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Will my savings be taxed in Thailand if I retire there?

Thailand tax rulesRetirement in ThailandExpats in ThailandVisa for retireesThai bank accountsIncome tax in ThailandAustralian savings and taxSuperannuation taxationForeign income taxation
Mar 7, 2024
10 months ago
Jay *******
ORIGINAL POSTER
Im over 55 and looking to retire in Jomtiem. My only income will be my savings in Australia and not enough to be taxed in OZ.

My question is will savings be considered earnings and then be taxed in Thailand?
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TLDR : Answer Summary
A user over 55 seeks clarification on whether their savings, while planning to retire in Jomtiem, Thailand, would be considered taxable income. Community responses suggest that if the savings do not generate income through interest or dividends, they may not be subject to Thai taxation. However, with recent tax changes, there are concerns about the transfer of funds and potential taxable status if they have not been taxed in the original country. It's generally agreed that savings themselves are not considered income and hence should not incur taxes in Thailand, especially if proper tax payment can be demonstrated from the home country.
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John ********
Keep your money in your home country,the answer to your question is savings is not income so just leave your money in OZ and use your atm card when you need it

Every once in a while you hear of bank employees wiping out foreigners bank accounts so if anything keep the bulk of your savings home and start a small checking account in Thailand
9 months ago
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Craig *********
@John *******
 you need 800 000 baht in the account for retirement visa
9 months ago
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Craig *********
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Bob *******
There are many confusing responses to the question of the tax concerns. If there is an absolute black and white authority on the issue can someone please post it. I watched this video yesterday and it didn’t alleviate any of my concerns.

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9 months ago
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Craig *********
@Bob ******
 pretty simple. Just know the difference between pre and post tax funds. If you have already paid tax on the money coming into Thailand then its non taxable. Once the money is in the Thai bank and you buy stock or something you buy and then sell any profit (after expenses) would be taxable).
9 months ago
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Bob *******
@Craig ********
 so tax exempt in the UK. Becomes taxable here in Thailand as no tax was due or levied on the funds remitted?
9 months ago
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Craig *********
@Bob ******
 not sure what you mean here but anything you made in the UK that you didn’t pay tax, and then bring those fund untoThailand would be taxable. Chances of them trying to grab it is another thing.
9 months ago
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Craig *********
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Jim ********
@Bob ******
 This video is from a tax advisor touting for business. Surely you haven't been conned by this crap? 🤣
9 months ago
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Bob *******
@Jim *******
 no, but the blogger wasn’t touting just gaining advice. There needs to be clarification before people “head for the hills”!
9 months ago
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Jim ********
@Bob ******
 The blogger was advertising a "tax expert" who wants to spread fear so he can get customers. What clarification do you actually want? There seems to be a lot of people "waiting for an announcement", even though the changes made to the tax laws has already been announced.
9 months ago
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Bob *******
@Jim *******
 if a person retires here on a UK state pension which attracts no tax as it’s under the minimum threshold will remittance be taxed here in Thailand. If that person has savings accrued over a number of years and remitted from those savings will they be taxed. If I sell my house and make a profit on it but it isn’t taxed in the UK do I pay tax when I import those funds?
9 months ago
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Jim ********
@Bob ******
 UK has a very bad DTA with Thailand. Fortunately us Aussies and the Americans as well, have a brilliant DTA which excludes pensions. Can't help you with this one!
9 months ago
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Bob *******
@Jim *******
 how about remiting savings or house sale proceeds?
9 months ago
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Jim ********
@Bob ******
 Savings are not taxed. Is the house an investment or owner-occupied?
9 months ago
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Jim ********
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Christopher *************
No Australian pension?
9 months ago
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Eric ***************
If it's been taxed in New Zealand then no.need to.worry
9 months ago
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John ********
Ask the tax professionals on FaceBook, they know everything!
9 months ago
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Jim ********
No. Savings will not be taxed. Only INCOME can be taxed
9 months ago
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Cliff **************
If you do an annual tax return in your home country then no Thai tax payable.
10 months ago
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Jay *******
ORIGINAL POSTER
Awesome answer's thanks.

I will be looking at a retirement visa and getting a Thai bank account. No Thai wife or kids and won't be working.

