BIG Update on the New Thai Tax Law

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Күн бұрын

This is the video you've been asking me for....the update on the Thailand Tax Laws. Will your pension be taxed? Will your foreign investments be taxed? Do you have to worry about this? Get all the info in this video.
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0:00 New Thai Tax Law Update
1:10 What's the Update?
5:05 Why is Thailand Doing This?
8:30 Will Your Pension Be Taxed?
10:10 Will Your Investment Income Be Taxed?
12:11 What if you Sell Your House?
15:14 Remote Workers and Nomads
18:20 The Good News
20:50 How Can You Plan?
23:44 What Happens Next

Пікірлер: 1 700

@rodgertim2881 Күн бұрын

Effective tax management can significantly increase your investment returns by minimizing the tax burden on your gains

@KatelynnCox-qb5er Күн бұрын

Strategic tax planning allows you to take advantage of various deductions and credits, optimizing your overall financial position.

@MartinHicks-dw2su Күн бұрын

Diversifying your investments smartly can help rspread tax liabilities across different asset classes, reducing the impact of taxes on your portfolio.

@sebastiaanthijn7982 Күн бұрын

Investing in tax-advantaged accounts such as IRAs and 401(k)s can provide immediate tax benefits while saving for retirement.

@PaulWard-nr5rj Күн бұрын

Understanding capital gains tax rules enables you to time your investment sales for maximum tax efficiency

@ericbergman7546 Күн бұрын

Utilizing tax-loss harvesting can offset gains with losses, potentially reducing your taxable income.

@chirots 2 күн бұрын

As Thai, I disapprove this tax laws. The government should encourage wealthy and well-behaved foreigners to move to Thailand for work, business, semi/full-retirement, tourism, etc. We Thai have been subjected to contribute more taxes to the new land and property tax and it has been tripled for a few years. I used to pay 40k and I paid 140k this year. The government has no ability to earn revenue smartly and efficiently.

@heisenberg1271 6 сағат бұрын

How will they implement it ? I mean how can the thai government actually check how someone has sold their house in the uk for example, all this will do is put people off staying in thailand so long, I come to thailand for 5 month a year, I've been doing it a while now, I retired early, I spend a lot of money here in 5 months, the government make it hard for the people they actually want, I have considered moving here but this would definitely put me off

@Tugela60 2 сағат бұрын

@@heisenberg1271 They will know because tax information is shared. Once the money comes into your Thai bank account you will have to account for where it come from, and if you leave it in your home state bank account, THEY will want to know where the money came from.

@frederickkrewson638 2 күн бұрын

I am a US citizen and only receive / only repatriate funds from a US Government pension - into Thailand. I consulted a Thai Tax Attorney and was told that there is NO REQUIREMENT for me to file a tax return ( or get a THAI TAX IDENTIFICATION NUMBER )- because I was telling them that all of the funds that I will be moving into Thailand are 100% exempt from taxation in Thailand ( based on the DTA between the USA and Thailand ) He did tell me that ( in the VERY UNLIKELY case that I would ever be audited - I should be able to prove that the funds that I had repatriated were based on my US Government pension ). Thank God for DTAs.

@lancemided3251 2 күн бұрын

The information you have received is the ultimate truth for US pensioners. There is no tax liability. All the other spins are just paranoid interpretations by those that have an agenda. Either they have a service to sell or they like creating chaos. Those that wish to curtail the overcrowding caused by more expats arriving would also have a stake in the misinformation game. The government would never target long term residents who maintain sizable deposits in Thai banks per visa regulations. That would be financial suicide. The internet is a hotbed of both good and bad information. Don’t buy in to the paranoia.

@Hmmm313 2 күн бұрын

US is horrible

@davidalf5159 2 күн бұрын

The point is the DTA does not cover the difference between the tax laws / rates in one country to another. It only allows credits to prevent double taxation. As the lawyer said, u need to work out the differences by filing a tax return if u reside.

@lancemided3251 2 күн бұрын

@@davidalf5159 only true if you exceed a certain threshold or you have non-pension income. Pensions are exempt.

@frederickkrewson638 2 күн бұрын

@@davidalf5159 The DTA between the USA and Thailand specifically says..."that USA government pensions are only taxable in the USA" ( Thailand is incapable of taxing them at all. ) I realize that with some "earnings" or pensions - it may be necessary to file a tax return and that depending on which tax rate is higher / lower - there may be some tax owed in Thailand. ( but when a DTA specifcally /explicity states that certain forms of income are ONLY TAXABLE IN THE COUNTRY OF ORIGIN ( the USA in this case ) - then Thai Tax Attorneys have advised me that there are no filing requirements.

@marklee8484 3 күн бұрын

I would prefer to stay less than 180 days to avoid all these nicely set tax questions!!.

@DarkoFitCoach 2 күн бұрын

Yes agreed.

@ilovetongmew 2 күн бұрын

Just withdraw cash from ATM

@shadowfilm7980 2 күн бұрын

Yes. Easier. To be sure.

@Dodger1999 Күн бұрын

@@ilovetongmewYou still have to file a Thai tax return. Good luck in renewing your visa reporting 0 income.

@somnumna2606 Күн бұрын

Less than 180 days in the easiest option. I was going to buy a house here but now i will not. I should have bought it last year!

@davidlinscheid2618 3 күн бұрын

The attorney and his responses were extremely impressive. Thanks!

@gordonduncan8892 3 күн бұрын

In Thailand Foreigners are prohibited to be a lawyer by Foreign Employment Act (1978), Thus, they are unable to obtain Lawyer's License.

@llaregubjinks5080 3 күн бұрын

Yes, I wonder how much his services will cost , it’s all BS

@gordonduncan8892 2 күн бұрын

@@realpropertymangement7640 He was not specific when mentioning what is taxable. As someone who makes a 7 figure sum per year in USD he needs to be very specific.

@andrewrobinson2565 2 күн бұрын

His comments were useless to an individual. No examples. Useless 🪴.

@johnbell1810 2 күн бұрын

@@andrewrobinson2565 not useless, they went into several case scenarios.

@Mark-yo5ue 3 күн бұрын

Thanks for the video Chris. Luca seems to be on top of the new interpretations / rules. It seems you will be able to “drive a truck” through these new rules if you plan ahead and take necessary action. Also, as an accountant, I can’t see how the Thai tax authorities will be able to efficiently and consistently implement these new rules. So, my initial conclusion is … those with a lot of assets will never pay any taxes in Thailand and those who do not may get trapped into paying some amount of Thailand taxes. This is Painful, as expats receive virtually no benefits from Thailand other than the privilege to reside here for as long as their visa is valid. Expect a reduction in future expats to Thailand and a reduction in time spent in Thailand for existing expats. What a cluster f&@k!!

@theamazingjustin 2 күн бұрын

Yea on surface it would seem fairly easy to enforce. If money hits a thai bank account and there’s no tax return to explain the source, then seize the account. However if there is a tax return with “proof” documents, how will they verify the validity of, let’s say, a foreign bank statement? Do they have enough man power to call every foreign bank or entity to verify the information? For example, someone can photoshop a bank statement that shows that they have $1M in savings earned prior to Jan 2024. Since savings is not taxable, the expat would never have to pay taxes.

