Question 1

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 simple and easy to trace.

Question 2

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 simple and easy to trace.

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