I honestly don't think it'll happen or they'll figure out some exception. The real estate market is a huge money maker and this would alienate so many potential and actual buyers like the Chinese. It's like tripping over dollars to pick up pennies.
So every foreigner who brought a large amount of money into Thailand to buy property and who has been here at least 180 days for the year has a freakin tax liability?! Oh this is going to get good. 555
Ironically, according to numerous Thais Ive spoken with, these rules were supposed to target wealthy Thais that took advantage of tax loopholes with overseas investments/income. Go figure.
Well, technically its foreign earned income from this year (2024) that is brought into Thailand which is taxable, but also depends on factors such as if your home country has a dual tax treaty to lessen or eliminate the tax burden. Hence, I've been bringing over income earned from previous years (although I'm not even sure how one would determine this). The tax law is so poorly thought out and lacking detail that there is still a lot of ambiguity. I spoke with an accountant and he wanted a consulting fee but the dude had zero idea about how much if any I would owe. A lot of supposed specialists who haven't got a clue how this will turn out are scare mongering and trying to capitalize on it.
nobody knows how and if any taxes of foreigners will be enforced. The Thai tax revenue department has an extremely difficult time even collecting taxes from its own citizens.
Take your time, talk to an attorney/accountant/consultant (not FB), do a LOT of research. Then decide if you want to follow through with your business idea.
