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Do you get taxed on the funds required for the Thailand O visa based on retirement?
Dec 26, 2024
a year ago
Richard ***********
ORIGINAL POSTERMy 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
TLDR : Answer Summary
The community provided insights into whether funds deposited for an O visa based on retirement are subject to taxation in Thailand. Most agree that if the funds are already taxed in another country or are not considered income (as they are simply for visa purposes), then they typically won't be taxed by Thailand. The consensus is that it's advisable to consult a tax adviser for personal circumstances, especially if staying over 180 days 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.
- Join the Thai Visa Advice Facebook Group to ask your questions, and get advice from others.
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Rolf *********
Thailand barely tax their own citizens, you think they bother to chase down foreigners? It’s a NO
James *******
@Rolf ********
Why would they need to chase them down when all they have to do is ask for your TIN at immigration ?Rolf *********
@James ******
tax in Thailand isnt mandatory like in the west. It’s rarely asked for hereJames *******
@Rolf ********
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.Rolf *********
@James ******
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.James *******
@Rolf ********
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.Rolf *********
@James ******
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.Reply to
Rolf *********
Reply
Bart **************
It's not income, so no.
Neil *******
@Bart *************
how do you know it is not income? How do you know that tax has been paid in this money in the Country they are tax residents of?Bart **************
@Neil ******
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.Bart **************
@Neil ******
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.Neil *******
Bart **************
@Neil ******
if it makes no sense to you, then you just shut up. Okay?Neil *******
@Bart *************
you are a hero behind a keyboardReply to
Neil *******
Reply
Jack ********
@Neil ******
he has no idea and just makes things up. Ignore himBart **************
@Jack *******
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.Jack ********
@Bart *************
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
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
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.Jim ********
@Tony *******
Way off the markTony ********
@Jim *******
please correct me where you feel i'm wrong, remember the OP is asking about a bank transfer of 800k only.Jim ********
@Tony *******
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 moreTony ********
@Jim *******
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).Jim ********
@Tony *******
Yep. You have little knowledge of DTAs and "tax residency". Perhaps familiarise yourself with the lawReply to
Jim ********
Reply
Norbert ***********
@Tony *******
also money what is used for buy house or condo will be not taxed!!Pete *******
@Norbert **********
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.Reply to
Pete *******
Reply
Kathalyn *******
No because you didn't earn this money in Thailand
Neil *******
@Kathalyn ******
wrong answerJim ********
@Neil ******
Actually it's the right answerNeil *******
@Jim *******
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 ThailandThey need to get Thai tax advise not FB experts
Jim ********
@Neil ******
The 800k baht transferred for the purpose of meeting the immigration requirement will not be subject to tax, no matter how much you believe it will!Reply to
Jim ********
Reply
Willem ****
Most countries have a treaty which prevents double taxation.
Paul ***********
It's not assessable income
Darren ******
If it's already been taxed in another country then no
Ralph *******
It’s not income so I don’t see how you would be taxed on it.
Jon *********************
@Ralph ******
Amazing how many people don't understand the difference between income and savings.Paul ***********
@Ralph ******
precisely.. If people took time to read the Thai tax code, what is tax assessable is clearly defined 👍Reply to
Paul ***********
Reply
Norbert ***********
If you have saved money (from before 2024)and you use it for deposit,then it will be not taxed !!!
Brian *********
No
Sandra ***********
Better to check with a tax adviser on this but my guess is yes if you stay in thailand for more than 180 days and you are a tax resident here
Bart **************
@Sandra **********
guess againSandra ***********
@Bart *************
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.Roberto *********
@Sandra **********
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. EasyReply to
Roberto *********
Reply
Ali *******
Am interested to know too
Reply to
Ali *******
Reply
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