Question 1

If I kept my pension in my home country and do not send it over to Thailand, but live off the wealth I earned before 2024, do I still have to tax the pension in Thailand?

Chas Begley · Accepted Answer

Savings in the bank from pre2024 are not a taxable source of income in Thailand. Also you do not have to declare a pension if it is not remitted into Thailand. However, if you do remit that pension, then it becomes a potentially taxable source.

Question 2

Do US citizens who are resident in Thailand on a retirement visa need to file taxes? i.e. no income in Thailand but receive regular bank transfers into Thailand. My income is all from selling shares or collecting dividends from my US brokerage account. I pay US tax on capital gains and dividend income as a matter of course. I remit about Thai Baht 200,000 per month to Thailand as funding for my family of four.

Chas Begley · Accepted Answer

This is classed as foreign sourced income and the capital gains needs to be filed in Thailand. Thailand tax residents must pay taxes on their foreign-sourced income remitted to Thailand. This means if you're considered a tax resident in Thailand—defined as someone who spends 180 days or more in the country in a calendar year—you must include your income remitted from abroad in your annual tax return and pay Thai taxes on it. However, to avoid double taxation (paying taxes on the same income in both Thailand and the country where the income was earned), Thailand has double tax treaties with 61 countries that allow for tax credits or exemptions. It's important to consult a tax professional to understand how these treaties may apply to your situation and to ensure compliance with Thai tax laws while maximising available benefits.nn

Question 3

Do US expats pay taxes in Thailand?

Chas Begley · Accepted Answer

U.S. expatriates in Thailand might have to pay taxes in Thailand. This depends on their income sources, residency status, and how long they stay. Thailand taxes people based on their residency and where their income comes from. Expats who stay in Thailand for 180 days or more in a year are considered tax residents and must pay taxes on their foreign sourced income remitted to Thailand. Those who don't meet this residency requirement only pay taxes on the income they make in Thailand. The US/Thai DTA sets out how certain assets are taxed for residents in Thailand and certain exclusions, like US social security.

Question 4

As a 56-year-old US citizen with a retirement visa, if I have cash in a US account (with taxes paid), can prove it was there before Thai law changed, and plan to move it to Thailand later, what steps can I take to avoid taxation in Thailand?

Chas Begley · Accepted Answer

Please obtain a bank statement showing the account balances at 31st December 2023. This cash can then be potentially remitted to Thailand without any tax implications if it was pre-2024. Always put on the remittances ‘pre2024 savings.

Keep good records as you can be audited for up to 10 years.

Question 5

If the new regulation only applies to income earned in 2024, it has been suggested that providing a bank statement from December 31, 2023, showing a cash balance, should suffice to remit this balance into Thailand. Now, assuming I have a cash balance covering at least two years of expenses in Thailand, do I simply submit this English-language bank statement from a US bank as part of my tax filing next year, or are there additional steps required?

Chas Begley · Accepted Answer

I recommend you keep the bank statement as you mentioned on your file and don’t transfer any other potentially taxable assets into this account (keep it clean with non-taxable assets) this was it makes reporting and transferring to Thailand simpel and easy to trace.

General Tax Queries

Categories