Question 1

Are proceeds from selling my UK house when I am not a Thai tax resident taxable if remitted to Thailand in the future?

Chas Begley · Accepted Answer

No, proceeds from selling an asset in a non-Thai tax year are not taxable in Thailand, provided the sale occurred while you were not a Thai tax resident.

Question 2

Do I need to pay tax on money I earned in Thailand, sent overseas, and then brought back?

Chas Begley · Accepted Answer

No, as long as you can prove the money originated from income earned in Thailand and was not treated as taxable income after being sent overseas. Only the gains or interest earned on the money while overseas would be taxable.

Question 3

What can you advise online English teachers who transfer money in from overseas, is this taxable?

Chas Begley · Accepted Answer

If the money earned online by a Thai tax resident was conducted while living in Thailand, it is fully taxable as foreign-sourced income regardless if it was remitted or not. It needs to be declared on the tax return.

Question 4

Are stock options received into Thailand taxable?

Accepted Answer

Yes, these are taxable if remitted to Thailand. You are taxed on the capital gains.

Question 5

Has the Revenue Department's interpretation of Section 41 changed to make foreign income taxable regardless of when it is transferred to Thailand? However, does Section 41 only apply if you are a tax resident of Thailand at the time the income is earned?

Chas Begley · Accepted Answer

Correct, if you are non-tax resident at the time of sale, then this can be remitted to Thailand without a tax implication

Question 6

If I earned money in Thailand, paid all due taxes, and then sent the money to another country, would this money be taxable if transferred back into Thailand?

Chas Begley · Accepted Answer

If the money is still in a cash account and you can prove that that money was from your taxed Thai earnings, then this should be sufficient.

Question 7

Does Thailand tax foreign-sourced income?

Chas Begley · Accepted Answer

Foreign-sourced income is a taxable asset if remitted to Thailand for Thai tax residents. Learn more about the Thailand Revenue Department's announcements on foreign sourced income here

Question 8

Are share sales into UK bank account with some of proceeds spent in Thailand using Wise taxable?

Chas Begley · Accepted Answer

Share sales into UK bank account transferred to Thailand using Wise are assessable for tax on the capital gains. You can use any capital gains tax paid in the UK as a credit

Question 9

Can you clarify the tax treatment in Thailand for capital gains from publicly traded foreign equities?

Chas Begley · Accepted Answer

Foreign equities, like capital gains on overseas investments, are taxed on the capital gains on the structure since you have held it, not since you have become a Thai tax resident.

Learn more about tax assessable foreign-sources income here

Question 10

I live in Bangkok and work remotely for a European company. My paycheck is sent to my bank in my home country. I plan to pay taxes on my income in Thailand as I’m exempt from paying tax in home country. If I bring the European income into Thailand, will it be taxed again?

Chas Begley · Accepted Answer

As you are exempted from the income tax in your home country, its likely all of the income is taxable as earned income in Thailand. If the work was conducted while residing in Thailand, it is likely that all of the income is taxable.

Question 11

I live off my investment income that has been previously taxed in my home country: regional capital dividends, interest, capital gains. Will they attribute the funds, between capital dividends and capital gains?

Chas Begley · Accepted Answer

It is up to you to go through these funds and calculate what are the capital gains, dividends and interests on those assets. You need to keep clear records for each asset type. Remember it is up to the tax payer to prove what the source of remittance is from and how they are to be taxed.

Read our A Guide to Understanding Assessable Foreign-Sourced Income in Thailand to learn more.

Question 12

I understand that overseas stocks and shares are taxed on capital gains, is this calculated on initial value as of date of purchase or as of 31 Dec 2023?

Chas Begley · Accepted Answer

Stocks and shares, are taxed on the capital gains if they are remitted to Thailand. It is calculated since the date you have held the shares, not 31st December 2023.nn

Question 13

As a tax resident of Thailand, how are my investments with interactive brokers (personal account) treated for tax purposes? Am I only required to pay tax on the funds that I transfer into Thailand, and are there other tax implications to be aware of?

Chas Begley · Accepted Answer

This is a general overseas investment account. You will be potentially taxed on funds that are remitted to Thailand. You are taxed on the capital gains. If you do not remit the funds to Thailand, they are not liable for tax in Thailand and do not need to be declared. If you do remit the funds to Thailand,and there have been capital gains, this needs to be declared on your tax return.

Question 14

Are UK pensions taxed in Thailand?

Chas Begley · Accepted Answer

Yes, UK pensions are subject to taxation in Thailand if you are a Thai Tax resident, which is defined as someone living in Thailand for 180 days or more in a calendar year. Thailand taxes residents on foreign sourced income remitted to Thailand. This includes UK pensions. If you transfer the UK pension to Thailand it is taxable. However, there is a double taxation agreement (DTA) between the UK and Thailand, which aims to prevent the same income from being taxed in both countries. This agreement may allow for some relief or exemptions, depending on the nature of the pension and other individual circumstances. It is advisable to consult with a tax professional to understand how the DTA applies to your specific situation and to ensure compliance with both UK and Thai tax laws. If it is a State pension or private pension, these are both taxable in Thailand. You can use any tax paid already as a credit against any tax owed in Thailand.

