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Digital Nomads, Biz owners in Bangkok
- Thread starter andrew28fl
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hah you guys are the worst! 
BUT you're also right in some regards, but the application of everything can go for any city you're in. Obviously, the language barrier is a thing in Bangkok, but frankly Thai people know what you're talking about if you gesture enough to it.
Like frank said, it can be difficult to meet like minded people to make friends
Again, this can be applied to any city around the world that you move to. I used to live in Chiang Mai as well and I absolutely HATED the Digital Gonad community there. Absolute bunch of p*icks and w*nkers. Very few were actually NICE people that I wanted to talk to on any regular basis. Talking business is fun, living your business and thinking you're a hot sh*t and better than everyone else is not. Hanging around those people just made me mad.
Where to live in Bangkok depends on what you're looking for. If you want things closer to the suburbs, look at the On Nut area. Like the nightlife? head to Si Lom or Ekkamai/Thong Lor areas. Want something different or funky? Try Ari area.
I personally live in Sathorn amongst the business buildings. All banks, embassies and tall buildings, but its clean and the footpaths are more even if you want to go for that run on the streets. The downside is that its pretty generic and bland area. Its close to where I hang out in Silom, so there's that, and its on the BTS lines too and close enough to Lumphini Park as well.
Yes, the weather is pretty crap in Bangkok. The hot season (late spring, summer, early fall/autumn) and rainy seasons (march to november) suck. When its hot, its bloody hot and its a wet heat too. Early mornings and late nights are fine. During raining season, it rains once, heavily for an hour at most per day and the rest of the day is fine so anyone complaining about that is nitpicking. Get a taxi and suck it up, cupcake.
I'm currently looking at going for the Elite visa (at 25k AUD, its a lot) and starting a freezone company in dubai because according to what ive read is that the thai elite visa doesnt allow you to work in Thailand, but they don't ask you for your means of finance. Even if they did, I would just be considered a remote worker with my own company in dubai (im a remote worker with another company at the moment anyway) and just live in Thailand. Im trying to work out the potential taxation country issues of doing that though (its SUPER unclear).
Anyway, Bangkok stinks in most areas, but you get used to being hit in the face with open sewer smells, everything smelling like farts and the heat. It just becomes a big city after that. If you're not into it, go somewhere that is. I stay in Bangkok because its the wild west. You could go out and shoot a person, as long as you didnt do it in front of a cop (or could pay them off). That kind of stupid freedom is hard to come by.
-Skenners
BUT you're also right in some regards, but the application of everything can go for any city you're in. Obviously, the language barrier is a thing in Bangkok, but frankly Thai people know what you're talking about if you gesture enough to it.
Like frank said, it can be difficult to meet like minded people to make friends
Pretty much, what you're saying is find a hobby that you can go to or meet people at. I chose dancing 20 years ago and started a school here 10 years ago. Its grown a hell of a lot since then and I enjoy meeting new people weekly and, obviously, the more you go the more you talk and eventually make friends (in less than 4 years).
Again, this can be applied to any city around the world that you move to. I used to live in Chiang Mai as well and I absolutely HATED the Digital Gonad community there. Absolute bunch of p*icks and w*nkers. Very few were actually NICE people that I wanted to talk to on any regular basis. Talking business is fun, living your business and thinking you're a hot sh*t and better than everyone else is not. Hanging around those people just made me mad.
Where to live in Bangkok depends on what you're looking for. If you want things closer to the suburbs, look at the On Nut area. Like the nightlife? head to Si Lom or Ekkamai/Thong Lor areas. Want something different or funky? Try Ari area.
I personally live in Sathorn amongst the business buildings. All banks, embassies and tall buildings, but its clean and the footpaths are more even if you want to go for that run on the streets. The downside is that its pretty generic and bland area. Its close to where I hang out in Silom, so there's that, and its on the BTS lines too and close enough to Lumphini Park as well.
Yes, the weather is pretty crap in Bangkok. The hot season (late spring, summer, early fall/autumn) and rainy seasons (march to november) suck. When its hot, its bloody hot and its a wet heat too. Early mornings and late nights are fine. During raining season, it rains once, heavily for an hour at most per day and the rest of the day is fine so anyone complaining about that is nitpicking. Get a taxi and suck it up, cupcake.
