US LLC + live in Thailand

[Roo]

Hi guys,

I'm trying to figure out the best setup for myself.

Would there be any issues with running a US LLC from Thailand? Since US LLC is pass-through I assume the EMI/bank/US may report the LLC/account to my country of passport at least (EU high tax but rather incompetent and money-hungry).

Since I won't be filing taxes in Thailand could I get chased by my country of passport or country of previous residency?

Can I declare my residency Thailand to the LLC incorporation and EMI with a rental contract? I'm not sure if bank statements server as proof of address to EMIs as I have bank accounts with a few address from living temporarily in various countries. I assume if my income would get reported there it really wouldn't matter as I haven't set foot there for quite some time.

Additionally which state would be best to incorporate in?

Last edited: Apr 15, 2024

 

[Marzio]

Roo said:
Would there be any issues with running a US LLC from Thailand?
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There could be a slight risk of creating PE in Thailand if you are the only one running the show.

Is your plan to keep money in the LLC and withdraw cash needed for living expenses in Thailand and leave the rest in the LLC?

 

[Roo]

Marzio said:
There could be a slight risk of creating PE in Thailand if you are the only one running the show.

Is your plan to keep money in the LLC and withdraw cash needed for living expenses in Thailand and leave the rest in the LLC?
Click to expand...

@Marzio Yes that's the idea

 

[blastah]

Roo said:
Hi guys,

I'm trying to figure out the best setup for myself.

Would there be any issues with running a US LLC from Thailand? Since US LLC is pass-through I assume the EMI/bank/US may report the LLC/account to my country of passport at least (EU high tax but rather incompetent and money-hungry).

Since I won't be filing taxes in Thailand could I get chased by my country of passport or country of previous residency?

Can I declare my residency Thailand to the LLC incorporation and EMI with a rental contract? I'm not sure if bank statements server as proof of address to EMIs as I have bank accounts with a few address from living temporarily in various countries. I assume if my income would get reported there it really wouldn't matter as I haven't set foot there for quite some time.

Additionally which state would be best to incorporate in?
Click to expand...

Which visa are you planing for? Do you know that you have to pay taxes in Thailand since 2024 for the remitted money? There are many information in the forum about this

 

[Roo]

@theblast3r I am currently going on a tourist visa to make sure I want to spend more than 6 months there (wouldn't invest in an elite visa without being sure, I don't think I have another option as I don't fall in the age group for retirees), I know about money remitted to Thailand but that's for income from the current year from what I read here. Furthermore, I won't get a Thai bank account soon so I doubt that paying things by card or ATM withdraws in Thailand will make anyone ask questions.

 

[Marzio]

Roo said:
I know about money remitted to Thailand but that's for income from the current year from what I read here
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They changed the law starting this year.

Now even incom generated in the previous year will be taxed if remitted into Thailand.

 

[Roo]

@Marzio would paying for things from a foreign account like any tourist stand out in terms of tax? One could potentially even use a card in the name of a family member who lives overseas if things are really serious.
Paying a minimal tax on low remittance just to have some papers would be acceptable but I don't think that on a tourist visa anyone would really look into it.
Am I wrong?

 

[blastah]

Roo said:
@theblast3r I am currently going on a tourist visa to make sure I want to spend more than 6 months there (wouldn't invest in an elite visa without being sure, I don't think I have another option as I don't fall in the age group for retirees), I know about money remitted to Thailand but that's for income from the current year from what I read here. Furthermore, I won't get a Thai bank account soon so I doubt that paying things by card or ATM withdraws in Thailand will make anyone ask questions.
Click to expand...

About the visa, I recommend you the LTR, it's 0% taxes, but you need some requisites. About the new tax policy, nobody knows 100% about it, we have to wait until 2025. What we know is that we have to pay for all the money we remit to Thailand and are not savings from before 2024 (and can demonstrate).

Check this post: https://www.offshorecorptalk.com/threads/thailand-tax-cc-dc-withdrawals-cdm-atm.44660/page-5#post-300413

Roo said:
@Marzio would paying for things from a foreign account like any tourist stand out in terms of tax? One could potentially even use a card in the name of a family member who lives overseas if things are really serious.
Paying a minimal tax on low remittance just to have some papers would be acceptable but I don't think that on a tourist visa anyone would really look into it.
Am I wrong?
Click to expand...

