And what do they tell to their bank/broker when they are asked for tax residency and tax id? Nowhere is not the right answer, unless you want closed account. Maybe somewhere in third world country.
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Thailand 0% tax
- Thread starter yngmind
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Yeah, I can imagine.
You get a question from a bank, so where are you a tax resident?
Nowhere. I'm just living on my yacht somewhere in the ocean.
You get a question from a bank, so where are you a tax resident?
Nowhere. I'm just living on my yacht somewhere in the ocean.
I sat with a local banker here in Georgia and hand wrote a declaration that my citizenship country has a statutory residence test and that due to not being there for the required time I cannot be tax resident there. She took it to the bank's compliance office and had my actual and legal addresses in their system changed to my local address here, where I had the same status as any tourist. I was not tax resident in Georgia at that time. I was tax resident in Thailand at the time, but as a non-Thai citizen this probably wasn't obvious or relevant. The big advantage for me was to have bank statements (with address and transactions) and bank reference letter for KYC purposes (I no longer had a Thai B visa and left as a tourist).
Someone else I know attempted the same and was refused; they said he would need a residence permit to change the legal address. This would be similar to Dubai, where legal residence is more likely to be checked by a bank than tax residence.
I think it helps to have chatted to the bankers in the past, make sure they understand your circumstances, what you do, etc. They can see that your bank activity with them makes sense. From my previous experience of UK banking (including so called "private" banking with a large high street bank), you don't get to encounter a genuine banker in person, so it would be harder to maintain a relationship if you live on a yacht somewhere in the ocean. If you say you live in Thailand a UK bank will almost certainly close your account.
I expect the Channel Islands banks are more approachable, but you need quite a large deposit to open with them.
It was a while back, I've been tax resident for some time (though I have no documentation to prove it other than passport stamps). I know someone who should go and update his address (also without residence permit); I'll encourage him to go and do it to see how they react. If it is harder now (since the influx from the North), then the backup plan would be a residence permit as that's still quite cheap via a local business.
The point I'm trying to make it that it *really* helps to develop a relationship with the banker, in person. It's not just that they will understand you and be more agreeable to your requests, it's that you can ask them in advance and let them guide you on how to approach them given your specific circumstances.
I wouldn't try that here (low level corruption is out of style in Georgia since after the Rose Revolution), but I'm sure a Thai lawyer could charge you a few $000 to "get the paperwork right" and expedite whatever you need.
It would be interesting to know if they accept your Georgian residency for CRS purposes. CRS is new for Georgia and their system of legal address and de facto address is not compatible with CRS.
So, they need to determine tax residency.
I am wondering how they want to do that. Until now I haven't heard from any foreign client of a Georgian bank to have filled out a self-certification form for CRS purposes.
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@backpacker I don't have Georgian residency as I don't do business here. I am tax resident as a fact but have no TIN and am just a long term tourist (I have no Georgian source income). CRS self certification asks residential address and postal address, which I suspect will be mapped to legal and actual address. I didn't fill an OECD style self certification I provided the opposite, certifying lack of tax residence in my passport country. That may well change but for now they're interested in your citizenship country rather than any third country residence.
But this thread is about Thailand. Thailand is due to be in CRS later this year and some banks are already collecting CRS information. The answer will be to self certify with a Thai bank (which will require some tie to Thailand), self certify with a suitable CRS bank overseas, or find a non CRS bank based on residence permit or whatever.
But this thread is about Thailand. Thailand is due to be in CRS later this year and some banks are already collecting CRS information. The answer will be to self certify with a Thai bank (which will require some tie to Thailand), self certify with a suitable CRS bank overseas, or find a non CRS bank based on residence permit or whatever.
I guess the question is whether there is a jurisdiction nowdays where one can set up a company and as such is allowed to trade in the main crypto and tradfi venues (Binance, CB, Kraken, IBKR) take part in seed deals and do VC activity while being in thailand under Elite Visa. Assuming one has substance in such jurisdiction. Also that would effectively mean breaking the Thai tax law, just the chances of being caught are pretty slim.
wat
Just go to koh phangan, 32 to 34 degress for most of the year, stunning beaches, amazing eating options, nature, lack of stress and traffic, decent partying options besides the cringey FMP if you are in that age braket, plenty of western families raising kids there, very multicultural despite the recent invasion of Russian and gringos and uninteresting self called digital nomands. There are still a lot of old school expats living in the north of the island with interesting life stories and personalities, if you are looking for someone who is not into their 20s and whose main profession is digital markting or software development. In 30mins ferry you are in Samui and from there it's just a short flight to singapore, KL and BKK. I dunno hard to beat for most of the year, despite Europe still being the best place on earth by orders of magnitude if taxes were not an issue.
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No, they begin 2023 for 2022 -> https://www.oecd.org/tax/automatic-exchange/commitment-and-monitoring-process/AEOI-commitments.pdf
I answer to myself, there's an update on the LTR visa website regarding income for Wealthy Pensioners type application:
Personal income under LTR : Wealthy Pensioners’ definition is “unearned income such as a pension, rental, stock/share, dividend, etc”. Earned income (salary) will not be considered eligible income for LTR: Wealthy Pensioners application.
It seems so although PM 2.5 levels are improving they are still very elevated and smog. I have been around Thailand these days and it's all day smog with similar PM levels as Thailand. It doesnt affect that much breathing as this depend on your health and may take some time before becoming an issue, though there is limited sight and skies in smog.
Will be this week in Thailand and for this reason avoid the North where few days ago levels of 500 PM 2.5 were reached which is incredible high. Now they seem at 150 which is still high.
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