Personal Income Tax, Bank Accounts, and Money Transfers: How Last Year Ended

An update for Thai tax residents (both foreigners and Thai nationals who stayed in the country for 180+ days per year), as well as for anyone dealing with fund transfers.

1. Money Transfers to Thailand — Rules Remain

If you are a Thai tax resident:

any funds transferred into Thailand are considered potentially taxable income
it does not matter in which year the income was earned

Exception:
Income exempt under double taxation agreements.

2. What Counts as a Transfer

The following fall under taxation rules:

international bank transfers
bringing foreign cash into Thailand
withdrawing money from a foreign card at an ATM

3. Worldwide Income — No Changes Yet

At present:

income earned abroad
and not transferred into Thailand

is not subject to personal income tax in Thailand.

Discussions about taxing worldwide income have not yet been implemented in practice.

4. Income Earned Before 2024

If you can document that:

funds were transferred into Thailand in 2025
but earned before January 1, 2024

such amounts are not subject to personal income tax in Thailand.

5. Bank Accounts: New Restrictions

Current practice shows:

account closures for foreigners
refusals to open accounts without a long-term visa

Typically, this applies to visa types such as:

Non-B
retirement visa
LTR
Thailand Elite

This affects:

receiving income (e.g., rental payments)
fulfilling tax obligations

As a result:

some property owners are forced to receive payments in cash
or use foreign bank accounts

6. Exchange of Banking Information

Banks in Thailand:

participate in international information exchange
may share account data with foreign tax authorities

This means:

information about fund movements may be available to your home country’s tax authority

In practice:

not all tax authorities correctly apply double taxation agreements
duplicate tax claims may occur

7. Reporting Foreign Bank Accounts

In many countries, there is a requirement to:

notify tax authorities about foreign bank accounts

This includes accounts in Thailand.

Failure to comply may result in penalties.
It is recommended to verify requirements with legal advisors in your country of tax residence.

8. Strengthened Currency Control in Thailand

For transfers from abroad:

exceeding USD 200,000
for investment purposes (real estate, cryptocurrency, etc.)

banks require:

proof of source of funds
supporting transaction documents

Conclusion

Current practice shows:

increasing control over financial flows
active international exchange of information
growing requirements for documenting income

This makes tax planning a necessary element when dealing with:

foreign income
investments
international bank transfers