I'm currently looking at going for the Elite visa (at 25k AUD, its a lot) and starting a freezone company in dubai because according to what ive read is that the thai elite visa doesnt allow you to work in Thailand, but they don't ask you for your means of finance. Even if they did, I would just be considered a remote worker with my own company in dubai (im a remote worker with another company at the moment anyway) and just live in Thailand. Im trying to work out the potential taxation country issues of doing that though (its SUPER unclear).
Anyway, Bangkok stinks in most areas, but you get used to being hit in the face with open sewer smells, everything smelling like farts and the heat. It just becomes a big city after that. If you're not into it, go somewhere that is. I stay in Bangkok because its the wild west. You could go out and shoot a person, as long as you didnt do it in front of a cop (or could pay them off). That kind of stupid freedom is hard to come by.
-Skenners
I recommend Chatuchak park for anyone who likes picnic or jogging, it's a really nice location. And regarding remote workers, I have a feeling that they will eventually start trying to collect the tax in addition to "just be happy that we're spending money here", from all who live permanently or majority of the time, using proper long stay visas (like marriage, retirement, Elite).
Because they introduced the LTR recently with a flat tax (I think it is 18% or 25%?) for remote workers of big companies (the "must work for a public company or company with 150m$+ revenue" is probably so people won't abuse the visa by paying themselves 200$/month in some abroad entity). It means they're interested to "legalize" and tax the actual remote full-time folks, since it's a new trend after COVID in many companies and countries, to work from home. The "digital nomads" of pre-covid era (blogging, Fiverr/Upwork, etc') were too small of a fish to go after, in order to tax, because their average income multiplied by number of people (on tourist/study visas) was not a lucrative goal to go after, enforcing taxation and proper other visa usages, so it was not a priority (the Chiang Mai co-working space incident is probably the most 'official' statement we can get, from authorities, that they officially didn't care if tourists do some stuff on their laptops while in Thailand, it wasn't considered "working in Thailand" so all people were released and had no trouble like getting their tourist/other visas revoked etc', as far as I understand?). But possibly, with a bigger fish, who are very "tax compliant" residents of US, EU, and have high salaries, the authorities might start moving in the direction of trying to enforce taxation for such workers. Won't be easy, and I have no idea if they'll prefer to let such workers simply "reside and spend" by letting them use whatever existing visas fit them, or will try to collect more $ by implementing clear definitions of "remote work/income" in those laws. They'll have to somehow demand from tourists/students to show income proofs, plus explanation when the income/funds were earned. It's kinda weird and can hurt tourism, but the LTR visa still rings a bell to me. Maybe they'll try to watch closer for all transactions into Thai bank accounts? But in this case, what about cash ATM withdrawals using US/EU cards, will they monitor these and somehow try to prove that "John Smith" at the ATM was exactly this specific John who didn't pay the remittance tax, while earning those funds in the same year.
Ok so now while writing this message I realized they'll probably never go to these lengths with attempts to enforce taxation of remote workers, unless the expected returns will be massive, and risking the tourism/arrivals of all these remote workers, won't be an issue for them (it'll happen only in case Thailand will be exclusive destination and all other nearby competing countries will not have long stay visa options at all, but now they have, AFAIK). Hard to say which direction it'll go, but as I understand, at the moment Thai authorities don't care about "laptop work" and don't consider it as "work inside Thailand", but this can change anytime and we should watch it carefully to remain compliant. While there's no specific definition about what "work in Thailand" is, everyone interprets it as he wants, some legal advisers say "yes it is work" others say "it is not" (I've read about it on a few blogs and also reached out myself to a few - in my case the legal folks said "yes, it is work, you cannot do it on tourist/student visas" so possibly things already start changing? or they're just afraid from being caught giving a "gray" advice and decide to remain on a safe side). But at the same time, a gig economy "remote worker" freelancer, cannot get a proper visa, while big company employees can (I am not confusing things, right? the LTR visa is not only for people to be employed by a Thai company, but also Amazon/Google/etc' any large corporation from any country?) so their only options are to keep freelancing while tourists, doing visa runs etc'. It's complicated, and I really hope there will be clear regulation soon. Because small startup employees can't use the LTR. Luckily for myself I'm getting married soon, and it gives me proper legal status (I'll get a work permit and a tax ID, I also really need this tax ID for my US LLC tax papers ASAP, the IRS requires foreign owners to file W8-BEN and it has mandatory "foreign ITIN" tax ID in it, no idea why they need it, but whatever, failure to file foreign ownership forms for US LLC is 25k$ penalty, etc'etc'etc')
Not legal advice! Always consult with local advisers who are up to date with latest regulations, yada yada yada! (jk, main reason to always get consultation is of course because each of us is a unique case, different citizenships, different income levels, different goals, and so on).
