Thailand DTV visa and taxation/ tax residency

[nitehawk]

I am a Canadian citizen living in Dubai. I have zero ties to Canada and don’t ever plan on going back their either. I also have a dubai company. I want to leave dubai and go live in Thailand per the DTV visa. But I am concerned about taxation.

I am aware of Thai tax laws that any income remitted into Thailand is taxable, this isn’t a big deal to me. As per Thai laws I understand that my foreign income not remittee into Thailand is not taxable.

I can only imagine that if I am living in Thailand 365 days a year that I would be deemed a tax resident of Thailand but given Thai laws I should only be taxed on money I bring into the country and not on my foreign income. Is this correct?

Question is: can I maintain my Dubai company and bank accounts in the UAE while not even living there?

I need to know this because this is where my money will be stored and earned in my Dubai company. And I don’t have any plans on returning to Dubai either.

 

[theblast3r]

I am a Canadian citizen living in Dubai. I have zero ties to Canada and don’t ever plan on going back their either. I also have a dubai company. I want to leave dubai and go live in Thailand per the DTV visa. But I am concerned about taxation.

I am aware of Thai tax laws that any income remitted into Thailand is taxable, this isn’t a big deal to me. As per Thai laws I understand that my foreign income not remittee into Thailand is not taxable.

I can only imagine that if I am living in Thailand 365 days a year that I would be deemed a tax resident of Thailand but given Thai laws I should only be taxed on money I bring into the country and not on my foreign income. Is this correct?

Question is: can I maintain my Dubai company and bank accounts in the UAE while not even living there?

I need to know this because this is where my money will be stored and earned in my Dubai company. And I don’t have any plans on returning to Dubai either.

https://www.bangkokpost.com/business/general/2860812/law-to-tax-income-from-overseas-in-the-works
Things can change quickly here...

 

[Marzio]

If you want to leave Dubai why are you keeping a UAE company?

Close the company, form a US LLC with a US bank account and move tax residency to Panama or Malaysia or Philippines while living 180 days in Thailand.

 

[nitehawk]

Well only keeping it open because of the bank accounts are there for personal and business. I prefer not usa because already have an llc there but for my Dubai company maybe I should move it somewhere where Corp tax is 0. I think it’s changed to 9% this year in UAE which isn’t too bad. Are there any better solutions than usa LLC?

Either way I plan to stay in Thailand 365 days per year so long as they don’t start taxing worldwide income. If they start taxing worldwide income I would have to spend half my time in UAE I guess.

 

[DCble]

https://www.bangkokpost.com/business/general/2860812/law-to-tax-income-from-overseas-in-the-works
Things can change quickly here...

That requires a law change, so highly unlikely to come in for Jan 25, but it's possible next year. Would be silly but Thailand does want to milk foreign people

Well only keeping it open because of the bank accounts are there for personal and business. I prefer not usa because already have an llc there but for my Dubai company maybe I should move it somewhere where Corp tax is 0. I think it’s changed to 9% this year in UAE which isn’t too bad. Are there any better solutions than usa LLC?

Either way I plan to stay in Thailand 365 days per year so long as they don’t start taxing worldwide income. If they start taxing worldwide income I would have to spend half my time in UAE I guess.

What about hong kong and getting an exemption for corp tax?

The USA LLC never made sense for me with the withholding tax as not American and all the extra stuff getting involved with the USA can bring

 

[nitehawk]

What about hong kong and getting an exemption for corp tax?

This sounds interesting. Is this a simple process with stable banking?

 

[Marzio]

Are there any better solutions than usa LLC?

Perceived prestige, tax exemption if no US presence, zero accounting requirements, cheap management, easy reporting and the option to walk into a branch and open a bank account are all advantages that you will not find anywhere else.

Sure there are other jurisdictions but none come with a complete package as US LLC.

Lets take Honk Kong for example, having foreing income exempt is not automatic and you will be subject to audits.

 

[JackAlabama]

That requires a law change, so highly unlikely to come in for Jan 25, but it's possible next year. Would be silly but Thailand does want to milk foreign people

the rich thais would be way more affected than a random foreigner who can simply go elsewhere (no family ties nor heritage). So its unlikely anytime soon.

 

[DCble]

the rich thais would be way more affected than a random foreigner who can simply go elsewhere (no family ties nor heritage). So its unlikely anytime soon.

The rich thais I know already have their money set up in abroad companies and bring it back in using loans. But yeah it's unlikely soon

This sounds interesting. Is this a simple process with stable banking?

Simple to open up, biz bank account is near impossible so people use payment providers

 

[HeinzKetchup69]

So, what are the current Tax implication of living in Thailand under the DTV or LTR visa?
Considering these visas are for freelancers that work for foreign companies... Does Thailand expect these people to pay income tax in Thailand?