Thailand new change - world wide income at Thai tax levels to be taxed

[DCble]

Really depends if you live hand to mouth (income) or have savings/investments that you can pull from to live off.

I.e some of us have principle invested that allows years/decades of grandfathered in prior income so current stance remains unaffected and the way to deal with WW income is to use a vehicle as Thailand is still very much territorial on that front

Just the headache of WW taxation will make me leave Thailand.

Even investments that aren't taxable in Thailand will need to be declared and have a whole host of paperwork. No thanks.

 

[aniglo22]

Just the headache of WW taxation will make me leave Thailand.

Even investments that aren't taxable in Thailand will need to be declared and have a whole host of paperwork. No thanks.

What options are you considering ?

 

[DCble]

What options are you considering ?

Probably Georgia or Malaysia.

Like the idea of geting Malta citizenship but CFC rules and the current state of the island puts me off.

 

[JackAlabama]

still unsure at how this goes down like pretty much elsewhere.

 

[A1988]

Probably Georgia or Malaysia.

Like the idea of geting Malta citizenship but CFC rules and the current state of the island puts me off.

I live in malta and I can tell you its the best option in the whole world when it comes to taxation, location (away from middle east, ukraine/ russia and china) which is a big plus, weather is plus, english is a plus, people are decent not the friendlist but are nice, access to EU is great.

CFC rules are there but the concept of non domicile company is fantastic, you can form a company outside malta and manage it, you pay tax on only the money you bring in to Malta, it really helps with tax optimisation. And then, you pay 5k a year and claim non dom status on your foreign income. What else do you want?

 

[Marzio]

you can form a company outside malta and manage it, you pay tax on only the money you bring in to Malta

Are you using a resident non domiciled company in your setup?

 

[Clank]

I live in malta and I can tell you its the best option in the whole world when it comes to taxation, location (away from middle east, ukraine/ russia and china) which is a big plus, weather is plus, english is a plus, people are decent not the friendlist but are nice, access to EU is great.

CFC rules are there but the concept of non domicile company is fantastic, you can form a company outside malta and manage it, you pay tax on only the money you bring in to Malta, it really helps with tax optimisation. And then, you pay 5k a year and claim non dom status on your foreign income. What else do you want?

It's an EU country. That's a completely no for me.

 

[TRGali]

the concept of non domicile company is fantastic, you can form a company outside malta and manage it, you pay tax on only the money you bring in to Malta, it really helps with tax optimisation. A

Aren't you worried that one day they come and claim that, since you manage yourself your company from Malta, then PE in Matla, then the profit has arisen in Matla, then... retro active heavy pain? Is there not a legal opening for them to do that if they choose too at some point?

 

[A1988]

Aren't you worried that one day they come and claim that, since you manage yourself your company from Malta, then PE in Matla, then the profit has arisen in Matla, then... retro active heavy pain? Is there not a legal opening for them to do that if they choose too at some point?

The law works differently in Malta for companies as compared to.other jurisdictions . Please read the article below

https://corriericilia.com/publications/resident-non-domiciled-companies

 

[A1988]

Are you using a resident non domiciled company in your setup?

Yes Mr Marzio

 

[TRGali]

Thanks but I think I had read this article and it confirms what I feared at the time. That a resident non domiciled company is taxable on the profits arising in Malta. And since it is controlled and managed from Malta, there is really not much of a gap to prevent them (if/when they want) to claim that because the management/control is in Malta, then the whole profits arise from Malta and should have been taxed, no? That's why this Malta type of company felt like a trap/ticking bomb for me. Maybe I miss something, and I hope for you that I won't be right.

 

[A1988]

You are right, and i was under the same impression before but I have verified it with atleast 3 big law firms on the island, for companies, domicile is the place of incorporation, till the time the company is incorporated outside of Malta with nominee director and has a foreign bank account and does not derive any income from a maltese business or a maltese resident, that income will only be taxed in malta when remitted.

I dont see it as a trap in anyway after doing my own due diligence, Malta is not a tax hell or aggressive like the rest of europe or most of europe. I would say its the best place in the world considering all the chaos thats happening around the world.

 

[Marzio]

because the management/control is in Malta, then the whole profits arise from Malta and should have been taxed, no?

"Hey why don't you manage your offshore company from Malta so that we can tax you as local sourced income?"

That's a hell of a strategy.

Yes Mr Marzio

Awesome!

Just out of curiosity which offshore company are you using?

 

[A1988]

"Hey why don't you manage your offshore company from Malta so that we can tax you as local sourced income?"

That's a hell of a strategy.



Awesome!

Just out of curiosity which offshore company are you using?

BVI for now, but i think a wise decision is to choose a jurisdiction which is close by for any emergency.

 

[wellington]

if they introduce WW income even the money you earn outside Thailand will be taxed.

Going through currently based on a article I read this morning

Time to be economically non-productive

 

[yomboloz]

Going through currently based on a article I read this morning

Time to be economically non-productive

Could you share the article please?

 

[Zoxin Development]

check this video.

 

[JackAlabama]

check this video.

hes doing good work. If one is interested (superficially) in Thai affairs, Id say Ben is the best single and easy accessible source available.

 

[theblast3r]

Idk if this is only because the agents want money to register us, but..

https://aseannow.com/topic/1342833-thailands-expats-urged-to-register-with-trd-for-tax-says-expert/

 

[Clank]

Idk if this is only because the agents want money to register us, but..

https://aseannow.com/topic/1342833-thailands-expats-urged-to-register-with-trd-for-tax-says-expert/

You need to go in person anyways so i don't see any benefit of using an agent.