Answereda year ago
Do you have to pay taxes in Thailand if you have 2 million baht in a bank account?
Is it correct that if you have 2 million baths or more on your account in Thai bank then you have to pay taxes ?
How much is it about?
How much is it about?
Answer summary
Having 2 million baht in a Thai bank account does not directly incur taxes on the principal amount. Instead, expats are subject to withholding tax on the interest earned, which is typically at a rate of 15%. On an account with 2 million baht, the tax on interest earned would be minimal, usually around 750 baht per year based on current rates. Additionally, if an expat is a tax resident (i.e., residing in Thailand for more than 180 days), there may be taxes to pay on other income remitted to Thailand.
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John *********
I think you need to learn the Thai currency before you do anything else 555
David *********
If you have 2 million baths then you are a clean mofo
Colin ********
I love Thai baths especially the soapy ones
ไมเคิล ********
It must be a huge bank if you have 2 million baths there. WTF are your plans with it?
James ******
@ไมเคิล *******
I imagine there’s thousands of people with more than that
John *********
I not running any baths for you 🫣
Robert *********
bath millionaire tax is the same as the swimming pool tax in France?
David **********
Chai
Dany ********
why would you have so much money in a thai bank? invest it in the western world and make 10% annually with it?!….
Pui *****
@Dany *******
why do you assume people who live in Thailand full time, perhaps for decades, would have any significant assets or presence in another country? Most people only have bank accounts in the country they spend their life in.Dany ********
@Pui ****
then put your money into a thai broker that offers the same ETF…
John *********
@Dany *******
where?
Betty *********
@John ********
your home country not possible?Dany ********
Dany ********
@Betty ********
any big one that you personally trust. there is a fewBetty *********
@Dany *******
Vanguard ETF ?John *********
@Dany *******
will make enquiriesJim ********
If you are in the country for 180+ days you become a tax resident. You may have to pay taxes on the money you remit to Thailand.
Tim **********
@Jim *******
Not a lot of the expats know this. A few in for a shock.Jim ********
@Tim *********
so many variables on this that’s why I said “may have to pay tax”One thing is certain if you’re in Thailand for 180 days you are a tax resident. Everything depends on the when and how the money was earned, your country’s DTA with Thailand etc.
Jim ********
@Andy ***********
I am from the USA. I am taxed no matter whatAndy ************
@Jim *******
You can be a dual tax resident in which case the DTA decides which country has sole taxation rights. I'm in that situationAndy ************
@Tim *********
Only those with assessable income. If what you remit to Thailand is non-assessable, there's no tax to payAndy ************
@Tim *********
Your money is then savings so it's not taxedTim **********
@Andy ***********
it’s my residence so no uk tax. I am still a uk residence. So do I pay tax in Thailand if I transfer some of the money from my sale in future years if I am then a Thai resident for tax
Pete *******
@Tim *********
only if you were Thai tax resident at the time of the UK property sale, otherwise you can remit the proceeds free from Thai tax.Andy ************
@Tim *********
There's a number of factors to be considered. Have you already paid tax on the gain? Are you a UK tax resident? What does the UK DTA say about transfer of capital gain? My question is why would you transfer such a large sum of money to Thailand when you can get much higher return in the UK? I only transfer pension from Australia which is tax exempt, plus I also retain Australian Tax Residency and under the terms of the DTA, the Australian Tax Office has sole taxation rights.Tim **********
@Andy ***********
I have been told by a expat tax advisor based in Bangkok. That if I transfer monies from the sale of my property in the U.K. the capital gains percentage on the money transferred would subject to Thai tax. Do you know this ?
John ********
I need a new bath, are you selling any of them.
Graeme ******
Remember thai banks only guarantee 1 million baht if they get into financial trouble so I would be more worried about that and would there fore spread my money over multiple accounts than worry about a tiny amount of tax on the interest
Jo **********
No
Pete *******
On 2 million baht at the current Bangkok Bank savings account interest rate you would be taxed 750 baht per year. Hardly worth getting excited about.
Jeremy ********
@Pete ******
whoa I was expecting ฿350 THB
Bob **********
No
Wilsonti ***********
Thats alot of baths lol
Edmund ***********
OP@Wilsonti **********
The interest tates are next to nothing trashPete *******
The amount you have in your Thai bank account is irrelevant. You will pay withholding tax on any interest paid on your account at the prevailing rate, currently 15%.
John **********
@Pete ******
which you can claim back on a tax return if you can be bothered
Peter **********
@John *********
love that addition… “if you can be bothered”… 👍Edmund ***********
OP@Pete ******
If there is only 15% on earned interest then that is not a problem.Thanks for the reply
Gerry ******
@Edmund **********
the government savings bank is the only bank that doesn't charge tax on interest payments....plus no limit on guarantee of your money.other banks only guarantee one million if they go bust.Jeremy ********
The interest rates are trash anyways
Rob **********
No, but you do pay tax on any interest that the account earns, but this I’d deducted by the bank. By the way it is baht not baths😂
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