who will be affected, you are absolutely 100% convinced of what the future will bring. So who's the prophet?

@Craig *******

Absolutely! I prophesise there will be zero tax on savings, and I prophesise that Australian pensions are not taxable in Thailand. I'm pretty sure my prophecies will come true! In fact I'm 100% sure, because they're backed by government sources, not "tax experts" touting for business 🤣🤣🤣

@Jim *******

neither of those has anything to do with what was being talked about in this thread nor did anything I say have anything to do with you or your specific situation, but way to make it all about you. Great job Jim.

@Craig *******

The subject is the 800k transferred to Thailand for a retirement visa, or did you miss that part? 🤣

@Jim *******

it was also 1.6 million THB which is yet another example of you not paying attention

@Craig *******

Um. That's two people @800 baht each! My God, you're thick!

@Jim *******

which had nothing to do with your Australian pension

@Craig *******

having studied business finance at Mahidol, I do have a fair bit of knowledge about Thai accountancy.

You can bring any amount of savings into the country tax free.

What they are seeking to tax is income derived os while you are resident of Thailand. And even then, if you show you have already been taxed, you aren't taxed again.

Do your research and don't assume everyone is as stupid as you

@Alex *******

actually if you have income, it was already taxed, and the Thai tax is higher you still owe the difference. So maybe you don't know as much as you think?

The name calling is not necessary Alex. Perhaps you're feeling insecure?

@Craig *******

when you start with the scrappy attitude, you get it back with tax.

Giving "advice " without actually reading the relevant tax code is pretty stupid.

I do think Thailand is heading down a dangerous slope and will lose more money than they will make with the new taxes.

Many expats have already left because of the increased demands (not just in terms of tax).

So, as an example, gov wants to start taxing foreign income of say $1,000. Let's say 5%. So they would make $50.

But if an expat says enough is enough, and leaves, the economy loses $1,000 of foreign inputs.

Wouldn't take Many expats to leave to negate the new taxes.

@Alex *******

say you want a new car. 1.5 million baht or a condo for 3.5 million baht. Personally I would think twice before bringing in that money if it was taxed here. A second hand car and rental would do. Thailand loose out on a lot of money coming into the country. Or have I got it wrong?

@Nick ***********

bringing money saved from overseas will not be taxed.

Stop listening to bar talk

@Alex *******

I gave you no attitude at all sir until after you said "If you bring money into Thailand it wont be taxed shaking my head" which is likely incorrect and is you starting off with a "scrappy attitude". Secondly I gave no advice. Third I am not interested in a discussion of whether this is good or bad that was not the point of my original comment, which was not directed to you. And finally we will not know exactly how this will be enforced and how it will play out until at least January 2025 which was also what I mentioned in my original comment.

@John *******

Not reality at all. This small change in the tax law (which doesn't affect expat retirees) has generated a whole myriad of "tax experts" and internet trolls trying to frighten stupid people. And it's worked! 🤣🤣🤣. The only expats this new law will affect are the digital nomads, and do we care? 🤣

@John *******

I do not think anything will change as you can read all the comments above, it's earned income that is to be taxed not mandated saving for visa usually made up of foreign pension or savings that has already been taxed. Do you really think that the Thai tax office is going to employ thousands more employees to go through bank accounts and enquire about specific deposits and when it was earned? It would be a shit storm of the highest magnitude. They don't even check on the majority of the population now.

@Jim *******

"There is nothing in Thai tax laws to say that savings can be taxed." . . . . . . . . ???? What do you mean? There has nothing yet been published that says that the Thais will tax your savings and funds, that you already held before 2024. The directive they published mentioned "income from abroad" even when it has been sent to Thailand in the following year. It didn't even mention "pensions". We shall see what will happen in the first quarter of 2025, and how far will Immigration be involved. Who knows when an expat has spent more than 180 days in Thailand in the year 2024? Immigration is the only institution that knows. And we, at this moment, have absolutely no clue what they are going to do

@Gregor *********

I simply follow the Thai tax law, and there's nothing in that which suggests savings can be taxed. You just said yourself "There has been nothing yet published that says the Thais will tax savings". And there won't be. Tax is about "income" from abroad. Pensions are not mentioned because I understand all DTAs disallow this (Australia certainly does), so for those of us on "retirement" visas/extensions bringing in pension money, there is no tax liability. It's that simple. You say "we have no clue", but all the "clues" are in the legislation. Nothing's changed

@Jim *******

I do not doubt the legislation. I was talking about a wholly different topic. you should READ more carefully what I wrote. I wrote that we have no clue, yet, how Immigration will be involved in the process. Because they are the only institution that knows if you have spent more than 180 days inside Thailand in one calendar year. We have no clue if and how they are going implement a mandatory tax declaration into our yearly applications for extensions of stay. Maybe you wonb't be able to extend, if you can't prove that you had a TIN number and did your tax declaration until May 30 by next year

@Gregor *********

I've no problem with a tax declaration because it's just a '0'. Immigration knows EXACTLY how much I've brought into the country because they get a 12-month account statement, plus the bank book, plus my Superannuation statement from Australia to prove it's a pension in transferring. I've done that for years, what makes you think it's going to change? There's been no change in tax law which affects pensions. It might affect those who use agents to put a fake 800k into an account to get an extension, they'll probably have some explaining to do, but I do everything legal, so it won't affect me

@Craig *******

it depends. Most countries got double taxation policies established with Thailand. If you can prove that the 1.6 million THB are funds that already were taxed in your country, they will be classified "existing savings" and not a monthly "income", so Thailand got no right to taxate them und you might be able to bring them in tax free. We do not know any details how the Thai government will handle this matter. However we are aware that ""income" and "savings" are two different pairs of shoes

@Gregor *********

actually what a double tax treaty does most commonly is say that if you were taxed in your home country, and the tax in Thailand would be higher, you only owe the difference.

The exact details of how this will play out are not known and will not be known until next January.