Thailand 0% tax
- Thread starter yngmind
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@ upto ~35%
It's already set into law.
It's a big loss for Thailand, it's given us the nudge, know many people with tens of millions invested and spending a great amount of money in the︀ country also preparing to leave.
As they say "fuckem, they can go back to water-buffalo︁ herding".
It's already set into law.
It's a big loss for Thailand, it's given us the nudge, know many people with tens of millions invested and spending a great amount of money in the︀ country also preparing to leave.
As they say "fuckem, they can go back to water-buffalo︁ herding".
As usual its all Chineses and Covid-19 fault,
if these two never existed it would be a much better world for Tax free wannabe digital nomads.
if these two never existed it would be a much better world for Tax free wannabe digital nomads.
Instead of making/updating tax rules, the new Thai government should rather state they're gonna strictly enforce existing tax laws (for example, Thai banks have never checked if money from incoming international transfers was money received the previous years) but obviously they can't as everybody worldwide will laugh out loud.
In my opinion, it's just a scaremonger move targeted to Thai middle-class who increasingly invest and does business offshore. And it will be effective enough to get a big chunk of scared tax residents' money back to Thailand.
Enforcement and corruption come together. If Thailand wants to enforce laws they will have first to significantly mitigate︀ corruption at all levels, otherwise there will always be workarounds and loopholes be it for︁ a small fee.
That's not gonna happen tomorrow or next year, if ever in our︂ lifetime.
In my opinion, it's just a scaremonger move targeted to Thai middle-class who increasingly invest and does business offshore. And it will be effective enough to get a big chunk of scared tax residents' money back to Thailand.
Enforcement and corruption come together. If Thailand wants to enforce laws they will have first to significantly mitigate︀ corruption at all levels, otherwise there will always be workarounds and loopholes be it for︁ a small fee.
That's not gonna happen tomorrow or next year, if ever in our︂ lifetime.
yah indeed, but similar laws are everywhere its just framed differently, i.e. hate speech.
Its also a good way to indicate whos close to power.
Its also a good way to indicate whos close to power.
Hurry up, I mentioned it often enough that rules are about to change.
And they have changed already significantly since I posted it.
No need. Just study the details.
Exactly that will be the case, starting︁ 2024.
And now, since the remittance loophole has been closed, everyone who is a tax resident will︂ have to PAY.
That's why the government talks about "loophole".
It's a new government. Completely different focus. They are not interested in the few Elite guys,︆ rich Farangs ...
The current enragement is just a 'Storm in a teacup.
Think what︇ happened in MY last year with all the changes regarding MM2H - at the end︈ MY is still doing fine, despite a few foreigners leaving.
And they have changed already significantly since I posted it.
No need. Just study the details.
Exactly that will be the case, starting︁ 2024.
And now, since the remittance loophole has been closed, everyone who is a tax resident will︂ have to PAY.
That's why the government talks about "loophole".
It's a new government. Completely different focus. They are not interested in the few Elite guys,︆ rich Farangs ...
The current enragement is just a 'Storm in a teacup.
Think what︇ happened in MY last year with all the changes regarding MM2H - at the end︈ MY is still doing fine, despite a few foreigners leaving.
Yes, surprised Pikachu. Been seeing variants of that meme since UAE enacted CIT. These countries are attractive until suddenly they're not and you're thrown into a lot of uncertainty, due to the fickle nature of totalitarian regimes.
Not sure if this was posted here already:
https://www.thaienquirer.com/50755/...ds-risks-falling-flat-due-to-lack-of-clarity/
There seems to be a lot of discussion ahead. Everyone including banks were caught on the wrong foot.
Interesting though that the military regime of the last 9 years brought more stability than the more or less democratic government now.
https://www.thaienquirer.com/50755/...ds-risks-falling-flat-due-to-lack-of-clarity/
There seems to be a lot of discussion ahead. Everyone including banks were caught on the wrong foot.
Interesting though that the military regime of the last 9 years brought more stability than the more or less democratic government now.
This article is classified as an "opinion" and lacks substance.
The author clearly has no idea what he is writing about. It can be dismissed as the desperate attempt to change what can't be changed anymore.
Example:
https://www.thaienquirer.com/50755/...ds-risks-falling-flat-due-to-lack-of-clarity/
Compare this nonsense opinion with ->
https://www.rd.go.th/english/766.html
Face reality: Move or pay!