@nickmaidment 2 күн бұрын

it aint going to happen. They wont be able to organise this, let alone see it through efficiently.

@John-G Күн бұрын

Luca's a BS merchant, scaremongering to drum up business.

@seancanaway1131 3 күн бұрын

Honestly this seems like Thailand will lose more money than it can gain by retirees moving elsewhere.

@DarkoFitCoach 2 күн бұрын

Nothing new. Stupid thai laws

@pb12661 Күн бұрын

personally, I think it's more about keeping westerners out of Thailand than it is revenue (only an excuse).

@Tugela60 14 сағат бұрын

@seancanaway1131 Replacing pensioners receiving government pensions with retired CEOs makes way more sense. In the old days when standards of living were low, foreign retirement money coming into the country was good. But as the local standard of living increased, foreign pensions became increasingly unimportant and at some point those people will be costing the country more than they are worth unless they are wealthy. The government would want the retired expat community to transition from government pensioners to wealthy business people and other high net worth individuals as Thai society develops. They don't want people living off social security to be moving to their country, they want millionaires to come instead. If you are going to have 100k expats, it is much better to have 100k retired CEOs than it is to have 100k retired postal workers.

@DarkoFitCoach 14 сағат бұрын

@@Tugela60 thailand has 7000usd gdp per capita. Usa has over 81 000usd per capita. Thailand is a 3rd world country and even the lowliest pensioners from the west earn and bring in MORE then an average thai. For example the average pension for a dutchman is 3000euro net. Thats 120 000baht. Thats way more then what thais make. So conclusion is: you have no idea what u are saying

@Tugela60 12 сағат бұрын

@@DarkoFitCoach That is changing. The value pensioners bring decreases as a country develops. You see that even now, where a lot of these working class pensioners are struggling with the cost of living. These people are adding literally nothing to the country, and that cohort will just grow over time.

@petersmith6520 Күн бұрын

Did i hear that right? If you withdraw funds from ATM using overseas bank account or spend on overseas debit card its not considered repatriating funds to Thailand and therefore not subject to tax in Thailand. If thats true then there’s no need for any retired farang to pay tax in Thailand ever.

@apassionfortravelling3280 6 сағат бұрын

I said that and a bit more before I saw your comment. I do think that's what was said. So, just pay with atm withdrawals and your cards, no tax.

@gotolangley 2 күн бұрын

Politicians consistently enact impractical regulations. Eventually, they may come to realize that numerous expatriates could relocate to Vietnam, Cambodia, Malaysia, and similar destinations.

@georgepato6008 2 күн бұрын

Already happening

@JohnHarthomstowCEO 2 күн бұрын

The problem is Cambodia & Malaysia suck. Vietnam, meh depends where you are. But they're all worse than Thailand.

@kennywoodyard4819 Күн бұрын

I mean talk about losing Expat Income that helps stimulate the economy here... Wow. I just don't get it... In America we call this Liberal Social Democrats....

@zentravel1515 2 күн бұрын

Clear as mud. What a hot mess.

@danielerubini3434 Күн бұрын

indeed...also, increasing taxes never works for governments, it ends up shrinking revenues massively in the mid term

@EndlessTravels 21 сағат бұрын

@@danielerubini3434 Yeah this is becoming a trend in all of SE Asia, China is masivly doing it, VN starting July 1st 2024 is going to micromanage banks and people'ls money its all a mess for sure

@danielerubini3434 2 күн бұрын

I spoke to a well know tax expert, he said the opposite, that they will approve the worldwide taxation staring 1st January 2025, not pursue the remittance rule. Frankly, this time i had enough, even professionals are confused, it's so unclear, nobody can be certain. If you talk to 3 experts, they will probably tell you 3 different things.

@Peace-nb5lm 2 күн бұрын

Exactly what I read too but if it helps, it was reported in a Thai online newspaper that being taxed on worldwide income will come into affect Jan 1, 2025 about a month ago.

@flyingrv6 2 күн бұрын

This is only going to piss off many international travelers including myself and will choose other destinations as there are many options. This will backfire ultimately and run off many investors.

@dustyrhodes8147 2 күн бұрын

@@Peace-nb5lm - Do you have the link to that report, please?

@karlhunter354 2 күн бұрын

@@flyingrv6100%

@toniwertman4818 Күн бұрын

So. Again. No clarity from the video. And from what rumors. Are saying. Ultimately. They will do what they want

@philippserrin8268 3 күн бұрын

This is the most informative video I have seen (all subjects, not just taxes) I have seen this entire year. Thanks for doing this. For 2024, I will spend less than 180 days here.

@jurgschupbach3059 2 күн бұрын

Schoggistichdii

@drakepassage4255 Күн бұрын

@@jurgschupbach3059 Same rues in Colombia and Brazil. However not in Ecuador. Ecuador only taxes income earned in Ecuador only.

@karlkunath Күн бұрын

No, It's an Advert disgused as a help video. Grow UP

@thebrucewagner Күн бұрын

Regardless, it is an extremely helpful video. Thanks to Luca. 🙏

@trevorbeevers9546 Күн бұрын

⁰@@drakepassage4255

@smartbiz888 3 күн бұрын

Good clear advice Luca has provided... Even 17% is more than I want to pay... When I retired 25+ years ago from the US Army, I stayed in Germany... I had built a house and refurbished an apartment there... Those properties have doubled (house) and tripled (apartment) in value... I also chose to pay US taxes (10% average with write-offs, plus 12% social security and Medicare taxes)... I also startedca business (US based)... Having a business helped me lower taxable income considerably... I was also able to write off a ton of expenses through my business... I think that might be the way to go in Thailand as well... Depends on your circumstances, I guess... In any case, I'm pretty sure Thailand is going to lose a lot of year-round expats who'll otherwise have to pay taxes there... I know I'll be spending much less time there than 180 days, whether this new law was in effect or not, so it doesn't affect me (yet)... But this video certainly has helped me understand what I can and should be aware of... Thanks, Chris and Luca! 👍😎👍

@hondoelsinore 2 күн бұрын

You can spin it all you want, but bottom line, taxation without representation is theft.

@KemmerlingKrebsbach 2 күн бұрын

I plan to retire at 62 in another country outside the US that is free, safe and very cheap with a high quality of life and I have been considering Thailand. I could fully just rely on only my SS if I wanted to when that times arrives but I'll also have at least one pension, a 403 (b) and a very prolific lnvestment account with my Abby Joseph Cohen my FA. Retiring comfortably in the US these days is almost impossible.

@NeuginTin 2 күн бұрын

I know this FA, Abby Joseph Cohen Services but only by her reputation of being a former employee at Goldman Sachs; even though she's now involved in managing portfolios and providing investmnt guidance to clients. I have been trying to get in contact since I watched her interview on WSJ last month

@LesterAdriana 2 күн бұрын

Abby Joseph Cohen hooked me up with a late-stage fund that got me in on private shares of some hot companies before they hit the market or blew up. Those investments totally paid off when the companies went public and their stocks shot up. Now, I’m stoked because I’m heading into retirement with almost a million bucks in my portfolio.