Because they introduced the LTR recently with a flat tax (I think it is 18% or 25%?) for remote workers of big companies (the "must work for a public company or company with 150m$+ revenue" is probably so people won't abuse the visa by paying themselves 200$/month in some abroad entity). It means they're interested to "legalize" and tax the actual remote full-time folks, since it's a new trend after COVID in many companies and countries, to work from home. The "digital nomads" of pre-covid era (blogging, Fiverr/Upwork, etc') were too small of a fish to go after, in order to tax, because their average income multiplied by number of people (on tourist/study visas) was not a lucrative goal to go after, enforcing taxation and proper other visa usages, so it was not a priority (the Chiang Mai co-working space incident is probably the most 'official' statement we can get, from authorities, that they officially didn't care if tourists do some stuff on their laptops while in Thailand, it wasn't considered "working in Thailand" so all people were released and had no trouble like getting their tourist/other visas revoked etc', as far as I understand?). But possibly, with a bigger fish, who are very "tax compliant" residents of US, EU, and have high salaries, the authorities might start moving in the direction of trying to enforce taxation for such workers. Won't be easy, and I have no idea if they'll prefer to let such workers simply "reside and spend" by letting them use whatever existing visas fit them, or will try to collect more $ by implementing clear definitions of "remote work/income" in those laws. They'll have to somehow demand from tourists/students to show income proofs, plus explanation when the income/funds were earned. It's kinda weird and can hurt tourism, but the LTR visa still rings a bell to me. Maybe they'll try to watch closer for all transactions into Thai bank accounts? But in this case, what about cash ATM withdrawals using US/EU cards, will they monitor these and somehow try to prove that "John Smith" at the ATM was exactly this specific John who didn't pay the remittance tax, while earning those funds in the same year.
Ok so now while writing this message I realized they'll probably never go to these lengths with attempts to enforce taxation of remote workers, unless the expected returns will be massive, and risking the tourism/arrivals of all these remote workers, won't be an issue for them (it'll happen only in case Thailand will be exclusive destination and all other nearby competing countries will not have long stay visa options at all, but now they have, AFAIK). Hard to say which direction it'll go, but as I understand, at the moment Thai authorities don't care about "laptop work" and don't consider it as "work inside Thailand", but this can change anytime and we should watch it carefully to remain compliant. While there's no specific definition about what "work in Thailand" is, everyone interprets it as he wants, some legal advisers say "yes it is work" others say "it is not" (I've read about it on a few blogs and also reached out myself to a few - in my case the legal folks said "yes, it is work, you cannot do it on tourist/student visas" so possibly things already start changing? or they're just afraid from being caught giving a "gray" advice and decide to remain on a safe side). But at the same time, a gig economy "remote worker" freelancer, cannot get a proper visa, while big company employees can (I am not confusing things, right? the LTR visa is not only for people to be employed by a Thai company, but also Amazon/Google/etc' any large corporation from any country?) so their only options are to keep freelancing while tourists, doing visa runs etc'. It's complicated, and I really hope there will be clear regulation soon. Because small startup employees can't use the LTR. Luckily for myself I'm getting married soon, and it gives me proper legal status (I'll get a work permit and a tax ID, I also really need this tax ID for my US LLC tax papers ASAP, the IRS requires foreign owners to file W8-BEN and it has mandatory "foreign ITIN" tax ID in it, no idea why they need it, but whatever, failure to file foreign ownership forms for US LLC is 25k$ penalty, etc'etc'etc')
Not legal advice! Always consult with local advisers who are up to date with latest regulations, yada yada yada! (jk, main reason to always get consultation is of course because each of us is a unique case, different citizenships, different income levels, different goals, and so on).
