Singapore Brokerage Acct/Thai O-visa/Worldwide Income

[OlderIGetTheGreaterIWas]

First post. Good day to all. Scenario for the Legends:

 

- create a residence on an O-visa in Bangkok. (important for my home country to demonstrate residence to remove        myself from domestic taxation).

- open a trading account/bank account with DBS in Singapore.

- settle an amount of funds from (sale of real estate in Asia currently owned by a hold co.) into Singapore account.

- only bring into the Kingdom funding to be spent and/or demonstrate to immigration (800,000thb or $2500/mos)

 

Since Singapore does not tax capital gains, is it accurate to assume that Thailand, also, does not tax worldwide income/wealth earned outside of Thailand? I will not be operating a business while in Thailand. Just making the odd rebalance every quarter.

 

Important to be a resident somewhere in order to not be taxed in my home country.

 

I will  certainly contact service providers for current advice re: wealth tax management in both jurisdictions. Just thought I might break the ice on the forum and go for a swim!

[onebir]

Sounds plausible:

https://www.mazars.co.th/Home/Doing-Business-in-Thailand/Tax/Thai-sourced-income-and-residence-rules

[Oxx]

5 hours ago, OlderIGetTheGreaterIWas said:

- open a trading account/bank account with DBS in Singapore.

 

Trading account should be possible.  Bank account, however, I hear is pretty much impossible for non-residents.

 

If you're planning on investing in US stocks, check the withholding tax rate applied on income.  It should be 15% for a Thai resident, but the one Singapore broker I've used withholds at 30%.

 

5 hours ago, OlderIGetTheGreaterIWas said:

Important to be a resident somewhere in order to not be taxed in my home country.

 

I very much doubt this is true.  The only countries that tax non-residents are the USA and Eritrea.  You don't have to be resident somewhere else to be non-resident in your home country.

 

5 hours ago, OlderIGetTheGreaterIWas said:

create a residence on an O-visa in Bangkok.

 

I think this is irrelevant to your situation, but Thai residence is not determined by having a visa but by the number of days per calendar year you spend in the country (180+) unless you're working.  So, if you were to arrive this year you wouldn't be tax resident in Thailand until half way through next year.

Edited October 5, 2020 by Oxx

[OlderIGetTheGreaterIWas]

Thanks for the replies gents.

 

The boys at Deacons HK have put me in touch with the contacts in BKK and Singapore. Waiting to hear back from both offices later today. 

 

To OXX seems you HEARING one thing is not the same as having access to service providers who are proper problem solvers. Sorry you are having issues in Singapore. Oh and btw please have a quick look at this KPMG document current this year. It clearly supports my thesis. It appears you are wrong about these relevant details;

 

https://home.kpmg/xx/en/home/insights/2011/12/canada-income-tax.html

 

You may want to read my original post again. 

 

Trusts, Hold Co and Op Co all work well across Asia Pacific for various tasks including bank accounts and brokerage accounts.

 

 

 

All the best.

 

 

[onebir]

8 hours ago, Oxx said:

Bank account, however, I hear is pretty much impossible for non-residents.

Doable with $200k (up from $50k, when someone I knew did opened one):

https://www.ipb.citibank.com.sg/english/forms/english/open-an-IPB-account/open-an-ipb-account.htm

[RAZZELL]

Not so easy to open online at the moment.

 

Been waiting on Saxo for over a month.

 

RAZZ