Will the new tax rule in Thailand affect my savings if I stay over 180 days?

Oct 11, 2024
2 months ago
John ****
ORIGINAL POSTER
Hi …….. if I move my savings to Thailand . Will the new tax rule affect me ? If I stay over 180 days ?
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TLDR : Answer Summary
The discussion addresses whether moving savings to Thailand impacts tax liability, especially when staying over 180 days, which establishes tax residency. Key points include that savings aren't considered income, remittances can be tax-free if from before January 1, 2024, and it’s advisable to consult a tax professional for personalized guidance on the new tax amendments that primarily affect Thai citizens earning offshore.
Jim ******
Consult a tax specialist.

************************
Winston ********
I am already having taxes deducted directly from my Thai bank accounts
Michael *******
If you are here more than more than 180 days in a tax year - Jan-Dec you are tax resident - either avoid that or talk to an accountant they can provide guidance on how to minimize exposure. Remittances are now subject to Thai income tax.
Wayne **********
I'm coming to Thailand in April for a few months, vacation and looking for a small piece of beach front, 10 to 12 miles outside of PATTAYA

WHO SHOULD I CONTACT NOW TO START MY PROPERTY SEARCH
Frank **********
@Wayne *********
you should start your own thread.
David ***********
@Wayne *********
to buy or rent.
Ray ********
Should read ensuite rooms
Ray ********
@Wayne *********
not sure what you are looking for but we have a lovely home stay 25 miles south of Pattaya.. whole house or single enough suite rooms
Jean-Bernard ********
Et comment le gouvernement thaï (office des impôts) va t'il contrôler cela, que l'argent envoyé en Thaïlande date comme fortune AVANT le 31.12.2023 ? Merci pour vos réponses CONSTRUCTIVES.
Ian **********
Nobody knows yet. There has not been a new tax rule but just an amendment to the existing rule.
Nick ************
@Ian *********
and it wasn't aimed at expats so I doubt they will get caught up in it.
Ian **********
@Nick ***********
Correct, it's an attempt to tax Thai citizens who earn money online/offshore
Martyn ***********
@Ian *********
well said.. Wait dor panicking experts now.. 55
Pete *******
If by “savings” you mean cash sat in the bank pre
*****
/2024 then this can be remitted tax free when you are a Thai tax resident.
Tony **********
@Pete ******
does it have to be remitted prior to then to be excluded?
Pete *******
@Tony *********
it can be remitted any time in the future tax free
Gregory ********
Rather consult a tax adviser—not unqualified fbook consultants👍👍👍
Michael *******
Keep in your own bank!
Manfred **********
Savings aren't "income"
Todd *********
@Manfred *********
true. But income from your savings IS income. And fully taxable
Manfred **********
@Todd ********
so? Interest rate is 1.x%. Tax doesn't really matter for that. And dividends are taxed by deducting 10%
John ****
ORIGINAL POSTER
@Manfred *********
yes how do I prove they are savings ?
Craig *********
@John ***
did you pay tax on that income? Tax treaty with Thailand?
Bart **************
@John ***
you can prove that with a bank statement from January 1st, 2024.
Nick ************
@Bart *************
just got statements together fir all my holdings on that date. However, someone said these have to be notarized and supported by a letter from your bank.
Bart **************
@Nick ***********
I don't know. Possibly.
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