@LesterAdriana 2 күн бұрын

I hope she gets more of the recognition she deserves.

@KemmerlingKrebsbach 2 күн бұрын

@@NeuginTin Well her name is 'ABBY JOSEPH COHEN SERVICES'. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.

@NaomiVardy-oe5rk 2 күн бұрын

I was a stay at Home mom with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9,000 in an IRA and $40,000 in my portfolio with CFA, Abby Joseph Cohen. Since the goal of getting a job was to invest for retirement and NOT up my lifestyle, she was able to scale this quickly to $150,000.

@ricke6854 2 күн бұрын

Hey, it's too hot and/or rainy in Thailand for 6 months per year anyway. (Or too smokey). So I will simply stay in Thailand for less than 6 months, enjoy summers in Canada, and also avoid the whole tax headache...

@jetd9716 Күн бұрын

Won't be so easy hopping planes on long trips once you hit 70 yrs old.

@PKmuffdiver 21 сағат бұрын

@jetd9716 I'm not anywhere near there yet, but that's pretty damn accurate. It's way too much travel time. It sucks going there now.

@nefertemur8951 2 күн бұрын

Greetings Chris, Thanks for the informative update. It seems to me that a country like Thailand that’s so dependent on tourism would construct their governmental policies to accommodate or promote expat residency and other various forms of liquidity influx into Thailand without so much bureaucracy related to taxation. There goes my plans to relocate to Thailand. Instead, I will redirect my life savings and - pensions elsewhere. Continue to enjoy life in Thailand Chris and I look forward to making good use of Thailand’s 180 day policy in the future. Thanks for sharing.

@makeyourlifeeasier5794 Күн бұрын

So glad that Thailand made their tax code so simple, uncomplicated & easy to understand 😂

@Dodger1999 2 күн бұрын

Having to file tax returns in Thailand is very worrisome

@137dylan 3 күн бұрын

I personally know someone who's lived in Thailand for almost 10 years, makes his income from the US, pays tax on his US income, has MULTIPLE Thai bank accounts which he funds through transfers all the time....and he's NEVER filed a single Thai tax return. Obviously he's breaking about 100 laws at once, but the fact he continues to live his life without a care in the world tells me that the Thai authorities are largely incompetent, otherwise they'd have nailed his butt years ago. My take is: just don't spend more than 180 days. This is a pain as it means you can't live there year round. And makes getting a lease on a property even harder, but by ensuring you're never over that threshold the authorities have nothing on you. Or, stay as long as you want, sign that lease, buy the new air fryer and get settled in as if you live there...but don't transfer any major funds into your Thai bank account. Rely on ATM withdrawals and card payments only, and hope nobody comes asking. At worse, you book a flight and leave (one of the many benefits in renting over buying). One thing's for sure: this is going to result in less foreigners settling in Thailand, which means less money yielded from them, which ultimately means the Thai gov's plans backfired spectacularly.

@user-ql9vu3zg3n 3 күн бұрын

Thailand has joined the CRS (Common Reporting Standard). They started sharing information on high value accounts last year and will add low value this year. Also if your not a tax resident in any Country then any money you send to a CRS Country will be taxed as if you are a tax resident in that Country regardless of if you are or not. See - Thailand Begins Common Reporting Standard Exchange In September 2023 TAINA.

@m.s.7711 3 күн бұрын

Absolutely right. Exactly AS i plan to do it.

@phuketeer 3 күн бұрын

I see many UFOs in the sky, coming to get the Aliens asap! 😂 2024; wealthy residents, drawing in wealth and money. You see it everywhere: visas, programs, tax-free offers, etc., inviting people to join several countries. This is part of globalization-competition and challenges. Several countries offer residential visas, opportunities to buy land, permanent residencies, tax-free benefits, and more. It’s the time when countries try to attract the right people and improve their economy.

@chinesecrested9528 2 күн бұрын

Yup, the new thai government just figured out they have no way to fund the 10,000.00 bhat giveaway. It will be yet another ridiculous rule that will backfire over time, just like recriminalizing pot.

@barryoneill-ec9zz 2 күн бұрын

I’ve Bought Bitcoin and ETH, Banks are going to shutdown everyone’s cash, and blame it on Putin.

@user-ql9vu3zg3n 3 күн бұрын

1) For Americans, Brits & Aussies Expat Tax Thailand have Vids where they go through all aspects of the DTA’s and give case study examples. 2) To see a full list of Thailand Tax allowances you can claim go to - Thailand Tax Deductions & Allowances SHERRINGS.

@bradleylocke4336 3 күн бұрын

179 days in Thailand to not become a tax resident,then have to find another country for the other 6 months,might not be such a good retirement choice now for many.Employ an accountant,lawyer,90 day reporting ,visas and possible tax on pension might knock the land of smiles off some people’s faces.

@phuketeer 3 күн бұрын

Totally agree! I’m looking for another country to move immediately, can’t more afford this headache and daily stress. Any ideas / options other than Malaysia?

@bradleylocke4336 3 күн бұрын

@@phuketeer maybe bali

@AG-so4gl 3 күн бұрын

Malaysia now looks much more sweet despite bigger capital outlay

@fastpistonx 3 күн бұрын

Just be very very careful how they calculate the 189 days a year. In UK, arrival day and departure day means two full days of residence. If one makes three trips, that's six days.

@macinhiodasilva 3 күн бұрын

Neighbouring Laos 🇱🇦 Not retired, but working remotely. Visa options in Laos are super easy and nobody gives a damn about paying taxes at all, especially not if you have foreign income @@phuketeer

@ShadyD365 2 күн бұрын

I love Thailand but they make it extremely difficult and I'm on a retirement visa. I wanted to purchase a car here $50K USD. So I set out to get a driver's license. All the requirements met cert of residency, health cert etc. Went to DLT and they refused my USA Indiana driver's license because under Commercial section it read "none". After 3 hours of meeting people up the chain explaining it's for truck drivers an I had a valid driver's license I gave up. So now I will get taxed here but I'm also not allowed to even get a senior BTS card. Hell I can't even get a Starbucks or 7-11 discount as a foreigner. Tax but no representation? I have 3 pensions. Military, civil service, social security. I don't know if I'm going to be taxed but if I have to even fill out a tax form I'm gone. I had to deposit ฿800,000 in my Thai bank so is that taxed? Honestly this isn't worth it anymore. I can be abused in the USA. I'm not sure I believe this applies to every country but the hassle here is unreal with the 90 day reporting on a long-term visa.

@neilblondell4235 2 күн бұрын

It doesn’t make sense that credit card spending and ATM withdrawals are not remittances. Many countries look at these as remittances. Otherwise just live on credit cards and cash withdrawn from ATM’s and live tax free? I think he is not correct on this.

@gegaoli 3 күн бұрын

This was a fantastic segment. Thank you and please keep updating these.

@somchai9033 2 күн бұрын

How long until all the visa agents in Thailand suddenly become tax preparers as well? Brown envelopes under the table will solve the tax situation.