I dont think they'll tax people at the start of it, primarily because they'd have to distinguish long term travellers (which they want the $$$ of) and people that are living here on tourist visa multiple times. From what I heard, they're trying to stop the multiple long term 45 day tourist visa on arrivals down to 2 per year to stop that from happening and they wont touch the Thai Elite visa (unless they're upping the cost of it).
But in saying that, the Thai Tourism Board wont do anything to ruin the tourist gain back that they're trying for now. They'll do anything to get back to pre-covid numbers and anything that jeopardises that, they wont mess with (eg. the cannabis issue). Thats why im THINKING (as in uninformed) that they wont change any of the rules for a few more years at least. Trying to get more russians and chinese tourists back is their biggest priority.
Anyway, Slightly off topic, but to get back on, If you have the business outside of the country and are willing to do visa runs, keep doing visa runs (by plane, not by land) or get the Elite Visa. As for where to live, chatuchak (JJ!) is a great area like tyrexoid said.
-Skenners
But in saying that, the Thai Tourism Board wont do anything to ruin the tourist gain back that they're trying for now. They'll do anything to get back to pre-covid numbers and anything that jeopardises that, they wont mess with (eg. the cannabis issue). Thats why im THINKING (as in uninformed) that they wont change any of the rules for a few more years at least. Trying to get more russians and chinese tourists back is their biggest priority.
Anyway, Slightly off topic, but to get back on, If you have the business outside of the country and are willing to do visa runs, keep doing visa runs (by plane, not by land) or get the Elite Visa. As for where to live, chatuchak (JJ!) is a great area like tyrexoid said.
-Skenners
using Elite visa, the situation will be probably like Andrew the guy on youtube mentioned, you come to tax office to declare that you probably owe some taxes, you ask them for tax ID, they tell you "you can't work in Thailand because your visa does not allow this, so you cannot possibly owe taxes, we will not give you a tax ID, go home don't waste my time". I doubt you'll be successful in trying to pay tax even if you want it, simply because gvmt workers in the offices will not understand what you want from them.
For them it's simple,
(1) you are not employed in Thailand
(2) your visa doesn't even allow you to be working in Thailand
(3) then wth do you even want from them, all they want is that you Farang ting-tong go home and don't waste their time
I love Thailand because of that =) it's relaxed. Don't overcomplicate, things are simple. If they'll want to collect some tax, or have questions, they'll reach out. Btw I literally told the border control guy who "asked me to step aside" (cos I'm on a student Thai language visa) that I'm a software developer, when he asked what's my job. They kept me "aside" for 10-15 minutes until he got an "ok" from his boss to let me in (my mistake was getting back from a trip to Europe, 2 days before expiration of 90 days extension, so it raised suspicion of why I do it). They're trying to crack down on Chinese scammers who abuse these visas to stay permanently and run scam phone call centers, illegal btc mining (steal electricity) and so on. But definitely look for official professional advice in your case because you have large sums of $, as opposed to me, I live month to month lol. Oh btw, interest income from investments is officially not taxed, so if it's your case, just read about it, maybe that's all you need to know.
btw my last 2 cents for today, Phuket and Singapore, are not far, they're 50$ + 1 hour flight away actually, this area has very frequent and cheap flights. Can wake up, fly to India in the morning, eat Indian food, and fly back home to Bangkok in the afternoon (literally possible, and literally cost a price of a restaurant dinner in San Francisco... not that we should be doing that, but as example of how close things are). Elite visa also has some benefits in skipping queues in airports as I understand, plus transfers, might be a good option, even if living further away from capital. flight tickets are from 40-50$ (round trip) and sometimes there are sales for 20-30$. Same for Chiang Mai in the north.