Learn more about Double Tax Agreements for expats in Thailand by watching our video here.

Question 15

In the future, will 2024 UK income remitted to Thailand in 2026 be taxable?

Chas Begley · Accepted Answer

It does not matter what year the funds are remitted, but rather if you were a Thai tax resident when the income was earned. If you are a Thai tax resident in 2024 with UK income that is not remitted to Thailand, and you remit it in 2026, then it is potentially taxable in Thailand.

Question 16

Are dividends taxed in Thailand?

Accepted Answer

Yes, dividends are taxed in Thailand. The rate of taxation can vary depending on whether the recipient is a resident or non-resident individual or a corporation, as well as other factors such as the source of the dividend income. Generally, for individual shareholders, dividends received from Thai companies are subject to a withholding tax, which may be credited against their personal income tax liability. Dividends from overseas are taxable if remitted to Thailand.

Question 17

Are capital gains taxed in Thailand?

Accepted Answer

In Thailand, capital gains are subject to taxation, but the specifics depend on the nature of the gain and the taxpayer. Generally, capital gains earned by individuals from the sale of shares and property are subject to personal income tax, with rates varying from 0% to 35% based on the individual's total annual income. However, for residents, capital gains from securities traded on the Stock Exchange of Thailand are exempt from tax. Capital gains from overseas investments are taxed if remitted into Thailand.

Question 18

I have an Australian superannuation account. The capital amount in it was earned years ago (I have been retired for 7 years) and only grows by investment income, not contributions. Because some of this was pre-2024, does this mean the income was accrued before I became a tax resident, and what is actually assessable?

Chas Begley · Accepted Answer

If you are a Thai tax resident, it is only remittance that becomes assessable. If funds are left overseas, they are not taxed in Thailand. However, if funds are remitted into Thailand, it is potentially taxable. There are no exemptions for pensions for pre-2024 values. You can find detailed guidance on what constitutes assessable income here.

Question 19

I have savings that had been invested or earned interest in a UK bank. When I bring this back into Thailand am I bringing in already taxed savings I earned in Thailand or am I deemed to be bringing in subsequent investment gain that might be taxable?

Chas Begley · Accepted Answer

Fixed deposits are taxed on the capital gains that have been made and what percentage of the gains are remitted into Thailand. You will have to declare this on your tax return. There maybe tax credits available if tax has been paid in the other jurisdiction, depending on the DTA between that country and Thailand.

Question 20

If I bring money into Thailand from accumulated capital, is that tax payable?

Chas Begley · Accepted Answer

If you have investments and have not made a profit, so there is only capital and no gain, you can potentially remit that into Thailand without any tax implication or obligation. It is best to check this with a tax advisor before remitting the funds if you are unsure.

Learn more about assessable foreign-sources income here

Question 21

What is the income rental tax in Thailand?

Chas Begley · Accepted Answer

In Thailand, if you earn money by renting out property, you have to pay income tax on that rental income. This tax is progressive, meaning it can range from 0% to 35%, based on your total yearly income, including what you make from renting out property. For renting out non-residential properties, you might also need to pay a business tax called the House and Land Tax, which is 12.5% of the property's annual rent or its assessed value, whichever is more. Property owners must report their rental earnings each year and pay the necessary taxes to the Thai Revenue Department. Keeping precise records of rental income and related costs is crucial to comply with Thai tax regulations.

Question 22

I hold a Euro-account with Bangkok Bank. When is the payment I transfer from abroad taxable?

Chas Begley · Accepted Answer

Funds are potentially taxable when they are remitted into Thailand depending on the source of the money and your tax residency status. It does not matter what currency it is held in in Thailand.

Question 23

I have a stock portfolio account that is 100% pre-2024 assets.  Each month, I diligently transfer out of that account any interest, dividends, capital gains, or other income into a separate stock portfolio account that contains post-2023 income and assets so that the first account contains only pre-2024 assets.  Can I cash out stock from this pre-2024 account and remit it to Thailand as pre-2024 accessible income?

Chas Begley · Accepted Answer

Unfortunately, you can’t select whether you send capital or income to Thailand from an investment.

Question 24

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 25

I'm going to Canada for a short holiday next month. If I bring back $9,500usd will that be counted as remittance? I would convert it at local exchanges as needed.

Chas Begley · Accepted Answer

If you are a Thai tax resident (180 days or more) and transfer in, carry across the border or spend on an ATM any funds from overseas that are classed as foreign sourced income, then this is potentially taxable. It doesn’t matter what the money is used for.

I recommend you watch our videos on this subject or podcasts which explain what is classed as taxable transfers

Question 26

Do foreigners pay income tax in Thailand?

Chas Begley · Accepted Answer

In Thailand, foreigners are subject to taxation based on their residency status and the source of their income. Expatriates who reside in Thailand for a period of 180 days or more within a calendar year are considered tax residents and are obligated to pay tax on overseas income they bring into Thailand. Conversely, expatriates who stay in Thailand for 179 days or less within a calendar year are only required to pay tax on the income that is sourced within Thailand. The applicable income tax rates are progressive, ranging from 0% to 35%, depending on the amount of taxable income. It is imperative for expatriates to ensure compliance with Thai tax laws to avoid legal complications and penalties.

