this. Any country if one is motivated enough to make it happen.Literally any country nowadays. You just have to know how to do it.
Thailand is territorial.I read here somehwere of thai tax man considering coins staked by thai resident to be income generated in thailand with appropriate tax consequences....
Is there a special tax rate if you use Thai exchanges? As far as I know you still need to pay up to 35% PIT(depending on your income) however the exchange needs to withold 15% and then you pay the rest no? Or is the 15% final tax?Thailand is territorial.
They can't tax what you do overseas by holding funds say in a bank earning interest.
much like they can't tax you holding funds in say a decentralised protocol earning interest and the protocol managed by say a german company.
The argument they can tax because they consider the crypto to be in Thailand just because you are is defeated in court, just like your bank balance in say Germany.
Hence they never pushed that hairbrained statement and have reduced taxes for you to use Thai crypto exchanges.
Thailand is territorial.
They can't tax what you do overseas by holding funds say in a bank earning interest.
much like they can't tax you holding funds in say a decentralised protocol earning interest and the protocol managed by say a german company.
The argument they can tax because they consider the crypto to be in Thailand just because you are is defeated in court, just like your bank balance in say Germany.
Hence they never pushed that hairbrained statement and have reduced taxes for you to use Thai crypto exchanges.
its only a logical argument.Really? I read this risk exists in eg Ireland too (considering cryptos to be situated within Ireland if owned by a tax resident). Has this conclusively been defeated in court?
its only a logical argument.
just like you holding the pin and your atm card does not make your bank balance located inside the country you are physically in.
This surely is a residual from a time when people thought these blockchain coins do actually exist and move from wallet to wallet like a physical coin (so they are actually with you).
But its not the case with these blockchains, as the wallet only has a key (akin to atm card pin) and with this key you can create a new offshore ledger entry.
and what is the conclusion of your analysis?I certainly agree with you but a bank account is clearly different as the money is defined to be in the institution the bank is operating out of.
The Blockchain however is everywhere and nowhere at the same time. The only thing that has a physical location are the private keys and they likely are with you (not necessarily though, and copies can exist at many locations).
For years I expected court cases about this but also about seizing HW wallets at borders claiming they are over a certain value and should be declared.
I've seen (unverified) claims of that happening and to me those 2 cases seem highly similar (you don't have to declare an ATM card at customs either).
and what is the conclusion of your analysis?
well legalese works differently in many areas of the world.Nothing conclusive. Hence why I asked here when I saw a clear standpoint being taken.
For me the interest is merely academic in nature btw so I've obviously not paid for legal opinions nor do I have a legal background myself.
It's interesting to see how antiquated legal notions are dealt with when colliding with (seemingly conflicting) concepts that didn't exist when they were made.
In all honesty why carry a HW wallet anywhere?seizing HW wallets
I've been in three criminal court cases in Thailand, in each (blockchain related), they stated x was overseas/offshore outside of their jurisdiction, which is a shame, as I lost 60m $ in paper value.Blockchain however is everywhere and nowhere at the same time
Because people are stupid? Just saying I read about cases, not that I did it.In all honesty why carry a HW wallet anywhere?
Also why not use a service (legal) that holds a multi-sig (say in Dubai etc) and then you've got them doing it with you and that binds it offshore.
I've been in three criminal court cases in Thailand, in each (blockchain related), they stated x was overseas/offshore outside of their jurisdiction, which is a shame, as I lost 60m $ in paper value.
Still got the perp, but reality is in my cases they categorically stated that blockchain/crypto overseas is overseas and outside of their territorial jurisdiction.
Obviously you utilise Thailand's non-existent CRF rules, and a tax haven and have someone there, who manages the asset(s) (key pair) and you can sell overseas tax free.
I actually told a pal to do this a few years ago, his greed and rejection on spending a few grand just cost him about 600,000$ in taxes.
Plan ahead.
It's 12 words....someone which is not needed if you hold it yourself.
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