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Thailand 0% tax

#145
Jbb1 said:
If you don't tell your bank you are a Thai resident they won't receive any information, also the shared data does not include card transactions only account balances.
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But it wouldn't matter if you told your foreign bank that you are living in Thailand, what matters is that you don't bring money into Thailand, at least that's what I understand...
So don't have a bank account in Thailand and just use your foreign debit/credit card to access your money and pay for things in Thailand.

Now I don't know if the Thai authorities have a way of making you pay taxes on that money that you let's say withdraw from the ATM, that would be considered as "bringing your foreign money into Thailand"?

backpacker said:
In case you're a tax resident of Thailand, your worldwide income will be taxed.
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That's not how I see it, according to the new information published you'll have to pay taxes on money remitted to Thailand, not if you leave that money abroad.
 
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#146
Radko said:
Anyone knows if it's possible to live in Thailand and never bring any money, just paying everything with a foreign debit or credit card?

What happens if you withdraw money from an ATM, with your foreign debit or credit card?
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I don't know about Thailand specifically but every other remittance-based taxation jurisdiction I've come across, using a payment card (for cash withdrawal or for card payments) is considered remittance.
 
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#149
Jbb1 said:
What about if we remit this year all the money for expenses in the next couple of years?

This would make it possible to live in Thailand tax-free for a couple of additional years.
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Rest assured, you will be taxed on your worldwide income. There Is still time to publish clear guidance. But the new government needs revenue and wants to tackle inequality -> https://www.businesstimes.com.sg/in...tighten-tax-rules-overseas-income-aid-economy

Just move elsewhere and leave the worries behind.
 
#150
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#152
mrthit said:
they also recently increased the price of the Thai Elite visa.
However being thailand things can change 5 times before 2024.
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You can't pre-plan a life if they don't give a consistent direction.

Ref Elite - crickets on that front.....

At least it's 180 days, so sunny season get to live in Thailand, and then bounce around indonesia/Malaysia/HK for the rest with trips to Europe for the summer (there).

But not ideal if you have young kids/children.

Speaking with a few people, this also impacts people bringing funds into buy real estate so that's gonna implode..
 
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#153
wellington said:
You can't pre-plan a life if they don't give a consistent direction.

Ref Elite - crickets on that front.....

At least it's 180 days, so sunny season get to live in Thailand, and then bounce around indonesia/Malaysia/HK for the rest with trips to Europe for the summer (there).

But not ideal if you have young kids/children.

Speaking with a few people, this also impacts people bringing funds into buy real estate so that's gonna implode..
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Where would you be a tax resident of if you spent less than 180 days a year in Thailand?
 
#154
bnpsu said:
Where would you be a tax resident of if you spent less than 180 days a year in Thailand?
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I'm non-resident British, so technically no tax in the UK unless i do business, have real estate etc in the UK, which i avoid, and also don't have sterling accounts or visit the UK.

Therefore it comes down to the 180/183 day tax rule.

Under Thai law they are loosing the 12 monthly tax harvesting system, and moving to the 180 day (or 183 day) tax rule system, so spend less than 180 days there, and spend the rest elsewhere and the game continues.

Note thats on dividends etc not sure on Income, i don't get that, as i get a dividends every so many years (5+) and live off that for the proceeding years.

But the new process means 'money remitted' will be taxed, as a elite visa holder, i'd drop the elite and go to visa exempt, and spend less than 180 days in the country, thus not taxed for funds brought in.

Company likely being moved to Malaysia (Labuan) which is tax free for the company, myself would have to pay tax if i take up the visa offering and live in Malaysia (over or under a certain period of time unsure).

Otherwise perpetual traveller (again not ideal with children) but most countries don't charge tax for dividends if its overseas (it would be) and under 180 days residence (which it would be) worst case, Caymans, Dubai etc and liquidate everything and live there.

I'm not enthusiastic about Dubai as its soul destroying, but Thailand will have a higher tax than a lot of Western countries going forward reading this.
 
#156
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#157
wellington said:
You can't pre-plan a life if they don't give a consistent direction.

Ref Elite - crickets on that front.....

At least it's 180 days, so sunny season get to live in Thailand, and then bounce around indonesia/Malaysia/HK for the rest with trips to Europe for the summer (there).

But not ideal if you have young kids/children.

Speaking with a few people, this also impacts people bringing funds into buy real estate so that's gonna implode..
Click to expand...
I would argue Thailand is not the best place if you wanna stability/consistence, however for how much I like to say “expect everything in Thailand” I didn’t see this coming at all.
Maybe joining CRS was a signal.

I see the impact real estate
 
#158
wellington said:
Even the Italian lump sum tax would work out amazing in comparison to what i could end up paying in Thailand based on expectations in 2025-2028, chicken feed in comparison.

Yep, not just income, everything.
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Not to mention the hefty cost of the new Elite Visas, they are about to get too expensive, this with the new tax situation makes Thailand a lot less attractive imho.
 
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#159
Radko said:
Not to mention the hefty cost of the new Elite Visas, they are about to get too expensive, this with the new tax situation makes Thailand a lot less attractive imho.
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It's ridiculous to say the least.

Also summed up in the Bangkok post article, socialism... paying Thai's 10k THB each... its to pay for that.

Put into perspective, i'd hazard a guess this policy will rip the bottom out of the property market, consumer stables market, and so on, literally leading to Thailand going through financial chaos.

I know people living in Thailand spending 1-2m$ a year (Europeans, Old money) they will exit, theres hundreds spending 500k-2m THB a month - they will exit... then there's the average income and pension aged that will feel the squeeze.

Also consider if you will, the sheer amount of wealth transfer from Russia, China, and Ukraine to Thailand over the past two years, and how that will stop due to this taxation, Russian's literally buying property they can truly never own, setting up businesses paying fair wages to Thai's, that will all end.

UK, EU, US funds are obsolete compared to that wealth influx... in-fact arguably from experience of observation, most Europeans/US are broke a*s beer bellied sex-pats.
 
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