Expat Tax: Frequently Asked Questions
Thank you for visiting our Thailand Expat Tax FAQ page. We answer questions received from expats, anonymised for privacy, to help others navigate the new tax rules.
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US Social Security is tax exempt under the USA-Thailand DTA. There are no differences between if you remit monthly or annually.
We recommend you watch our webinar on the USA DTA for more information
You are able to read through the DTA between the US and Thailand for your specific investments, savings or assets.
Learn more about Double Tax Agreements for expats in Thailand by watching our video here.
Social security is not taxable in Thailand. It is taxed in the US, which takes precedent over Thailand.
Veterens pensions are classed as government pensions. Both Social Security and government pensions are excluded from Thai income tax due to the Double Taxation Agreement. You don’t need to file a Thai tax return or get a Tax ID number
In the US DTA, it specifically states that US government and military pensions are not taxable in Thailand. 401k and similar accounts, however, are taxable in Thailand. You can use any tax paid on them as tax credit if they are remitted to Thailand.
Yes, withdrawals from a Roth IRA remitted to Thailand are treated as pension income. The entire amount remitted, not just the gains, is considered taxable income.
If you transfer your investments to Thailand, you may be subject to capital gains tax. Any tax already paid can potentially be used as a credit against the tax owed in Thailand. Remitting funds to Thailand from investments would classify as an assessable income source.
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.
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.
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.
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
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.
The LTR Wealthy pensioner VISA has a royal decree exemption from foreign sourced income. You still have to file, but it’s a different form you have to complete, which has just been added to the revenue’s website. The good news is that US government pensions and social security are not taxable in Thailand.
You can learn more about the tax benefits of Thailand’s Long-Term Resident (LTR) Visa here.