capital gains tax

[mohinga]

Maybe someone here knows from personal experience. But not likely... in which case maybe someone could recommend a Thai tax service that I might contact.

My question is this: if I were to establish residency in Thailand, and choose the option of being taxed as a resident, how would capital gains on existing assets be calculated? Specifically, if I had assets like precious metals on account with service, or bitcoin, and I sold them at some point, would the capital gain be calculated from the original purchase price (i.e. long before becoming a resident of Thailand), or would the price of acquisition be deemed to be the price of the asset on the date of my becoming a resident?

 

 

 

[topt]

1 hour ago, mohinga said:

My question is this: if I were to establish residency in Thailand, and choose the option of being taxed as a resident,

Perhaps if you start with your nationality some posters may be able to give you a start point......

 

Establishing tax residency is quite straight forward (more than 180 or 183 days a year) but many fulfil that requirement but it has zero influence on their taxable liabilities for various reasons.........

[mohinga]

I'm not asking about how to become a resident for tax purposes in Thailand. I think that is easily done. I  understsand that, under the terms of certain visas (retirement?),  one can choose to be taxed in ones' own country, or in Thailand. I think I read that there are some financial benefits to choosing Thailand... e.g. bank accounts having more benefits.

My country of origen is not a concern; since it is not the U.S., but rather a country that taxes base upon residence... not citizenship.

I do know that if I were to return to my country, and re-establish residence for tax purposes there, my holdings would be deemed "acquired" on the date of my return... not on the actual date of purchase.

So I am trying to find out if Thailand has a similar standard for valueing assets liable eligible for capital gains tax.

[Peterw42]

44 minutes ago, mohinga said:

I'm not asking about how to become a resident for tax purposes in Thailand. I think that is easily done. I  understsand that, under the terms of certain visas (retirement?),  one can choose to be taxed in ones' own country, or in Thailand. I think I read that there are some financial benefits to choosing Thailand... e.g. bank accounts having more benefits.

My country of origen is not a concern; since it is not the U.S., but rather a country that taxes base upon residence... not citizenship.

I do know that if I were to return to my country, and re-establish residence for tax purposes there, my holdings would be deemed "acquired" on the date of my return... not on the actual date of purchase.

So I am trying to find out if Thailand has a similar standard for valueing assets liable eligible for capital gains tax.

People are asking your country of origin because its relevant, Thailand has tax treaties with several countries. Those treaties effect how income, gains etc are taxed. Thailand doesn't usually tax worldwide assets, or income. The taxing of any asset would firstly happen in the country its sold in, or the country where the funds are deposited.

Why would you want to inform Thailand of assets you hold outside of Thailand, its none of their interest or business.

Choosing a country to be taxed in isn't a condition of a retirement visa.

 

Edited August 27, 2022 by Peterw42

[userabcd]

Capital gains are evaluated on the purchase price of the asset and the selling price, not when you become resident. The tax is calculated on ones marginal tax bracket.

 

You need read what it says about the DTA between your home country, the country where the gains are made and who has taxing rights on the gain.

 

Depends if you remit the gains to Thailand or they are kept offshore.

 

For crypto a little complicated. Always need to keep detailed records of purchases and sales if anyone ever asks for them.

 

 

Edited August 27, 2022 by userabcd

[mohinga]

So I gather that there is no provision for the purchase price to be deemed the price on the asset at the time of becoming a resident of Thailand for tax purposes.

I am not a resident for tax purposes in my country of origen. I am on the Malaysian MM2H programme, and am looking for alternatives as the rules are in flux here. Malaysia does not tax offshore income (yet), and pension money I remit to here is taxed at source in my "home" country (which has a tax treaty with Malaysia).

Most importantly, Malaysia does not (yet) tax capital gains.

I could theoretically sell everything while here in Malaysia, and buy it back to establish a new "purchase price". But that is messy.

I have no wish to return to my home country; and see no reason to pay tax there if I don't have to.

I guess I'll just wait and see how the next few years work out with the MM2H programme. One thing I'm sure of is that all governments will be trying to squeeze as much tax out of the plebs as possible.