This won’t work because they will look at your lifestyle and living standards
This won’t work because they will look at your lifestyle and living standardsIf hold multiple directorships in different regions, to minimize tax outlay, invest any profits/salary in investment accounts, form a Thai company and pay taxes locally as a workaround?
I.e. have no foreign income visible
CRS would share that with Thailand.
Reality is as it stands and in the future if you have savings pre 2024 and remit its tax free and that applies post their next change (world wide taxation)CRS would share that with Thailand.
It will if I limit my income and invest what i would have taken as salary via my businesses with a view to realising the investments on leaving Thailand.This won’t work because they will look at your lifestyle and living standards
I think @wellington means that I would have to give this to the Thai, and they might request it from MC.If you didnt give the Thai address (and/or TIN) at the MC Bank,how they can share CRS to TH ?
None of us like CRS hence bearer assets are the futureI think @wellington means that I would have to give this to the Thai, and they might request it from MC.
My question was a litmus test (for me). No single bank, person, or "government" knows where all my funds are or how much money I have. Anyone who complies with this BS is living in LalaLand!
PS. The f*cking ex-president of Honduras was just sentenced to 45 years in prison in the US. Imagine if that guy has access to information showing you had €1 billion! Yesterday, you would have had a home invasion robbery!
BTW, home invasion robberies are prevalent, but they aren't reported much in the media. When I was fighting my case in the BOP, almost 5% of the inmates were in there due to very violent and sometimes deadly home invasion robberies.
The f*cking ex-president of Argentina, Mauricio Macri, was kidnapped by the Argentinian FEDERAL POLICE, and his family had to pay a ransom for him not to be murdered (40 years ago).
Due to the CRS bullsh1t, several relatives of prominent businessmen are being held for ransom in Latin America regularly, but NOBODY reports on this BS!
As per current rules,
IF GIFT and funds are sourced as Remittance = Tax as Income (as per law).Gift/Inheritance rules... or not reached the first tax threshold
Pretty good stuff, id add tax free for all income earned before becoming a tax resident in the first place.As per current rules,
If non tax resident in Thailand Then
Any remittance is always tax-freeElse
If remittance is money earned before 01/01/2024 ThenTax-freeElseRemittances are taxables unless (fully or partly) tax exempted with supporting docs according to countries DTA, Gift/Inheritance rules... or not reached the first tax threshold (allowances/deductions apply)End IfEnd If
There's a debate about that as it's not clearly stated in Thai Gift Law and it's way of interpretation.IF GIFT and funds are sourced as Remittance = Tax as Income (as per law).
Gifts only tax free if ALREADY in country.
No, no debate, first hand discussion with revenue department.There's a debate about that as it's not clearly stated in Thai Gift Law and it's way of interpretation.
I want to believe gifts are tax-free (up to the THB10/20M threshold per year) for the receiver and the sender wherever it comes from, until the gift rules are officially clarified or there's a case law that proves otherwise.
I love me a Visual Basic!As per current rules,
If non tax resident in Thailand Then
Any remittance is always tax-freeElse
If remittance is money earned before 01/01/2024 ThenTax-freeElseRemittances are taxables unless (fully or partly) tax exempted with supporting docs according to countries DTA, Gift/Inheritance rules... or not reached the first tax threshold (allowances/deductions apply)End IfEnd If
Well, we then agree, maybe I was unclear: The receiver is solely liable for the gift tax if the gift exceeds the yearly threshold (THB10/20M). The sender is not liable in Thailand wherever he sends the money from. The remittance occurs for the receiver not the sender as the same remittance event can't be happening for both the sender and the receiver in the same time.If the funds/assets are outside of Thailand, you have two tax points (source country gifting laws, i.e UK/EU is 0% for a specific amount and then % wise from there), and then you have income tax within Thailand for the receiver based in remittance laws IF NOT Savings prior 2024).
In addition the funds/assets can't then be transferred back to you, and or used for your benefit in any capacity.
That is the law as it is currently, working around that is tax evasion and money laundering, not just in Thailand but overseas in source country, as well as likely the US if doing a international wire using the SWIFT system routed through SDNY.
