Digital Nomads, Biz owners in Bangkok

[Skenners]

im having the same issue. Im an Australian Permanent Resident, but a New Zealand Citizen.‌ Currently, I have a remote working job in Australia, so im a tax resident there,‍ even though Im living in thailand. But im looking at day trading in the future⁠ as a full time job.

My thoughts were that I could get a company in⁤ Dubai, trade with that, but as i'd be living in Thailand, I'd have no tax⁣ residency (having given up the australian permanent residency). As long as the company in dubai⁢ has substance, I wont be taxed that money in Aus either (they tax permanent residents︀ globally and If you try and hide behind a sham company, they'll tax you). Essentially,︁ tax free everything and a place to live.

To me, no tax residency seems like︂ its asking for a bunch of trouble, but I'd prefer to stay under the radar︃ as much as possible, which leads to your two questions.
Technically, declaring no taxes at︄ all in Thailand IS legal, but in the eyes of countries around the world If︅ I choose to move? could prove problematic potentially.

-Skenners

 

[Puzel12]

and even if we declare some taxes and get tax residency certificate, is there anything unsafe︆ about this? We are doing all legally. Business outside thailand = foreign income 😀

 

[Skenners]

from what I know, as long as you pay yourself the⁠ appropriate amount for your "job description" along with the taxes that go with it, every⁤ country should leave you alone.

Its when you start paying, like 20k for your "salary"⁣ and you're the CEO of some corporation. Looks suspicious.

-Skenners

 

[andrew28fl]

This would be super helpful to all of us..I am leaving for⁠ Phuket otherwise I would also schedule one. Might schedule one after I am back in⁤ Bangkok. I haven't been able to nail down the tax implications 100% either. I am⁣ a Canadian, and have been a non-resident of Canada for taxes for a few years⁢ now. But my business income accumulates in a single member LLC. So far, no one︀ has questioned me. From what I am learning, people on Elite visa don't get questioned︁ about their income, as long as you don't push the limits by opening an office,︂ hiring staff locally etc. I would be concerned about the US questioning where I manage︃ my LLC from at some point, especially if my income level keeps rising. Anyone else︄ who has successfully managed a Single Member US LLC from Thailand? Especially on an Elite︅ visa?

 

[Mike Forman]

Siam legal seems︃ indeed one of the most reputable firms. They can help with opening of a bank︄ account on a tourist (which is strictly speaking not allowed according to Thai law), which︅ I plan to open next month. But for sure this account will have limitations.

Wise is not available in Thailand and I don't recommend to use an EMI any 4︆ digit amounts for personal accounts.

Would be great if you could share any useful insights︇ you obtained from Siam legal!

 

[Puzel12]

I am Thai Tax resident and I have wise on my thai details 😀 Why it's not⁢ available?

 

[JackAlabama]

The business route is a s*fest of its best. It can,︀ however, be made working. Be prepared to have an intimate relashionship with your lawyer who︁ assists you in doing it and pray for it to run smoothly. Cost is somewhat︂ ok-ish for having a fully fledged Thai business which is horrible from a bureaucrazy point︃ of view.
It did not follow thru with it however, but I had all blueprints︄ ready some years ago.

You would need to declare where you manage️ your US LLC from on form 5472?

 

[Skenners]

How did you get Tax Residency? and for‍ what reason? (if you dont mind me asking, that is)

I also Use Wise and⁠ for 4 digit amounts too. I spent 5k AUD (120k thb) on getting a 6⁤ month apartment contract and it took 2 days to process. I DID have to talk⁣ to my australian bank to say that it wasnt a scam and it was legit⁢ processing, but other than that was relatively smooth sailing.

I also use Wise to pay︀ my rent every month as well (40k thb ~1700 AUD).

@Mike Forman is there any︁ reason why you wouldnt use an EMI?

-Skenners

 

[Mercury]

"A tax resident is a foreigner spending a minimum of 180 days in Thailand during‌ any tax year."

 

[Skenners]

If thats the case, then an elite visa and staying 180+ days in thailand will‌ cover tax residency issues, while paying 0% income tax on foreign sourced income.

In my‍ case, I'd offshore a company and trade with that (in say, dubai or something), and⁠ hire and pay myself a salary. For my own reasons (Just in case), I'd put⁤ tax money aside, but as i'd be getting a salary outside of thailand, i shouldnt⁣ be getting any tax issues from thailand on the elite visa. Hrmm... might be worth⁢ it afterall.

In the 10+ years ive seen the elite visa, Ive never known the︀ government to change the details to look at where the income comes from, so i︁ dont think they'd change it anytime soon. Cool Beans.