Will leave majority of savings in a Oz and work out much I can transfer without incurring any tax.
10 months ago
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Robin ********
@Jay ******
 check if Thailand have an agreement with Australia. If they have then as long as you can prove 5ax paid on money transferred to Thailand then no problem.
9 months ago
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Robin ********
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Christopher *************
More tax bullshit answers again
10 months ago
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Paul ************
One would assume he will open a Thai bank account. Is it not straight forward to transfer cash from his home account? I'm asking as we will be doing the same, 3 years and counting.
10 months ago
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Garrett ***********
@Paul ***********
 It's very straight forward, you're not taxed on money transferred in. People are just bored and talk out of their ass.
10 months ago
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Paul ************
@Garrett **********
 I do get that impression, thanks for the info.
10 months ago
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Paul ************
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Jon ******
So is interest earned from savings taxable? And if so at what rate?
10 months ago
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Robin ********
@Jon *****
 if savings have been taxed and Thailand have agreement with your home country then no problem .
9 months ago
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Jim ********
@Jon *****
 It could be assessable if it's transferred into Thailand
9 months ago
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Jim ********
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Mike ******
Anyone know if Australian superannuation will be taxed if money from it is sent to Thailand? I once read Thailand will require tax to be paid if the Australian tax is lower than the Thai tax
10 months ago
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Jim ********
@Mike *****
 You read wrong (or most likely you read a bs post). Pensions, annuities etc are taxable ONLY in the country in which they're paid
9 months ago
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Mike ******
@Jim *******
 Hi Jim. Super is different from pensions & annuities as the super fund invests in stocks, property etc & it grows an average of 7 or 8% p.a. I regard it as an investment, an alternative to direct investment in shares & property. Are transfers to Thailand from Australian superannuation also not subject to Thai tax? Thanks for your input
9 months ago
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Jim ********
@Mike *****
 I get a regular payment from my super fund, part of which I transfer to Thailand to satisfy the 65k baht per month transfer for a retirement visa. This is a pension Whichever way you look at it. It is taxable ONLY in Australia
9 months ago
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Mike ******
@Jim *******
 Thanks Jim
9 months ago
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Mike ******
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Arisara *********
@Mike *****
 why don't you get super to pay into your Australian bank account to the lowest income tax bracket l, so you don't need to pay income tax. If you are an Australian retirement age, your super earning is tax on your earning( income stream). Look at the tax threshold income for Thailand, you get it transferred to your Thai bank account from Australia bank account just enough to live and pay the lowest tax. I don't think Australian Super will transfer your money direct to your overseas bank account( I asked this question to the super employee in 2022- the answer is NO.

As an income tax, to my knowledge Thai tax is lower than Australia. However, if your income is very high the tax rate is probably very similar.