What if you move in 2024, become an employee (eor), so will have a Thai tax return done by the employer, but you won't be in the country for >180 days in 2024?Pretty good stuff, id add tax free for all income earned before becoming a tax resident in the first place.
If you move to Thailand in 2028, its all income up to 31.12.2027.
One other area people need to consider is domicile based taxation
I.e if a citizen of say the Uk which doesn’t consider you tax resident when non resident x years and no connections to the Uk, but floating around (non 180+ days in any country) - but having a home in say Thailand etc for Thailand may consider you tax domiciled within it even if floating around - this likely impacts Europeans more for non residents etc
If you are non tax resident (stay < 180 days/year) you are only taxed on your local income in Thailand.What if you move in 2024, become an employee (eor), so will have a Thai tax return done by the employer, but you won't be in the country for >180 days in 2024?
If Brit life much easier as you won’t have to worry about other locations for taxSo I've been out of the UK for about 15 years now, visited once for a week around 12 years ago - haven't been back since all done and dusted with them.
This year I'm spending less than 180 days inside Thailand - more like 175, will probably do this for the next few years as well so I won't be tax resident.
Had a capital gain of a bit under $1.5 million so far, was planning on using the remit next year thing but that ended and the cap gain was this year so it's not savings! Not this year anyway.
The capital gain was in the US, Crypto sale and I'm not a US passport holder or green card holder, etc - zero connections with the US except for this Bitcoin account.
I was under the impression that simply staying out of Thailand and in Cambodia for less than 183 days, with perhaps a holiday for a couple of weeks in Vietnam I will be 'full nomad' this year. Zero gains are realised in Thailand, Cambodia or Vietnam in 2024.
Will Thailand want to look at this 2024 cap gain or ignore it due to not being tax resident.
I'm currently renting two places - one in Thailand and one in Phnom Penh, will stay in a resort hotel for m Vietnam holiday.
You seem very knowledgeable thanks for any inside you can provide. I think I'm over thinking this but to me this is a large sum of money.
Also one bit of advice I can giveJust ensure you have a accountant look through the paperwork to make sure you owe nothing in the UK (attachments, transactions)
That depends on domicile argument - Thailand in theory can argue because he’s lived 15 yrs in Thailand they have jurisdiction for tax affairsIf you are non tax resident (stay < 180 days/year) you are only taxed on your local income in Thailand.
I believe that if you stay less than 180 days per calendar year in TH, KH, INDO, LAO or VN, and are technically a tourist without income, you don't need to worry much. You could just open a local bank account in one of the other coutries, receive your fiat from crypto there, and bring a bit less than 20K (USD) in cash when crossing the border to TH.So I've been out of the UK for about 15 years now, visited once for a week around 12 years ago - haven't been back since all done and dusted with them.
This year I'm spending less than 180 days inside Thailand - more like 175, will probably do this for the next few years as well so I won't be tax resident.
Had a capital gain of a bit under $1.5 million so far, was planning on using the remit next year thing but that ended and the cap gain was this year so it's not savings! Not this year anyway.
The capital gain was in the US, Crypto sale and I'm not a US passport holder or green card holder, etc - zero connections with the US except for this Bitcoin account.
I was under the impression that simply staying out of Thailand and in Cambodia for less than 183 days, with perhaps a holiday for a couple of weeks in Vietnam I will be 'full nomad' this year. Zero gains are realised in Thailand, Cambodia or Vietnam in 2024.
Will Thailand want to look at this 2024 cap gain or ignore it due to not being tax resident.
I'm currently renting two places - one in Thailand and one in Phnom Penh, will stay in a resort hotel for m Vietnam holiday.
You seem very knowledgeable thanks for any inside you can provide. I think I'm over thinking this but to me this is a large sum of money.
So if non tax resident with local tax only in 2024, but full tax resident in 2025, maxmize salary in other regions to savings in 2024 before becoming a full tax resident with global reporting responsibilities in 2025?If you are non tax resident (stay < 180 days/year) you are only taxed on your local income in Thailand.
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