The author clearly has no idea what he is writing about. It can be dismissed as the desperate attempt to change what can't be changed anymore.
Example:
https://www.thaienquirer.com/50755/...ds-risks-falling-flat-due-to-lack-of-clarity/
Compare this nonsense opinion with ->
https://www.rd.go.th/english/766.html
Face reality: Move or pay!
Even if this comes through, the solution is as simple as spending only 6 months in Thailand to avoid the paperwork. Plenty of countries around Thailand that provide similar high quality of life (Vietnam comes to mind).
In any case, global tendencies are not looking good, with every country raising or adding taxes they didn't have. Maybe we should all give up and move to Sweden en masse? 😛
In any case, global tendencies are not looking good, with every country raising or adding taxes they didn't have. Maybe we should all give up and move to Sweden en masse? 😛
Thailand to start taxing overseas income next year, including from crypto
Any person who resides in Thailand for up to 180 days, would be subject to personal income tax on foreign assets, including crypto. The new rule will take effect on Jan 1, 2024, with the first tax forms, including overseas income to be delivered in 2025.
https://cointelegraph.com/news/crypto-thailand-tax-overseas-income
Any person who resides in Thailand for up to 180 days, would be subject to personal income tax on foreign assets, including crypto. The new rule will take effect on Jan 1, 2024, with the first tax forms, including overseas income to be delivered in 2025.
https://cointelegraph.com/news/crypto-thailand-tax-overseas-income
Based on discussions this evening, over the past few days with fellow elite, residents, agents, tax advisors, etc....
Dubai looked promising until factor in 9% corporate tax for a corporate i am shareholder off, but has largish returns in 5/10yr ranges.
Personal tax Dubai was ok...
This is based on the Labuan + Malaysia Expatriate Visa.
May be of help to others and perhaps build a community in Malaysia.
Personal Aspect:
Under the MM2H visa, expats are not required to pay tax on their income, no matter where it comes from, as long as it's remitted from overseas. This includes interest earned on income︀ sitting in accounts in Malaysia. Currently cash rates are at 3%, while five-year deposit rates︁ are at 5%.
Commercial Aspect:
The rate of tax imposed is 3% of audited net︂ profits for trading activity and zero percent for non-trading activity, provided that the Labuan︃ entities are in compliance with the tax substantial activity requirements.
*Note i have 0% tax︄ written for Labuan as they want companies in specific fields to move there... fit that︅ bracket, not the same for all, but 3% is ok...
Dubai looked promising until factor in 9% corporate tax for a corporate i am shareholder off, but has largish returns in 5/10yr ranges.
Personal tax Dubai was ok...
This is based on the Labuan + Malaysia Expatriate Visa.
May be of help to others and perhaps build a community in Malaysia.
Personal Aspect:
Under the MM2H visa, expats are not required to pay tax on their income, no matter where it comes from, as long as it's remitted from overseas. This includes interest earned on income︀ sitting in accounts in Malaysia. Currently cash rates are at 3%, while five-year deposit rates︁ are at 5%.
Commercial Aspect:
The rate of tax imposed is 3% of audited net︂ profits for trading activity and zero percent for non-trading activity, provided that the Labuan︃ entities are in compliance with the tax substantial activity requirements.
*Note i have 0% tax︄ written for Labuan as they want companies in specific fields to move there... fit that︅ bracket, not the same for all, but 3% is ok...
@wellington thanks for sharing this! I can see Penang, is it where you are looking at? If you haven't spent there more than 2-3 days I would recommend you to go and check. I found people there extremely slow, not a very active community and despite being an Island, its beaches were terrible, on the Pattaya style. I do not know where you live now, but if you live in Bangkok then for you and your family Penang can be a big change.
Just a point of note
There's been a lot of discussion (here i think) and elsewhere about utilising ATM withdrawals.
There is an issue with this idea, and I'll explain what it is.
Set aside that cards can be linked to you via CRS or via KYC information with the card provider, this i am not referring to and is well known going back quite a few years.
I am referring to cards without a Identity assigned to them, lets say dark cards.
