Answered13 days ago
What is the tax position for the 800,000 baht required for a retirement extension in Thailand?
Taxation: I think most people are aware by now that if you stay in Thailand longer than 180 days in a calendar year - any income that you bring in to Thailand (after 1 January 2024) is assessable - therefore you should obtain a Tax ID and complete a return. That does not necessarily mean you will be taxed on that money - it just means that it will be assessed to see if you need to pay tax.
There are various allowances and thresholds that come into play depending on your age and situation and I believe??? some visas may entitle you to tax concessions. For the benefit of simplicity – I am referring here to those moving to and living in Thailand on Non O and Non OA visas and extensions. When I worked it out, for someone of my age and situation there would be a small amount of tax to pay if over the year I brought in say 500,000 baht.
What I’m wondering here is what the tax position on the 800,000 you need for a retirement extension? I haven’t seen any exclusions for that so it seems it may well be assessable and that amount is almost certainly taxable………… anyone?
If the country where you currently submit your tax returns to has a Dual Taxation Agreement with Thailand it may depend upon the contents of that agreement. However, one thing I do know is that UK State Pension is assessable in Thailand. State Pension, not Government Pension – some people confuse the two and I believe the latter is not taxable.
There are various allowances and thresholds that come into play depending on your age and situation and I believe??? some visas may entitle you to tax concessions. For the benefit of simplicity – I am referring here to those moving to and living in Thailand on Non O and Non OA visas and extensions. When I worked it out, for someone of my age and situation there would be a small amount of tax to pay if over the year I brought in say 500,000 baht.
What I’m wondering here is what the tax position on the 800,000 you need for a retirement extension? I haven’t seen any exclusions for that so it seems it may well be assessable and that amount is almost certainly taxable………… anyone?
If the country where you currently submit your tax returns to has a Dual Taxation Agreement with Thailand it may depend upon the contents of that agreement. However, one thing I do know is that UK State Pension is assessable in Thailand. State Pension, not Government Pension – some people confuse the two and I believe the latter is not taxable.
Answer summary
Individuals living in Thailand for more than 180 days must obtain a Tax ID and complete a tax return for income brought into the country. The 800,000 baht required for a retirement extension is generally considered assessable income, but whether it is actually taxable may depend on its source and the individual's tax residency status. Various allowances and tax agreements can influence tax liabilities, meaning that not all income may be taxed in Thailand. Discussions reveal that retired individuals with funds from savings may avoid taxation on the initial deposit if it was previously taxed.
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Oo *****
I have been looking for an agent who understands both Centerlink and Superannuation from Australia in Pattaya. Any Aussie out there know of one?
Phil ********
OPIt amazes me just how many people think they are above the law and don't have to comply with the new (ish) tax rules. Much the same as those who 'bought' land using a Thai Ltd Co. and nominee directors...................................................................................
Dick ********
Not all income brought into Thailand is assessable income. Don’t spread falsities
Lee ********
Dick Greene er, no…ALL money brought into Thailand, if you are taxable (180 days) IS to be considered in a tax return. You may have already paid tax on it in your country, and with a DTA that will be considered…but they will count it for sure
Shayne **********
Alexander *************
Be aware that there is a difference between filing a declaration and paying Thai tax. Depending on your DTA most remittances to Thailand are assessable income and potentially being taxed. But already paid tax on income can be used as “tax credits” when calculating Thai tax. Some DTA might have income as “non assessable” for Thai tax purposes and this is not to be declared. The vast majority living here as resident do have to declare and use their “tax credits” calculating Thai tax which mostly going to be 0. But the filing a declaration is mandatory regulated by Thai law. Not doing so is a criminal and civil offense.
Alexander *************
I assume the initial 800’ is from savings and earlier taxed upon. In that case there is no Thai tax but probably you have to have some records on this if questioned.
Danny *****
The 800K Deposit in the Thai Bank must also be reported to The U.S.
Yes the U.S will find out...
Yes the U.S will find out...
Don't ***********
What you gonna get paying 35% tax on money from overseas? Health insurance, permanent resident, decent retirement pension, own a home with land? NOTHING. And my Thai wife will get exactly the same - nothing
John ********
Always listen to the Tax Professionals on FaceBook! 😂😂
IndigoF*******
What about your pensions? My pension already taxed at source in uk.
SolidHe*******
It is all income remitted into Thailand that was also earned after 1 January 2024. If you have a large savings base from before that date, you can say all moneys remitted since then (for the time being at least) came from that pre-2024 pool and are therefore not subject to taxation. But let’s be real, 90% of Thais don’t even pay income tax, look it up.
