Transferring Money to Thailand: What's Taxable Under the 2024 Rules

The Old Rule vs. the 2024 Change

For many years, Thailand operated on a convenient remittance principle: foreign income was only taxable if you brought it into Thailand in the same calendar year you earned it. Income earned in 2022 and transferred to Thailand in 2023 was not taxable. Many expats used this rule to time their transfers strategically.

That loophole closed on 1 January 2024.

Under Revenue Department Circular P.161/2566, Thai tax residents are now taxed on all foreign income remitted to Thailand, regardless of when that income was originally earned. Income earned in 2020 and transferred to Thailand in 2025 is now assessable income for 2025.

This change affects every Thai tax resident who receives money from abroad.

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What Counts as "Remitting" Money to Thailand?

A remittance is any movement of money from a foreign source into Thailand for your use. This includes:

• International wire transfers to a Thai bank account
• ATM cash withdrawals in Thailand using a foreign debit card
• Credit or debit card purchases in Thailand charged to a foreign account
• Digital transfers via Wise, Revolut, PayPal, or similar services to a Thai account or used for Thai purchases
• Cash brought into Thailand above the reporting threshold (currently USD 20,000 or equivalent)

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What Is NOT Taxable When Brought Into Thailand?

Not everything transferred to Thailand is income. The following are generally not assessable:

• Capital accumulated before you became a Thai tax resident — savings you held before your Thai residency began are capital, not income
• Pre-2024 savings — income earned and saved before 1 January 2024 may not be assessable under the new rule (this remains a grey area; keep documentation)
• Gifts from non-residents — money given to you by a person who is not a Thai tax resident is not assessable income in your hands
• Loans — borrowed money is not income
• Inheritance — money inherited is not assessable personal income

The critical distinction is income vs. capital. If you are transferring savings accumulated before your Thai residency, or pre-2024 savings, document this clearly. Bank statements, investment records, and a clear record of when funds were earned versus when they were saved will support your position if the Revenue Department queries a transfer.

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Who Is Affected?

Practical Examples

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How Much Tax Would You Pay?

Remitted foreign income is added to your total assessable income for the year and taxed at progressive rates after your personal allowances and deductions. There is no flat rate for remitted income.

At 60,000 THB personal allowance and 100,000 THB employment deduction, the first approximately 310,000 THB of total income is effectively tax-free for a salaried employee. Income above that is taxed from 5% upwards.

Use the calculator to estimate your total tax position including any remitted foreign income.

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How to Reduce the Tax on Remittances

Transfer Only What You Need

The simplest approach: remit only what you need to cover your Thai living expenses. Money kept in an overseas account is not taxable. Keep foreign savings, investments, and income offshore until you actually need the funds in Thailand.

Transfer Capital, Not Income

If you have both savings (capital) and current income in the same overseas account, consider opening a separate account for pre-residency savings or pre-2024 funds. Keeping them separate makes it easier to document which transfers are capital (not taxable) and which are income (taxable).

Consider the LTR Visa

For higher-income earners, the Long-Term Resident (LTR) Wealthy Global Citizen, Wealthy Pensioner, and Work-from-Thailand Professional visa categories provide a complete exemption from Thai tax on all foreign-sourced income. If your annual foreign income exceeds the qualifying thresholds (USD 80,000 for most categories), the LTR visa eliminates the remittance tax problem entirely.

Claim DTA Foreign Tax Credits

If you have already paid tax on the remitted income in your home country, the Double Tax Agreement between Thailand and that country may allow you to claim a foreign tax credit — reducing your Thai tax by the amount already paid abroad. You cannot pay tax twice on the same income under a DTA.

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Record Keeping

Good documentation protects you if the Revenue Department ever queries a transfer:

• Bank statements showing the source of funds and when they were deposited
• Pay slips or employment records showing when income was earned
• Investment records distinguishing capital gains from dividends and interest
• A clear record of the date you became a Thai tax resident — this is the baseline for the capital vs. income distinction

There is no formal registration process for declaring capital transfers. The documentation is for your own protection and must be produced if queried.