@sflxn 3 күн бұрын

Leave Thailand and visit. I spent 4-7k/mo there. They’ve lost that revenue for several months now. Imagine the reporting hassle and the lawyer fees to make sure the filing is correct. I’m sure Chris will keep pumping move to Thailand. Dealing with lawyers and filing papers are not paradise.

@DarkoFitCoach 3 күн бұрын

Chris doesnt earn anything from people visiting thailand. Yes he is a thai optimist but so are many. You also Doesnt mean he aproves of this law

@jpatter123 2 күн бұрын

Wife and I just said the same thing. We had been considering moving in the next 5 years. No thanks

@DarkoFitCoach 2 күн бұрын

@@jpatter123 remember TIT. This is thailand. Dont make any big conclusions yet. Thailand changes laws as the wind blows. So give it some time to see what this actually entails and how it pans out. Thailand has had hundreds of laws that were cancelled

@Winstonbfit 2 күн бұрын

4-7k in Thailand? Tf are you buying 😂

@clrodrick 2 күн бұрын

Multiply this by 100s of thousands of expats saying NOPE! Not going to deal with yet another hassle after all the other hassles of dealing with Thailand immigration endless hoops to jump through (plus constant fees)

@rufuscollis303 3 күн бұрын

Thats pretty much the end of Thai retirement for most.

@alanchase7329 3 күн бұрын

Why? I will possibly have to pay some tax on money I bring into Thailand. There are various tax allowances that I can use to reduce the amount of that money that is subject to tax. If I returned to my home country I would be taxed on my worldwide income apart from a small tax free allowance

@AG-so4gl 3 күн бұрын

You clearly were not listening

@signalizer 3 күн бұрын

yea because of standard deductions I'd only be taxed at 22% on my pension in the US. However, if in Thailand I'd be taxed another 18% because I'd fall in their 30% bracket. That's ridiculous. Looks like I'll be using my Wise card and leaving all money back in the US instead of opening a Thai bank account.

@gregb1599 3 күн бұрын

No Thai bank account no tax. However that money needed for retirement visa will not be taxed and as long as you do not add international money to that account then no tax to pay. If you had bothered watching the video that's all talked about. Like many have suggested use a card and app like Wise so easy!

@Mark-yo5ue 3 күн бұрын

@@signalizerI was thinking the same thing. Never transfer funds to a Thai bank account and just use Wise for all or almost all your payments in Thailand. Easy solution.

@philipsharp2989 2 күн бұрын

I have been planning my Thailand retirement at the end of this year and living off my australian superanuation for 6 years. Appears that I will now loose 35% of my income to the Thai government and I will definitely need to reconsider.

@jetd9716 Күн бұрын

They had to find ways to fund their corruption, so why not get it from foreigners.

@brianwood8086 Күн бұрын

after you factor in exemptions and the progressive tax scale, you would pay nowhere near 35%. Probably less than 10%

@ringovski1980 3 күн бұрын

My aussie pension or capital gain is not taxed by Australian government. So the thai government is kidding themselves if they think I'm going to pay them tax.

@AuntyJack123 3 күн бұрын

I think as long as you don't use a Thai bank account should be apples 😊

@metalguru5226 3 күн бұрын

You're the one kidding yourself. If you're there 180 days or more, you WILL be forced to pay under this law.

@DarkoFitCoach 2 күн бұрын

@@metalguru5226how will u be forced exactly, on what income will u be taxed?

@josephkeith6954 2 күн бұрын

@@DarkoFitCoachin time they will find a way. Generative AI is very good with turning data into information. if they cannot determine source of income, they will just treat it as taxable income. simple. then you are forced to proof otherwise.

@DarkoFitCoach 2 күн бұрын

@@josephkeith6954 thats exactly my point. WHAT income will they tax exactly? If i have my retirement visa and 800k baht in account as requirement. Then what exact income are they taxing? You mean what i spend each month to live on? How in the hell would they know what i spend if i dont have it in a thai bankaccount and use cash and creditcard?

@PaulJagger 2 күн бұрын

I expect WISE and REVOLT will win many new clients when Luca's advise is considered. Thanks for sharing.

@somnumna2606 Күн бұрын

I have both and they are both linked to ANZ in Australia if you check. They are fully traceable

@sfbillable Күн бұрын

@@somnumna2606 Just use your WISE card at an ATM and it will not be taxable. Just got to fork over the service charges

@teplostar 2 күн бұрын

This is exactly what I did in Canada and now I am counting the number of days I will be staying in Thailand in 2024. The downside for Thailand is that I will spend 500K less in 2024 and it looks like in 2025 vs if I just stayed there.

@palirvin1871 2 күн бұрын

So to most full-time [meaning more than 180 days] expats it falls in terms of pragmatic impact into this: If you have to bring money into a Thai bank account in Thailand then you are going to have to expect to pay taxes at some level and file tax returns in Thailand. IF on the other hand you only bring money into thailand via extractions via an ATM / via your bank cards then that income will not be taxable but if you are full-time you must still file a Thai tax return. The last method which also has limitations is that money you bring on your person through customs will also not be taxable but is subject to maximum allowed levels and above those levels you would be subject to paying tax at customs above the max allowed. For those that live less than 180 days & do not have residency [aka perma-tourists] there is no tax obligation but watch those border runs because a couple of border runs and you're goiing to be a tax resident without the beneifits.

@VangeliRock 2 күн бұрын

Nice job Chris. Best video I've seen so far on this topic. Torontonian here still contemplating retiree abroad, just working out how to go about it. Your vids are the most helpful.

@richardjones9007 2 күн бұрын

I attended the seminar by a prominent accounting firm in Bangkok on the subject and their information was not consistent with those presented here. Specifically, the accounting firm said that if you’re overseas income was not assessable in Thailand, for example because it consisted of a state sponsored pensionor protected by a dual taxation agreement, you did not have to file a tax return with respect to that income. Perhaps you can get to the bottom of this conflict?

@nestorpou253 2 күн бұрын

Chris: Thank you for this helpful videos, specially for people like me considering to move to Thailand. I wish you the best on you Koh Samui adventure but please keep sharing more vids on your developments and the great tutorial ones like this. You are a force of wellbeing. Thanks a lot from Spain

@krk111761 3 күн бұрын

Great to see another video with really good, straight forward information. Thanks Chris

@Radiancegrace 3 күн бұрын

Anytime you arise I watch. So gifted with ability to cover vast amt of areas to help us from varying parts of the world in our move to Thailand 🙏🏻

@asiaexpat62 2 күн бұрын

Thank you for the detailed interview, it was valuable to all.

@stevecowboy4159 2 күн бұрын

The USA has a tax treaty with Thailand. Our SS or pensions will not be taxed, ever. Don't need a lawyer for that, but thanks for the info.

@roymoxley2587 2 күн бұрын

This guy apparently can’t go to the Thai embassy website and read about retirement people on there visa You cannot work and are not subject to tax from your home country , This guy has to get a lawyer on this subject Lol Who trust a lawyer Not Me

@christopherjdanna 2 күн бұрын

Did you speak to a tax attorney about this? From my discussions with two tax lawyers here that's not necessarily true given how the law is currently written.