Theoretically, you're right.

 

[Marzio]

Roo said:
would paying for things from a foreign account like any tourist stand out in terms of tax?
Click to expand...

If i were in you i would keep all the money in my US LLC, get a US bank account with a 0% FX fees card and use that card for living expenses in Thailand either by paying with that card when possible or using that card to withdraw cash at the counter inside Bangkok Bank to avoid withdrawal fees.

 

[Roo]

@Marzio that all sounds doable, what about my question about reporting to passport country since I won't have tax returns or tax number in Thailand?
I'm not sure how apart from a rental contract I would be able to prove residence if asked by EU taxman.

 

[alain]

theblast3r said:
Which visa are you planing for? Do you know that you have to pay taxes in Thailand since 2024 for the remitted money? There are many information in the forum about this
Click to expand...

what is the tax rate in Thailand ?

 

[Marzio]

Roo said:
if asked by EU taxman.
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Do you have any ties to your home country? (home, wife, kids, bank accounts, shares in companies and so on?)

If not wht your EU home country should be asking about you?

Rememeber that US isn't part of CRS so isn't actively sharing informations.

 

[Roo]

@Marzio My family is with me so no family ties to EU but I have some ties with 2 EU countries, home/car, bank account. I haven't officially filed any renouncing of tax residence anywhere even though I haven't been actively staying in either of them permanently, very long time for my passport country but I had a business there until 4 years ago.

I read that they do share/report some info on foreigners but not sure what via FATCA. I know they're not in CRS.

 

[Marzio]

Roo said:
I have some ties with 2 EU countries, home
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Are you the owner?

 

[Roo]

Marzio said:
Are you the owner?
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Yes but it can probably be rented out if that helps

 

[Marzio]

Roo said:
Yes but it can probably be rented out if that helps
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It could be better if you weren't the owner because in some countries the mere fact of owning a house is enough to consider you tax resident.

In any case since you'll be renting a house in Thailand and your family will be with you there wouldn't be probably sufficient ground for that EU country to claim you are tax resident.

One important thing you have to verify is if those EU countries have a double tax treaty with Thailand.

If yes, having a one year rent in Thailand and having your family with your will protect you.

 

[blastah]

Marzio said:
If i were in you i would keep all the money in my US LLC, get a US bank account with a 0% FX fees card and use that card for living expenses in Thailand either by paying with that card when possible or using that card to withdraw cash at the counter inside Bangkok Bank to avoid withdrawal fees.
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Do you know any USA bank that allow to open a individual bank account as a foreigner and with residence in Thailand? Thank you so much!

 

[yngmind]

theblast3r said:
Do you know any USA bank that allow to open a individual bank account as a foreigner and with residence in Thailand? Thank you so much!
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If you fly to the US, I think there are lots of options: BOA, Chase.

Toggle signature
I'm not a tax advisor, so please don't consider my posts here as tax advice. Always seek a professional opinion.
___
Business Bank Account for your US LLC Remotely

 

[blastah]

yngmind said:
If you fly to the US, I think there are lots of options: BOA, Chase.
Click to expand...

It's possible to open remotely? If not, maybe I can consider to book a flight only for this purpose, but I would like to try remotely first.
Also Singaporean or Hong Kong are a good options? It's easy to open a bank account and are reliable?
Thanks

 

[yngmind]

theblast3r said:
It's possible to open remotely? If not, maybe I can consider to book a flight only for this purpose, but I would like to try remotely first.
Also Singaporean or Hong Kong are a good options? It's easy to open a bank account and are reliable?
Thanks
Click to expand...

I'm getting my Chase business bank account remotely. If it works, I will share info in this forum.

You need to go there in person for personal bank accounts.

Business bank accounts are usually, too, but there are some options not many people know about.

SG and HK are possible with big deposits like $500k. I had an offer from a Singaporean bank for a $500k deposit, and they can open an account remotely. It was Standard Chartered. They are very reliable, but if you can get to the US, I would do that.

Toggle signature
I'm not a tax advisor, so please don't consider my posts here as tax advice. Always seek a professional opinion.
___
Business Bank Account for your US LLC Remotely