HomeBirth Posted December 19, 2020 Share Posted December 19, 2020 Hi guys, as I am living in Thailand for more than 183 days now, I am resident. That's making me subject to the Thai Tax System and I think I am very happy with this. As far as I understood, every foreign income being transfered to Thailand not in the same calender year it was made is 100% tax-exempt? In which Thai Law I need to read into to find this law written black on white? Can anyone with more experience and knowledge confirm that the following case is really 100% legally tax-free? HongKong-Company is doing Forex/Crypto-Trading. This is tax-free for the HongKong Company by HongKong law. All the profits are being made in year 2021 and being cashed out in USD/EUR to the HongKong-Company Bank Account in 2021 as well. Now the money is being sent to my personal bank account from the HongKong-Company Bank Account from 1st of January 2022 with the comment "dividend from year 2021". As far as I understood, I do not need to pay any Satang tax on this money. Anyone can confirm with 1st-hand-experience that the bank really does not make any issues, like even if I send 30.000.000 THB or more to my personal Thai Bank Account the bank will not make any problems, freeze the money for some time or some <deleted> like this? Thanks in advance for the answer and kind regards! 1 Link to comment Share on other sites More sharing options...
Boomer6969 Posted December 19, 2020 Share Posted December 19, 2020 I would have thought that anyone who transfers 30,000,000 THB a year into Thailand , would resort to an accountant/lawyer, not ThaiVisa. But yes, this is exactly what I am doing with my pension. I transfer the exact sum of 12 pension receipts of the previous year on the first business day of January. 1 1 Link to comment Share on other sites More sharing options...
HomeBirth Posted December 19, 2020 Author Share Posted December 19, 2020 11 minutes ago, Boomer6969 said: I would have thought that anyone who transfers 30,000,000 THB a year into Thailand , would resort to an accountant/lawyer, not ThaiVisa. But yes, this is exactly what I am doing with my pension. I transfer the exact sum of 12 pension receipts of the previous year on the first business day of January. I do not plan to transfer this kind of money every year, just like one-time or two-time experience. And yeah I would be happy to contact a lawyer if no one can answer this question here, but why spend senseless money on a lawyer if maybe someone with first-hand-experience can answer my question for free? I wanna keep my money ???? 1 Link to comment Share on other sites More sharing options...
Dagfinnur Traustason Posted December 19, 2020 Share Posted December 19, 2020 5 minutes ago, HomeBirth said: I do not plan to transfer this kind of money every year, just like one-time or two-time experience. And yeah I would be happy to contact a lawyer if no one can answer this question here, but why spend senseless money on a lawyer if maybe someone with first-hand-experience can answer my question for free? I wanna keep my money ???? This is a little bit fishy. A person that are making transfers on the amounts of 30M Thb, is not asking such questions in a pulbic forum. Also, you would be happy to let a lawyer help you with everything, to be 100% sure that it´s all above board. Link to comment Share on other sites More sharing options...
Firefan Posted December 19, 2020 Share Posted December 19, 2020 The way you describe it, and the way the CURRENT(!) tax laws are interpreted then yes, you will have no (Thai) taxes to pay. With big amounts make sure you obtain a document called something along the lines of Certificate Of Foreign Currency Transaction from the receiving Thai bank to ensure you can also transfer back out again, without them questioning source and/or taxes. 1 Link to comment Share on other sites More sharing options...
Popular Post ChouDoufu Posted December 19, 2020 Popular Post Share Posted December 19, 2020 38 minutes ago, HomeBirth said: I do not plan to transfer this kind of money every year, just like one-time or two-time experience. And yeah I would be happy to contact a lawyer if no one can answer this question here, but why spend senseless money on a lawyer if maybe someone with first-hand-experience can answer my question for free? I wanna keep my money ???? haha, great first post! you're gonna transfer US$1 million of "dividends" and you're worried about a 1000-baht lawyer consultation. are you by chance a prince from nigeria? do you need assistance, dear? i'd be willing to help, but you'll have to make it worth my while. you can send it to my account if you let me keep 25%. oh, how much should i send you to cover the western union fee? 4 Link to comment Share on other sites More sharing options...
