Thai resident and have income from Forex broker affiliate.

[zoom20092]

Hello,

I'm Thai resident and l have income from Forex broker affiliate.
- I earning money about 15,000$ per month
- and l must pay tax in Thailand 25% that very high

Please advice me what should l do
- I'm thinking maybe l should need a offshore bank account with debit card.
- But many EMI such as Transferwise , Epayments don't sent debit card to Thailand.


Best regards.
Sorry for any mistakes. English is not my native language.

 

[Runway]

Check again or share more details, Thailand doesn't tax foreign income

 

[zoom20092]

Tax income in Thailand rate from 10-35%
and foreign income still must pay tax if stay in Thailand more than 180 days of tax year

 

[Runway]

Do some research on google and you will see with an appropriate setup and an offshore company you can legally pay 0% tax. I believe this is anyway the wrong section of the forum to discuss this

 

[zoom20092]

Do some research on google and you will see with an appropriate setup and an offshore company you can legally pay 0% tax. I believe this is anyway the wrong section of the forum to discuss this

If l open offshore company in Belize with bank account and debit card.

It will safe ? , How do you think ?

- Can l use debit card ATM withdraw in Thailand.


Best regards.

 

[mmueller]

30 seconds on Google teaches us that Thailand only taxes income sourced in Thailand or remitted to Thailand in the same calendar year it was earned.

Leave your affiliate earnings outside of Thailand and you don't have to pay any tax on it, so stop worrying.

Also, Thailand has a labour force of about 40 million people but only 10 million registered as income tax payers. Go figure...

 

[zoom20092]

OK , l understood

- I staying in Thailand all of year.

Do you think l just only need offshore bank account with debit card. (I will make ATM withdraw about 15,000$ per month)

or l should register offshore company too ?

Thank you

 

[daxbr]

Check again or share more details, Thailand doesn't tax foreign income

First I hear farang paying Thai taxes on overseas income. You must have been trying very hard to find a way to do it. Lived there over 10 years and never managed to achieve it.

 

[zoom20092]

First I hear farang paying Thai taxes on overseas income. You must have been trying very hard to find a way to do it. Lived there over 10 years and never managed to achieve it.

Sorry , l'm Thai person , so l live in Thailand all of year .

l have income from expat , afflilate marketing , and l just looking for best way to save my money from tax paying 35%

 

[Tax Cow]

Mmueller's answer is the way to go. Open any non-domestic bank account in any country, and do not remit funds from that account to Thailand in the same tax year the funds were earned. Spend your 2019 earnings in 2020, and so on. Keep copies of your bank statements to prove in which year the funds were earned. It's as simple as that with Thailand.

Look for an opportunity to pay at least 5-10K USD tax in Thailand - either spend some in the same year, or earn a bit of local income. It's a good gesture they deserve for not demanding any alternative minimums and keeping it simple for everyone.

 

[zoom20092]

Mmueller's answer is the way to go. Open any non-domestic bank account in any country, and do not remit funds from that account to Thailand in the same tax year the funds were earned. Spend your 2019 earnings in 2020, and so on. Keep copies of your bank statements to prove in which year the funds were earned. It's as simple as that with Thailand.

Look for an opportunity to pay at least 5-10K USD tax in Thailand - either spend some in the same year, or earn a bit of local income. It's a good gesture they deserve for not demanding any alternative minimums and keeping it simple for everyone.

Thank you very much , l understood

Do you have any bank to advice me ?

Or l just use Transferwise for keep my money and wait for withdraw in next year.

Do you think Transferwise's safe for keep money about 200k$


Thank you.

 

[Tax Cow]

Thank you very much , l understood

Do you have any bank to advice me ?

Or l just use Transferwise for keep my money and wait for withdraw in next year.

Do you think Transferwise's safe for keep money about 200k$

Thank you.

Not really. I would not store 200K with any EMI.

Open a real bank account that gives you deposit insurance, or even two accounts to insure a higher percentage of your savings.

In your case, I'd look at Singapore, Malaysia (by a stretch), UAE and Hong Kong banks. You want a fiscally stable country near you. Which bank you pick comes down to what other services/currencies you need, but also what interest they pay on USD deposits, annual management fees, FX fees for USD/THB currency pair etc. I cannot give you a definitive answer.

 

[Andrew Gooden]

Hello,

I'm Thai resident and l have income from Forex broker affiliate.
- I earning money about 15,000$ per month
- and l must pay tax in Thailand 25% that very high

Please advice me what should l do
- I'm thinking maybe l should need a offshore bank account with debit card.
- But many EMI such as Transferwise , Epayments don't sent debit card to Thailand.


Best regards.
Sorry for any mistakes. English is not my native language.

Why not consider relocating to another country such as Panama or Mauritius and set up operation. Just look up an Offshore Corporation Agent. Or spend 6 months away at a time in a different country and use the adopted country to store your wealth.

 

[zoom20092]

Today l have call to UOB Singapore to asking they for open account , But they say it need work permit to open bank account. , so that not possible for me.

Anyone have suggestion ? , Which bank in Singapore can open without work permit ?

Thank you.

 

[asterix]

You can try CIM Bank Switzerland CIM Bank Switzerland - Open a bank account online - Banking services

Or just head to Cambodia and open an account there.

 

[fblbatt]

I am based in Thailand too and I might be able to help cashing out transferwise or other EMI or giving you a corporate EUR prepaid card that you can top-up from Transfewise via SEPA payment. Send me a PM and we can talk on LINE or Telegram.