Thailand and Elite Visa.....Money transfer to buy home will Subjected to tax ?

[troubled soul]

Thailand provides retirees with remarkable tax advantages. If you choose to retire in Thailand without bringing funds into the country, you can enjoy the benefit of not being taxed on your worldwide income.

Now, let's explore a crucial inquiry: Imagine an individual holding an elite visa who wishes to retire in Thailand and promptly acquires a home in the country. In this scenario, the funds for the purchase are transferred from a foreign account to the seller. The question arises as to whether this money transfer would be subject to taxation.

In simpler terms, if the holder of an elite visa transfers money from their foreign bank account to the seller's account, would this money be subjected to taxes?

I sincerely appreciate your attention to this matter.

 

[scooterguy]

Money remitted into Thailand is only taxable if earned during that same year. This means that if you earn 500K this year and transfer that to Thailand next year to buy a house, there is no need to declare that in Thailand.

 

[Mercury]

Regardless of your visa type, Foreign-sourced income rules still apply in Thailand. No tax if well managed.

 

[JackAlabama]

Thailand provides retirees with remarkable tax advantages. If you choose to retire in Thailand without bringing funds into the country, you can enjoy the benefit of not being taxed on your worldwide income.

Now, let's explore a crucial inquiry: Imagine an individual holding an elite visa who wishes to retire in Thailand and promptly acquires a home in the country. In this scenario, the funds for the purchase are transferred from a foreign account to the seller. The question arises as to whether this money transfer would be subject to taxation.

In simpler terms, if the holder of an elite visa transfers money from their foreign bank account to the seller's account, would this money be subjected to taxes?

I sincerely appreciate your attention to this matter.

No. Especially not if you have been present less than 180 days.
Otherwise, remit only savings.
Better to settle with a personal account in Thailand. It will be instant and massively eases transaction instead of swift wire cutting fees here there and everywhere.
Payment can also be done offshore for the transfer etc. whatever you will agree on.

 

[TheCryptoAnt]

There're clear rules on how to navigate TH's remittance basis taxation. Very easy to follow and adapt to in order to avoid taxation.

This being said; if you are farang nobody cares, nobody checks, nobody asks, this is Thailand sabai sabai

Pls send money for sick buffalo tho

 

[JackAlabama]

There're clear rules on how to navigate TH's remittance basis taxation. Very easy to follow and adapt to in order to avoid taxation.

Can you expand these?

This being said; if you are farang nobody cares, nobody checks, nobody asks, this is Thailand sabai sabai

Pls send money for sick buffalo tho

 

[TheCryptoAnt]

Can you expand these?

watch this

 

[Marzio]

I wonder if things are going to change soon

Thailand set to exchange financial data to combat transnational tax evasion

Thailand intensifies efforts to combat tax evasion by enhancing financial information exchange, adhering to global standards, and promoting tax transparency.

thethaiger.com

 

[JackAlabama]

I wonder if things are going to change soon

Thailand set to exchange financial data to combat transnational tax evasion

Thailand intensifies efforts to combat tax evasion by enhancing financial information exchange, adhering to global standards, and promoting tax transparency.

thethaiger.com

No, its just crs.
And Thailand is not really a place for having companies.