Elite Visa & tax

Hi if I come on a elite visa and my business is based in Australia and all my income comes from work from Australia and not Thailand but I transfer to Thai bank account some funds do I pay tax on portion I transfer into Thai Bank accounts? Or better just to leave everything in my Australia Bank accounts and withdraw when I need? I have looked at other visa and I am 47 and can't see any other visa but the Elite visa to suit me for now.

All Advice   Answer

Hi - from what we know, you would pay income on income earned in Thailand.

For example, we have customers who open a bank account here and transfer money from their home country into that account in Thailand.

They would pay tax on the interest earned on that money in Thailand. But not the money (principal) itself.

As always, if the amount of money is significant, then it would be a good idea to talk to a local accountant. We can certainly get you in touch with one.

That being said, its always good to have options. If you are planning to come soon, we recommend you keep your Australian based accounts and transfer money to live on while you're in Thailand. Then as you get more “comfortable” being here, you can transfer more funds as needed.

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