Guidance on tax setup and asset/income protection in Thailand

[cryptoviking]

A bit of background:
1. I hold dual nationality (Thai and Danish), last November I secured my Thai passport and have relocated to Thailand in February.
2. I have been traveling for the last 4 years of my life. During this time I was working in the Philippines for a company there. I paid income tax on my salary while employed in the Philippines.
3. I had real estate in Denmark which was rented out, I paid taxes on that income. Today I have sold that real estate and have no financial income from Denmark, i.e. no taxation from Denmark.
4. I currently earn income from a company in the US, I have no income from Thailand. The work is online.
5. I have chosen to be a permanent resident in Thailand as I can do so freely with my passport and also the standard of living is great. This would also mean having Thailand as my tax residency.

I am familiar with Thai income taxation rules that:
Salaries receive from employment exercises outside of Thailand are exempt from Thai tax, if not paid in or remitted into Thailand within the same calendar year it is received and provided the cost is not recharged into Thailand.

However, I am then confused about what to do in terms of making Thailand my tax residency. Since my income is overseas it is technically not taxed unless brought into Thailand. I am considering starting a company here that pays me an income to then be taxed. It is important for me to have tax residency somewhere as I risk being "defaulted" tax residency in Denmark should I be unable to prove my tax residency. Lastly, I am unsure of what to do with overseas assets (crypto, shares in companies etc.), I want to build more wealth in those areas, but I am concerned about where to keep the assets.

My apologies if the request is non-specific, I am trying to wrap my head around my options and seek guidance on what would make sense. This is my first post on this forum. Thank you all for your time in advance.

 

[newNomad]

Hey viking, where do you spend most of your time in? If it's in Thailand and can be proved then you are resident there and you are perfectly fine.
If instead you travel around and nowhere spend more then 2-3 months to claim the tax residency you would need to have some 'economic or affairs tie' to a particular country - could be just as you said a small Thai company invoicing at least some token amounts or a family (thai wife, child) in Thiland and you are set.
I do not see a case to be defaulted to Danish tax residency, just do not forget to deregister from Denmark to easy the things

 

[cryptoviking]

Hey viking, where do you spend most of your time in? If it's in Thailand and can be proved then you are resident there and you are perfectly fine.
If instead you travel around and nowhere spend more then 2-3 months to claim the tax residency you would need to have some 'economic or affairs tie' to a particular country - could be just as you said a small Thai company invoicing at least some token amounts or a family (thai wife, child) in Thiland and you are set.
I do not see a case to be defaulted to Danish tax residency, just do not forget to deregister from Denmark to easy the things

Thanks for your answer.
I will be spending most of my time in Thailand. What I am unsure of is how to situate myself tax-wise. Since my income is earned outside Thailand, it might not be taxable, however, if I declare everything it will be. I am unsure if it is smartest to make a company in Thailand that then can pay me a salary and keep the rest of my income/wealth overseas.

I have not done this before so I am unsure if it is even possible.

 

[newNomad]

Well as you wrote, by Law:
"Salaries receive from employment exercises outside of Thailand are exempt from Thai tax, if not paid in or remitted into Thailand within the same calendar year it is received and provided the cost is not recharged into Thailand."

So do not remit your salary to accounts in Thailand, at max you can use a Visa debt card linked to your account outside Thailand where you receive salary. Also for investments you can do overseas

"smartest to make a company in Thailand that then can pay me a salary and keep the rest of my income/wealth overseas."
I'd go with this option. As you will be spending most of the time in Thailand you will have a solid proof to defend against any potential Denmark's claims in case they challenge your residency abroad.
I would not worry too much about Thailand 'discovering' any income which is not earned in Thailand. So if you pay yourself a small salary there and pay at least some taxes there should be nothing suspicious about your profile

 

[fshore]

You can still be tax resident there even if you have income that is not taxable in Thailand.
However in that case you might not be able to use Thailand Danish tax treaty to avoid tax on the US income, in case Denmark would want to tax that income.
But if you are not tax resident in Denmark then it shouldn't matter.

 

[cryptoviking]

Thanks. I will try to setup something in Thailand and see if it can work as a vessel to keep me paid and registered for taxes. Thank you for your feedback on this.