Crypto tax / offshore solution for Thailand

[thomas10101010]

Hi,

I'm looking for clarity on crypto currency taxation in Thailand and possible (offshore) company setups to legally avoid taxes on trading by moving all trading activities into the company. I'm also looking for a way to move any personal crypto holdings into the company without incurring tax.

Do we have any experts on these forums that could advice me on this (for compensation)?

 

[username84447]

I'm looking for the same thing, did you end up finding anyone?

A good local tax advisor in thailand should be able to help, with no CFC rules they're used to people settings up offshore companies and using the 'not in same calendar year' remittance rules to get around local taxes.

 

[Dasboot]

I'm in the same situation, this scamdemic killed off my company both here & the others I had in Europe...

Have pulled some profits using Bitkub & Satan pro this year, but not sure if I will even declare it as I'm now on a retirement visa. According to a wealth planner I know they were planning to take a closer look on transfers like this when everything changed, now they won't have any capacity for that offensive. (These are tiny amounts, and I already paid taxes through the company)

The accountant I used to close the company flat out claimed that taxes here are "negotiable" ;-)

All of that being said regulations are closing in here too.

I will probably use October to set up a better solution for myself using something like a company from the Seychelles, Belize or perhaps St. Vincent & Grenadines.

Very interested in brainstorming this with others residing here too!

 

[PiersBlack]

Thailand considers the blockchain to be "everywhere". This means that as long as you are a resident in Thailand, all crypto income is taxable in Thailand. It doesn't matter if you use exchanges/accounts abroad, etc. The foreign-sourced income rule doesn't apply here, because, again, the blockchain is everywhere (according to them).

Is it heavily watched? No. Is it heavily enforced? No. Will it ever be? Well, we'll see about that one.

Everything is cool and fine in Thailand, until one day it isn't or until they want to make an example out of something/someone.

 

[Dasboot]

Aha, I see....

Is that an interpretation, regulation or law?

Keeping a very low profile as well as using good VPNs is part of the game anyway, and perhaps I should just file taxes then for the tiny amount I've converted.

This game is ever changing globally, and will get increasingly complex for sure...

 

[andycam]

Thailand considers the blockchain to be "everywhere". This means that as long as you are a resident in Thailand, all crypto income is taxable in Thailand. It doesn't matter if you use exchanges/accounts abroad, etc. The foreign-sourced income rule doesn't apply here, because, again, the blockchain is everywhere (according to them)

Can somebody (PiersBlack?) point me in the direction on where this is stated in the Revenue Code?

I have posted a thread here asking for some more detail as I have received advice from a lawyer that suggests otherwise.

I have seen dozens of posts that suggests crypto follows you everywhere, but cannot find a single source of evidence in the law?

Wouldn't it be lovely to have the facts?