Transcript of the above video:

As the title of this video suggests, we will be discussing Banking and Retirement Visas and Tax. Again, these are three things that I think many retirees are very, very worried about here. Long story short, I have had a few people ask me is anything going to change with regard to Banking? Quite honestly my answer is probably not. In fact I have read a lot of things where they have said: "Oh we are wondering if they are going to start tracking transactions?" Well they can already monitor inbound banking transactions and quite honestly they haven't really been all that worried about inbound banking transactions and I kind of doubt they are going to be. The way that this thing has been announced has been a little bit less than optimal. I kind of wish they had sort of vetted the whole policy before announcing just the rescission of the prior rule. 

So long story short though, I have said this before and I will say it again, I think the vast majority of retirees here in Thailand are not going to be impacted by this and that includes their banking; I think most folks are probably fine. I would even go so far as to say many may not ever need a Thai Tax ID or anything of that nature. 

Now that said, as we have discussed in other videos, beginning in 2025, I don't think it is necessarily unreasonable to believe that they might add tax return filings and you may have a zero tax return; you may just have a tax return where you pay no taxes entirely because you are not owing any but you still file one. That may become a requirement associated with Retirement Visas and that is not a foregone conclusion by any stretch of the imagination; that's my speculation based on these recent changes.

That said, do I think Banking itself is going to be impacted by the changes in Thai Tax Policy? No I don't, at least not in the immediately foreseeable future. Now that said, I have done other videos discussing so-called digital money, which is a misnomer in many ways, things like that. Implementation of policy such as that could have tremendous ramifications so I have no idea how that would play out. That said, I think just standard banking procedure is probably not going to change greatly as a result of changes in Thailand's tax regime here in the Kingdom.