Thailand new change - world wide income at Thai tax levels to be taxed

[toums]

wellington said:
No if out of the country 180+ days in a tax year tax free.
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Our friend chat GPT saying :

New Tax Rules in Thailand for Repatriated Money​

1. Foreign Source Income: Starting in 2024, Thai tax residents will be taxed on foreign-sourced income repatriated to Thailand, even if this income was earned while they were non-residents.
   
2. Definition of Tax Resident: A person is considered a tax resident if they stay in Thailand for at least 180 days a year. Tax residents are subject to tax on their worldwide income, including repatriated income.
3. Dividends and Capital Gains: Dividends and capital gains from foreign sources repatriated to Thailand will be taxable. Income repatriated during the same fiscal year it is earned is particularly targeted.
4. Exemptions and Exclusions:
   • Savings prior to 2024: Funds saved before 2024 are not subject to tax if repatriated to Thailand.
   • Gifts and Donations: Gifts or donations to family members, such as a spouse or children, may be tax-exempt up to a certain limit (e.g., up to 20 million THB per year).
5. LTR (Long-Term Resident) Visa for Wealthy Citizens:
   • Holders of this visa may benefit from preferential tax rates on certain types of income.
   • A fixed rate may be applied to repatriated income, such as the mentioned $500,000.

 

[wellington]

Re-Read What I wrote, you can't be taxed if you are not tax resident in the year you received income and remit it.

 

[toums]

wellington said:
Re-Read What I wrote, you can't be taxed if you are not tax resident in the year you received income and remit it.
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So if you have lets say US 1M$ dividend or capital gain, earned in 2025 oversea AND you spend 179days maximum in TH in 2025 = you can remit this 1M. in TH 100% tax free in 2025 ONLY ?

 

[wellington]

As per the law as it's interpreted you only pay tax in Thailand if you remit income -
And for this example dividends whilst being a tax resident which is 180 days or more.

It's really that simple.

So for example -
Larry owns shares in a company that operates in say the Seychelles - Larry doesn't live hand to mouth and takes a multi year dividends payment every 5 years.

It's 2026 and it's his dividend year.

Larry is smart he knows if he remains in Thailand that year over 180 days in the tax year which is Jan 1 to Dec 31st then Larry will be taken to the cleaners by the tax department if he takes that dividends and remits it.

Larry is also smart because he knows Thailand doesn't have world wide taxation so Larry fucks off to Bali to be a beach bun for three months, Larry gets his dividends and decides it's time to enjoy the pleasures of HK for a while, so Larry fucks off to HK, whilst Larry is in HK he deposits his dividends into his Thai bank, it's now running up to 6 months and he thinks he'll take the slow train to Thailand from KL so a short hop to KL and slurping all my the chuga long train into Thailand after a 6 month and 1 week break.

Larry now has a tonne of money to spend on hoes and not a dime owed to a tax man.

Larry is smart, think like Larry and stop asking stupid questions.

 

[toums]

wellington said:
Larry is smart, think like Larry and stop asking stupid questions.
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Thanks for the clarification, but I don't consider it was a stupid question to ask if Thailand can still consider INCOME earned FROM 2024, even if you are NOT tax resident there (in this particular 'income/dividend' year) and you remit it locally in Thailand, as a TAXABLE event.

From my side, it's a legitimate question, but okay.

 

[TheCryptoAnt]

toums said:

1. Exemptions and Exclusions:
   • Savings prior to 2024: Funds saved before 2024 are not subject to tax if repatriated to Thailand.
   • Gifts and Donations: Gifts or donations to family members, such as a spouse or children, may be tax-exempt up to a certain limit (e.g., up to 20 million THB per year).