@stevecowboy4159 2 күн бұрын

@@christopherjdanna Don't need an attorney, the law is pretty clear. 1. Subject to the provisions of paragraph 2 of Article 21 (Government Service), pensions and other similar remuneration paid to a resident of a Contracting State in consideration of past employment shall be taxable only in that State. 2. Notwithstanding the provisions of paragraph 1, social security benefits and other similar public pensions paid by a Contracting State to a resident of the other Contracting State or a citizen of the United States shall be taxable only in the first-mentioned State

@dtester61 2 күн бұрын

True for US citizens but not the same for others.

@ChupraCumbra 2 күн бұрын

Immigration officer don't care....

@martypoll 2 күн бұрын

This was a much clearer interview than the previous one. Thanks. I have the pensioner LTR and, once again, it sounds like my remitted transfers to Thailand are not taxable. It is still unclear to me though whether I have to file a tax return and somehow/somewhere indicate that I am here on an LTR visa.

@randyarmstrong1198 3 күн бұрын

Great update and confirmation of some things that were bothering many of us. Thank you Chris and Luka.

@sodapop1999 3 күн бұрын

Outstanding interview. Thank you!

@acenewark 3 күн бұрын

Thank you for this video Sir

@chrissmall1246 3 күн бұрын

Excellent news regarding retired xpats making ATM withdrawals and credit card usage not being considered as repatriated funds and therefore not subject to taxation. Beautiful, leave us old pensioners to living simple and frugal lifestyles without worrying about taxes. I pay about 1.6 percent on my withdrawals which includes the ATM fee plus my country of origin banking institutions fee. At 25000 Baht withdrawal I pay approximately 345 Baht which is very reasonable, flexible and convenient. This all varies depending on current exchange rates of course. Very good news, thanks for that Chris.

@I-LikeColdBeverages 3 күн бұрын

Agreed, excellent news if true

@gegaoli 3 күн бұрын

Once the world forces people away from cash that option my go away and all govts get to control everything

@peterpower7840 3 күн бұрын

This is not correct, credit card usage and ATM withdrawals ARE considered as remittances to Thailand and therefore subject to taxation. See Expat Tax Thailand for details.

@billytheweasel 3 күн бұрын

@@gegaoli Samitivej Hospital cafeteria refuses cash, digital only already. I have a marriage visa and was refused a digital wallet here for not having a work permit visa.

@I-LikeColdBeverages 3 күн бұрын

@@peterpower7840Thanks for the reference, much appreciated. Two different opinions from two tax firms, surprising. CHRIS......a follow up with specifics of the Thai tax code concerning ATM withdrawals would be appreciated

@rrohmdr 2 күн бұрын

Congrats. Thanks. The clearest and most useful explanation so far. 😊

@JoeyBlogs007 2 күн бұрын

This could be a nightmare. One would not want to be doubled taxed on a pension and rental income on negatively geared property. This would be a non starter for many. Most westerners are more than likely to be in the highest Thai tax bracket, due to the exchange rate effects on their reported overseas income. It's crazy where this could go.

@christopherherbert2407 11 сағат бұрын

Good thing they are being honest now, many portfolios could take a significant hit if not properly diversified

@rodgertim2881 11 сағат бұрын

With the FED’s warnings, I’m moving a portion of my investments into precious metals and other commodities

@V.stones 11 сағат бұрын

They tend to perform better during the economic downturns and high inflation periods

@ericbergman7546 11 сағат бұрын

That’s a smart move. Diversifying into non traditional assets can definitely help. I’m also looking at international stocks since some global markets are showing resilience despite the FED’s gloomy outlook

@wehrine 11 сағат бұрын

Good point! The global economy is very interconnected, so if the US market falters, others might too

@cherylhills3227 11 сағат бұрын

only high qualified professionals who had experienced the 2008 financial crisis could help to earn a high in these challenging conditions

@AuntyJack123 3 күн бұрын

Number of new tax agents in high expat areas is going to go way up!! Between your visa agent and lawyers and tax agents and the taxes good luck. Hello Vietnam 😊

@pb12661 Күн бұрын

yeah, it sounds like a real cluster F.

@mlgneo2855 21 сағат бұрын

How do you stay long term in Vietnam?

@EndlessTravels 20 сағат бұрын

LOL Vietnam? Today July 1st VN jjust locked down the banking system and is now micromanaging the people's money and also expats with bank accounts. This isn't JUST Thailand doing this. China has also been doing it for the lats 9 months.. Asia is doing everything it can to F over any and all tourist and expats

@EndlessTravels 20 сағат бұрын

@@mlgneo2855 You don't unless you marry some chick which always turns into a bad decision for 99% of expats

@AuntyJack123 14 сағат бұрын

@@mlgneo2855 multiple 3 month visas.

@puretesla2565 2 күн бұрын

That was an excellent interview with great information. Appreciate it Chris. Very well explained and great questions asked.

@jbennison5672 Күн бұрын

I was impressed by this Lawyers knowlege last time...thanks for following up on it.

@westrm2010 2 күн бұрын

IMPORTANT PLEASE READ: Everyone please go and Google the latest version of the DTA (dual taxation agreement) between Thailand and your country of origin. The DTA between the United States and Thailand states that Social Security and Public Pensions will only be taxed in the United States. Similarly here is the brief on Canada: The Canadian / Thai DTA is quite favourable for Thai tax residents. Pensions are only taxable in Canada and for investment capital gains you can use any tax paid in Canada as a credit. Category: Foreign-Sourced Income Tags: Canada, Capital Gains, Pension Income

@jaideedave 2 күн бұрын

@west...I'm a Canuck here also and I struggle with Gov't official jargon such as the Thai/Canadian DTA. Thanks for clarifying this. I see my pension income as non-assesable according to the info and won't even bother filling unless ordered to do so.

@westrm2010 2 күн бұрын

@jaideedave So long as Canada does not make major changes with your tax law. If Canada were to exempt your pension from Candian taxes, the Canadian government would report your un-taxed pension to the Thai government per the DTA and you would be taxed in Thailand.

@phuketeer Күн бұрын

You probably have no idea how it works... you have to pay the tax and then go and get tax refund / credit. Headache, processes, as everything. Every day a headache, why more? You can do it though if you want, I AM NOT!

@westrm2010 Күн бұрын

@phuketeer I know what I know.

@Bhatmann Күн бұрын

Thanks for the information and I’ll look it up. But I’m thinking if you are transferring money into Thailand, you will have to file to show where the funds were earned? Kinda sucks but not the end of the world. I might have to do the LTR option. Good luck,

@ginorako2176 3 күн бұрын

I have been waiting for this video. 2days ago, i checked and wanted to know what all happend to this ridiculous law, now here you come with a full video about it with the right person talking about this subject. Thanks Chris!

@21stcenturyshowgirl 3 күн бұрын

he's a legend the julian assange of real estate. love this guy. not the lawyer...he's disgusting.

