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Will my US pension and Social Security be taxable in Thailand when I retire?

US taxationThai taxationdouble taxation agreementretirement in Thailandexpat taxessocial security taxationpension taxationvisa and immigration issues
Jun 24, 2024
6 months ago
Bigd **********
ORIGINAL POSTER
When I retire here next year, will my US pension and Social Security be taxable in Thailand? Will I be paying Thai taxes and US Federal taxes? I guess at least I won't pay colorado state taxes.
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TLDR : Answer Summary
As an expatriate retiring in Thailand, your US pension and Social Security are generally not subject to Thai taxes due to the tax treaty between the US and Thailand. If you are a tax resident in Thailand (spending 180 days or more in the country), you will need to report your income on a Thai tax return, but you may not be taxed again if you have already paid taxes in the US. However, the situation is evolving, and the exact rules are not finalized yet, so it's advisable to consult a tax expert.
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Faye ********
It will be helpful joining this group. They have a free live Q&A every week all about expat taxes. "US Expat Tax Lounge™ with Mike Mertz, CPA". Hosted by an Expat Tax Expert
@Michael *********
 is a CPA.
5 months ago
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Robert *****
I keep a Los Angeles address and a Bangkok Condo. I use REMITLY to transfer from my personal California bank account directly into my Thai debit card account. I use a international credit card that has no conversion fees, paid for out of my United States bank account. I charge everything. There is no income stream to speak off. No payroll, no job. I doubt much could be made of it.
6 months ago
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Jimmy *********
Pensions are tax free in the uk

Makes sense as it comes from the government anyway
6 months ago
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Peter ********
@Jimmy ********
 That’s total BS. Like most other things in these columns of course.
6 months ago
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Jimmy *********
@Peter *******
 ok...let me clarify for you..., if your only income is from the state pension, you won’t pay any income tax.
6 months ago
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Jimmy *********
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Martyn ***********
@Jimmy ********
 pensions are not tax free in the UK....
6 months ago
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Martyn ***********
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Lance *****
The US will tax you if you exceed the minimum threshold. I don’t know about Thailand.
6 months ago
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John **********
The rules are clear, anyone saying they are not simply haven't bothered to find out for themselves. Starting on
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/2024 anyone who is a Thai tax resident (which means spending 180 days or more in a year in Thailand) then income you remit to Thailand in that year becomes assessable for Thai tax and needs to be reported to the Thai Revenue Department in a tax return by the end of March the following year. This does not necessarily mean you will have tax to pay on that as there various allowances you can claim. If your country has a dual tax agreement (DTA) with Thailand you can also claim a credit for any tax already paid in your own country on the income you remit to Thailand. Specifically for Americans the DTA between the US and Thailand means that Pension & SS payments will not be taxed in Thailand. However you will need to complete a Thai tax return to claim all the above.
6 months ago
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Peter ********
@John *********
 are you an accountant?
6 months ago
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Mac *********
@John *********
 are you sure? Taxation of Social Security Payments: According to the US-Thailand tax treaty, social security payments received by a US citizen from the US government are only taxable in the US. However, if the tax rate on these payments is zero in the US (which it often is), you won't have a tax credit to use in Thailand. Therefore, Thailand could tax this income if you are a tax resident ?
6 months ago
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John **********
@Mac ********
 the clue is "only taxable in the US "
6 months ago
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Mac *********
@John *********
 I am hoping that is true; I have other stuff that can be levied
6 months ago
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Mac *********
I am hoping that is true; I have other stuff that can be levied
6 months ago
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Mac *********
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Bigd **********
ORIGINAL POSTER
@John *********
 thank you!
6 months ago
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Martyn ***********
@Bigd *********
 your not listening are you...??​ All the above hasn't happened...
6 months ago
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John **********
@Martyn **********
 it has happened. It started on
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/2024
6 months ago
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Martyn ***********
@John *********
 has anybidy had an actual tax bill? Yes or no?