Richard ******
I live in the UAE, we don’t pay tax… a bonus for living here. When I finally do the move to Thailand will my 400K (married to a Thai) be taxable along with any money that I pay myself throughout my time there? As we don’t pay tax here on income theres no dual taxation agreement….
John **********
@Richard *****
what's important is where the income comes from, not where you liveCraig ********
Richard Wade if you can prove that the money you bring in has come from personal savings prior to moving, then not assessable. If the ongoing moneys is from interest earned or share dividends or other investments then it will be taxable income.
Javi ****
Richard Wade you can gift your money, shares, etc., to your Thai wife or children. And it's exempted up to THB 20 million / person / year . This isn't tax advice. Consult with a professional if this might work for you.
Nick *******
Javi Hr it is exempted from her perspective ie she will not have to pay tax on it, I do not believe it is exempt from assessable remittance for you. You also have to show you do not get any benefit from that gift.
Brenton ******
Richard Wade if you pay no tax on it then Thailand has the right to tax it. I only know about Australian super which is tax free in Australia though. You are married you should look into gifting money to your wife to avoid taxes in Thailand. All you need to show is that you don't directly benefit from her gift. I would say if you bring money in to buy a car for example, it would need to be in her name, but how can they stop you driving it.
Phil ********
OPRichard Wade It will be assessable for tax - whether you pay tax on it or not depends on the personal allowance and other allowances which vary according to your age and circumstances. One thing to be careful of - if you intend leaving the 400k in the bank and adding income as you go along for living expenses etc. - that will be added to the 400k for assessment in the first year.
James *******
Richard Wade best to ask this in a new Post of your own (and preferably in an expat tax group for assistance from tax experts)
Mike ************
Richard Wade So yes
Mark ********
If you use a USA credit card for purchasing big items in Thailand but pay the bill in the USA, is that considered Thai taxable?
Mark ********
Petr S. Van Valkenburg I am sure they will. I will also have a good friend house sitting so he can forward if necessary. Sounds easy, will see how it works out 😎
Petr *********************
Mark Larson exactly what I would do, will they send you the replacement card (before expiration day) into Thailand?
Phil ********
OPMark Larson A question for an accountant.
Andy **********
Mark Larson No as impossible to track.
Mark ********
Andy Johnston thank you. That is what I thought. My wife & I are moving over next year. I will be on a Non-O & got my bank account last year when bought our house there. Looking forward to meeting some of you fine folks!
Adrian *********
If you bring in 800k and can not prove it has already been taxed, will you not end up paying over 100k in tax and be left with less than 800k?
Exciting********
Don’t think too much
Glen *********
Not actually correct, you only need to apply for TIN if your income is assessable. If you have no assessable income you do not, not all income is assessable income. Under Australia DTA social security payments (age pension) is assessable and taxable income inside Thailand, Australian Government ex-employee pensions (DFRDB, PSS etc) are not assessable incomes in Thailand, and thus not taxable in Thailand. Each DTA is different.
Phil ********
OPGlen Shkolar It is your duty to apply for a TIN. If you don't and your income is later found to be assessable, I think you'd be in hot water.
Glen *********
Phil Wilson again you are wrong, the legal requirement to apply for a TIN is assessable income. Stop giving financial/tax advice when you are unqualified and wrong!
Ed ********
Phil Wilson I have heard that many people go to the revenue section to get a TIN.
They are told they do not have to get one
Most of the financial advisors suggest to get a TIN, ut that is to get money out of people.
The revenue dept know who you are as they take tax from the interest from your bank account.
So believe who you want to believe.
I have been here 11 years.
I have never been contacted to submit a TIN.
They are told they do not have to get one
Most of the financial advisors suggest to get a TIN, ut that is to get money out of people.
The revenue dept know who you are as they take tax from the interest from your bank account.
So believe who you want to believe.
I have been here 11 years.
I have never been contacted to submit a TIN.
Ed ********
Phil Wilson This has always been in the Government act for a long time.
It's just recently the government wanted to raise more money.
You can check if you don't believe me.
It's just recently the government wanted to raise more money.
You can check if you don't believe me.
Tony *****
Nick White can you clarify that please with info from the Thai Tax office? It’s pretty confusing. As far as I’m aware the Thai Tax office is no different in how it operates from any other Tax office with respect that it’s them that decide if income is assessable or not, not the individual. Of course we can see that ourselves but normally still needs official Tax office sign off.
Why are Tax rules always so bloody vague!!!
Why are Tax rules always so bloody vague!!!
Nick *******
Martin Mairesse it is based on remittance, not income….
Martin **********
Roger Lorton That last part is the key. Phil Wilson, a declaration or tin, is not needed, in that case. There is no obligation, to do anything if you got no taxable income.
