UK-Thailand-Alternative large sum crypto cash out options

[Jonathan169]

Assets in excess of $10,000 are really useless in Thailand unless you are a Citizen,‌ you can't own anything. And beware of legislation changing quickly against foreigners in the foreseeable‍ future, as the politicians gain favour with the Thai population by kicking the foreigners in⁠ the nuts.
So, although you may love the place, which many do, it's a financial⁤ black hole in terms of holding or building assets, never mind realizing any future gains.⁣ The best advice is to set up your trading platform, and corresponding banks in a⁢ true offshore location, (Dubai?)- Good stop off en route between UK/Thailand) where you have 100%︀ rights to any assets you may chose to buy in the future.
Maybe every time︁ you visit i.e. for 3-4 months bring $10k in, or ATM it 50:50. but still,︂ that's one hell of a a party.

 

[backpacker]

I agree with︂ most of what you said. However, since this about crypto it is not enough to︃ just "set up trading platform and corresponding banks in a true offshore location". He should better have his "centre of life" in such an offshore location (i.e. become︄ a tax resident there). From this offshore location (his new tax residency) he can then︅ easily go on an extended "vacation" to Thailand (tourist) for a couple of months every︆ year.
A crypto-friendly country which might make sense for him to acquire tax residency is︇ Georgia (always considering that he is not a day-trader) because that will save him setting︈ up obscure offshore constructions. Another option would be Dubai, albeit on a much higher price︉ level.

Btw., There is another thread where a similar case is currently discussed -> https://www.offshorecorptalk.com/th...s-for-a-thailand-based-crypto-investor.33110/

 

[Jonathan169]

I think I wrote 3-4 mths in︃ Thailand, and unless somebody had an accident with the Improbability Drive the last I heard︄ was that 3-4 months isn't 183 days. Georgia makes no sense, from travel, communication, quality︅ of life or safety, if Ukraine kicks off they will get steamrolled too.
He could︆ try Singapore as suggested in the thread (as a resident) but at some point, that's︇ nearly as expensive as Thailand when you include the cost of living (Net Income) which︈ nobody seems to value in this forum, [ I live somewhere and it's FREE?] I︉ think I worked out the break-even point to move to Singapore was over $130,000 per︊ annum...and if you like going from Starbucks "A" to Shopping Mall "B", it's a great︋ place to live.
Labuan Island in Malaysia is another location in SE Asia worth looking︌ into, especially since I think....you need a $5k BK deposit., $2k annual Fees, 3% Tax︍ up to $47k..<<<ALL needs verification. Caveat Emptor et al.
https://globalbanks.com/labuan-offshore-bank/

 

[backpacker]

🙄ki#¤%
Come down, read in context.

• Travel: Look into a⁤ flight schedule and you will learn that connections are pretty good.
  
• Communication: Learn a bit⁣ Russian - not exactly difficult. The younger generation even speaks English!
  
• Quality of life: Better⁢ than other countries with comparable GDP per capita. Of course, if you need bars and︀ obscure nightlife than it might not be the best place.
  
• Safety: Georgia consistently ranges in︁ the group of "very safe countries". It is a lot safer than most︂ places in SE-Asia, with the notable exception of Singapore and Brunei.
  

In case of residency: No! Read the numbers + study︄ applicable regulation.
If he wants to make this his permanent︇ residence - maybe. Otherwise - no.