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Thailand Tax -> CC/DC Withdrawals (CDM/ATM)
- Thread starter wellington
- Start date
Ok I will contact them to ask. I don't see any recent article regarding the difference of taxation (under LTR) and the other visa. Because you said with LTR it still 100% free to remit the money in Thailand, anytime.
that might be revoked in an instant... These days promises are here to be broken (not specific to this country in question here, but more an ubiquitous global trend).
The tax advisor of seminar from Thailand Privilege mentioned changes in tax rules due to pressure to close loopholes or risk losing access to CRS. So it looks like this is a global thing.
Ah, that explains a lot.
Thank you very much, @theblast3r, for posting about that.
After living here for 20 years, I think I understand the local people pretty well.
But was totally befuddled as to why they would try something like this tax scheme.
Now I understand.
Access to CRS? Why on earth would Thailand be eager to see CRS data for their own citizens when they don’t charge tax unless remitted for their own citizens?
Also didn’t OECD recently begin to disingergrate?
Here the video of the Thailand Privilege seminar. Minute 30:23 mention something, but later in private he said that it's for this reason.
I know that sounds stupid, but it is what the tax advisor said.
I know that sounds stupid, but it is what the tax advisor said.
Interesting.. They clearly say they cannot track for now oversea card payments (no real tools for that), and you can play 'easily' if you want to remit big money some years but cannot prove 'easily' it's a saving by spending less than 180days the year of the remit..
Too bad that no one seem in the crypto in this conference, would be interesting to know if you hold stable coins (or even stocks/ETFs), if it's counting as saving and not income, even if its not in a bank account for now..
Count with the value from when you are tax resident in TH or from when you bought it ?
Quick example :
You bought something in stocks in 2023 for 100.
The 31/12/2024 your stocks now has a value of 300.
You sell in 2025 for 500.
You start to be tax resident in Thailand for the 2025 calendar year.
You can remit 100 or 300 without remitted tax in TH in 2025+ ?
Until you sell you have no (Fiat) savings, just unrealized gains on stock assets.
Stock sales made prior 01/01/2024 will be tax-free when remitted in Thailand.
Stock sales made after 31/12/2023 will be taxed (unless exemption) when remitted in Thailand in a year you are tax resident.
So in my exemple, if you sell it at '500' in 2025, and you are TH tax resident in 2025 ; you can remit only '100' for free (price you bought the stock). the other 400 are taxable if you remit in TH, correct?
It should be correct if you can document the 100 capital was earned prior 01/01/2024.
I'd rather avoid declaring anything and favour remitting large amounts in a year you are not tax resident or tax exempted.
Also consider borrowing against isn’t a capital gain… and it’s a gray area under remittance which will surely be explored litigated by wealthy Thais
I was at a table last night and three points came up.
1. Idea they can withdraw from overseas ATM card in their name - put that to rest as you can’t that way as they tie the card against a identity by cross match.
2. You can receive gift allowance from family overseas - the gift allowance generally applies to Thai citizens and/or Thai residents.
3. You can use an overseas company you own - like I pointed out the CRS information would out that - unless it has a nominee.
I was at a table last night and three points came up.
1. Idea they can withdraw from overseas ATM card in their name - put that to rest as you can’t that way as they tie the card against a identity by cross match.
2. You can receive gift allowance from family overseas - the gift allowance generally applies to Thai citizens and/or Thai residents.
3. You can use an overseas company you own - like I pointed out the CRS information would out that - unless it has a nominee.
Ok make sense, even if it should be easy to prove the 100 capital earned prior 01/01/2024 if you invested for example via classic broker. You have an easy proof you bought it prior 01/01/2024 by the broker statements..
No clarification for stable coins you own prior 01/01/2024 ?
One thing is not clear for me : AUTOMATICALLY, when you remit money into Thai bank account you have to documents everything OR it's only if/when you are challenged by Thai tax office ? or the thai bank asking you?
I guess the last but the bank can ask questions too.
I have received questions from a Thai bank for cashing out btc and physical gold. I had everything well documented. So be always prepared for questions.
They wanted to know when I buy it. Where. Ect .
This was 2023 .
All transactions above 50k usd are reported to Thai government . Probably the sent a report together with the docs that you give to them.
200,000THB are reported - that’s less than 50k
All transactions above get reported to AMOL
So you mean you cashing out your btc directly from an exchange to your thai bank account ? Or in an oversea bank account then to the thai bank account ?
They ask in the same way either if you are tax resident there or not ?
Because at the end, how the bank or tax authority can know when you remit the money that you are tax resident in TH or not...
Imagine you make transfer in april 2024, but at the end of 2024 you didnt spend the minimum of the 180days..
Bought in Thailand. Even with the same bank.
I don’t like holding money in bank accounts. It was a complicated situation. I had to make a more large transaction and this was the most easy way at that moment.
And yes the buyer paid me both directly to my bank account. All transactions with invoices . Chinese company with good reputation. (Based in thailand Chinatown)
They didn’t ask me if I was tax resident.
It’s just that they already want to have your papers. They don’t tax you at that moment. I think in my case they just wanted to verify if I didn’t buy it with cash and sell it digitally.
I must say I booked the money already out of Thailand before the questions came.
hmmm ok so maybe that's why they asked if you bought and sold P2P directly from your TH bank account.. Normally on that way they have to tax you no ? (15% WHT)
Except if you have reason to dont sell your crypto in a CEX, look like easier to cash-out to any countries outside thailand.. and remit some money if you need to remit some in TH..
But at least your TH bank seem to be crypto friendly.
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