Nick *******
Phil Wilson nonsense. There is no legal requirement to apply for a Tin unless you are remitting assessable monies. You do not need a TIN just because you are here more than 180 days.
Glen *********
Roger Lorton correct 100%
Roger ********
Phil Wilson There is no requirement to apply for a TIN unless you, as a tax resident, bring in an assessable sum.
Phil ********
OPEd Miller This has been publicised since at least 2023 to my knowledge. The requirement to apply for a TIN is a legal one. I believe my accountant who reminded me of this requirement just 2 weeks ago. I don't think Thailand is any different to the UK in that it is your responsibility to find out whether you are liable for tax or not and that the revenue can act retrospectively. Do you think foreigners are somehow different to Thai citizens?
Doug ******
The best option is to bring in the 800,000 for the retirement extension in a year you are NOT a tax resident. For example, move to Thailand the second half of a calendar year (i.e 2026). You will not be a tax resident during 2026 because you’re in Thailand less than 180 days. During that time you transfer in the 800,000 and any extra initial money you need.
Craig ********
Doug Mann if the
*****
0 comes from savings accrued prior to becoming a tax resident then it is not taxable income. I plan to live if savings for the first 6 years, before accessing my superannuation. As long as none of the money I bring in is earned from interest it is all tax free. This was I go from a Thai tax agent. Once I switch to my superannuation then that becomes taxable income as I pay no tax in AustraliaPhil ********
OPDoug Mann Exactly what I did with my 400k + I got all the work done that I had planned on my house and bought my truck whilst I was not tax resident.
Ian ********
Doug Mann what I did not rocket science
Motivate*********
Wat if u have no income
Nick *******
MotivatedFrog4797 as it stands you are still liable for tax on money you remit to Thailand unless you had those savings prior to Jan 2024
Craig ********
Nick White not just prior to 2024. Pure capital, personal savings, or the principal of an account are not considered assessable income under Section 40 of the Thai Revenue Code. But as you have said, you should file and have a TIN. The people that say I never have will be in for rude shock as their tax department catches up with the west and starts pulling in data from banks.
Nick *******
Craig Gurden indeed, their heads are buried so far in the sand I am surprised they are able to write comments on FB! Either way I hope they change the rules as has been suggested, it’s a total false economy in my opinion.
Martin **********
Nick White Not true. If taxes have been paid in country of origin, and it are just savings, nothing to declare. I have a pay back on a loan, without interest, nothing to declare. It is no accessable income.
Phil ********
OPMartin Mairesse That is not for everyone - it depends on any DTA your home country has with Thailand. Plus, in some cases, if the tax would have been higher in Thailand, you may have to pay the difference. Its complicated but my accountant did a quick calculation and stated that I would have about 7000 baht per year to pay if my income is around 500,000 baht per year - more if (when) my wife starts work.
Todd *********
Martin Mairesse not even remotely true. Read your own country tax treaty with Thailand. And then understand your legal obligations as a Thai taxpayer. It is entirely assessable income if remitted into Thailand. Hopefully taxes paid in home country is enough to cover it for you
Nick *******
Martin Mairesse you are wrong. You have to declare but that doesn’t mean you have a liability. You can offset against tax paid if your own country has a DTA. Savings are considered assessable unless you had them before Jan 2024.
Motivate*********
Nick White how much
Nick *******
MotivatedFrog4797 depends on many factors but you know that already…
Todd *********
MotivatedFrog4797 save a lot of money on taxes
BlueElep********
If the 800k come from your saving == not taxable.
Todd *********
BlueElephant4528 of course it's taxable. It's funds remitted into Thailand as a tax resident.
BlueElep********
Todd McGowan no, Thailand tax income ( and capital gain ) ( if remitted to Thailand ). ( go read what a income is + exception / specific rule for gift and inheritance). Nobody tax "funds".
Craig ********
Todd McGowan incorrect, any savings prior to becoming a tax resident is not assessable income. Just ensure you have good records.
Marty *********
If you come to Thailand during the 2nd half of the year then you would not be a tax resident for that year.
John **********
There are no exclusions for the 800k for a retirement extension, it's just part of the money you remit to Thailand every year. If it comes from assessable income then it is taxable in Thailand, although that doesn't mean you will actually have to pay Thai tax. As you point out there are various allowances you can claim, plus you can claim a credit against Thai tax for any tax already paid on the income you bring in.
Curtis *******
@John *********
The fee for the Thailand Elite Visa is not accessible. Also, as mentioned before, some pensions and social security payments are exempt!Todd *********
Curtis Darby of course the fee is assessable. Other exemptions depend on reading your specific tax treaty with Thailand.
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