Learn more about the Thailand Revenue Department’s announcements on foreign sourced income here

Question 27

What is the tax exemption threshold in Thailand?

Chas Begley · Accepted Answer

In Thailand, the 2024 tax exemption threshold is ฿150,000 for both residents and non-residents. Tax rates range from 5% to 35% for income above this level. A standard personal allowance of THB60,000 also applies. Thai tax residency is generally determined by physical presence, with those staying in Thailand for 180 days or more in a tax year typically qualifying as residents.

You can find out more about Thailand’s tax rates, allowances and deductions here or if you prefer to listen to a short podcast here

Question 28

Money that was your income ten years ago, which was subsequently saved and is now being transferred to Thailand, will it be subject to taxation?

Chas Begley · Accepted Answer

Income paid into the account from 1 January 2024 onwards will be classed as assessable income if remitted to Thailand.

Question 29

Do retired expats pay taxes in Thailand?

Chas Begley · Accepted Answer

If you remain in Thailand for 180 days or more in a calendar year, retired expats are classes as Thai tax residents. Depending on the source of income for anything remitted to Thailand, they could be liable for taxes in Thailand.

You can find out more about tax residency rules in Thailand by listening to a short podcast here.

Question 30

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 31

Is the 800k you bring in for your retirement visa taxed? The money originates from the UK and is pension income and savings. Does this mean the additional 680k THB on top of the 120 is taxable in Thailand?

Chas Begley · Accepted Answer

It depends on the source of the money that you remit and whether they are classed as foreign sourced income. Thailand tax residents are liable for 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.

Question 32

If foreign sourced income is remitted into a foreign currency account in Thailand, then at a later date, transferred into a Baht account, is the exchange rate to be used for income calculation the TT rate on the initial transfer date, or the second transfer date?

Chas Begley · Accepted Answer

It is calculated on the date it arrives in Thailand (the initial date received in your account); the currency is irrelevant, it is the date the funds are remitted and received in Thailand.

Question 33

If I bring money into Thailand from income earned before 1 January 2024, is taxable on that money?

Chas Begley · Accepted Answer

The notable amendment in Order No. P.162/2023 is the clarification added to the first item of Order No. P.161/2023, which stipulates that the new taxation rule does not affect income earned before 2024. This specific exemption provides a transitional period for taxpayers, allowing them to adapt to the new system without the worry of retrospective taxation. Money that is in the bank from 2023 or before can be transferred in the future without any tax liability.

Listen to a short podcast here to learn more about pre-2024 savings in relation to Thailand’s foreign-source income tax.

Question 34

Is the 800000 Non O retirement Visa money subject to taxation?

Chas Begley · Accepted Answer

If you are a Thai tax resident (180 days or more) and transfer in, carry across the border or spend on an ATM any funds from overseas that are classed as foreign sourced income, then this is potentially taxable. It doesn’t matter what the money is used for.

I recommend you watch our videos on this subject or podcasts which explain what is classed as taxable transfers

Question 35

Does Thailand tax worldwide income?

Chas Begley · Accepted Answer

In Thailand, if you reside in the country for 180 days or more in a year, you are considered a tax resident. This means you have to pay tax on income you earn both inside and outside Thailand. However, income earned outside Thailand is taxed only if remitted to Thailand. If you do not reside in Thailand for 180 days or more, you only pay tax on the income you earn in Thailand.n

Question 36

I am moving to Thailand later this year in 2024. I have a business in Australia which will provide me a regular passive income weekly for me while I live in Thailand. My income will be automatically taxed and sent to the Australian Tax Office and my tax return will be done in Australia.    As there is a DTA between the two countries will I have pay any tax to the Thai government? I assume not with a DTA as long as I declare with the Thai TAX Office I've paid tax on the money already

Chas Begley · Accepted Answer

If you transfer in the overseas income, this is assessable income. You can use the tax credits for tax paid already on this potentially and you will have to file a tax return. Our Assisted Tax Filing Service is the most suitable for you.

For more information on the Australia-Thailand DTA and other tax planning information for Australians watch our webinar here.

Question 37

Does the Thai Revenue Department consider remitted funds that have been through the overseas tax process already to be tax free in Thailand?

Chas Begley · Accepted Answer

If tax is paid in overseas jurisdiction and then funds are transferred into Thailand, it does not mean that Thailand does not have the right to tax this asset. If the country’s Double Taxation Agreement states that there is no right for Thailand to tax the asset, then it may not be taxable. If that is not the case, and the Double Taxation Agreement says they ‘may’ or ‘potentially’ taxed in that jurisdiction, Thailand can tax you according to Thai foreign-sourced income tax rules. You may be able to use any tax paid as a credit against some of the tax that is owed. Therefore, this does not mean that you do not have to file, and you may potentially still be liable to be taxed in Thailand.