I doubt it but worth an ask...
In Thailand (legally - as you'll all know you can get away with a lot in Thailand), crypto is classed as intangible property - so is with you and not a foreign asset - so residents can't (technically) do the next tax year dodge (+ Thai authorities see any exchange as a taxable event). And, using a company to hold the crypto won't allow you to legally avoid tax either as, if a Thai resident that directs/manages company, the company will be Thai resident too.
Could you use an offshore trust to hold crypto generating a return from eg. (POS) staking or defi interest yields that would allow management of the crypto accounts and sales that are paid out to trust beneficiary offshore bank account ? (I'm guessing banks wouldn't give the trust an a/c - might an EMI facilitate such transfers?) If possible, this would then make things 'foreign' again for Thai authorities.
Maybe worrying about Thai authorities checking reports from banks with foreigner accounts is a waste of time and you could get away with just direct crypto exchange to offshore bank transfers. Maybe using an offshore company to hold the crypto and EMI to transfer to offshore bank account is safe enough. Maybe the offshore trust method is only legit (if v. expensive?) option... But I have no idea if such a trust set up is workable. Even if it is, UBO stuff might make it a waste of time?
Last edited: Sep 2, 2020
In Thailand (legally - as you'll all know you can get away with a lot in Thailand), crypto is classed as intangible property - so is with you and not a foreign asset - so residents can't (technically) do the next tax year dodge (+ Thai authorities see any exchange as a taxable event). And, using a company to hold the crypto won't allow you to legally avoid tax either as, if a Thai resident that directs/manages company, the company will be Thai resident too.
Could you use an offshore trust to hold crypto generating a return from eg. (POS) staking or defi interest yields that would allow management of the crypto accounts and sales that are paid out to trust beneficiary offshore bank account ? (I'm guessing banks wouldn't give the trust an a/c - might an EMI facilitate such transfers?) If possible, this would then make things 'foreign' again for Thai authorities.
Maybe worrying about Thai authorities checking reports from banks with foreigner accounts is a waste of time and you could get away with just direct crypto exchange to offshore bank transfers. Maybe using an offshore company to hold the crypto and EMI to transfer to offshore bank account is safe enough. Maybe the offshore trust method is only legit (if v. expensive?) option... But I have no idea if such a trust set up is workable. Even if it is, UBO stuff might make it a waste of time?
Last edited: Sep 2, 2020