In Thailand all ATM's capture your face when withdrawing, this information is stored/archived in their backend system, this information can be automated︀ into under a 30 seconds for facial recognition, which can tie against your Immigration capture︁ (yes every-time you pass through a immigration checkpoint they capture you even if you are︂ not aware - i've seen the Thai interpol system access and FBI equivalent system in︃ Thailand first hand).
Second people may laud at the idea of Thailand and Facial recognition,︄ I won't because most of the staff that went on to build out the Thai︅ AI system(s) for intel, counter-intel etc used to work for my company and on leaving︆ or interning and qualifying a lot went to the Government.
The process for tying a︇ ANON Card + Face + Immigration + CRS information = under 1minute flat.
It also︈ doesn't take much to blacklist a card from the system...
So i would think again︉ on that approach if considering.
If you have assets or a place of centre in︊ Thailand this would be highly risky.
If not then potential fines, amol, prison, deportation etc︋ (trust me you don't want to get on the bad-side of the revenue department, or︌ Anti-Money Laundering department of Thailand).
Penang i went to about a decade ago.
I think (or Johor) it would be suitable, note we will only be using to get around this idiotic new policy (-180 days Thailand) in a tax event year, the Company move to Labuan and power/control transfer was always on the cards due to polarised world and the policies︀ coming into control the flow of technology.
So as to benefit as a shareholder but︁ ultimately not breach any national or international laws based on the market segregation within the︂ confines of international law (West will restrict AI for control, Global South will embrace it).︃
I (me) personally live off savings but now savings can be considered taxable ~35% because︄ I used to live in a Tax haven rather than say the countries where the︅ tax treaties exist.
So roughing it, with the ability to head to Thailand for a︆ weekend etc, as well as Indonesia/HK/SG is the main reason Malaysia has appeal outside of︇ the structuring of personal or commercial.
Dubai i was in previously and it was soul︈ crushing... + tax commercial too high.
There's been a lot of discussion (here i think) and elsewhere about utilising ATM withdrawals.
There is an issue with this idea, and I'll explain what it is.
Set aside that cards can be linked to you via CRS or via KYC information with the card provider, this i am not referring to and is well known going back quite a few years.
I am referring to cards without a Identity assigned to them, lets say dark cards.
In Thailand all ATM's capture your face when withdrawing, this information is stored/archived in their backend system, this information can be automated︀ into under a 30 seconds for facial recognition, which can tie against your Immigration capture︁ (yes every-time you pass through a immigration checkpoint they capture you even if you are︂ not aware - i've seen the Thai interpol system access and FBI equivalent system in︃ Thailand first hand).
Second people may laud at the idea of Thailand and Facial recognition,︄ I won't because most of the staff that went on to build out the Thai︅ AI system(s) for intel, counter-intel etc used to work for my company and on leaving︆ or interning and qualifying a lot went to the Government.
The process for tying a︇ ANON Card + Face + Immigration + CRS information = under 1minute flat.
It also︈ doesn't take much to blacklist a card from the system...
So i would think again︉ on that approach if considering.
If you have assets or a place of centre in︊ Thailand this would be highly risky.
If not then potential fines, amol, prison, deportation etc︋ (trust me you don't want to get on the bad-side of the revenue department, or︌ Anti-Money Laundering department of Thailand).
Penang i went to about a decade ago.
I think (or Johor) it would be suitable, note we will only be using to get around this idiotic new policy (-180 days Thailand) in a tax event year, the Company move to Labuan and power/control transfer was always on the cards due to polarised world and the policies︀ coming into control the flow of technology.
So as to benefit as a shareholder but︁ ultimately not breach any national or international laws based on the market segregation within the︂ confines of international law (West will restrict AI for control, Global South will embrace it).︃
I (me) personally live off savings but now savings can be considered taxable ~35% because︄ I used to live in a Tax haven rather than say the countries where the︅ tax treaties exist.
So roughing it, with the ability to head to Thailand for a︆ weekend etc, as well as Indonesia/HK/SG is the main reason Malaysia has appeal outside of︇ the structuring of personal or commercial.
Dubai i was in previously and it was soul︈ crushing... + tax commercial too high.
This is a slight misunderstanding, there is no special tax laws for mm2h, although it has been promoted by agents as tax free. Now foreign income is taxable when remitted to Malaysia, unless it's been taxed before or not taxable under a tax treaty.
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