For those who want to open a bank account I want you to watch this to pay very special attention to: 12:00-12:15
“What triggers expatriation into thailand”
“Opening a bank account and trnasferring funds into that bank accout”
This is how I take that.
1. If you make a bank account here, it is purely to make your tax simpler/easier. I’m going to call an accountant tomorrow to see if we even need to lodge a return if we don’t bring any money in, but I assume we do over 180 days. If someone knows, please comment. I would prefer not to have to make a return if not needed.
2. All your spending should be with revolut and wise to not trigger expatriation. Do not just simply transfer money into a Thai bank account willy nilly. Only transfer money in you expect to be taxed. So 149,999 cap if you want to do it tax free.
I’m not sure if Western Union counts but I might even take that out somewhere else in the 6 month break.
TLDR : Answer Summary
The conversation primarily addresses the nuances of opening a bank account in Thailand for expats and the potential tax implications associated with it. It highlights the importance of cautious money transfer practices to avoid triggering expatriation status. A suggestion is made to limit transfers to below 149,999 Baht to remain tax-free, and reliance on international financial services like Revolut and Wise is recommended to facilitate spending without complications.
