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Home » Reader question » Do I have to pay tax on my interest income in Thailand?
Do I have to pay tax on my interest income in Thailand?
Dear readers,
The new tax treaty in Thailand is very difficult to understand. I want to go to Thailand in August for 1 year with a Retirement Visa, I am 63 now. So I don't receive an AOW yet. I have enough savings to stay there for years, I no longer work, I was self-employed and have not built up any further pension.
My question is actually simple, but I can't find an answer anywhere.
I have interest income on my savings…approx. €7.000 per year. Do I now have to pay tax on this amount in Thailand? The plan is to open a Thai bank account and regularly deposit some money into it from my Dutch savings accounts.
Regards,
Peter
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Peter, the new tax treaty with Thailand is difficult to understand? Do you have the text? Then I would really like to have it from you... I think you mean the current treaty.
You are going to Thailand for a year. Will you continue to live and register in the Netherlands? Then box 3 applies to you and savings interest is untaxed in the Netherlands.
Are you emigrating to Thailand? Then interest that matures in Thailand is taxed, i.e. if it is in a Thai bank account. When that interest is paid, the bank withholds tax at source. If you have no other income, you can reclaim the withholding tax in Thailand if you declare only that interest. By the way, those are not huge amounts if you bring in what you need and live on it.
After emigration, the Thai tax authorities will ask about the source of that money. This will become a fixed price for all funds you transfer to Thailand in 2024 and later. Then you have to prove that it is not income from after 2023. That doesn't seem that difficult to me if you look at the dates on which the money was credited in the Netherlands.
So do not worry.
Peter, I forgot one thing: leave the interest earned in the Netherlands in the Netherlands. Thailand may tax this if you collect interest earned after 2023. So don't do that.
Interest untaxed? Above the exemption, the tax works with a fictitious return, right? There is a lot of fuss about that, but for now it is not tax-free, right?
Kaidon, we are talking about Thailand…
I pay 15% tax in Thailand on the savings interest on the money I have at the Bangkok Bank. Will be withheld automatically.
Why not put that money in a Dutch bank? Well, I need 800.000 baht anyway to be here in Thailand.
Erik,
But if you accrue interest on a Dutch savings account in 2024 and (suppose) you transfer an amount - for example half - from your (Dutch) savings account via your Dutch current account to your Thai bank account in 2025, then the interest part of that amount is still Can't you filter it out anymore?
Hans
Hans K, yes, that mixes! And the year after that it mixes even more. After all, only you know whether or not you achieved that interest at TH.
Thailand is one of the few countries that charges on the basis of 'remittance' (transfer) and that is the problem. The Netherlands taxes based on paid income, even if it remains in the bank in another country. But you cannot expect advice from me on how to be creative with your tax return. "If you know what I mean" once said a gentleman with a cat as an advisor...
Dear Erik,
Thank you! Another 'eye-opener', your contribution. The cat in the house says: 'a good listener only needs half a word' and he also advises using the accrued interest in the Netherlands for Sinterklaas presents.
Hans k
Peter, maybe my story will be of some use to you.
As an example; I have been paying income tax in Thailand (PIT) for years. I have been deregistered from the Netherlands (also RNI, Registration of Non-Residents). My pension comes into a Dutch bank account and with 'Wise' I transfer approximately 50-55,000฿ to my Thai bank account every month as an international transfer. I go to the tax office every year with 12 copies of these transfers. As a single person (I have a girlfriend but not relevant), my rule of thumb is that the first 500,000฿ are free (I am already over 65).
So suppose I have transferred 650,000 in a year, I pay 5%, which is 7,500 over 150,000. At the current rate, this is approximately €200 PER YEAR!
Doesn't seem like such a big expense to me. Do you also think that you are not liable to pay taxes in Thailand from August to January 1, 2025? (less than > 180 days stay)
With 50-55,000฿ per month I can make ends meet during 'normal months'. Eating out regularly, car fuel, water/electricity bill, groceries, girlfriend's 'pocket money', etc. (I have a house so no rent)
'Occasional months', for example car tax/insurance, health insurance, etc., I pay any shortfall during those months from savings that are already in my Thai bank account.
I will see how things will turn out in the future with the new treaty.
I wouldn't worry about a 1-year stay, but perhaps others think differently.
Good luck6!!
Deregistered from the Netherlands, interest income from money in the Netherlands, which remains in the Netherlands, is not taxed in Thailand and is therefore not taxed in the Netherlands.