What should expats know about tax liabilities related to using Wise in Thailand?

Nick Green Ok, tell me, did you use wise often in Thailand or UK? how long do you live in Thailand a year base? how often do you use wise transfer from UK to Thailand? or do you not use money transfer with wise at all?? That all makes Wise. If you seldom used Wise in Thailand, Wise does not care. and if you stay in Thailand for months only a year, Wise does not care. For example, you used wise in UK to send your money from UK to Thailand with wise. and do not use wise in Thailand or once or twice a year so.. Wise does not care. your main address is in UK by transaction or using history. VPN can not last long for you. That is actually against Wise rules and fake. Some day, Wise will know. In my case, I registered wise first in an other country ( not in Thailand) and since last year, I moved to Thailand and living here mainly more than 6 months a year. So my real address is in Thailand. once or twice I used Wise to transfer my money to my thai bank account a month and regularly. and sometimes I transfer my money to other countries, where I also have accounts and sometimes I go to. Then, my wise using pattern clearly shows that I am living in Thailand. so, early this year, I got a notice from wise to update my address. with warning, if I do not, within one month, my wise will be closed or frozen or limited to use. I do not know your conditions and patterns with using wise. But if you use wise like me, and really living in thailand like me, some day in future, no one knows when, you will get a notice from Wise. Wise is not stupid, Wise will know where you are and used VPN. The question is only When.

Nick Green you missed my point but sure

@John ********

I've watched entire meetings with Thai tax officials at embassies of countries with double taxation agreements and they basically said you can shove your DTA up your rectum, just Thai-style, more polite.

Young You can have a residence in more than one country

Dany Nomads not correct. The fact is, Wise will know where you really live. I am not sure if your real address where you actually live is connected to Tax resident. Not sure yet. When Wise knows you live in Thailand, not in registered country before, you will get a notice of update of your real address. So if you do not, your wise will be frozen, closed or limited. Registered address does not play a lot in wise, your actual address only plays a lot for wise.

Stephen Woods if you became Thai tax resident, you will see a notice in your wise app, which says, update your address. If you do not update it within one month, your wise account will be frozen, closed or limited to use. Wise will know where you actually lives and uses Wise. It does not matter where your wise account registered before. The question is only when wise will know. I registered my wise account 5 years ago in another country. I live in Thailand now for more than 1 year. Last year, Wise asked me to update my address. So I had to update it, so now my wise is Thai wise.

Dany Nomads 100% correct. I have an Australian wise account. No change.

Paul Singlehurst-Ward great news then, as the previous comment said

@Barney *******

correct

@John *********

Thai Inheritance

TaxThreshold & Rates:

Thailand levies an inheritance tax only on the portion of an estate that exceeds THB 100 million per benefactor. Amounts above this threshold are taxed at 5% for lineal heirs (children, parents) and 10% for other heirs.

@John *********

i thought inheritances of up to 100 milliion baht were tax free? Im sure i read it somewhere when this first blew up ? I musta took a screenshot but id rather not search for it ))

@Barney *******

whether the UK state pension gets taxed or not will depend on the overall amount of assessable income you bring in, it counts as assessable income. With inheritance tax, it depends on the amount and whether you bring it into Thailand or not.

@David ********

that's why you can claim a credit against Thai tax, so you are not taxed twice on the same income

Paul Anthony McDermott no requirement to file unless the income is assessable money being remitted.

Keith Mark Dewey you do need to file tax return is you are in Thailand more than 180 days and have more than 180k per year in income

If your pension is taxed at source in UK then you will claim tax credit on your Thai tax return and prove tax has been paid, ie per the DTA

If no tax is paid at source in the UK, then you are likely liable for tax in Thailand, DTA doesn't apply as you haven't had a dual tax situation as you haven't paid tax

Everyone's circumstances are different of course, I think there are tax exclusions on civil servant pensions etc

Keith Mark Dewey DTA mean pay your tax in thailand after deduction of tax already paid...

Glen Shkolar Nope

Glen Shkolar Already got it on writing from TRO. Exempt.

Glen Shkolar you may want to read the DTA again

Mark Hothersall same as Australia

Stephen Howell not correct, the Australian pension is not protected by any DTA and is taxable in Thailand, only Government super pensions are protected under DTA.

Keith Mark Dewey The UK State Pension is not protected by the DTA. Only Government Pension, forces, civil service etc.

@Keith ************

nope, only civil service type pensions are protected by the DTA between the UK and Thailand. The state pension is excluded along with the vast majority of workplace pensions

Keith Mark Dewey Actually the UK is unique in that it's one of the few DTAs which doesn't protect pensions which is strange considering countries such as USA, Canada, Australia and NZ all have clauses which make pension exempt from taxation

Keith Mark Dewey that may be.

GreyElephant🐘 A lot depends on tax residency as defined by the DTA. It is possible to have DUAL tax Residency, in which case the tie-break formula in the DTA will determine which jurisdiction has sole taxation rights