@roymoxley2587 2 күн бұрын

This law is not for retirement people go read the article from the Thai embassy Enough said and stop talking to lawyers

@21stcenturyshowgirl 2 күн бұрын

@@roymoxley2587 yeah lawyers are all grubs

@limirl 2 күн бұрын

No expert knows anything yet, because the Thai govt haven't published the full extent of the new laws. They don't even know themselves so how can anyone trust what these so called professional think is going to happen

@pb12661 Күн бұрын

@@roymoxley2587 you sure about that?

@flighteye6642 2 күн бұрын

Thai tax authorities will not be experts on Canadian tax, US tax, UK tax, German tax etc etc. They won't care Canadian TFSA nor the US Roth IRA is tax free gains - how can they keep track of all the credits, exemptions etc of each country? how will they determine the funds I want to transfer to Thailand were from my after tax decades vrs last year's earnings? this is all absurd.

@IbrahimFilipe 16 сағат бұрын

Hallelujah!!!! The daily jesus devotional has been a huge part of my transformation, God is good 🙌🏻🙌🏻🙌🏻🙌🏻🙌🏻was owning a loan of $47,000 to the bank for my son's brain surgery (David), Now I'm no longer in debt after I invested $8,000 and got my payout of $270,500 every months,God bless Christy Fiore 🇺🇸🇺🇸🇺🇸..

@SaadatHahner 16 сағат бұрын

Hello!! how do you make such monthly, I’m a born Christian and sometimes I feel so down of myself 😭 because of low finance but I still believe God

@GODDID-ne4oi 16 сағат бұрын

Thanks to my co-worker (Carson ) who suggested Ms Christy Fiore

@JulienTchotcho 16 сағат бұрын

After I raised up to 525k trading with her I bought a new House and a car here in the states🇺🇸🇺🇸 also paid for my son's surgery….Glory to God, shalom.

@KingsleyFoska 16 сағат бұрын

She's a licensed broker here in the states🇺🇸 and finance advisor.

@DawnJastremski 16 сағат бұрын

I've always wanted to be involved for a long time but the volatility in the price has been very confusing to me. Although I have watched a lot of KZfaq videos about it but I still find it hard to understand

@mikestockford8950 2 күн бұрын

I imagine Cambodia and Vietnam will be the big winners here

@les8518 2 күн бұрын

Philippines too.

@forretresss 2 күн бұрын

Thailand is just damaging its reputation at this point. What's the point of moving to a 3rd world country, when the taxes is 1st world complicated...

@somchai9033 2 күн бұрын

It's easy and cheaper to live in Vietnam and Malaysia. I get 90 days on arrival. Vietnam requires online visa prior. I've spent a month in each place to get a feel for where to live. The Philippines is next.

@alias_EP 2 күн бұрын

and when there's enough of you guys there they will bring in the same laws..

@forretresss 2 күн бұрын

@@alias_EP Not every country is broke like the Thai government... Thailand's GDP is growing so slow (slowest in SE Asia) that they have to push higher taxes to minimize the gov deficit. Malaysia and Vietnam is growing lightyears faster than Thailand's economy sadly.

@Martinhck 3 күн бұрын

You only have to look at the comments on this video to understand the obvious self harm thailand has inflicted on itself with this tax change. Thai tax advisors are rubbing their hands together right now, taking advantage of all this fear and uncertainty. So much potential extra business. Give it a couple of years, there will be incentives on offer for retirees and investors because of the lack of money coming into thailand compared to previous years. They will eventually realise they need to encourage people to bring money into thailand and not withhold money due to fear and uncertainty. An incredible act of self harm.

@DarkoFitCoach 2 күн бұрын

Nothing new for thai government ey

@Martinhck 2 күн бұрын

@@DarkoFitCoachVery true, a classic example of short term thinking.

@chosenfews 2 күн бұрын

that is Thai Government they have no idea. Instead of looking at a possible other way they come after the people who are giving the Kingdom so much injection to GDP. They get our income via spending on goods and services. This stinks WEF doing. Let's not forget, the Thai Government take lease payments for the condos we buy / accommodation, 51% ownership of business etc. Now they want our income. With the cost of living in Thailand going upwards soon it will be the same price living in Thailand then our own home countries.

@HairyPixels 2 күн бұрын

they had people willing to come here and spend tons of money year over year and now they're scaring them away. total foolishness. I expect a reversal also even if they could figure out how to enforce it.

@Martinhck 2 күн бұрын

@@HairyPixels So true. The effect of this is already visible. Factories are closing all over thailand. 52% of GDP was foreign investment, would be interesting to see what the current rate is (not published yet). The damage will become more visible over time I'm sure.

@AbroadInThailand Күн бұрын

Great interview! Really helped to clear up quite a few questions I had. Thanks for the update.

@HuatulcoGuy Күн бұрын

I am a Canadian who moved permanently to Mexico in my retirement. I was thinking of giving Thailand a try to see if I could move there permanently, but this has changed my mind. If Thailand does not want me to live there and have me pump my money into its economy to help support Thai citizens, then I guess they are doing OK.

@gregfraser2763 2 күн бұрын

This is to make work for tax accountants and admins. Too bad they can not just charge more for visas and avoid the HUGE hassel and fear of having to report to the tax man. RETIREES HAVE BEEN TAXED ENOUGH

@nickg505 Күн бұрын

As someone who has wanted to move there for 2 decades and have been waiting until I reach min age retirement visa, I am absolutely crushed 😢

@cole_passportbro 2 күн бұрын

Fantastic video, thank you Chris!

@didous12 2 күн бұрын

Great video. I was a process control engineer (just retired 2/21/24) I would always stress test my projects just to make sure it would work under all conditions. Also depending on the government. But I found away of earning more income despite my Retirement. $57k weekly returns has been life changing, after so much struggles.

@babytruca02 2 күн бұрын

wow this awesome 👏 I'm 37 and have been looking for ways to be successful, please how do I make such weekly??

@didous12 2 күн бұрын

@@babytruca02Maria Angelina Alexander I really appreciate her efforts and transparency.

@didous12 2 күн бұрын

I remember giving her my first savings $20000 and she opened a brokerage account for me it turned out to be the best thing that ever happened to me.

@didous12 2 күн бұрын

My outlook on money changed when I realized someone making $200K can retire broke & someone making $80K can retire a millionaire. With the current market movement.

@marcosvg90 2 күн бұрын

You're correct!! I make a lot of money without relying on the government. Investing in stocks and digital currencies is beneficial at this moment.

@DirtyBird506 2 күн бұрын

Taxation Without Representations! Thailand like many SE Asian countries want foreign money but do nothing to help foreigners when they have troubles. They have laws against us earning money inside their country but want to take the money we earn outside of their country! Help me help you I say! I will not put my money in a Thai bank! I will not buy property in Thailand because of this. I loved Thailand but not that much! Sorry! Let us know when they cave!

@JohnHarthomstowCEO 2 күн бұрын

Yep but remember taxation with representation is a Western ideal. It was the basis of the American revolution. We can't expect Asia to have the same ideals as the West. Everything in life has a trade off

@jetd9716 Күн бұрын

Think like a Thai, and you'll not get robbed by a Thai.