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Anyone has experience hiring local Thai people without operating a local business in Thailand? Could my US LLC hire freelancers in Bangkok (telemarketers, software engineers, office admin) who mainly work from home, and occasionally meet me at a cafe? Or do I need to form a Thailand entity, have a Thai bank account and manage employee payroll/tax deductions etc? That's one solid point against Dubai, with their expensive visas and personnel, complicated laws around business licenses etc, I would like to avoid hiring people in Dubai.
So far I have liked Soi Langsuan the best, the Sindhorn village is right up my ally. A few upscale restaurants and cafes all clustered together. Are there any other pockets similar to the Sindhorn village that anyone is aware of? Thanks.
I went to this park, it really is an oasis in the busy city. Thanks for the reco. I am also going to checkout some condos around this area.
So far I have liked Soi Langsuan the best, the Sindhorn village is right up my ally. A few upscale restaurants and cafes all clustered together. Are there any other pockets similar to the Sindhorn village that anyone is aware of? Thanks.
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I'd recommend Bang Pho area. Laid-back, value for money and convenient: Gateway Mall, MRT Blue Line (3 stops to JJ market/BTS Line, 5 stops to Central Ladprao/Union Mall), Chao Phraya Express boat to Chinatown/Saphan Taksin ...
Check among other 333 Riverside overlooking the river.
have you been in Iconsiam mall and the Asiatique? (where the ferris wheel), I like Iconsiam it's like a small city, so many things to eat and buy. I also like the centrall malls, some of them are cool, some are less (like the Terminal 21 malls too, these are 'networks' of malls here, some called Terminal 21, some called "Central", both in Bkk and Pattaya )
oh, why do you want to hire Thai people specifically? you need "Thai only" personnel in case you have language stuff to do with Thai language... there's no other reason to look for "specifically Thai freelancers", because first of all (no offence but I'm a freelancer myself, and also was hiring a lot, since 2006, so seen a lot too) they are not the best software engineers and all that you mentioned (Indonesian folks are top notch, in the last years I see more and more talent from Indonesia flooding Fiverr/Upwork and they're actually good and dedicated, hard working), Indians are 50/50, you never know, but some are amazing and do deliveries for cheap rates (same rates as let's say Thailand/Indonesia). Chile/Venezuela are sometimes good too, but it always depends on the person. Percentage wise, based on my 15 years inside freelance market on both sides (as client and as worker) I've never seen Thai folks topping the ratings (like the upwork one that says "this guy in the top 5% in the catalog". Of course Russian/Ukraine/Belorussian are great too, but the good ones are not as affordable, they quickly grow in rates and the professional ones will never work for lower rate than European average, they're kinda financially smart, and take life by the balls
, but junior and junior-mid levels sometimes deliver amazing results very affordable, though these short periods of time while they grow the skill are short, like in a year you won't be able to hire them for same price like a year ago, if they're good, they keep asking more $ every half year and sometimes every few months lol (I've been hiring full-time too, and if South American/Indian people will keep working for 2-3 years never asking for a raise, Russo-Ukrainian [myself including, I raised quickly in salaries, basically doubling the rate each year, back then when I was junior-mid to senior] will always check if you can start paying more, and if not, then "when they can expect the raise?" ... ugh, headache, but what can you do, people need to pay bills and feed their families...).. and yes, of course if you're hiring on Fiverr/Upwork, you're not their employer, you're contracting someone and the contract is between you and Fiverr and between them and Fiverr, you don't pay them directly (prohibited), so I don't think you even need Thai people, and if a random freelancer who used VPN to register in order to have their "flag" on profile to show "Canada/US/Germany" (in order to ask higher rates of course) appears to be Thai, you can't even know it, and you will get random people under wrong flags on Fiverr and also on Upwork, lol, but you can discover the truth only if you're hanging out with them long enough and have calls etc'. sometimes you might never realize that your US assistant wasn't from New York but from Kolkata, all this time
BUT consult with professionals, this is not financial or legal or tax advice!!
