There have been new tax rules implemented this year for individuals in possession of a Thailand Elite Visa.

Before 2024, you were not required to pay taxes in Thailand as you weren’t permitted to work or run a business. Therefore, there is no requirement for you to assume the role of taxpayer. You can pay taxes in Thailand voluntarily, but it is not mandatory. 

However, starting 2024, if you have been residing in Thailand for over 180 days, you are considered as a tax resident. As a tax resident of Thailand and earning foreign income from overseas, you will be subjected to paying income tax in Thailand. However, if the country you are also a tax resident of has entered into a double-tax agreement with Thailand, you can reduce your tax burden by avoiding paying income tax twice (for the same income). 

It also should be noted that a new policy is currently in the works, where you will need to pay worldwide income taxes if you have any foreign income regardless if you brought it into Thailand or not. More news on this will be arriving in the future, so stay tuned for more information to come. 

Inquiring about taxation is very common amongst both applicants and holders of a Thai Privilege Visa alike, especially given the new Thai tax law that was recently passed requiring foreign-sourced income to be taxed. Thailand Privilege Card members looking for support on any tax-based inquiries should consult a tax consultant or professional as they will be a good source of information.