Debunking New Thai Tax Law Fears

A realistic discussion on how the new Thai tax law will affect you.

00:00 The sum of all fears
00:55 About the expert
02:27 How to pay zero taxes in Thailand:
02:56 Be here less than 180 days / year
04:34 Get the Long Term Resident (LTR) Visa
06:27 Income made before Dec 31, 2023
08:01 Gifting money to a Thai resident
12:16 Withdrawing money from an ATM?
13:42 Using your credit card?
14:42 Is it really that bad in Thailand?
18:31 How to prepare for 2025
22:58 Using tax treaties to minimize or even eliminate your tax burdens
27:36 American collecting a govt pension
28:28 American collecting a private pension
30:19 American making investment income
31:07 Sold a house in America
32:33 Removing yourself from being a Thai tax resident
34:12 British collecting a govt pension
35:37 British collecting a private pension
37:08 Sold a house in the UK
38:17 Australian collecting a govt pension
39:20 Australian collecting a private pension
40:36 Sold a house in Australia
41:52 Canadian collecting a govt pension
42:31 Canadian collecting a private pension
43:08 You must file a tax return to utilize tax treaties
44:41 Sold a house in Canada
45:22 German collecting a govt pension
45:50 German collecting a private pension
46:36 Sold a house in Germany
46:54 What will realistically happen in 2025
48:28 Tax benefits from using a Hong Kong pension plan
52:32 Using a Hong Kong trust to care for your family

[JettGunther]

I will refrain from personally answering any complicated tax-related questions, since this is a very advanced and consequential topic.

[DukeSkinner-fotf]

Of all the hundreds of videos on YouTube that purports to explain the ongoing Thai tax chances, this is the first on that actually achieves that target. Thank you very much for that

[TedRichardson-rg]

By far the most informative and stress relieving clip I’ve seen on this topic

[genestone]

If I have to file an income tax form of some kind every year in order to get a retirement visa...I will leave. Also, while this threat is going on, I certainly won't be buying a condo here or anything like that.

[rixcnx]

Thanks Jeff. People retire here for an easier life after decades of hard work. This stuff is going to backfire and fewer people will come and more people already here will send less money to buy stuff. They will be wary of sending money to buy a condo, car or even a motorbike. Not just because of this new news or even if they think they are ‘safe’ from the upcoming rules but because there is so much uncertainty in Thailand about what’s coming next. As with all the visa agents getting paid to navigate Thai visa protocols this will spawn a new industry of experts to help us sort through the taxation red tape. I already saw a visa agent in Chiang Mai now has a “wealth and tax division” who has a “team of accountants, lawyers and international tax strategists” to help you out. Wow, such a good feeling.

[jaydeesa]

Thomas personally took the time to attend the free consultation call promised in this video and gave a fair assessment of my complex situation. He gave me the confidence to consult his services in future. Thanks again!

[sydhills]

I had a free consultation with Thomas today, through Jetts channel.
Thomas was very informative, in regards to my situation.
Thankyou to Jett for hosting this and Thomas for your time.
Cheers😊

[tg]

For US recipients of social security, military retired pay, and us civil service retirement the us/thai tax treaty comes into play section 20 specifically. Not taxed by Thailand by treaty. Not 100 percent sure but i don’t think the thrift savings balance withdrawal are Thai taxable as they are sourced from the US government. The US will still tax those sources of income. There are legitimate schemes to avoid all us taxes on TSP by astute use of tax treaties. The guest speaker Tom is an authentic expert on tax treaties. Overall fantastic video. Two thumbs up!

[jameswest]

the problem is not knowing what your tax liability is going to be. there is no way to make a plan for this year or next until they clarify.

[waltermeier]

I visited the หัวหิน​ revenue office to obtain the Thai tax ID number. They had no idea how to proceed.

[upu]

I believe one of the most impactful items (for Americans and potentially others) is that the US has a $14.6k standard deduction (2024) for an individual. That takes a fair amount off the table from taxation so when you apply the US credit (via DTA) to the Thai progressive system, it hits a little harder and quicker because Thai has more limited deductions:
60k baht per individual, 60k (wife), 30k (child), 25k (health ins), up to 100k income.
0% tax on the first 150k baht, 5% on the next 150k baht....
So, a single guy may only have about 240k baht/^$7k USD in deductions. That's a big difference and can be even greater if you itemize deductions in the US.
I already maintain a visa, drivers licenses, etx...I don't want to get a Thai tax ID, file a 2nd set of taxes and deal with even more bureaucracy. Hard pass.
Easier to limit time here to 179 days (and spend more time elsewhere) and remit funds in those years then remit nothing in "tax res" years and avoid filing (until they close that loophole)🤷‍♂️

[sydhills]

Great content Jett. I'm glad Tim Newton mentioned this video on his show. I've seen Thomas on a couple of other vids. He comes across as he knows what he is talking about, unlike others.
I hope you do, do a follow up later in the year with Thomas, more so to see if it's actually become law or maybe get pushed back.
Cheers😊

[Androgen]

The Uk tax year runs to April 5th. How do you reconcile income with the Thai tax year to December 31sr?

[FrozenSkyy]

Great video gentlemen. Learnt so much from this conversation. So professionally done. 👌

[DavidSimmen]

44:23 I have an LTR. According to my correspondence with BOI I am not only exempt from taxes but DO NOT have to file a return. Your expert should not make guesses.

[thestaffrockband]

Just made an appointment with the CPA for Friday the 13th! LOL! Great and informative video; love your style!

[hewhoknowsknows]

I bring in about 95, 000 bhat per month and have done a quick calculation and less UK tax credit I would be liable for about 20, 000 bhat Thai income tax for this tax year. So not as bad as I thought. And I could probably get this down to pretty much zero by transferring some money to my wife's account (and use her 150, 000 bhat tax allowance) But if I sell my UK property eventually, will definitely consider living outside of Thailand for over 6 months. Thanks for the info.

Thank you for this good information. There are currently many companies online that are selling seminars on the subject. For me, they are charlatans.

I have had a work permit for more than 10 years now. So of course I also have a tax number and pay taxes. I also transfer money from abroad to Thailand, which is currently tax-free.

I asked my accounting firm about the new tax rules. The answer was short: nobody currently knows how this new law will be applied (if at all). So there are no implementing regulations and clear rules about which income is taxed and which is not. It is about pensions, for example.

[jduncan]

When immigration starts asking for my Thai tax return before they will extend me then I will worry. As for my ATM withdrawals? Good luck with that !

[Moonam]

This was also from an article in the Pattaya Mail on info by Thomas Carden.
““They’re not coming after you, ” says expert on taxing foreign cash to Thailand
Thomas Carden gave an incisive talk about the proposed taxation of some foreign income in Thailand. Speaking to a packed meeting of Pattaya City Expat Club, Thomas Carden advised worried expats living here on cash already taxed in the home country not to panic. The managing director of the Bangkok-based AITaxAdvisers said the Thai authorities had no intention to punish typical retirees or foreigners married to Thais or bringing up families………..

So this whole article is not relevant anymore? the situation has changed now?