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Home » Reader question » Reader question: Financial question to Dutch expats who annually file their tax returns in NL
Reader question: Financial question to Dutch expats who annually file their tax returns in NL
Dear readers,
I have a financial question for Dutch expats who file their annual tax returns in NL. Since the savings rate has dropped to almost 0 percent and the capital gains tax still assumes a relatively large return, I want to transfer some money to my Thai bank account. I can therefore easily apply for a year extension on my Non Immigrant O visa.
I am 6 months in Thailand and 6 months in the Netherlands. Submit my tax return in the Netherlands…. but is there a bank treaty with the Netherlands that they will receive the amount that is in the bank in Thailand or do I have to declare it myself as a foreign credit?
Or are there people who keep that amount out of the tax return?
Incidentally, the capital gains tax only comes into play with an amount above 30.000 euros.
Looking forward to your responses
Regards,
Ferdinand
From the wording I deduce that the question is actually whether you can place it out of sight.
The answer is that if you are subject to tax in the Netherlands, which seems to me to be the case based on your question, you must declare your foreign assets.
Thailand doesn't pass anything on so you can just do it yourself.
They do have agreements about control, so the Netherlands does have the option to check whether you have money in a Thai bank.
They can ask the Thai tax authorities, but they have no idea!
Keep on dreaming. Also in Thailand it is "press the button" and bank accounts at all banks are emerging. Long live the computer. Know about tax returns in Thailand, so if the tax authorities want, they can do this. This is also used to block bank accounts in disputes that have been brought to court.
If you are liable to pay tax in the Netherlands, you must declare the money that is in the bank in Thailand.
Whether you do or not is up to you.
However, if you transfer a large amount to Thailand, it is not impossible that the computer of the tax authorities will have questions about it.
However, that depends on what kind of instructions it has received.
The computer of the bank in the Netherlands may also be curious, in connection with money laundering.
So if you have plans for tax evasion, I would limit the amount and spread it over time.
You can park your money wherever you want, but you will have to include the balance in your tax return in the Netherlands. The tax authorities can request data in Thailand if it deems it necessary.
Of course you can also opt to spend 1 day longer in Thailand, pick up an RO-22 at the provincial tax office, and then pay tax in Thailand. Just think it's much cheaper.
In the past, a savings bank book up to 25.000 euros was exempt from a capital tax return.
Anything above that can be taxed, but could be put on the daily account.
No interest (0,2 percent!), no capital tax return.
800.000 baht would currently represent an equivalent of about 24.000 euros.
Please inquire with your tax advisor.
'No interest, no capital tax return'?? You mean capital yield tax, and it really does not expire if you do not receive interest. The starting point is a fictitious return, also on money that is on what you call a 'daily account'.
I think l.lagemaat means the wealth tax (up to and including the year 2000). Then you reported the returns received (including savings interest) and that was included in the taxation. Now we have a fictitious return on capital that is taxable.
maybe good to first determine if you are a Thai tax resident. The sentence “I am in Thailand for six months and in the Netherlands for six months” simply does not provide enough information about your tax status. It is also useful to state whether or not you have deregistered in the Netherlands.
Your question only relates to the capital gains tax. Then it seems sensible to provide some information about the size of your assets. After all, the yield levy has steps.
If you live in Thailand for more than 180 days per calendar year, you are liable for tax in Thailand for some income!!.
In short: with the information you provide, a sensible answer is not that easy.
Thanks everyone for their input.
There's plenty to think about.
I am and will remain a tax resident in the Netherlands.
Therefore, I am max. 6 months – 1 day in Thailand.
For me it is actually about having a maximum of 30.000 euros in the bank in NL and the rest in Thailand..
Which is about the same amount.. but apparently that amount should also be passed on to the NL tax authorities so I can't benefit from it.
The capital gains tax is indeed based on a fictitious return because almost no one achieves it. The court recently ruled that the state is unfairly taxing savers high. This ruling relates to the years 2014-2015.
The case is still pending in the following years, but the same verdict is expected.
I also see this yield levy as a kind of legal theft by the state..
That's why I wanted to keep part of the savings below the horizon.
With a safe you can of course also save quite a bit on return tax. Occasionally withdrawing a large amount in the casino and having extremely expensive holidays in Thailand on paper.
In your opinion, you can do whatever you want about the amount you are talking about as a nest egg without the Dutch tax authorities taxing it for the umpteenth time.
Rulers of course think differently about that, but they are selling themselves short.
The CRS has been set up for this purpose; see https://en.wikipedia.org/wiki/Common_Reporting_Standard.
As far as I know, and I say this with reservations, Thailand has NOT signed it. As soon as Thailand signs that, NL will find out about your bank account if the account in TH is in your name. If a letter is missing, the system can go wrong.
What you are planning: parking money in TH and keeping it outside Box 3 in NL is fraud. If you get caught you will sit on the blisters and I have no pity for you.
Also have a look here:
https://www.thailandblog.nl/expats-en-pensionado/thailand-sluit-zich-aan-common-reporting-standard-uitwisseling-financiele-gegevens/