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Digital Nomad wanting to live in Thailand - Best way?

marlinpro

marlinpro

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Feb 27, 2021
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#1
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Hey guys,

I am planning to move to Thailand in the next months because my couple is thai. I am European and right now we are living in Europe together.

I am running several websites and my main income comes from commissions that many companies pay to me.

I am not rich at all but I can make 1000$ a month and I think I will be able to increase it in the next months. For your information, I receive my commissions both in USD and EUR.

I read that Thailand has a territorial tax income which means that if I do not enter money into Thailand on the year it was made, then it is tax-free afterwards. Since I have savings to live 1 year, I'd consider that as very beneficial. I'd save money in taxes which I would invest in a good health insurance just in case.

Right now I receive commissions under my name and a personal account. I think it is not the best way to do so, so I was wondering if I could create a company anywhere in order to separate my person from my business. What options would you suggest me? Estonia? LLC? Any offshore company from any particular jurisdiction?

There are so many gurus everywhere and I am just looking forward to hearing your opinions. If you were in my situation, what would you consider to do?

Of course before doing anything I would consult any professional and I will not take any opinion as legal advice, but I think I am quite interested in knowing the opinion from you guys :D

If you read all that, THANK YOU VERY MUCH for your time spent on helping and hopefully I can help in the future with any other thing.

Have a nice day !!!
 
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#2
If income is small , Do not go for company registration .
Use EMI , As You are European passport holder so many EMI offer visa/master card .
You receive payment in EMI and Use that money.So Many westerner use this type of setup.

And you if still need to form a company ,
Expensive option :UAE Freezone
Cheap option : Belize IBC



Hope this helps.
 
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#4
Thanks for your answers @azb1 & @daxbr, appreciate it !

So if I marry her and we live in Thailand, having 400.000 THB in my bank account is enough for me to live there and be a resident there?

I read about that but I wonder if this is also possible even if I do not pay taxes ... Considering that I have savings, I could live with income generated in the previous year and that would be ok?

How much income would you guys consider to be enough to consider creating a company? Around 2000$ a month?

I was considering to create a company because I know that there are banks like N26 or Revolut that are only for EU residents.

So I guess that if I move to Thailand they would close my accounts and that scares me a bit. I discovered EMIs thanks to this forum but they seem a bit risky to keep your savings compared to a bank.

Thanks a lot for the help ! Looking forward to contribute in the future and read and learn more in this forum !
 
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#5
marlinpro said:
Thanks for your answers @azb1 & @daxbr, appreciate it !

So if I marry her and we live in Thailand, having 400.000 THB in my bank account is enough for me to live there and be a resident there?

I read about that but I wonder if this is also possible even if I do not pay taxes ... Considering that I have savings, I could live with income generated in the previous year and that would be ok?

How much income would you guys consider to be enough to consider creating a company? Around 2000$ a month?

I was considering to create a company because I know that there are banks like N26 or Revolut that are only for EU residents.

So I guess that if I move to Thailand they would close my accounts and that scares me a bit. I discovered EMIs thanks to this forum but they seem a bit risky to keep your savings compared to a bank.

Thanks a lot for the help ! Looking forward to contribute in the future and read and learn more in this forum !
Click to expand...
The amounts need to be in a Thai bank account.
Another option is the elite visa. Pay and forget. And it can be a very cheap option compared to marriage but that depends on the girl of course ;)
 
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#6
JackAlabama said:
The amounts need to be in a Thai bank account.
Another option is the elite visa. Pay and forget. And it can be a very cheap option compared to marriage but that depends on the girl of course ;)
Click to expand...
Thanks for the prompt reply @JackAlabama :D

I read a bit about that and I knew it was in a Thai Bank, my only concern would be not paying taxes and for that reason getting a denial. By the way, is it possible to use that money during the year or they just need to be stuck in the bank?

I would start with a student visa to see if our relationship keeps good as now and then marriage most likely. Are farang-thai relationships that interested? My girl has never accepted my money for years and she wants to keep it like that so I need to lower a bit (2 bits ;)) my lifestyle. I have became a minimalist haha.

My reality is that I am a very average person and I find the Thai Elite Visa to be really expensive.

Thank you for your time replying me :D
 
#7
marlinpro said:
Thanks for the prompt reply @JackAlabama :D

I read a bit about that and I knew it was in a Thai Bank, my only concern would be not paying taxes and for that reason getting a denial. By the way, is it possible to use that money during the year or they just need to be stuck in the bank?

I would start with a student visa to see if our relationship keeps good as now and then marriage most likely. Are farang-thai relationships that interested? My girl has never accepted my money for years and she wants to keep it like that so I need to lower a bit (2 bits ;)) my lifestyle. I have became a minimalist haha.

My reality is that I am a very average person and I find the Thai Elite Visa to be really expensive.

Thank you for your time replying me :D
Click to expand...
then the education visa is a good start. There are workarounds with setup of your own company which i think you need about 3k/month volume with effective cost of 800$/month.

Thai bank open only if you have a visa or you are skilled and know how to convince them or have some lawyers helping you.

well, falang thai relashionships are those where everybody and his dog has heard stories about ;)

the money most be there three months before and after. so basically blocked for the most time.
 
#8
To avoid Any Tax trouble in Thailand is do not Open any Local bank account there. If You do not have account there , No authority will know how much you earn if it is Million or Billion .
As I mention earlier use EMI statement for Visa Related things .

Hope this Help
 
#9
azb1 said:
To avoid Any Tax trouble in Thailand is do not Open any Local bank account there. If You do not have account there , No authority will know how much you earn if it is Million or Billion .
As I mention earlier use EMI statement for Visa Related things .

Hope this Help
Click to expand...
That is of course the best way but it can only be done with the elite visa as for the marriage visa you need to show cash on the thai bank.
further thai is doing crs.
 
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#11
I knew it was a Thai bank only. The only thing I found so weird is that they ask 400.000 THB and not even question anything regarding where you pay taxes.

I haven't seen anywhere if you can use that money during the year but I will have to investigate further.

Regarding banks, do you think you can hide the fact I will not be an EEA resident anymore if I live there? I am investigating some EMI just in case but it scares me a bit to keep my savings there.
 
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#13
marlinpro said:
on the year it was made
Click to expand...
Tax year.

Puzel12 said:
how about crs?
Click to expand...
CRS starts from this year but starts filing next year.

JackAlabama said:
then the education visa is a good start. There are workarounds with setup of your own company which i think you need about 3k/month volume with effective cost of 800$/month.

Thai bank open only if you have a visa or you are skilled and know how to convince them or have some lawyers helping you.

well, falang thai relashionships are those where everybody and his dog has heard stories about ;)

the money most be there three months before and after. so basically blocked for the most time.
Click to expand...
Elite, and have the government open the FCD accounts-> transfer funds in then convert to local currency account.
 
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