@steveforbes8287 2 күн бұрын

Chris: You will need to do an update to this video. It seems that there was no absolute determination if USA Social Security is considered taxable income. Some of us live on that only and IF we can find our way over there it would still be our only income. That question needs to be answered directly and without ambiguity.

@dough.9241 2 күн бұрын

This. Chris’s example scenarios were pretty lame tbh.

@the-real-bert 3 күн бұрын

this is very useful - i find that tax advisers only usually only tell half the story (probably because they are so bored 😂) and miss important aspects e.g. what defines repatriation of money? answer = moving money into Thai bank account - these example cases get right to the important facts - thank you

@neilrmartin1984 3 күн бұрын

Yep, that was a crucial bit of info

@billytheweasel 3 күн бұрын

@@neilrmartin1984 Especially since 'repatriation' generally means- a person returning to their home country.

@parapilot09 3 күн бұрын

All the research that I have done online and having spoken with Thai Tax advisors and my local Revenue Dept is that money remitted into Thailand as a Thai Tax resident via ATM withdrawals with a foreign issued card is considered remitted income and so the subject of Thai tax assessment!

@Mark-yo5ue 3 күн бұрын

@@parapilot09hope you are wrong, but would seem Reasonable that atm withdrawals in Thailand would meet a Definition of repatriated income

@the-real-bert 3 күн бұрын

@@parapilot09 accounting for every atm withdraw and card purchase - not really the 'good life' 😂

@garycushing8521 Күн бұрын

Thank you again that was a great update. You gave me so options which also may apply to some other countries that our doing the same Taxes that Thailand has done.

@lesgreen8508 2 күн бұрын

Very informative, I'll be waiting eagerly for part 3.

@jacksonj3082 3 күн бұрын

Mr. Bernardinetti is definitely well-versed as a tax attorney in Thailand - thank you Sir. About rental property in the US, there are costs associated with the property (not just the income) such as mortgage interest, property insurance, depreciation, maintenance, property tax, marketing fees. In many cases these expenses cause an annual net loss. Thus, for Thai tax reporting purposes, should only the gross rental income be reported or rather should the net income (loss) on the rental property be reported in Thai tax reporting.

@John-G Күн бұрын

"Well versed"? He's the biggest snake oil salesman / BS merchant I've come across here - no exceptions.

@jacksonj3082 Күн бұрын

@@John-G you are talking about the YT'er or the tax lawyer ? Would be great to hear your personal experience with the BS merchant.

@John-G Күн бұрын

@@jacksonj3082 The tax attorney was the one you described as "well versed", so I thought it was clear he was the one I was referring to . Why would I have or want any "personal experience" of him? The video's more than adequate.

@StephenWestrip 3 күн бұрын

Clear and concise video. As always with taxation in any country it is a matter of planning and timing. Capital gains is the most difficult to work around but go travelling outside Thailand for a bit a don’t be a tax resident in your capital gain tax year. As Luca said, it is about planning.

@josephkeith6954 2 күн бұрын

Edited: WHEN they close that loophole. we are at the mercy it.

@StephenWestrip 2 күн бұрын

@@josephkeith6954 same in every country. Tax laws can change and they are either favourable or not depending on your personal circumstances.

@selenescourse 2 күн бұрын

Thank you for another informative video. Nothing will deter us from moving to Thailand. See you soon!

@TerryAShaw 2 күн бұрын

That was very informative. We dont really need the hassle of more taxes and the implications of shuffling money around. It looks like 175 days will be it. Thanks so much Chris.

@Fozibear 3 күн бұрын

Would really like to hear a little more about how crypto is taxed in Thailand? Including cashing out staking rewards etc

@theamazingjustin 2 күн бұрын

Thanks for the vid Chris. Regarding the “loophole” that Luca said exists if you cease to be a tax resident in order to sell your home for capital gains, I spoke to another accountant a few weeks ago who said you still have to pay taxes on the capital gains proportionally to the amount of time you spent in Thailand as a tax resident. In your example, the couple who spent 2yrs in Thailand and then discontinued their tax resident status in the following year to sell their home in the US, they still have to pay taxes on capital gains for the 2 yrs they were tax residents in Thailand. Let’s say they owned the house 8 years prior to moving to Thailand, with a total 10 years (2 years while living in Thailand). Then 20% of their capital gains would be subject to capital gains tax in Thailand if repatriated. When I romanticized about retiring in Thailand, I didn’t consider Thailand taxation. It would be one thing if the code was clear and concise so one could plan, but it’s not.

@DarkoFitCoach 2 күн бұрын

How would thailand be able to tax this capital gain or say salary of one never brings it over into a thai bankaccount?

@DarkoFitCoach 2 күн бұрын

@@theamazingjustin if thailand joins ww income then i foresee an exodus of expats. Not 1 single person wants to pay tax money and not get any benefit in that monkey country

@theamazingjustin 2 күн бұрын

@@DarkoFitCoach From what I understand, they wouldn’t. For now, if you don’t transfer the money through your thai bank account, they won’t tax it. Once you do, you have explain what source that money came from. However, their new proposal is to tax world wide income whether you bring it to Thailand or not. Thailand is considering joining a world wide system that will give them a report of their tax resident’s global income. This is assuming that the couple returns to Thailand to become tax residents once again in the 4th year. If they go back to the US in the 3rd and realized the capital gains and didn’t return to Thailand, then of course it would be near impossible for Thailand govt to collect that tax. Take this with a grain of salt. I’m just pointing out inconsistencies with two different accountants. Nothing is clear at least to me.

@DarkoFitCoach 2 күн бұрын

Who is deleting my posts?

@theamazingjustin 2 күн бұрын

@@DarkoFitCoach which post? I still see your initial post.

@andreaswais8867 3 күн бұрын

appriciate very mucch this information and education about the tax code!!! Big thanks for this! A.

@anthonyloh9193 2 күн бұрын

I have make up my mind to avoid being tax, will plan to stay in Thailand not more than 170 days. Thinking of Malaysia or Lao as my second home

@user-jl3hm5ev5f 2 күн бұрын

What about US social security? What about money derived from discretionary trust of inheritances that are not subject to tax in the US? What about a spouse repatriating money to his Thai wife while outside Thailand for more than 180 days?

@hansrow8541 3 күн бұрын

Great video. My case is exactly what you covered with one of your cases. As far as I understand the best thing to do to avoid taxation in Thailand (if your domestic taxation would be lower or even zero) is to stay less than 180 days.

@JCODOHERTY 2 күн бұрын

Yep. Spend the other six months in Japan, Bali, Vietnam, etc. The overreach by taxation is total theft and always brought about by leftists and globalists. Global communism is the end goal for the ones orchestrating this madness behind the scenes. Looney leftists love taxing the workers. The should not be allowed to govern anyone. Over taxation ruins all free nations. Every single time.

@joju2409 2 күн бұрын

Thank you for the update. It has given me more clarity on how I will deal with this issue

@kennethjoslin7025 3 күн бұрын

Thanks for sharing. It was very informative.

