My wife and I are thinking of getting O visa based on retirment. I know we have to bring in 800000bt each. Does anyone know if we will be taxed on this
3,819
views
8
likes
105
all likes
46
replies
1
images
19
users
TLDR : Answer Summary
The general consensus is that the funds deposited for the O visa based on retirement should not be subject to taxation in Thailand. Several community members confirmed that if the money is not considered income and it was already taxed in another country or saved prior to the current tax year, it would likely not be taxable. However, it's advised to consult a tax adviser for personal circumstances, especially if residing in Thailand for more than 180 days, which could affect tax residency status.
NON-O RETIREMENT VISA RESOURCES / SERVICES
Go to the Retirement Visa Section for information on requirements, including age restrictions, financial requirements, and necessary documentation.
For immediate assistance, contact Thai Visa Centre directly via LINE at @ThaiVisaCentre or Email them.
Explore recent discussions by using the Non-O Retirement Visa tag in the search box at the top of the page.
it's now mandatory to submit a return if here for more than 180 days a year so pretty much an ideal way of checking this will be through immigration offices surely.
I only say it’s rarely asked for, if you know Thailand as well as I do you would know they have MANY laws and mandatories that is never enforced. For example is prostitution illegal.
i'm just saying that as there is no precedent and the laws are new, there is no reason to assume they won't be enforced and the most logical way would be through immigration when extending visas etc. I am very familiar with Thailand and don't often see them turning down free farang money.
well I give you a point there about free farang money. But let’s wait and see if and how heavily enforced this mandatory will be before running off to pay taxes they might not ask for.
and if no tax was paid where it was owed, then that's not related to taxability in Thailand. That's between you and the country where tax was owed but not paid.
the point is that if it's taxable, under whichever rule, it's determined by other factors than transferring 800,000 baht into Thailand. So if you become tax resident in Thailand in some way, perhaps by using a DTV, and if, as in your scenario, the money was indeed taxable, then it is still is if you leave it abroad. The unimaginably stupid rule that only remitted money is taxable is out of the window.
yes sure, let's reply "I have no idea" and "nobody has an idea" and "nobody has any idea about anything you have and have not asked" to any topic, great 👍. Let's not help people. And make many assumptions about what others do not know.
you don’t understand the basics of taxation, business or visas. You should really find something else to do.
Reply to
Jack ********
Reply
Bagsida *********
No and it’s called EOS retirement visa not existing
EOS is based on Non O
Money need to be in the Bank 3 months prior apply for EOS
Brian *********
Seriously guys just read it -
It’s a demonstration of available funds not anything else. If you earn interest on it that may be taxed but otherwise NO. Stop debating it really a simple NO
Stuart *********
No,
Tony ********
If you bring it to Thailand in a year that you aren't a tax resident, then its non assesable. If its from cash in the bank that was held prior to
***
/24 again its non assesable. Pretty much everything else is treated as assesable income, and if your country has a DTA (the country where the money is transfered from), you can use tax already paid as a credit to negate the tax owed in Thailand. Beware of becoming a tax resident, then making a capital again abroad and then remiting the money, as there maybe more tax owed than tax previously paid ddpending on your countries tax rules.
You didn't mention what happens if the person retains tax residency in their home country and can show closer economic ties. You're one of these who believes Thailand has the automatic right to tax any foreigner who happens to be in the country for 180 days. A resident has only to declare assessable personal income, nothing more
i'm afraid i am, Thailand has the right to tax any individual who resides here more than 180 days on any assesable income remitted to Thailand. This right has always been in place. Tax residency in another country has no bearing to my knowledge unless its in the DTA, which it is not for UK citizens (the OP is British). Be careful with the word income, a tax resident has to declare assesable remitted money would be a better description, as lots of people equate income to wages only, not pensions, capital gains etc (where not excluded in a dta).
can you clarify what you mean as for income tax the reason for the remittance is irrelevant, it is the source of the funds and your tax residency status that determines if Thailand will tax the remittance.
actually it is not correct. There are numerous different scenarios and situations of wether it will be taxed on any income earned overseas and transferred into Thailand
No need to, please correct me if I am wrong. I know it depends on double treaties and many other factors. That is why my advise is to consult a tax adviser as too little info here.
All the info is on the Thailand Revenue website. Savings before 1 Jan 2024 are tax exempt. The smart people with untaxed money will bring in a few million baht on July 5th. Easy
Reply to
Roberto *********
Reply
Ali *******
Am interested to know too
Reply to
Ali *******
Reply
Thai Visa Advice and Everything Else
... members · 60% approval rate
The Thai Visa Advice And Everything Else group allows for a broad range of discussions on life in Thailand, beyond just visa inquiries.