Thailand tax update 20/11/23
- Thread starter Wellington
- Start date
- Status
If income is taxable even on elite, does it make sense to pass it through an umbrella corp on a work visa instead? The tax rate would be the same and it would allow you to apply for PR after three years (and access to social security whatever it's worth).
https://www.bangkokpost.com/opinion/opinion/2714288/
Thailand and Foreign Investment -> As Thailand is on the 'older' side of the monsoon region demographics this makes sense, but i'd hazard it's more to do with Thailand warming to the US, and China's slow-down.
Moment you stop paying Social Security, you are not entitled to the perks as a foreigner.
That's my understanding, it's kinda like Dubai in respect, come, pay in,︀ then leave.
I know i still have a TIN from 2012 (i give it to︁ anyone that asks) but i don't believe i am entitled to any form of social︂ security.
Something like 4% pay taxes,︃ the rest is earned from vat, import taxes, etc.
Ultimately the middle class, and the︄ wealthy class pay taxes.
I was speaking with a Friend Fiiday night.
Villas/condos have been︅ sitting empty (Russian's bought en-mass but couldn't rent out and their prices are too high︆ for the market demand).
In addition a few local businesses (expats) who referred to September︇ being busier than December, in addition, lots of tourists walking around but not spending.
Thailand and Foreign Investment -> As Thailand is on the 'older' side of the monsoon region demographics this makes sense, but i'd hazard it's more to do with Thailand warming to the US, and China's slow-down.
Moment you stop paying Social Security, you are not entitled to the perks as a foreigner.
That's my understanding, it's kinda like Dubai in respect, come, pay in,︀ then leave.
I know i still have a TIN from 2012 (i give it to︁ anyone that asks) but i don't believe i am entitled to any form of social︂ security.
Something like 4% pay taxes,︃ the rest is earned from vat, import taxes, etc.
Ultimately the middle class, and the︄ wealthy class pay taxes.
I was speaking with a Friend Fiiday night.
Villas/condos have been︅ sitting empty (Russian's bought en-mass but couldn't rent out and their prices are too high︆ for the market demand).
In addition a few local businesses (expats) who referred to September︇ being busier than December, in addition, lots of tourists walking around but not spending.
If you have been paying in to SS for one year you can continue as a member even if you leave your employment.
Granted, you still have to pay the ~500 thb per month but it shouldn't matter what visa type︀ you have.
That gives you access to public healthcare, for what it's worth. Maybe a︁ decent fallback for a retiree once private insurance becomes unaffordable.
Granted, you still have to pay the ~500 thb per month but it shouldn't matter what visa type︀ you have.
That gives you access to public healthcare, for what it's worth. Maybe a︁ decent fallback for a retiree once private insurance becomes unaffordable.
I'm in Thailand 20 years ... I agree with @TheCryptoAnt.
Small and personal matters; no one seems to notice or to care.
Big amounts likely a different story, but I have no experience.
Lawyers mostly worthless; trained only to fill in forms.
I don't depend on them for any advice.
Lots of chatter from my fellow expats about bribes.
I don't subscribe to that method of getting things done.
Prepare forms correctly, be patient sitting and waiting for your number to be called (I bring a book︀ to read), and that's all it takes.
Am I missing something?
On this topic, why︁ is nobody talking about gift cards from crypto in Thailand??
I've never used them, but︂ they are available for supermarkets, meal deliveries from restaurants, department stores, computers and mobile phones,︃ and much more. Even the Thailand version of Amazon (called "Shoppee" here) accepts gift cards.︄
Here's a link: Bitrefill in Thailand
And as "e" cards in a mobile phone app,︅ so convenient.
As tax laws are imposed -- assuming the laws will be enforced --︆ will gift cards become the "new cash" for expats living in Thailand?
Small and personal matters; no one seems to notice or to care.
Big amounts likely a different story, but I have no experience.
Lawyers mostly worthless; trained only to fill in forms.
I don't depend on them for any advice.
Lots of chatter from my fellow expats about bribes.
I don't subscribe to that method of getting things done.
Prepare forms correctly, be patient sitting and waiting for your number to be called (I bring a book︀ to read), and that's all it takes.
Am I missing something?
On this topic, why︁ is nobody talking about gift cards from crypto in Thailand??
I've never used them, but︂ they are available for supermarkets, meal deliveries from restaurants, department stores, computers and mobile phones,︃ and much more. Even the Thailand version of Amazon (called "Shoppee" here) accepts gift cards.︄
Here's a link: Bitrefill in Thailand
And as "e" cards in a mobile phone app,︅ so convenient.
As tax laws are imposed -- assuming the laws will be enforced --︆ will gift cards become the "new cash" for expats living in Thailand?
Not as far as I know. Only workaround I can think of would be to "work" for one of those umbrella corporations for a year, but the overhead will be significant (cost of Non-B visa, their fee and tax on minimum salary), most likely 500-600 USD per month.
yeah not worth it. I know one of those who is offering non-B + work permit but they can only onboard (foreign) companies as they need to invoice. They fee is THB 100K for the yearly paperwork (with a cumulative discount each year) + a fixed rate os THB 15K/month. They are︀ a legit BOI service provider.
I posted in another thread too but worths discussing it as it's very worrying.
New overseas income rules proposed
Your ideas? And where can relocate FAST (get residency etc to get this year tax residency from a zero percent country? Thank you!
New overseas income rules proposed
Your ideas? And where can relocate FAST (get residency etc to get this year tax residency from a zero percent country? Thank you!
That will not apply for 2024, only remitted amounts (that were earned this year) should be taxable for this tax year.
For zero percent the only I can think of is UAE but if you need a tax residency certificate for double taxation purposes it requires 180 days also.
For zero percent the only I can think of is UAE but if you need a tax residency certificate for double taxation purposes it requires 180 days also.
so for what you need a tax residency?
There are many many options. Latam offers a lot, Malaysia, Philippine, Cambo, Vietnam, Indonesia, Dubai, Qatar.
If youre overly worried, just take a longer vacay after June, europe until September then Malaysia 3months, go to Bali over new year and it brings us to January 2025.
There are many many options. Latam offers a lot, Malaysia, Philippine, Cambo, Vietnam, Indonesia, Dubai, Qatar.
If youre overly worried, just take a longer vacay after June, europe until September then Malaysia 3months, go to Bali over new year and it brings us to January 2025.
- Status