Is it advisable to lock up 800,000 THB in a Thai bank account while traveling frequently?

Nov 17, 2024
a month ago
Joe *******
ORIGINAL POSTER
Looking for some opinions and or advice . Return to Thailand on Nov 22 and was going to start the process of retirement visa .

Just finishing a long visit in Vietnam and realizing I would like to visit many more countries , put off traveling for too many years and want to do it while still able to.

Is it crazy to lock up the 800,000 in a Thai bank when I will be in and out of country for the next couple of years? TIA
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TLDR : Answer Summary
The user is considering applying for a retirement visa in Thailand but is concerned about locking up 800,000 THB in a Thai bank while planning extensive travels around Southeast Asia. The community discusses options such as maintaining flexibility with travel, the implications of becoming a tax resident if staying over 180 days, and whether a Multiple Entry Tourist Visa (METV) or a different visa type might be more appropriate given the user's travel plans.
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Martin *******
The DTV visa would probably be more suitable for you than the retirement visa.
Joseph *********
@Ryan ***
I was there for 7 befire covid. Also no tax.

Chiang Maj was my best for eight months....rented for full time though

Monthly rate then was 7500Thb....but annual.was only 5500.Fully furnished air-conditioned apartments with balcony for cooking.
Ryan ****
@Joseph ********
good to know
Joseph *********
@Ryan ***
Pattara Place Chiang Phuak
Baz *********
I highly recommended you try Cambodia if you haven't been already
Joe *******
ORIGINAL POSTER
@Baz ********
just had drinks with an Aussie couple last night who made the same suggestion. Said we should try CambriaπŸ‘πŸ»
Baz *********
@Joe ******
Phnom Penh is a great city on the river and well worth a visit for a few days ..

Siem Reap and the Temples of Angkor are one of the biggest tourist destinations in SE Asia and attract millions of visitors every year..

And if you want something quite different head to the coast in Cambodia and check out Sihanoukville and Kampot and some lovely quiet beach areas along the coast..

You can even travel overland by bus from Sihanoukville back into Thailand via Ko Kong along the coast..

Interesting trip and onwards to Trat Thailand and even Koh Chang island Thailand and back to Pattaya or onwards to Bangkok.

I have been over most of Cambodia and it's a fascinating country and well worth a very good look.

The world is your oyster in Cambodia, Vietnam and Thailand and years of adventures to experience if you want to 😁
Asim **********
AI ls coming to catch you guys
Todd *********
@Asim *********
no, it’s not
Matthew *******
Maybe get a METV if you plan on travelling and see how you go after that
Todd *********
@Matthew ******
no point. It expired in 6 month. No use at all really for what he wants to do
Matthew *******
@Todd ********
used correctly you can get 9 months out of it and not have to have 800 K in a bank

Mind you more than one would have be be used over a few years
Todd *********
@Matthew ******
he doesn’t want 9 months. It’s useless for him
Matthew *******
@Todd ********
what do you suggest
Mark *******
I decided to travel throughout Asia a year and half ago not intending to return home and will continue for years to come health permitting. Best decision I ever made rather than restricting myself to one country particularly one location.

You often see expats who have chosen this second option sitting all day drinking themselves to an early grave.
Joe *******
ORIGINAL POSTER
@Mark ******
Thinking like you , a lot of miles on these tires but I still feel like I can keep on going. So much more to see and do. I’m not done yet πŸ‘πŸ»
Mark *******
@Joe ******
Good thinking judging from my experience anyway. Obviously additional travel costs like airfares come into play however I'm not trying to cram everything into a single country trip as you would if you were on holidays. I tend to select a region of a country and explore it thoroughly but leisurely. That way you get to know the locals much better and they you. After all you can always come back on future trips to explore different regions.

Anyway Joe it's working well for me.

Give it a try if I restricted myself to one location I'd rapidly become bored and probably end up drinking and partying too much and/ or getting too attached to some lady costing you far more.

Far better having an exit strategy by moving on 🀣
Linhof *********
You can take the 800k back out later, no a huge issue
Jarek ************
Don't bother, staying over 180 days in TH during calendar year will make you a tax resident... With the 60 days on arrival just move around, eg 2 months in TH, 3 in VN...
Andy ************
@Jarek ***********
Never going to happen. Social media crap supplemented by tax "experts" touting for business. Fact remains only "assessable income" can be taxed. Savings which have accrued over a lifetime cannot be taxed and never will be
Jarek ************
@Andy ***********
some of us still have businesses and other sources of income which is the main concern for me.
Andy ************
@Jarek ***********
I have a business but it's in Australia. I pay Australian taxes. WTF does that have to do with Thailand? Jesus wept!
Jarek ************
@Andy ***********
as of 2024 only money brought into TH will be taxed - subject to dual taxation treaties. But as if that wasn't enough there is now talk that they might want to tax one on worldwide income, regardless of the money coming into TH or not...
Andy ************
@Jarek ***********
"There is talk"? Jesus Christ! Are you really that gullible? Money brought into Thailand will not be taxed. You need to stop with the bs. UNTAXED money SHOULD be taxed. Money already taxed will not be. Sheesh
Jarek ************
@Andy ***********
stop drinking and wake up
*************************************************************************************************
Andy ************
@Jarek ***********
Your link says it's Thai citizens and foreigners who are PERMANENT CITIZENS. That excludes all of us on visas. Love it! πŸ‘πŸ‘πŸ‘πŸ‘
Andy ************
@Jarek ***********
I think it's you needs to wake up. Go here and read the FACTS from the source! πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚

