A new YouTube video posted by accomplished speaker Hailey Hicks, director of HH Premium Visa Consulting and based at San Diego State University in California, has offered to Thailand’s worried expats almost 100 percent reassurance that they need not sweat. She also actively markets the Thailand Elite visa, whilst pointing out that this gives no special protection on the income tax front.
Under the heading “5 Myths about Tax in Thailand”, she soothingly promises that the January 1 starting point won’t apply to most expat tax residents, namely those living in Thailand for at least six months a year. They won’t be taxed on money sent from one personal account abroad to one in Thailand as, we are told, that is simply moving money between accounts and is not “assessable” income. Thus they won’t be taxed on cash sent to purchase Thai property. Nor will overseas pre-taxed pensions be taxed in Thailand, possibly because of double taxation treaties (which are very briefly mentioned).
The video argues that the new regulations are designed to catch rich Thais and a handful of foreigners who have been exploiting tax loopholes in the past. But is the soothing message actually true? We all hope so. But it has to be conceded that there is no verifiable documentation provided, simply a screenshot of the bald Thai Revenue announcement last September. And that won’t get you very far.
Significantly, Thailand Privilege (which owns Elite) stated in November 2023, via advisors Hawryluk Legal, that “currently there is no distinction between earnings and savings for tax purposes,” which suggests a very different interpretation from that in the San Diego video is possible. Perhaps Hailey knows something the rest of us don’t. But it may be wiser to wait and see.