I'm such a fkn racisthave you been in Iconsiam mall and the Asiatique? (where the ferris wheel), I like Iconsiam it's like a small city, so many things to eat and buy. I also like the centrall malls, some of them are cool, some are less (like the Terminal 21 malls too, these are 'networks' of malls here, some called Terminal 21, some called "Central", both in Bkk and Pattaya )
oh, why do you want to hire Thai people specifically? you need "Thai only" personnel in case you have language stuff to do with Thai language... there's no other reason to look for "specifically Thai freelancers", because first of all (no offence but I'm a freelancer myself, and also was hiring a lot, since 2006, so seen a lot too) they are not the best software engineers and all that you mentioned (Indonesian folks are top notch, in the last years I see more and more talent from Indonesia flooding Fiverr/Upwork and they're actually good and dedicated, hard working), Indians are 50/50, you never know, but some are amazing and do deliveries for cheap rates (same rates as let's say Thailand/Indonesia). Chile/Venezuela are sometimes good too, but it always depends on the person. Percentage wise, based on my 15 years inside freelance market on both sides (as client and as worker) I've never seen Thai folks topping the ratings (like the upwork one that says "this guy in the top 5% in the catalog". Of course Russian/Ukraine/Belorussian are great too, but the good ones are not as affordable, they quickly grow in rates and the professional ones will never work for lower rate than European average, they're kinda financially smart, and take life by the balls
.. and yes, of course if you're hiring on Fiverr/Upwork, you're not their employer, you're contracting someone and the contract is between you and Fiverr and between them and Fiverr, you don't pay them directly (prohibited), so I don't think you even need Thai people, and if a random freelancer who used VPN to register in order to have their "flag" on profile to show "Canada/US/Germany" (in order to ask higher rates of course) appears to be Thai, you can't even know it, and you will get random people under wrong flags on Fiverr and also on Upwork, lol, but you can discover the truth only if you're hanging out with them long enough and have calls etc'. sometimes you might never realize that your US assistant wasn't from New York but from Kolkata, all this time
BUT consult with professionals, this is not financial or legal or tax advice!!
I hate myself......
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Surprised to read that so many prefer Dubai to Thailand! I spent a year in both and much prefer the latter (admittedly i spent only a month in BKK as I prefer smaller places when i can chose), and know quite a few others that do the same. Depends what you are looking for but islands like Koh Phangan are pretty much paradise on earth, and have kept away most resort tourism due to the full moon party stigma (party only happens in a corner of the island). Plenty of long term foreign residents with interesting life stories, it's easy to meet new people, and many of them are not short term tourists, just hanging out quitely in beach bars, cafes, little events, quite a few farangs on the island are well intertwined with local society (married to locals, with kids, speak the lingo, ect). Food choice is incredible, nature is stunning, climate is mostly hot and humid but so so so so much better than the UAE, and most importantly, in case you get bored you have so many interesting, stunning, culturally and historically rich and diverse places in the region, contrary to the UAE. KPG has seen a massive influence of digital nomads recently which is pretty saddening, but also probably less annoying than the tasteless nouveau riche and bling bling tourists infesting Dubai. There is prostitution on the island, but way less in your face and cringe as the one you see pretty much everywhere in Dubai.
KPG tends to attract a certain type of people and so does Dubai, so I guess it's up to what you are looking for and who you are. I dunno, for me there is no match, but each to their own.
Good luck either way.
PS: this is an interesting book of what it is like living on the island in the part where most long termers stay:
https://www.amazon.com/Chaloklum-Village-No-Last-Names/dp/1626944563
The more time I spend in Bangkok, the less appealing Dubai gets to me. But I am learning that this will come down to personal preferences..it's between Dubai's glamour and curated lifestyle vs Bangkok's organic chaos. Other Thai islands are a whole different story too. I am spending the next week on the west coast of Phuket..I have previously lived in Florida and really enjoyed the laid back vibes along with modern amenities and availability of things. I am hoping Phuket offers something similar. Thanks for sharing your experience.
oh that was 3-4 years ago and I used the single entry (2months +1 renewal) twice with a week in malaysia in between, then went elsewhere in SE Asia until the following calendar year, came back to thailand and did again the whole 3+3. Was not planning to move my domicile there or anything, but ended up spending 11 months in KPG all together. Was also on the island for few months in 2010 and the island didnt feel like it changed much during that period, just few more luxury villas and a couple of small resorts and better roads. No heavy traffic, cruise ships and such. Still very quiet yet quirky and full of life. Of all the places I have seen in South, South East Asia and LatAm it's probably my favourite to consider living in because it's very very easy (caters to westeners, excellent food choices, large range of accomodation, decent internet), not yet completely run over by tourism and just..stunning.