Your either American or new here?
6 months ago
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John **********
@Martyn **********
 of course not. That's not how it works. The Revenue Department does not send out tax bills. The onus is on the taxpayer to complete a tax return and pay any tax due. The first you might hear from the RD is if they get in touch to audit you and then if your found to have avoided tax the penalties can be pretty severe.
6 months ago
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Martyn ***********
@John *********
 than it hasn't happened yet... Case closed. This is Thailand my friend... This is Thailand.

.
6 months ago
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Martyn ***********
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Peter ********
I wouldn’t worry about it. A lot of people are worrying mainly because they like to worry. Personally I don’t think anything will happen. And if it does you can offset it partially or completely against US tax. But I’m not an accountant or International tax expert. And that’s the point. No one on FB is. They mainly talk nonsense. That’s my main advice to you. Stop worrying. Start living.
6 months ago
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Jo **********
No
6 months ago
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Bob *********
If you think about the taxes, the girls will stop smiling at you Better change your state of residence and open a virtual mailbox in a state with no income tax.
6 months ago
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Dirk **************
Nobody knows but it is unlikely.
6 months ago
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Dirk **************
Currently Thailand is going through a difficult economic time and the challenge is to raise revenue. The widely announced tourism tax was scrapped after negative publicity and resistance from various tourism organization. The Thai government is losing tax revenue from rich Thais who are investing and/or working abroad and never paid any taxes. This is why one tax official uttered the idea of taxing global income starting in 2025 after they joined the Global Forum. So ever since there has been talk (again) but after this initial announcement several weeks ago the Thai government has been very silent on the matter, in particular after the uproar it caused. As we have seen during Covid there is always a lot of talk, sadly often uncoordinated, and in the end nothing or something completely different happens. Even with the tax changes about bringing money into Thailand starting 2024 there is still no system in place on how to report it. So follow the news but do not freak out.
6 months ago
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Dirk **************
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กะลาสี *****
There is a tax treaty between the US and Thailand. I've looked it over & if you are paying tax on your pension(s) in the US, then it looks like you will not need to pay taxes on the money you transfer here. However, you may be required to file a Thai tax return and show proof that your money has already been taxed. Keep in mind that I am not any sort of tax expert so as Peter Weedall already said, nobody really knows what's going on yet.
6 months ago
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Mike *****
กะลาสี หมา I believe it will also be affected on whether you cut all US ties or whether you maintain a US address.

Many banks and credit cards require a US residential address (not a PO Box or mailing service) or they force account closures.
6 months ago
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Robert ************
@Mike ****
 not true unless it has changed I lived Thailand for 3 years 2011 too 2014 had mailing address Thailand credit cards and my charles Schwab no problem
6 months ago
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Robert ************
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Steve *******
The rules are not yet finalised.

One thing is for sure , you will not be double taxed. If you pay tax on it in another country then Thailand may only collect any differential if at all.

It may only apply to money brought into the kingdom but absolutely nothing is final yet.

At this point I would plan on

Yes you will pay tax on income brought into the country.

The tax will only be any differential. E.g if you paid $10 tax and the Thai total is $12x you will pay $2 to Thai authorities.

However that’s just a guess. Absolute nothing is finalised yet
6 months ago
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Mark *******
@Steve ******
 only for countries that have double taxation agreements with Thailand.
6 months ago
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Steve *******
@Mark ******
 correct. I suspect most of the people concerned are in tax treaty countries.
6 months ago
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Mark *******
@Steve ******
 yes I would assume that
6 months ago
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Mark *******
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Martyn ***********
No one knows... Dont listen to anybody saying different.
6 months ago
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Rene ********
What is the yearly minimum in Thailand, threshold for incoming cash? Anyone know?I mean not taxable?
6 months ago
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Rene ********
@Martyn **********
 that's the right answer!
6 months ago
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Rene ********
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Linhof *********
i expect to still be paying colorado taxes
6 months ago
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Bigd **********
ORIGINAL POSTER
@Linhof ********
 will you still have a colorado address?
6 months ago
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Linhof *********
@Bigd *********
 I do. I am having my mail forwarded to a friend
6 months ago
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Linhof *********
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Peter *********
Know one knows yet what's happening
6 months ago
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Peter *********
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