Thailand & Crypto - Help in locating the facts!?!

[clemens]

In order to avoid double-posting I explained it over there -> Is investing/trading on a tourist visa open to interpretation? (post #18)
Pretty easy as you have to see it in context. Note: A tax code is always based on the legal structure of the law.

thanks for pointing us in the right direction.

 

[andycam]

Andy, where are you based in Thailand

....to keep matters rather simple, Bangkok, although I've beens scratching every itch to answer why!!

 

[wellington]

....to keep matters rather simple, Bangkok, although I've beens scratching every itch to answer why!!

Well, the reason I bring it up, was dependent on your visa, you can structure the transactions offshore and redeem into your FCD account as fiat to fiat transfers using financial intermediaries.

Bypassing local transactions and then it’s all about whether the funds were earns in the same year (argument) whereas it could be called savings redeemed as such not a capital gains nor income due to the lack of communications between all departments

 

[porca]

hello, i am Thai with UK dual nationality. in 2013-2014 i went to UK to study for one year and open bank accounts and crypto exchange with my UK id and address of my relative in UK. it's very good for Thai to open account outside Thailand.

i buy ETH at ico. then 2014 i leave UK. i do not return to UK. never register for tax in UK because it is small money in 2014. i was only a student there

later years when i am in Thailand. i trade a lot with these UK accounts. very active. accounts are still open and work smoothly because still UK id and old UK address. i make big withdrawals from exchange to my UK bank account and buy stocks at UK bank. foreign exchange and asset so no worry about Thai tax it is free because only remit next year.

last year my UK relative gets a letter from hmrc. it's address to me. it says HMRC Knows I Hold or Held Cryptoassets. because the exchange reports customers with UK address i think. many UK traders get this letter

the letter reminds that Capital Gains Tax applies to crypto. ok but its for UK resident really. i ask a UK lawyer, he says i do not owe tax in UK because non resident. this is for sure. but i still hold GBP and stocks in my UK accounts with UK postal address. so hmrc will see balance, see my uk passport and address and i think i got rich in the uk.

from Thai side, my crypto is Foreign Source and was traded on Foreign Exchange. i only remit small money, never in same year. so I owe no tax in Thailand also.

but my relative stress that hmrc will ask me: ok did not pay tax in UK so then where is tax paid hmm? he says hmrc will say no tax paid so freeze and take my money!? or make trouble for me with the Thai authority? because of price increase since 2014 the amount is large.

what to do

 

[KDX]

hello, i am Thai with UK dual nationality. in 2013-2014 i went to UK to study for one year and open bank accounts and crypto exchange with my UK id and address of my relative in UK. it's very good for Thai to open account outside Thailand.

i buy ETH at ico. then 2014 i leave UK. i do not return to UK. never register for tax in UK because it is small money in 2014. i was only a student there

later years when i am in Thailand. i trade a lot with these UK accounts. very active. accounts are still open and work smoothly because still UK id and old UK address. i make big withdrawals from exchange to my UK bank account and buy stocks at UK bank. foreign exchange and asset so no worry about Thai tax it is free because only remit next year.

last year my UK relative gets a letter from hmrc. it's address to me. it says HMRC Knows I Hold or Held Cryptoassets. because the exchange reports customers with UK address i think. many UK traders get this letter

the letter reminds that Capital Gains Tax applies to crypto. ok but its for UK resident really. i ask a UK lawyer, he says i do not owe tax in UK because non resident. this is for sure. but i still hold GBP and stocks in my UK accounts with UK postal address. so hmrc will see balance, see my uk passport and address and i think i got rich in the uk.

from Thai side, my crypto is Foreign Source and was traded on Foreign Exchange. i only remit small money, never in same year. so I owe no tax in Thailand also.

but my relative stress that hmrc will ask me: ok did not pay tax in UK so then where is tax paid hmm? he says hmrc will say no tax paid so freeze and take my money!? or make trouble for me with the Thai authority? because of price increase since 2014 the amount is large.

what to do

I think you should contact a lawyer. You are not obliged to pay UK tax as you are not a UK tax resident.

Tax on foreign income

Find out whether you need to pay UK tax on foreign income - residence and ‘non-dom’ status, tax returns, claiming relief if you’re taxed twice (including certificates of residence)

www.gov.uk

 

[wellington]

hello, i am Thai with UK dual nationality. in 2013-2014 i went to UK to study for one year and open bank accounts and crypto exchange with my UK id and address of my relative in UK. it's very good for Thai to open account outside Thailand.

i buy ETH at ico. then 2014 i leave UK. i do not return to UK. never register for tax in UK because it is small money in 2014. i was only a student there

later years when i am in Thailand. i trade a lot with these UK accounts. very active. accounts are still open and work smoothly because still UK id and old UK address. i make big withdrawals from exchange to my UK bank account and buy stocks at UK bank. foreign exchange and asset so no worry about Thai tax it is free because only remit next year.

last year my UK relative gets a letter from hmrc. it's address to me. it says HMRC Knows I Hold or Held Cryptoassets. because the exchange reports customers with UK address i think. many UK traders get this letter

the letter reminds that Capital Gains Tax applies to crypto. ok but its for UK resident really. i ask a UK lawyer, he says i do not owe tax in UK because non resident. this is for sure. but i still hold GBP and stocks in my UK accounts with UK postal address. so hmrc will see balance, see my uk passport and address and i think i got rich in the uk.

from Thai side, my crypto is Foreign Source and was traded on Foreign Exchange. i only remit small money, never in same year. so I owe no tax in Thailand also.

but my relative stress that hmrc will ask me: ok did not pay tax in UK so then where is tax paid hmm? he says hmrc will say no tax paid so freeze and take my money!? or make trouble for me with the Thai authority? because of price increase since 2014 the amount is large.

what to do

No, you shouldn't have anything to worry about, possibly 'fraud' on address, etc and exchange, but that's unlikely, just inform HMRC you are tax resident in Thailand (where you live). and Thai tax law allows you to operate in the UK tax free as long as you don't bring to thailand till new tax year, though that opens up possible tax in the UK.

In future use offshore exchanges, and move the funds to uk bank and from there to thailand if need to, by offshore i mean ones that use 3rd party payment movers so it's not coming directly from an exchange - saves a lot of confusion.