Thailand 0% tax

[AbsetJW]

Yes, Thailand follows residence based taxation so starting Jan 1, 2024 all Thai tax residents will be taxed on worldwide income remitted in Thailand or not.

Where did you read that specifically?

 

[Marzio]

https://en.wikipedia.org/wiki/International_taxation
If they remove the remittance loophole it will become residence based taxation for all.

 

[jafo]

I will not trust local KYCed exchanges to keep your data safe from the Revenue Department if they require it.

Exchanges? Are you all still using exchanges? For what?

I'm sort of "OK" with sending $500 to a crypto address linked to a crypto debit card, and buying groceries or eating at a restaurant because the supermarket or restaurant won't accept crypto directly

The most important message in #Bitcoin has ALWAYS been NO trusted third parties ever!

I mean Benjamin Franklin couldn't have said it better:

What am I missing here?

 

[zzzzzz]

This goes hand in hand with applying CRS/FATCA in Thailand. Teritorrial tax game over.

 

[ekman]

So boyos, next step is to book flights to Philippines and get SIRV or just expect that you wont get caught in Thailand?

 

[jafo]

book flights to Philippines and get SIRV

I can only imagine the tax agencies reading this and focusing on their new target

 

[wellington]

Problem with P2P is if you interact with dirty money, in Thailand that could be very nasty as a Russian found out recently.

Best to OTC overseas (dependent on your size), onshore via legitimate exchanges...

The problem with the new rulings is that a lot of people increasingly use stablecoins as its not easy to retain a bank account in the West as a non resident... these people will now be looking at 35% (dependent) tax on those assets.

 

[Berti]

Anyone knows if it's possible to live in Thailand and never bring any money, just paying everything with a foreign debit or credit card?

What happens if you withdraw money from an ATM, with your foreign debit or credit card?

If I understand this correctly, it‘s not about payments but worldwide income.

If they want to enforce this, everyone with a longterm visa would be obligated to file a tax return.

 

[wellington]

If I understand this correctly, it‘s not about payments but worldwide income.

If they want to enforce this, everyone with a longterm visa would be obligated to file a tax return.

Correct..

 

[Radko]

I guess it's official now.... it's on Bloomberg.

 

[jafo]

Problem with P2P is if you interact with dirty money, in Thailand that could be very nasty as a Russian found out recently.

I'm so confused here. I'm talking about using e.g. USDt to pay for products & services like here:

I haven't done P2P since localbitcoins started doing KYC.
I have STOPPED thinking about this since I've been following this: GitHub - jlopp/physical-bitcoin-attacks: A list of known attacks against Bitcoin / crypto asset owning entities that occurred in meatspace.

Best to OTC overseas (dependent on your size), onshore via legitimate exchanges...

I think of lightning networks and other crypto payments as circumvention to credit card fees and 100% avoidance of banks who can freeze, question, or just steal my money.

The problem with the new rulings is that a lot of people increasingly use stablecoins as its not easy to retain a bank account in the West as a non resident... these people will now be looking at 35% (dependent) tax on those assets.

But how? If I pay everything with USDt or any other crypto (ANALogous to credit card payments without the "reverse LANA"), who is going to report this?

I feel like I am missing something important. What is it?

 

[Mercury]

Exchanges? Are you all still using exchanges? For what?

I'm sort of "OK" with sending $500 to a crypto address linked to a crypto debit card, and buying groceries or eating at a restaurant because the supermarket or restaurant won't accept crypto directly

If you need a larger amount of money to buy for instance property/a car.
I agree that a crypto card will do the trick for daily living expenses, however as a Thai (only) resident you will mostly need to fake a EU/US residency to get one of these cards.

 

[AbsetJW]

https://en.wikipedia.org/wiki/International_taxation
If they remove the remittance loophole it will become residence based taxation for all.

Thailand has always imposed tax on worldwide income.

 

[wellington]

I'm so confused here. I'm talking about using e.g. USDt to pay for products & services like here:
View attachment 5403

I haven't done P2P since localbitcoins started doing KYC.
I have STOPPED thinking about this since I've been following this: GitHub - jlopp/physical-bitcoin-attacks: A list of known attacks against Bitcoin / crypto asset owning entities that occurred in meatspace.


I think of lightning networks and other crypto payments as circumvention to credit card fees and 100% avoidance of banks who can freeze, question, or just steal my money.



But how? If I pay everything with USDt or any other crypto (ANALogous to credit card payments without the "reverse LANA"), who is going to report this?

I feel like I am missing something important. What is it?

CRS on the card supplier theres a exchange mechanism there.

 

[Marzio]

Thailand has always imposed tax on worldwide income.

Not for resident foreigners who remitted income in the the subsequent year of when income was earned.

 

[wellington]

True but the law always allowed it, the Elite Visa however was sold as tax free in this circumstance.

Not for resident foreigners who remitted income in the the subsequent year of when income was earned.

 

[Marzio]

Elite Visa however was sold as tax free in this circumstance

I guess they now will stop selling it like that.

 

[jafo]

If you need a larger amount of money to buy for instance property/a car.

Ahhh..... OK.... In my personal case, I don't want to purchase a home in Thailand or most other jurisdictions, but this is a personal choice. If I indeed wanted to, we could go this route: https://www.thailand-property.com/blog/can-really-buy-thailand-property-using-cryptocurrency

I agree that a crypto card will do the trick for daily living expenses, however as a Thai (only) resident you will mostly need to fake a EU/US residency to get one of these cards.

Agreed!

I wouldn't consider Thailand or Dubai for anything anymore as I don't like uncertainties. Anyone who starts coming up with ways to rob others is my mortal enemy, so to avoid catching a ****** charge, I stay clear of them and in peace. They are TOO many to tackle anyway.

 

[wellington]

Note the f*****s have removed their wayback archive : https://web.archive.org/web/20230000000000*/https://www.thailandprivilege.co.th

Some agents still list it : Top 4 Benefits Retirees Can Enjoy With Thailand Elite Visa Program

 

[jafo]

Note the f*****s have removed their wayback archive : https://web.archive.org/web/20230000000000*/https://www.thailandprivilege.co.th

Some agents still list it : Top 4 Benefits Retirees Can Enjoy With Thailand Elite Visa Program

That's it! We're dealing with some very disingenuous amoral people! Can't trust them with anything! Not even their weather channel.