Click to expand...

https://jspaint.app/
yw yall, problem solved

 

[JackAlabama]

toums said:
Our friend chat GPT saying :

New Tax Rules in Thailand for Repatriated Money​

1. Foreign Source Income: Starting in 2024, Thai tax residents will be taxed on foreign-sourced income repatriated to Thailand, even if this income was earned while they were non-residents.
2. Definition of Tax Resident: A person is considered a tax resident if they stay in Thailand for at least 180 days a year. Tax residents are subject to tax on their worldwide income, including repatriated income.
3. Dividends and Capital Gains: Dividends and capital gains from foreign sources repatriated to Thailand will be taxable. Income repatriated during the same fiscal year it is earned is particularly targeted.
4. Exemptions and Exclusions:
   • Savings prior to 2024: Funds saved before 2024 are not subject to tax if repatriated to Thailand.
   • Gifts and Donations: Gifts or donations to family members, such as a spouse or children, may be tax-exempt up to a certain limit (e.g., up to 20 million THB per year).
5. LTR (Long-Term Resident) Visa for Wealthy Citizens:
   • Holders of this visa may benefit from preferential tax rates on certain types of income.
   • A fixed rate may be applied to repatriated income, such as the mentioned $500,000.

Click to expand...

@wellington got it correct here. chatgpt has a lot of wrong info.
Try it yourself @toums . Tell it "what you write is wrong. Please correct it" and it will write other stuff.

wellington said:
As per the law as it's interpreted you only pay tax in Thailand if you remit income -
And for this example dividends whilst being a tax resident which is 180 days or more.

It's really that simple.

So for example -
Larry owns shares in a company that operates in say the Seychelles - Larry doesn't live hand to mouth and takes a multi year dividends payment every 5 years.

It's 2026 and it's his dividend year.

Larry is smart he knows if he remains in Thailand that year over 180 days in the tax year which is Jan 1 to Dec 31st then Larry will be taken to the cleaners by the tax department if he takes that dividends and remits it.

Larry is also smart because he knows Thailand doesn't have world wide taxation so Larry fucks off to Bali to be a beach bun for three months, Larry gets his dividends and decides it's time to enjoy the pleasures of HK for a while, so Larry fucks off to HK, whilst Larry is in HK he deposits his dividends into his Thai bank, it's now running up to 6 months and he thinks he'll take the slow train to Thailand from KL so a short hop to KL and slurping all my the chuga long train into Thailand after a 6 month and 1 week break.

Larry now has a tonne of money to spend on hoes and not a dime owed to a tax man.

Larry is smart, think like Larry and stop asking stupid questions.
Click to expand...

well said.

TheCryptoAnt said:
https://jspaint.app/
yw yall, problem solved
Click to expand...

overall the best approach in lovely southeast asia which is a lawless area. 😉

Last edited: Jun 14, 2024

 

[wellington]

JackAlabama said:
@wellington got it correct here. chatgpt has a lot of wrong info.
Try it yourself @toums . Tell it "what you write is wrong. Please correct it" and it will write other stuff.


well said.


overall the best approach in lovely southeast asia which is a lawless area. 😉
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I must have said it three four times - I thought he was being “difficult” now realize he was just clueless so should have approached differently

 

[Marzio]

wellington said:
you only pay tax in Thailand if you remit income -
Click to expand...

I thought they will start taxing worldwide income even if not remitted from 2025.

 

[whatspat]

Marzio said:
I thought they will start taxing worldwide income even if not remitted from 2025.
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It was clarified in an update later the same day that this was being discussed, and apparently promoted by the new head of the TRD. I think this would require actual legislation to be passed to become effective, so can't be done through sleight-of-hand like the previous change.

It could still happen, but you never know in Thailand; if it impacts on the interests of too many of the elite and a government tries to press ahead anyway, we could easily end up with yet another coup.

 

[wellington]

Marzio said:
I thought they will start taxing worldwide income even if not remitted from 2025.
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Hasn't entered law and again simple to overcome - if you take multi year dividends in one year and pre-plan your travel away from Thailand for 180 days in that tax year

 

[JackAlabama]

Marzio said:
I thought they will start taxing worldwide income even if not remitted from 2025.
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rumors at this point, with a big if thats gonna come any time soon. Maybe a few years down the line (after all I wont deny the global trend in this exact direction in many parts of the world).
The local big dogs who don't wanna do / cant do what @wellington suggests (which is pretty easy to do for foreigners anyway) will have a say here .

