Question 1

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 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 simpel and easy to trace.

Question 3

If I move to Thailand in late 2024 and remit savings I had in the bank from before I became a Thai tax resident (in 2025), is it taxable?

Chas Begley · Accepted Answer

If the savings were accumulated before becoming a Thai tax resident, they are not taxable when remitted. Maintain clear records to prove the source of the funds.

Question 4

Can pre-2024 savings be remitted tax-free in later years?

Chas Begley · Accepted Answer

Yes, pre-2024 cash savings can be remitted tax-free in subsequent years if proper documentation is maintained.

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