But I am partial to SE Asia as a whole and would pick many places there over Dubai anyway, probably few here wouldnt agree
Any of you guys using thailand elite visa? im currently doing border runs, but my last one was such an epic sh*tfest that its put me off doing them. Im just unsure if i want to spend 27k for the visa and only use a year or two because i want to travel more through eastern yurop.
Is it worth it for the hassle-free part of it?
-Skenners
Is it worth it for the hassle-free part of it?
-Skenners
What is the easiest setup in Thailand to get a non-tourist visa (elite visa is a vip tourist visa, so seems not that very interesting as well).
I believe it's to start a business and get a work permit. Any easy / cheap feasible setup that would make this an easy set up?
Can you open easily multi currency bank accounts in Thailand once you got some residence visa and is movement of money easy? Can you easily withdraw for example USD if you have a USD account?
I believe it's to start a business and get a work permit. Any easy / cheap feasible setup that would make this an easy set up?
Can you open easily multi currency bank accounts in Thailand once you got some residence visa and is movement of money easy? Can you easily withdraw for example USD if you have a USD account?
depends on your cash and general setup. one of the newer smart visas might work for you.
Thailand requires half thai majority ownership with their foreign owned companies, so its not that easy
-Skenners
Are you over 50, and from one of the countries which allow the O-X visa? That seems to be the cheapest and easiet option: » Non-Immigrant Visa Category “O-X” (long stay)
If not, look at the new LTR visa. In general, people over 50 have better options with LTR as well, just show proof of income of $80/year over the last 2 years and you are good. If you're under 50, it requires an investment of $500k US.
Elite seems to avoid all the complications, and you pay for the convenience. Then again, my AMEX platinum charges me $700/year, so elite at about $1100/year doesn't seem that expensive, considering they give you lounge access at the airport and other conveniences. You have to decide if that cost is worth the convenience to you personally.
I am not yet 50 so this is not an option.
Does an elite visa allow to open easily local multi currency bank accounts? What are the tax implications if you transfer a few 100k usd to your bank account (all with solidproof origin of income) ?
Are you considered a resident with an elite visa and will banks CRS report to your country of citizenship?
Investing in Thailand is not something on the table atm, which seems to be a requirement for most LTR.
As far as im aware, you can open normal thai currency accounts, but I dunno how many banks are multicurrency over here. They're the local banks (krungsri? bangkok bank?). Maybe setup a Wise multicurrency account and a local thai account and just transfer between them.
I'm trying to find out the tax implications myself as well as its really unclear. From what I read, with the elite visa you're just a regular resident, but not for tax purposes (i THINK. in some circumstances, you can pay tax apparently)
I'm thinking of getting a consultation next week with these guys Thai Elite Visa (Updated 2022) | Siam Legal International to see if they can answer my questions. I havent done full due diligence, but Ive seen them around for the past 10+ years, so there should be something to that as well.
-Skenners
What do you guys think is better option for someone who has foreign sourced income in Thailand and 0 income from Thailand?
1. Get Tax ID, declare some taxes and receive tax residency certificate.
2. Don't declare your taxes in Thailand at all?
For me 1st option would be better as my country of origin may ask for it in the future, but is it safe? Or it put eyes of tax office/immigration on me?
My pov is: they will leave alone these who declared at least some taxes. Why to dig if someone is on Elite anyway and seem like paid tax + don't have too much money in the Thai bank?
Foreign sourced income is exempted, so you don't even need to declare it. Just keep it offshore.
1. Get Tax ID, declare some taxes and receive tax residency certificate.
2. Don't declare your taxes in Thailand at all?
For me 1st option would be better as my country of origin may ask for it in the future, but is it safe? Or it put eyes of tax office/immigration on me?
My pov is: they will leave alone these who declared at least some taxes. Why to dig if someone is on Elite anyway and seem like paid tax + don't have too much money in the Thai bank?
Foreign sourced income is exempted, so you don't even need to declare it. Just keep it offshore.
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