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Home » Reader question » Reader question: Emigrate to Thailand and receive a tax-free pension
Reader question: Emigrate to Thailand and receive a tax-free pension
Dear readers,
I intend to emigrate to Thailand and take early retirement. Due to the treaty with the Netherlands, no double taxation may be levied on the so-called income. As it were becomes gross rather than net.
If all this is the case, what should be the best way to get my pension money directly into a Thai bank account? Or does this still have to be done through the Dutch bank?
Very curious what the answer to this may be?
Regards,
Teun
Teun, no, that is allowed from pension payers directly to a Thai bank, but why would you do that? If you can leave something in NL, you can wait for a good exchange rate and then get more baht for your euro (although that can also work out the other way around…).
AOW is taxed in NL, but TH may also levy it if you have it transferred in the calendar year. Company pension has been allocated to TH, but you can request an exemption in NL and then you will be paid gross = net from month to month.
In this blog a lot has been written and advised on pension and state pension matters, so I refer you to those chapters. Please note: the above applies to the current legislation in Thailand and the current treaty, but that may be replaced by a new one.
When I retired, the tax authorities wanted the money to be transferred to Thailand by the pension insurer for my exemption.
No problem I think because in Thailand you have to pay for your groceries.
A pension from the government can sometimes be taxed in the Netherlands.
If you want to retire early, I would also look into averaging your income over 3 years.
Suppose you stop working at 64 and leave at 65, then you can average your income over 62 and 63 years over 62, 63 and 64 years.
On balance, the tax is then normally lower, because the tax is progressive, the higher your income, the higher the percentage of tax on every euro you earn.
If you have already been deregistered from the Netherlands, that resource will no longer work, if you do not have any taxable income in the Netherlands – I once noticed, to my regret.
The tax authorities distinguish between no income and 0 Euro income, I did not realize that.
Luckily I didn't have to leave a bowl of rice for it.
Under a tax treaty, a benefit is always taxed in only one state. Government pension (e.g. AOW, ABP) is only taxed in the Netherlands. Private pensions are only taxed in the country of residence Thailand. It does not matter at all which bank the pension is paid into. Both countries must apply a treaty and grant an exemption if a pension has already been allocated to another country. Whether tax is actually withheld is not important, it is about the right to which country may levy tax.
Disagree completely with Marty's response.
You can only get an exemption in NL if you have an RO22 statement. You will only receive this statement if you can prove that you have lived in Thailand for 1/2 year + 1 day (by means of your entry and exit stamps in your passport), and that you have paid tax (so you can submit your LF90 form from the previous year) .
The tax legislation is clear with regard to the following: if you transfer your income from a certain year to Thailand only the following year, you do not have to pay tax on it. So if you can survive a year without money from NL, and you have income in Thailand from e.g. bonds, bank balances, on which you have paid taxes, this is a good reason to place your income in a NL bank.
Goort, you must have filed a tax return in Thailand, payment is something else and is not required. How many times have I explained here: tax liability and paying taxes are completely different things!
The judge has also decided that the fuss around the RO22 is not necessary, see the messages about this from Gerritsen and Lammert de Haan in this blog who have brought it to court. But bureaucratic wheels grind slowly…..
That's absolutely right, Eric. I have successfully completed two proceedings before the District Court of Zeeland – West Brabant
I have compiled an extensive document about obtaining an exemption (how do you approach this, how do you demonstrate that you are a tax resident of Thailand and not of the Netherlands, etc.). This is available on request (via: [email protected])
Marty Duijts,
The remark that an AOW benefit can be regarded as a government pension is incorrect. It does not fall under the scope of the Pensions Act and is also not tax-facilitated. The Supreme Court recently ruled on this.
An AOW benefit is a social security benefit and as such does not fall under the scope of Articles 18 and 19 (the pension articles) of the Double Taxation Treaty concluded between the Netherlands and Thailand.
Ergo: the Treaty makes no mention of social security benefits, which means that national law applies to both countries.
In other words: both countries may levy income tax on an AOW benefit.
This has been discussed many times within Thailand Blog but does not seem to have landed with everyone yet. And that's a shame. Such a misrepresentation of things creates (un)necessary confusion!
The same situation as with Thailand can also be found in the Treaties concluded with the Philippines, Pakistan and Sri Lanka. Only after revision or replacement of these old Treaties will this gap be filled.
thank you all for the coverage in this, a specialist will certainly also ask for advice and advice here “tax service refers to filling in payroll tax exemption.
Hoping that Thailand will first of all get back on its feet as the people would prefer.
Greetings
Dear Teun, I would immediately request the document for obtaining exemption from Mr Lammert de Haan from him! He has been THE authority in this field for years and you will only get very reliable information on this subject from him!!
Dear Teun
I recently won an income tax procedure for a client who has lived in Thailand for years. What matters is that you can prove that you live in Thailand and that you are staying for more than 180 days. Proof for this can be provided, to which the free proof theory applies, by the Thai tax authorities with a resident's statement or by your residence permit that is in your passport and accompanied by your entry and exit stamps that also come in that passport and where from shows which periods per year you stayed in Thailand and which not; that too is proof enough. Based on this, you can also request an exemption from wage tax withholding for non-government pensions.
Have you already entered into correspondence with the income tax inspector? The payroll tax exemption form has been abolished for several years, but the inspector can be asked to write a letter to the relevant pension fund in which he gives permission to omit deductions.
Pension does not necessarily have to be transferred. The remittance does not apply to pensions.
However, you must declare this in Thailand and ensure that the state pension allocated to the Netherlands is not also taxed in Thailand. [email protected]
Thanks for this, wanted to come back to this yesterday by email, but email address without and with intermediate point does not work..? [email protected] ?
Mvgr support
Dear Gerritsen,
tried to send you an email too,
is [email protected] still active?
kind regards, maza