Transcript of the above video: 

As the title of this video suggests, we are discussing the ramifications of Thai Tax Policy and whether or not it might for lack of a better term run off a bunch of retirees here in Thailand. Now to be clear, I have made other videos, this video is not meant to freak people out it and there are probably going to be parts that may be frustrating because again this is sort of a nebulous topic, but long story short, again I have said it before, I'll say it again, 80% of folks here in Thailand especially foreigners, are probably never going to have any problem with this. Now as I have said in other videos we make see a time where Retirement Visa Extension does involve a tax return of some sort. I am not saying that is a foregone conclusion; I am also not saying it's impossible. I don't think it's overly likely especially anytime soon but it could happen. 

That being said, I thought of making this video after reading a recent article from the Pattaya Mail, that is pattayamail.com, the article is titled: Foreigners and their overseas income: what next? Quoting directly: "But if all expats living here for half a year or so are thrown into the same pit willy-nilly, then Thai Authorities can expect non-working long stay expats to become an endangered species." So when they say: "long-stay, non-working", well that's a retiree basically. Quoting further: "Imagine the note on official publicity for one year extensions or for Elite visas: “You are reminded that you are required to register with the Thai Revenue's," (again I think they mean Revenue Department’s) "tax identification system if staying in Thailand more than 180 days in a calendar year." Not exactly marketing." Yeah true. I do see the point among a lot of the expats out here that this isn't a great look for Thailand in the sense that it kind of freaks people out, the thought of taxes. That being said, it really is worth noting, Thailand was anomalous in terms of the rules that were in place prior to Jan 1 of 2024. The rest of the world has always been on this system. Thailand just had carved out this little, this sort of little niche in their law or in their regulations regarding timing of funds brought into the Kingdom, but really fundamentally nothing has really fundamentally changed. In fact I think there were tons of people even under the old rules that arguably could have been liable for tax, they just, it just didn't happen at the end of the day.

Now again moving forward, especially with the digitization of the bureaucracies associated with not only tax, tax policy, tax liability but also tax collection, yeah I can see a scenario arising in the future where yes taxes are a more or I guess tax enforcement if you will, is a more in your face thing. But again it remains to be seen whether or not that comes to pass. The other thing to bear in mind is look for the vast majority of retirees, especially if you are contacting us, for example if you are contacting us regarding Retirement Visas and you want to have a consult regarding that, talk to me about Thai Tax Matters as well. I can reference some of the Thai Tax lawyers and accountants here in the office and tell you whether or not it looks like you are going to have to really worry about any tax liability out here. You probably won't. As I have said before, I think in probably four out of five cases, it’s probably a higher number than that, most folks are not going to have to worry about tax liability. Again I know it's a bit vague; I know it's somewhat confusing but take a deep breath; this too shall pass to one degree or another, and understand that most folks are not going to be liable under this. If you are really worried about it, contact a legal professional, gain some insight and guidance into how best to proceed.