*******************************************
Todd *********
@Jarek ***********
nothing to panic about
Jarek ************
Sure, I'm not losing any sleep over it. I'm just being cautious and waiting to see how things play out over the next few months while enjoying other places.
Todd *********
@Jarek ***********
fair enough. Lots of options if the tax situation becomes onerous for anyone.
Barry ********
@Jarek ***********
you take shit
Jarek ************
@Barry *******
I take it and you eat it...
Ryan ****
@Jarek ***********
i have been staying here for 5years havent paid any tax.
Jarek ************
@Ryan ***
the rules have been updated and things started from 2024, with first filing due at beginning of 2025. While one might get away with it for some time, sooner or later it can catch up to you and I don't think anyone would wanna deal with whatever consequences that will have... Even if you don't owe any money, fact that you will need to file and present whatever BS paperwork they will require is enough for me to stay there under 180 days... VN and other countries are more than happy to take my money :)
Philip *******
@Jarek ***********
it depends on your home country. If it has a tax treaty with Thailand no problems at all. Much fear mongers on social media. Best advice speak to Thai lawyers or accountants, put your mind at rest
Todd *********
@Philip ******
the tax treaty absolutely created numerous problems. You just need to understand how they work
Luit *****************
@Philip ******
An existing tax treaty does not necessary mean you don't pay tax in Thailand
Philip *******
@Luit ****************
no but it means you don't pay double tax , well at least it does for my country, Australia
Luit *****************
@Philip ******
Even not pay double tax is not always completely true.
Philip *******
@Luit ****************
yeah it is you just need to have the right accountants.
Pete *******
@Philip ******
not true. My home country UK has a DTA with Thailand and I would in some circumstances be required to pay Thai tax on foreign sourced remittances which has already been taxed in the UK.
Jarek ************
@Philip ******
see my reply above.
Philip *******
@Jarek ***********
yes its pretty much incorrect according to my Thai accountant
Jarek ************
@Philip ******
I hope they will roll all this BS back, more so recently it has been said that they were considering on taxing money that you don't even bring into TH πŸ˜‚πŸ˜‚πŸ˜‚ I don't mind playing it safe and moving around. Time will show where this all goes.
Philip *******
@Jarek ***********
as I said look at your home country' tax agreement with Thailand. If your scared to pay an accountant for one hour chat you haven't got enough to pay tax. Simple
Jarek ************
@Philip ******
has nothing to do with the fee for the accountant but the fact that I don't need another government looking into my financial situation. Either way, wish I had known this BS prior to getting my 20 year elite visa as it would have saved me quite a lot of money...
Philip *******
@Jarek ***********
this is why accountants are better.
Jarek ************
@Philip ******
at that time no one knew the details, even right now its not all clear. Just gotta wait and see.
Pete *******
@Jarek ***********
just because you become tax resident it does not mean you automatically have to file taxes. You can legally reside in Thailand without paying any Thai tax or filing a return. It all depends on your personal circumstances.
Luit *****************
@Pete ******
I agree with you that tax resident does not necessary mean you have to file taxes, but it is your responsibility to determine if you have to file.

If you think you don't need to pay tax, but you are wrong, they can fine you afterwards. When you are in the country less than 180 days you prevent that risk.
Jarek ************
@Pete ******
I still operate business back home which would make things a bit more complicated. Either way, I have enough of dealing with accountants and lawyers, currently not gonna go through same in TH just for the privelage of spending my money there.
Ryan ****
@Jarek ***********
haha ok justice warrior
Paul ********
@Jarek ***********
how do you think they are going to collect this tax? They can’t even collect speeding ticket money
Michael ********
@Paul *******
true that we had 3 speeding tickets and wife was going to pay them and then honestly lost them. Nobody has given new one or anything. That was about two years ago
Jarek ************
@Paul *******
speeding tickets are small money. There has been already a talk of linking immigration with taxation department. They don't need to rush either, as they can catch up to you at a later time and hit you with additional penalties...
Barry ********
Paul ********
@Jarek ***********
no talk of immigration linking it atm just lots of people want 12,000 baht to do a return lol
Jarek ************
@Paul *******
time will show :)
Paul ********
Bob **********
How long do you plan on staying when you’re here??
Joe *******
ORIGINAL POSTER
@Bob *********
My girlfriend has a home and family there, so I imagine it will be about
*****
for 2-3 years. Unless I get tired of moving around.
Todd *********
@Joe ******
you get 60 days free every time you come in. And can extend that by 30 days for 1900 baht. If planning on longer each time, the retirement visa might be more worthwhile
Bob **********
@Joe ******
you can pay an agent if you want
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