@krystoflolhoffel4227 Күн бұрын

The informations the attorney gives about Thai Tax system are completely wrong. Look at the cases and the chart. He says you have to pay 35 percent of Tax if you got a pension of 3000 Dollar. Absolutely wrong. Even the chart that he copied from the internet shows that he is wrong. That is the truth: If you have 3000 dollar pension every month, you will pay around 12 percent tax in Thailand

@CyndieGawain 2 күн бұрын

Time to do the trifecta. Live in thailand 179 days, move to Vietnam for some months then a little time in Cambodia then Thailand This is going to hurt sales of condos. It is going to hurt Thailand in the number of Expats who decide to move here. I think it's gonna hurt their economy and many ways if they enforce it.

@LD-yq7cl 2 күн бұрын

hope there are some websites where people can do condo swap... like... I am 4 months here, can I go to your neighbor country condo and go get in mine... to save costs... cannot pay rent in both countries... not me at least

@gymratt17 2 күн бұрын

This was my original plan but decided to stick it out this first year and see what happens. I did spend a month in Phnom Penh though and really enjoyed it.

@CyndieGawain 2 күн бұрын

I knew about that strategy from nomad capitalist but I was too new at this to do it. While I was going through the process of getting the visa and I was already over here. I realized that that is what I should have done because I do want to spend time in a lot of other countries and not just Thailand. If I had known Thailand was going to change their tax laws, I would have definitely done that. I ruled out Spain and Portugal because of these type of laws. But it's not too late whenever my year is over I might still do that

@CyndieGawain 2 күн бұрын

@@LD-yq7cla new business opportunity for someone! Excellent idea to create a website to connect people and help orchestrate seamless moving from one se asian country to another to get around tax and visa requirements and still have home bases

@Thisisourjourney9532 2 күн бұрын

Thank you for this update. Great video and keep those informative videos coming 🙏

@alexiusargos9450 3 күн бұрын

This was so helpful. Thank you.

@timclem2443 3 күн бұрын

What a mess actually. You pay taxes at one rate in your home country. Then find out you are in higher tax bracket in thailand and have to pay more taxes because their tax tables are based on tax income of thai wages.

@DarkoFitCoach 3 күн бұрын

Yes so by definition all our western income falls into thai highest tax bracket. Disaster

@josephkeith6954 2 күн бұрын

Thai government will make sure they top up your tax rate to 35%. that’s like “tax the rich” except it’s real this time due to comparably low wages in thailand vs western countries.

@JCODOHERTY 2 күн бұрын

Yep. They global communists (those behind the leftist taxation thieves) just ruined Thailand.

@Armageddon1616 Күн бұрын

Exactly.

@bosse641 Күн бұрын

A world full of greed. A fallen world indeed.

@daangs3161 3 күн бұрын

It’s nuts that expats with the highest incomes (80k+ usd) can qualify for a LTR visa, which exempts them from Thai tax, whilst most of us with modest incomes have all the hassle and might still be subject to 35% Thai tax! I hope they will consider a similar exemption in future for pensioners who will probably be the expats hit hardest.

@AuntyJack123 3 күн бұрын

Are you naive that you don't realise this is expected. Thailand will always protect the wealthy investors. Us commoners are nothing to them.

@KeepingItRealBro 2 күн бұрын

@@AuntyJack123 Depending the type of LTR- visa the respective holder doesn't invest a single Baht into Thailand. It's a privilege that will go away very soon IMO

@ricke6854 2 күн бұрын

You don't pay 35% on every dollar, that's just the top incremental rate

@KeepingItRealBro 2 күн бұрын

@@ricke6854 I can't live below 30% threshold. Below 35% is doable.

@bigstick8699 2 күн бұрын

How about stay in your own country. No one says you have to go. You seem ignorant and full of self interest. Wrong county buddy.

@mplt6151 2 күн бұрын

Thank you very much for this excellent video. And thanks to the lawyer Mr Luca for doing it for free 🙏

@mariobestic138 2 күн бұрын

Chris, Thank You so much from Toronto Ontario Canada! Great information I hope to meet You there one day ! Chris and HaeLee Best Wishes & to Anna 😊 Study hard it's worth it !!

@TERMICOBRA 2 күн бұрын

American VA (Veterans Administration) Disability Compensation for war/training injuries is something that a lot of US veterans have. It's NOT taxed in the United States and it's NOT the same thing as a military pension. The US does NOT count it as income. Is that monthly amount taxable in Thailand? A lot of expats are US veterans so this is a crucial question.

@MultiHogy 3 күн бұрын

Thank you! Lately i felt I'm unclear about it with the new visa changes🙏. I'm not age retired yet😅

@mikeyn1900 Күн бұрын

Great video Chris! Very informative

@jeffrey88888 2 күн бұрын

Good to know. My father is retired in Thailand and the Canadian tax bracket is pretty similar so he won't need to pay additional taxes.

@Money8OOST 3 күн бұрын

Thailand still doesn't tax foreign companies even if they are controlled from Thailand as long as they don't do business in the country. So many entrepreneurs / freelancers can run their foreign companies that are registered in low or zero tax countries and only pay taxes on their personal income. This is different from most countries and pretty much every western country, so Thailand still remains one of the tax friendliest countries for some people👍

@ScruffyNomad 2 күн бұрын

I see the benefit of just using credit cards to avoid the income repatriation rule, but to reside in Thailand more than 180 days a year as a retiree with a retirement visa, you have to have a Thai bank account with an amount in it that would be taxed. Sounds like a Catch-22 to me.

@2kkto2 3 күн бұрын

ok - never mind -- covered in the last few minutes... Thank you to all involved...

@keithdonaldson5573 2 күн бұрын

Great information, thanks to you both

@TimK2646 3 күн бұрын

Lawyers and Accountants always Win Win Win.

@gordonduncan8892 3 күн бұрын

In Thailand Foreigners are prohibited to be a lawyer by Foreign Employment Act (1978), Thus, they are unable to obtain Lawyer's License.

@albaladejoraphael6661 3 күн бұрын

@@gordonduncan8892 yes and so what??????? Maybe he is married to a Thaï and maybe he is Thaï now.....

@gordonduncan8892 3 күн бұрын

@@albaladejoraphael6661 Even as a Person with a Thai residency permit he cannot because he was not born in Thailand.

@albaladejoraphael6661 3 күн бұрын

You can become Thai simple is that. I know some french guys that have the nationality now....

@gordonduncan8892 3 күн бұрын

@@albaladejoraphael6661 you need to be born here to become a lawyer, period. Lookup the Law.

@gbtedx1157 3 күн бұрын

So are all my Thai friends going to start to pay tax? 5555

@roymoxley2587 2 күн бұрын

No there not This is fear monger in order to collect a tax you need a I’d number Your not a citizen of Thailand You cannot work on a retirement visa go read the article from the Thai embassy web site

@DavidWoodleyTravelshorts 2 күн бұрын

Thought you stopped vlogs , glad your back.

@waynelesperance5604 Күн бұрын

As fellow Canadian, greatly appreciated this video. It helps me figure out want I will do about length of stay in Thailand and paying taxes in Thailand. I have no choice on payment of taxes on my government pensions in Canada. Currently even as non resident I must pay taxes on my pensions in Canada .