Best country to incorporate offshore for Cryptocurrency income for a Thai Resident?

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Peating

New member
Hi,

My wife is a Thai citizen, and together we live in Thailand. I am looking to incorporate a company offshore in order to pull in my cryptocurrency income (expected about 200k Euros a year. This is from a variety of sources: trading, investing, NFTs etc) to Thailand with no personal income tax, via paying myself a dividend, keeping this in an offshore bank, and bringing in to Thailand on Jan 1st.

I believe I will only really need a company bank account (along with all the necessary accounting, tax, virtual office space etc.) that I can exchange my cryptocurrency for fiat in, and then hold it in that bank account until January 1 2023. I am looking to obviously minimize my tax legally, along with company fees, but I don't want to go through too much trouble if setting up is extremely difficult in certain jurisdictions.

With that being said, where should I be looking to incorporate, and does anyone on the forums know someone who could help me with incorporating in a recommended country? I have currently been looking at Cyprus, Labuan, Dubai, and USA LLCs, in that order. Cyprus seems quite promising since its a somewhat low tax rate and not too hard to set up, although I am not an EU citizen and have no intention of living in Cyprus, which I have read on the forums makes Cyprus much less attractive, although I am not sure why.

Thanks
 

CaptK

Nominee Company Bank Account Real Estate Passport
BANNED MEMBER
UK LLP/LTD, US LLC and Dubai freezone.
Your biggest challenge will be to get a cryto friendly bank especially at that volume.

Look at OTC work around that are paying you dividends or investment returns.
 

Peating

New member
UK LLP/LTD, US LLC and Dubai freezone.
Your biggest challenge will be to get a cryto friendly bank especially at that volume.

Look at OTC work around that are paying you dividends or investment returns.
The idea is I will use my corporation for trading and investing crypto, and I'm expecting profits of around 200k euros for the entire year. There is no rush to convert this to fiat, so I could around 16k worth of crypto per month.

I thought that in this case, with the transactions spread out across the year, banks would probably not have a problem with it. Would you agree?

After converting crypto to fiat in my company bank account, wherever that may be, I will pay myself dividends to a personal bank account outside of Thailand.
 

startfleetio

Mentor Group Gold
Hi,

My wife is a Thai citizen, and together we live in Thailand. I am looking to incorporate a company offshore in order to pull in my cryptocurrency income (expected about 200k Euros a year. This is from a variety of sources: trading, investing, NFTs etc) to Thailand with no personal income tax, via paying myself a dividend, keeping this in an offshore bank, and bringing in to Thailand on Jan 1st.

I believe I will only really need a company bank account (along with all the necessary accounting, tax, virtual office space etc.) that I can exchange my cryptocurrency for fiat in, and then hold it in that bank account until January 1 2023. I am looking to obviously minimize my tax legally, along with company fees, but I don't want to go through too much trouble if setting up is extremely difficult in certain jurisdictions.

With that being said, where should I be looking to incorporate, and does anyone on the forums know someone who could help me with incorporating in a recommended country? I have currently been looking at Cyprus, Labuan, Dubai, and USA LLCs, in that order. Cyprus seems quite promising since its a somewhat low tax rate and not too hard to set up, although I am not an EU citizen and have no intention of living in Cyprus, which I have read on the forums makes Cyprus much less attractive, although I am not sure why.

Thanks
We wrote an article on this subject matter

 

tyrexoid

Active Member
The idea is I will use my corporation for trading and investing crypto, and I'm expecting profits of around 200k euros for the entire year. There is no rush to convert this to fiat, so I could around 16k worth of crypto per month.

I thought that in this case, with the transactions spread out across the year, banks would probably not have a problem with it. Would you agree?

After converting crypto to fiat in my company bank account, wherever that may be, I will pay myself dividends to a personal bank account outside of Thailand.
well, my 2 cents about US LLC and some exchanges (same story, cashed out about 180k-200k USD in 2021, not sure exactly how much but around that total a year it was, including transactions of 56k and 20k at once, which went smooth from BlockFi to Bank of America, no questions asked, though it was into a personal account, not into the LLC one). It works fine. Try US LLC with BoA, Chase, Mercury, these are crypto friendly banks AFAIK, but always can just call the bank and ask about current policy and they'll say if it's ok or not to cash out or cash in to crypto using their checking or savings accounts, just ask, it's really the easiest. For example in Montenegro all 3 banks which I asked said "no crypto, not allowed", go figure... but lately Montenegro wants to become the crypto hub lol, there was a conference with leads of large blockchain projects last month with MNE government (Vitalik Buterin was there too). They can't decide about things like COVID or crypto regulations and are changing their mind week on / week off. not kidding, I went out abroad during New Year, and was unable to get back in, because on 28th December they decided a vaccine of less than 6 months is mandatory for entry. I got stuck abroad after NY, so flew to Asia on 7th Jan. And guess what, on 13th Jan they announced that the requirement of 6 months vaccine is cancelled and they're back to allowing people with only PCR tests to enter doh948"":rolleyes:... and I'm vaccinated, it just was 10 months old so I could not even board the plane.
 

Remoddy

New member
Have you considered skipping the "incorporate" part? You could be trading and everything (Thailand does not care), receiving profits to a personal bank account abroad and sending them to Thailand on 1st of Jan next year to be tax-free.
It would save some money and some hassle. N26 may work for you (you need an address in EU to receive the card, but it can be an address of a friend). They were fine with my EUR ~20'000 transfers from bitcoin exchanges (just a few of them though, not regularily).
 

tyrexoid

Active Member
Have you considered skipping the "incorporate" part? You could be trading and everything (Thailand does not care), receiving profits to a personal bank account abroad and sending them to Thailand on 1st of Jan next year to be tax-free.
It would save some money and some hassle. N26 may work for you (you need an address in EU to receive the card, but it can be an address of a friend). They were fine with my EUR ~20'000 transfers from bitcoin exchanges (just a few of them though, not regularily).
Interesting point, does N26 need you to show residency in EU or only an address? Might be a nice addition to my spare bank accounts collection coo-:!y especially since ATMs tend to capture cards and never give them back, the more cards the better, when travelling.
 

Remoddy

New member
Interesting point, does N26 need you to show residency in EU or only an address? Might be a nice addition to my spare bank accounts collection coo-:!y especially since ATMs tend to capture cards and never give them back, the more cards the better, when travelling.
Does not. At least they didn't need it about a year ago when I opened the account. The plastic card itself will not be active until you make a PIN-confirmed operation in EU. The account works fine without that.
 

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