What are the long-term implications of retiring in Thailand considering the evolving tax situation?

How do these Thai Tax Rules affect foreigners in Thailand? Will they affect you?

Thomas from American International Tax Advisers talking about the latest updates regarding the Foreigner Income Tax on money brought into Thailand.

@https://www.facebook********************

Things can change all the time in Thailand. I don’t believe the “new rules” are a sure thing yet. And it also depends on your financial situation and what your home country is.

In any case, what you should check:

1. Does your country have a dual tax agreement with Thailand?

2. Is your income taxed in your home country?

With a dual tax treaty you only tax income in one location.

But there is so many factors that depend on your situation. Impossible to answer here.

But in short, I wouldn’t worry.

In my situation it’s beneficial for me to be tax resident in another SE Asian country, due to my unique situation.

But for most countries, if your income is taxes in your homecountry there’s no real issue. For investments, crypto, savings etc it depends in your unique circumstances

No one has any idea what's going on, no one!

Forget the taxes, never will come. Read the news today about the topic 😀

Thailand's tax situation for retirees on the over-50 retirement visa is generally favorable, as the country doesn’t tax foreign income if it’s not remitted during the same year it was earned. However, tax laws and policies can change, so it’s important to stay updated. Consulting a tax advisor familiar with both Thai and international tax laws can help you navigate any potential long-term changes.

I will enjoy Thailand for 179 days in 2024. 😀

As of yet nobody knows. Tax "experts " don't know. Guy in bar doesn't know. Facebook doesn't know. Wait and see what happens start next year.

As long as you move around and not become a tax resident through physical presence of more than 180 days in any tax year you will be fine. Thai tax year is Jan-Dec

Many expats living in Thailand would not pay any taxes on their pension income in their home countries, plus many have sold their assets, some maybe bought houses in their wife's name and many transferring money from their respective home country bank into Thai bank account. With Thaksin in power and the reenactment of existing tax laws, they will all have to pay tax. The Thai government recently issued 10, 000 baht to the tune of 4,5 billion, benefitting 14,5 million Thai nationals. Having own business in Chiang Mai, I am sure the Thai government is not interested in "comforting" a few thousand potential tax cheaters, calling themselves xpats that are not ! Immigrants as some may think they are, but rather working towards creating an Asian multi country visa, headed by Thailand and Vietnam. Your time of free-loading is over .. Thaksin is back, approved

by the King !

they will take everything you have. except for your woman. she’s yours.

The tax situation is not ever changing. There was a single change made last year which came into effect in January this year and nobody seems to bother reading up on the regulations. Every person's tax situation in Thailand is unique to them, they only constant is if you bring assessable income into Thailand you have to declare it on a Thai tax return and may (or may not) have to pay Thai tax on it. It will depend on the type of income, the dual tax agreement between your country and Thailand (if there is one), the allowances you can claim in Thailand, whether or not you can claim a credit for tax already paid elsewhere on the money and so on

Ideas are abundant, but no one actually knows, right?

All up in the air right now.

Other posters advising to keep money at home country are on point. Bring in what you need ideally just pension money. Make sure your home country is covered by a double taxation agreement.

Best guess is you’ll end up paying something. Your pension will not be taxable. Anything over and above that brought in may be taxable if it wasn’t taxed at origin. However - who knows.

Bottom line- if you can handle paying something tax here you may want to reconsider moving here since undoing that would be a hassle.

No change in Tax situation here in Thailand

@Gary *******

It's really hard to say. Know that any place change in fast though.

Tax planning is probably and its great you are thinkingabout it. Where you live should definitely have a consideration of tax implications.

It's definitely got me looking at alternatives places to live. I have an active income with investments. If you are a pensioner, things can be a bit easier in most countries.

There are other countries than Thailand to consider that have better tax situation either similar costs of living, safety, climate, Healthcare, etc. Important to consider all your options but be flexible.

Ok as a retired financial planner, I've advised several people retiring to asia including Thailand.

This relates to Australians but may work for other nationalities.

Hold all your assets in your country of origin and have access on line. Use a credit card from your home country and pay it off via online banking.

Your local wife or girlfriend and the Thai government is to know nothing about this money.

Transfer the minimum required to Thailand to get the visa. Don't buy anything other than a bike or a cheap car.

Rent a house don't buy as it will be in her name.

Tell her you receive a monthly pension that dies with you. Give her and her family a small allowance each month.

If you are Australian use superannuation income stream as it is tax free.

I hope this helps.

Longterm view is not possible yet , short term still to be clarified but if they tax alot here people will go to other countries to retire this already seems to be happening