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Thailand Mandates That Banks Report Non-Resident Transfers Above $200,000

Central bank to monitor large non-resident transfers as speculative gold trading peaks at 60% of forex transactions and expat population swells.
Moustafa Daly IMI

Moustafa Daly

IMI
• Cairo

Thailand is implementing stricter reporting requirements for capital inflows by non-residents, mandating that Thai banks report all incoming transfers exceeding $200,000 starting December 30, 2025. 

The measure represents the Bank of Thailand’s latest effort to monitor and manage the baht’s rapid appreciation against the US dollar.

Bank of Thailand Governor Vitai Ratanakorn announced the policy shift on December 26, emphasizing that this is the first time that authorities will systematically check the purposes and documentation of such inflows. 

The central bank will also require that banks report gold trading transactions conducted via digital platforms on both a per-day and per-transaction basis, attempting to curb a growing trend of speculative gold trading, which accounted for 40-60% of all foreign exchange transactions in recent months, according to Bangkok Post.

The new reporting requirements come as the baht has strengthened more rapidly than regional peers. 

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So far in December, the baht has appreciated 4.2% against the US dollar, outpacing the Malaysian ringgit at 1.7%, the Singapore dollar at 1.4%, and the Chinese yuan at 1%.

Overall, the baht gained 9.4% against the dollar in 2025. Vitai stated that comprehensive information gathering is necessary to monitor these currency movements. 

Ratanakorn said the bank is coordinating with the Ministry of Finance and the Securities and Exchange Commission on additional measures, including consideration of a special business tax on online gold trading, pending the Revenue Department’s assessment.

Growing Foreign Resident Population

The enhanced diligence arrives as Thailand hosts an expanding community of foreign nationals and is becoming increasingly attractive to high-net-worth individuals.

The International Organization for Migration reported over 5.3 million non-Thai nationals residing in Thailand in late 2024, an increase from previous years. 

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This population includes holders of various long-term visa categories, including thousands who hold the Thailand Elite Visa, which requires substantial financial commitments ranging from 600,000 to several million baht, depending on the membership tier.

Thailand’s appeal to wealthy individuals has notably accelerated in recent years.

According to Henley & Partners, approximately 450 high-net-worth individuals with estimated wealth totaling $4.2 billion relocated to Thailand in 2025, positioning Thailand as Southeast Asia’s “emerging safe haven.”

Bangkok is increasingly “competing with Singapore” for affluent residents from China, Vietnam, and South Korea.

The country’s millionaire population is set to surge 24% by 2028. Henley currently estimates it at above 125,000 individuals.

Remittance Flows and Recent Tax Changes

According to estimates based on World Bank data, foreign remittances to Thailand are projected to reach $10.8 billion in 2025, up from approximately $9.6 billion in 2024.

The new reporting requirements unfold against the backdrop of Thailand’s revised tax policy, which now requires tax residents, including foreigners who spend 180 days or more per year in the country, to pay tax on any foreign-sourced income brought into Thailand.

The policy shift, which took effect in 2024, marks a departure from a more lenient system that taxed foreign income only when remitted in the same year it was earned.

The central bank maintains that the new reporting requirements represent a monitoring and transparency measure rather than an attempt at capital control.

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