Cashout of Crypto to ThaiBank via foreign bank

[MisterKnister]

Hi there,

I am living in Thailand and we have a territorial tax system. So as long as the money come from outside of Thailand it's completely tax-free.

For taking advantage of this procedure, I basically need a way to cashout crypto via a foreign bank account.

It does not really matter if it's an own offshore bank account that I own or if it's a payment provider like Payoneer.
Even any EMI would be sufficient, but they should have limits which I can work with.

The only criteria I have is that I want to cashout at least 500.000 USD at once from Crypto ””> foreign bank account ””> my personal ThaiBank Account.
This amount could be nevertheless spreaded over several transactions.

Any information is appreciated.

Last edited: Mar 27, 2021

 

[MisterKnister]

I already found an option via the Dubai Company Formation, but this is currently not an option for me as for this I would need to leave the country and right now I could not easily come back.

So I am looking for an option which I would be able to realize without leaving the country.

 

[marlinpro]

You need to wait for 1 year don't you? Can't be income earned on the same year if not wrong.

 

[Mercury]

marlinpro said:
You need to wait for 1 year don't you? Can't be income earned on the same year if not wrong.
Click to expand...

A workaround could be to have a credit/debit card linked to the foreign bank account and make several withdrawals from ATM in Thailand. Obviously less cost-effective as card/ATM fees will be applied.

 

[PiersBlack]

Do you have a TIN in Thailand? It's gonna be problematic nowadays to open a bank account without one, even if Thailand is not part of AEOI yet (soon).

 

[CyprusLawyer101]

Hi there,

Capitalize your cryptos into an company in exchange of shares in the company and then convert your money into fiat. you can then use the funds in the company by issuing a card to spend the money, or even receive proceeds such as capital distributions. This will not raise any questions as the funds would be coming from a company abroad.

Hope this helps.

Lawyer101

 

[Fred]

MisterKnister said:
I already found an option via the Dubai Company Formation, but this is currently not an option for me as for this I would need to leave the country and right now I could not easily come back.

So I am looking for an option which I would be able to realize without leaving the country.
Click to expand...

That would be a setup that fits your requirements perfect and is reliable.

Having a reliable company setup with all the advantages of Dubai with 0% tax, no accounting and decent retail banking without taking a plane nowadays is impossible.

We just had this week somebody here from Thailand - he could fly back without any problems and now just stays for 10 days in self quarantine at a hotel.

That's not nice of course but when I look at your requirenents like 500k cashout at once - you will most likely loose money to unreliable solutions (EMI's) or to the local tax authority sooner or later.

Toggle signature

 

[randomname11]

marlinpro said:
You need to wait for 1 year don't you? Can't be income earned on the same year if not wrong.
Click to expand...

You are actually correct. Money from outside Thailand is NOT tax-free. BUT, it's not like they say something to it, as long as a transfer is below 50,000 USD (equivalent).
If we go into details, it's actually only PASSIVE income from the calendar year before, that is tax-free.

But I would honestly just keep all transfers below 50,000 USD, then there won't be a problem. That might change later, no one knows.

PiersBlack said:
Do you have a TIN in Thailand? It's gonna be problematic nowadays to open a bank account without one, even if Thailand is not part of AEOI yet (soon).
Click to expand...

Some banks have always rejected opening bank accounts without Work Permit, but it's absolutely not impossible.
With some WP isn't needed, but if you own property in your name or have a year visa or retirement, then it's also easier.

 

[fortunespeculator]

randomname11 said:
You are actually correct. Money from outside Thailand is NOT tax-free. BUT, it's not like they say something to it, as long as a transfer is below 50,000 USD (equivalent).
If we go into details, it's actually only PASSIVE income from the calendar year before, that is tax-free.

But I would honestly just keep all transfers below 50,000 USD, then there won't be a problem. That might change later, no one knows.

Some banks have always rejected opening bank accounts without Work Permit, but it's absolutely not impossible.
With some WP isn't needed, but if you own property in your name or have a year visa or retirement, then it's also easier.
Click to expand...

Can you share the list of banks opening accounts without work permit.I would be interested.

 

[randomname11]

fortunespeculator said:
Can you share the list of banks opening accounts without work permit.I would be interested.
Click to expand...

There aren't any lists. Sometimes it can even be up to the branch, what city and so on. Some have deals with agents to setup and rejects anyone else.
I recommend checking based on the city you live in.

 

[fortunespeculator]

W

randomname11 said:
There aren't any lists. Sometimes it can even be up to the branch, what city and so on. Some have deals with agents to setup and rejects anyone else.
I recommend checking based on the city you live in.
Click to expand...

Well i am planning to travel to thailand and open an account without having to g t a work permit .I will get a business visa and then try to apply so any working leads would have been helpful.

 

[marlinpro]

randomname11 said:
You are actually correct. Money from outside Thailand is NOT tax-free. BUT, it's not like they say something to it, as long as a transfer is below 50,000 USD (equivalent).
If we go into details, it's actually only PASSIVE income from the calendar year before, that is tax-free.

But I would honestly just keep all transfers below 50,000 USD, then there won't be a problem. That might change later, no one knows.

Some banks have always rejected opening bank accounts without Work Permit, but it's absolutely not impossible.
With some WP isn't needed, but if you own property in your name or have a year visa or retirement, then it's also easier.
Click to expand...

I did not know it was only for Passive Income. What does "Passive Income" exactly refer to? Real Estate? Is any online stuff Passive Income?

Thanks ;D

 

[Benzouser]

PiersBlack said:
Do you have a TIN in Thailand? It's gonna be problematic nowadays to open a bank account without one, even if Thailand is not part of AEOI yet (soon).
Click to expand...

Easy to open BKK bank . . no need TIN. . . and now TH is AOEI / CRS reporting . . . so better get an account in Cambodia.

 

[wellington]

MisterKnister said:
Hi there,

I am living in Thailand and we have a territorial tax system. So as long as the money come from outside of Thailand it's completely tax-free.

For taking advantage of this procedure, I basically need a way to cashout crypto via a foreign bank account.

It does not really matter if it's an own offshore bank account that I own or if it's a payment provider like Payoneer.
Even any EMI would be sufficient, but they should have limits which I can work with.

The only criteria I have is that I want to cashout at least 500.000 USD at once from Crypto ””> foreign bank account ””> my personal ThaiBank Account.
This amount could be nevertheless spreaded over several transactions.

Any information is appreciated.
Click to expand...

Liquid Exchange -> EUR withdrawal -> Middle Bank Transfer via Taiwan -> They Send to Kasikorn EUR (have gov arrange - if Elite). -> Convert to THB and deposit in your account

But note this has entered since Jan.

https://www.bangkokpost.com/business/2387641/agency-drafts-law-on-tax-transparency