Check the rules also in Thai Tax Office website- สรรพากร
10 months ago
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Mike ******
@Arisara ********
 Thanks Arisara. Sure hope you're correct that Thailand won't tax transfers from Oz when the initial source is super. Yes, i would first transfer it to my oz bank account then use Wise to send it to my Thai bank account. As others said, may be safer to do ATM withdrawals. I read somewhere the tax changes are targeted to reduce Thai tax avoiders, but it's damaging their attractiveness to expats. Cheers
10 months ago
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Jim ********
@Mike *****
 Australian pensions are not taxable in Thailand. Why shift money around to different accounts? It achieves nothing
9 months ago
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Jim ********
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Kool *******
This is a new situation as of January 1st. concerning if that money would be taxed in Thailand. Basically if you are under the legal retirement age in your home country, and you bring money into Thailand regularly to live on, no matter where it comes from, Thailand is going to want the taxes to be paid on it. If the taxes have not been paid on it in your home country, then it will be taxed in Thailand. It is still up in the air how they will enforce this change, or what documentation they will want to see showing taxes have been paid, but they will.
10 months ago
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Paul **************
@Kool ******
 All income earned before 2024 is exemted, so if you bring funds in that were in your account on 31 december 2023 they will not be taxed. The Thai tax office published this in November last year.
10 months ago
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Kool *******
@Paul *************
 exactly. This went into effect Jan 1st. Meaning any money brought into Thailand after last January 1st is relevant
10 months ago
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Kool *******
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Rok ********
@Kool ******
 …. Subject to being a tax resident (physicay present in the country more than 180 days per fiscal year)
10 months ago
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Kool *******
@Rok *******
 this will apply to almost everyone on a long term visa extension, not tourists.
10 months ago
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Rok ********
@Kool ******
 one can be a “visa status resident” in few countries but does not need to become also a tax resident (usually by 180 days physical presence). Dual tax residencies can be very expensive to administer, not necessary in additional taxes once the dual tax agreements kick in.
10 months ago
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Rok ********
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Roger **********
@Kool ******
 money must be earned in Thailand otherwise no tax
10 months ago
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Kool *******
@Roger *********
 that changed January 1st. Now any money brought into Thailand will be taxed if taxes have not been paid in the home country, and the home country has a tax treaty with Thailand. This was done to close a loophole that allowed money earned out of Thailand to be allowed into Thailand tax free if it had been held in an offshore bank for over one year from the time it was earned. This ended Jan 1st. Now any money brought into Thailand must have had the taxes paid on it, or it will be taxed in Thailand for those on long term visa extensions. Being a person can legally retire in Thailand at 50 years of age plus, and that is too young in most countries to retire and get a pension, Thailand will want to make sure appropriate income taxes have been paid on it. This is part of the ever stricter international anti-money laundering laws and regulations.
10 months ago
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Kool *******
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Roger **********
Keep your money in Australia. You’re not earning in Thailand so no tax .
10 months ago
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Gary *********
@Sue *********
 Nobody is turning on you, people are just posting options 😀
10 months ago
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Sue **********
@Roger *********
 And how will be able to live in Thailand without any money brought into the country?

He will also have to do a tax decleration anyway if he lives more than 180 days here and will have to prove that the money he spends in Thailand is from his savings
10 months ago
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Bob **********
@Sue *********
 no body knows what is going to happen until the end of the year,if I had to guess I think an expat won’t get bothered
9 months ago
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Gary *********
@Sue *********
 those things in walls, called atms !!
10 months ago
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Sue **********
@Gary ********
 Why you guys turning on me? If this whole tax thing should ever really get serious and we all longterm expats get a tax id, then you can try out all your ideas of loopholes and see if it works when you will have to hand over tax revenue.
10 months ago
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Sue **********
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Roger **********
@Sue *********
 Money can come from anywhere. Lots of options
10 months ago
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Roger **********
@Sue *********
 easy peasy
10 months ago
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Roger **********
@Sue *********
 bank transfer to friends account
10 months ago
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Roger **********
@Sue *********
 Visa card
10 months ago
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Roger **********
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John **********
Depends what you class as savings. If your savings provide an income from dividends, interest, or some other means that would be taxable if brought into Thailand, but if you are just using capital you have saved up and not adding to it, it would not be. Basically savings are not income so not subject to tax
10 months ago
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Ruth *******
@John *********
 hence the complexity. How does one show if X money is savings vs. Y money being gains when people have investments and savings?
10 months ago
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Mike *****
@Ruth ******
 Simplest choice is best. It's not possible to determine if you're spending X or Y. Therefore you (and anyone preferring to keep retirement life in Thailand simple) will designate that all funds brought into and spent in Thailand came from pre-existing savings and all interest/dividend income stays in home country.

As long as you have a sufficient sum of core funds then the interest earned will not be a concern since it's not needed as 'income' being brought into Thailand.
9 months ago
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John **********
@Ruth ******
 if you can show what your savings were on
*****
/2023 then you should be good. Income post that date is taxable if you bring it into Thailand whether it passes through your savings or not.
10 months ago
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Ruth *******
@John *********
 hmmm…good point. I just don’t want to submit tax documentation. That might work. Thanks.
10 months ago
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John **********
@Ruth ******
 welcome to the club. My understanding is that if your assessable income is under 60k baht per annum you don't need to register for a TIN and thus don't need to file any tax documentation
10 months ago
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Ruth *******
@John *********
 I meant my tax documents from home, but that too :-)
10 months ago
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Ruth *******
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