-Skenners

 

[andrew28fl]

Yes. I have read from multiple people who have said‍ that Thailand doesn't concern itself with taxing such individuals though, is that not the case?⁠ Technically, I think on an elite visa, you can't work from Thailand. So can you⁤ even file taxes in Thailand? From my understanding so far, if you don't remit income⁣ within the same year, it would be tax free.

 

[Mike Forman]

You have wise multi currency bank accounts, meaning‍ you can actually receive and save EUR, USD on your account?

I know wise business⁠ is not available in Thailand and I assumed a Thai Wise account is just as⁤ a wise Hong Kong business account, you can exchange and send money but don't have⁣ multi currency bank accounts as in Europe.

I mean︅ not more than 5 digits, so I wouldn't save 200k usd on wise, 50k usd︆ is no problem.

My experiences with wise have been all good and we have used︇ it for 5 digit business transfers. Just as with other EMI they can easily block︈ your funds and although Wise their support is quite ok, that might not always be︉ like this. There have been too many stories around of EMI, a physical bank you︊ can always pay a visit.

Finally you will always need a local bank account in︋ my opinion, at least if you want to move some money around or investment.

For monthly / daily expenses such as rent, travel expenses and other expenses wise is perfect.︌

With Hong Kong or Singapore Bank personal accounts you can easily move around a few︍ 100k usd at once, without any questions asked. I haven't tried that with wise and︎ also will not try

 

[Skenners]

ah k. Would a HSBC multicurrency account work for you then? HSBC are a bit..‌ dodgey with some stuff, but are global, can handle large amounts, do business accounts and‍ have physical banks in most countries around the world

-Skenners

 

[Mike Forman]

HSBC is tricky.. Used them for business accounts before, wouldn't use them for personal accounts.⁤

Seems we don't have any clear answers yet:

1) with an elite visa can you⁣ easily open regular local bank accounts?

2) are you considered a resident with an elite⁢ visa and will there be any CRS reporting abroad? As some had stated you are︀ a tax resident if you stay in Thailand over 6 months. Does that change anything︁ for CRS reporting (in don't believe banks ask for tax certificates)
Do banks ask you︂ on account opening where your permanent address is or they just record your Thai address︃ and report it locally

3) is it possible to open a multi currency (usd, eur,..)︄ bank account in Thailand with a local bank (not HSBC, citi,..). Can you get dual︅ currency atm/credit cards?

4) is it possible to open a true money e wallet account︆ with an elite visa? From what I've read a work permit is asked.

5) what︇ are the legal tax implications if you transfer monthly some money to Thailand or if︈ you transfer a lump sum from your personal savings (e.g. 300k usd). Government perhaps doesn't︉ care yet, but with the crs reporting they will have more insights in your accounts︊

 

[Skenners]

Do you think Siam Legal would be able to answer those? or a proper international/thai‌ tax agent would?

If I go ahead with the elite visa, ill be asking those‍ questions before I do, regardless.

-Skenners

 

[Skenners]

Ok, So ive shot an email to Siam Legal about getting an Elite Visa. Ill‌ do some shopping around as well to see if I can find other places that‍ can answer @Mike Forman 's questions above.

Also, with Wise, I've just seen their limitations.⁠ I moved over 600k thb for the visa (26k Aud) to my personal wise account⁤ and it said that I hit the "free" limit of 530k thb. I ended up⁣ moving 100k thb (about 5k aud) to my aud account there just so it wouldnt⁢ incurr fees. costing me another 20 bux or so in transfer and conversion fees. Bunch︀ of pr*cks.

Wise is fine if you're using it as a day to day transfer︁ or a low once off bulk transfer between accounts, but you guys are right when︂ it comes to larger transfer 5+ digits longer. Stuff that noise.

-Skenners

 

[Skenners]

This might be helpful for some of you looking for structure.






-Skenners

 

[TheCryptoAnt]

deemoney is great for large transfers

 

[Skenners]

thanks! Im only pushing money INTO thailand at the‌ moment. Going to look at getting the thai elite visa, then waiting out the year‍ using my offshore accounts to convert smaller amounts until I can start moving money to⁠ thailand tax free. Until then, ill just have to use less money in each transfers⁤ (under 25k). I cant see myself transferring that much money again for a while.

-Skenners

 

[BlinkHood]

Nice, whenever you have the answer be sure to update!

It looks like︃ we're looking for something similar: I've been making money trading/investing for the past few years︄ and looking to move somewhere low tax/tax free. I looked into the elite visa a︅ few months ago and I had the same doubts: given that it's a glorified tourist︆ visa can you get tax residency?
Is it perfectly legal to not pay taxes there︇ or is it simply something that I can get away with? I would like for︈ my structure to be completely legal and not something that simply wont be enforced.

I was also looking at Philippines which has a very similar taxation system.