HomeBirth Posted December 19, 2020 Author Share Posted December 19, 2020 44 minutes ago, Firefan said: The way you describe it, and the way the CURRENT(!) tax laws are interpreted then yes, you will have no (Thai) taxes to pay. With big amounts make sure you obtain a document called something along the lines of Certificate Of Foreign Currency Transaction from the receiving Thai bank to ensure you can also transfer back out again, without them questioning source and/or taxes. Appreciated. Link to comment Share on other sites More sharing options...
KannikaP Posted December 19, 2020 Share Posted December 19, 2020 1 hour ago, Boomer6969 said: I would have thought that anyone who transfers 30,000,000 THB a year into Thailand , would resort to an accountant/lawyer, not ThaiVisa. But yes, this is exactly what I am doing with my pension. I transfer the exact sum of 12 pension receipts of the previous year on the first business day of January. So you are not using your pension money for your retirement extension ie 65k every month.? Link to comment Share on other sites More sharing options...
Oldie Posted December 19, 2020 Share Posted December 19, 2020 He does not need a lawyer. He simply has to talk to banks here and ask them if he can open bank accounts and transfer this amount. The banks will tell him what documents they need. Some bank will ask for details how this money was earned for instance. Some banks will even ask for a Curriculum Vitae. It depends on the bank. Link to comment Share on other sites More sharing options...
Sheryl Posted December 19, 2020 Share Posted December 19, 2020 Not taxable if not transferred in the year it was earned. There will likely be some questions from the bank about source of the funds/intended use. Above a certain threshold they have to ask. Might or might not be some forms you have to fill out or they might just call and ask....I'm not sure as the most I have ever transferred in or had transferred to me here is only 1.7 mill. I have at times been asked about source and how the funds would be used. ("Savings" and "living ecpenses") 2 Link to comment Share on other sites More sharing options...
HomeBirth Posted December 19, 2020 Author Share Posted December 19, 2020 4 minutes ago, Sheryl said: Not taxable if not transferred in the year it was earned. There will likely be some questions from the bank ablut source of the funds. Above a certain threshold they have to ask. Might or might not be some forms you have to fill out or they might just call and ask....I'm not sure as the most I have ever transferred in or had transferred to me here is only 1.7 mill. I have at times been asked about source. Appreciated! The source of funds question will be no problem, as the HongKong-Company would be under my control, too. So I will set everything up like that, thanks a lot for all the information! Link to comment Share on other sites More sharing options...
Sheryl Posted December 19, 2020 Share Posted December 19, 2020 i think they may have also asked about intended use. i just said "living expenses" and they were fine with that but for 30 million they might expect something more. Link to comment Share on other sites More sharing options...
ThomasThBKK Posted December 19, 2020 Share Posted December 19, 2020 13 minutes ago, Sheryl said: i think they may have also asked about intended use. i just said "living expenses" and they were fine with that but for 30 million they might expect something more. investment always works, the bank itself does not care but they have to fill out the form and transmit it to the central bank. Link to comment Share on other sites More sharing options...
Starmocihc Posted December 19, 2020 Share Posted December 19, 2020 Never heard of it. ???????? 1 Link to comment Share on other sites More sharing options...
ukrules Posted December 19, 2020 Share Posted December 19, 2020 Do the transfer in the first few days of January, money from previous year.... 1 Link to comment Share on other sites More sharing options...
Krit Posted December 24, 2020 Share Posted December 24, 2020 It looks like you are planning to declare a dividend on 1st of January 2022 (company is distributing profits it generated in 2021) and transfer it to your personal account, so the entire sum is income you earned in 2022 and therefore taxable in 2022. You did not say who owns the company and who is doing the trading and where, but if that is you living in Thailand, then the company does not in fact earn the income abroad, and it is not even tax resident in Hong Kong like you think, but could be seen as a Thai company and subject to Thai corporate tax as well. You definitely need to talk with a lawyer. Link to comment Share on other sites More sharing options...
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