 

[Mercury]

toums said:
Thanks for the clarification, but I don't consider it was a stupid question to ask if Thailand can still consider INCOME earned FROM 2024, even if you are NOT tax resident there (in this particular 'income/dividend' year) and you remit it locally in Thailand, as a TAXABLE event.

From my side, it's a legitimate question, but okay.
Click to expand...

An individual who is not tax resident in Thailand is only taxed on his Thai-sourced income (if any), it is as simple as that.

 

[TheCryptoAnt]

whatspat said:
we could easily end up with yet another coup.
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Best time to be in Thailand as a foreigner tbh; its like laws dont apply to you (unless you decide to go hitting Thais, then you are effed)

 

[wellington]

More tightening.

I recently received the last payment for a medical loan to a friend who was out of the country, absolutely ridiculous the time it took with the restrictions on the amount you can do without a facial scan (he's now visited and done a facial scan with the bank).

https://thethaiger.com/news/national/bank-of-thailand-intensifies-crackdown-on-mule-accounts

 

[cryptofriendly]

Mercury said:
Next: Thailand to drop unpopular tax on foreign income and back to true territorial tax system.
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They just announced that they gonna tax imports of small items (aliexpress, etc.) not starting from 1000 thb as now, but from 1 THB already.
I can't even start to imagine the overtime for the custom guys.
It looks like they are more desperate than ever.

Welcome to Thailand, the new TAX HUB,

 

[wellington]

cryptofriendly said:
They just announced that they gonna tax imports of small items (aliexpress, etc.) not starting from 1000 thb as now, but from 1 THB already.
I can't even start to imagine the overtime for the custom guys.
It looks like they are more desperate than ever.

Welcome to Thailand, the new TAX HUB,
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They did that a few weeks ago, i actually received a letter in the post with stamps on it with a face value of 150 baht, usually when you courier stuff you pay tax on the courier charge, so the question is, with this new change are the morons gonna tax us on letters lol

 

[JustAnotherNomad]

Are the 180 days per calendar year, or is it a rolling 12 months or something?

 

[wellington]

Tax year is Jan 1 - Dec 31st

 

[JackieTsan]

wellington said:
It's still income basically means you are ok if it's dividends as that year if you defer (which I do for 5-10yrs) is tax free if in that year you don't live in Thailand and then there's tax on what you remit from those funds but the beauty is that ultimately if you made money x years ago the principle even if invested is tax free when remitted - more than my life time”¦
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so you mean if you get dividends, from your company to your name, and you invest them personally they are not getting taxed??? Strange 🙂

wellington said:
Fortunately next door (Malaysia) is anti America - OECD currently due to Israel so they will likely retain their territorial tax
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I am researching about Malaysia, and I would like to apply. I'd extremely appreciate any further info. I'm not into headaches, so if the bureuocracy starts, I'd prefer to move to beautiful Malaysia if they give tax excemptions. Any info on this from the best expert @wellington ?? Thank you so much!

TheCryptoAnt said:
basically. If someone has spent at least 1 week in TH theyll be able to see how things really work here in the ground...
theres no way im paying
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I disagree with you. If Thailand implements new rules & laws you have to respect (we all have to respect), obay or go. I personally decided the third option (go). I am an admirer of Andrew Henderson and "Go where you are treated best", so I already believe I am spending &have spent a fortune in Thailand and whilst I'd like to relax, I always find something to worry. So, better for my self just to move out and do everything by the book and legally 10000%.

Markus92 said:
So Philippines without CRS rules and foreign tax income. On tourist visa you can live .... 3 years. The cheapest solution.
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You are wrong, there is full wordlwide income tax in Phils today; and no tax exemptions, unless you know something that I don't know