Legal Strategies to Reduce Thai Tax

[KhunHeineken]

7 hours ago, Lorry said:

In this case,  see gift tax

 

He doesn't have to, I didn't say that

 

I answered before,  simple answer

 

 

You stick to the formal set-up, whose account is it? etc

What you don't want to understand - or maybe pretend not to understand - is that the formalities don't matter in the end. 

Not whose bank account is it, but whose money is it? Who controls the account?  Who is the beneficial owner?

 

Reminds me of the set-up of the people buying land through nominees.  It worked for a while, but in the end you run the risk that only economic really counts,  not the set-up on paper. 

 

I won't answer more because I think you pretend not to understand. 

 

I suspected money deposited into a joint bank account held by a resident and non resident would be deemed a gift from the non resident to the resident.  

 

The next logical step would be just to use the non resident's bank account.  You called them "mule accounts."  The use of a mule account probably breaches the bank's T's & C's, and probably could be viewed as tax evasion, thus a crime.  That said, I can see many going down that route, but that's for another thread. 

 

I'm currently looking into a multi-currency travel visa card, which includes THB, and can be topped up online up to $50,000AUD. 

 

Here's a couple of examples.  (for Australians)  WISE offer a similar product. 

 

https://auspost.com.au/money-insurance/organise-travel-money/travel-platinum-mastercard

 

https://www.commbank.com.au/travel/travel-money-card.html?gad_source=1&gclid=EAIaIQobChMIlp_A-fLVhgMVl9YWBR37xwqiEAAYAyAAEgLLPPD_BwE&gclsrc=aw.ds

 

Of course, I could use my ordinary Australian bank account ATM visa / master card, but these may offer a better conversion rate, as I would be withdrawing THB inside Thailand.   Also, you can load the card online when there is a good exchange rate for AUD to THB.  

 

This card would not be a "mule account."  It would be in my name.  Since I load the card from an Australian bank account, the funds are not remitted to Thailand, just withdrawn in Thailand, like a tourist. 

[KhunHeineken]

3 hours ago, Yellowtail said:

It's brilliant, surely the revenue department has not thought of this...

At this stage, we have no idea what the revenue department have, or have not thought of, if they have actually thought out any of this messy policy, but you are of the opinion they have thought of everything. 

Edited June 12 by KhunHeineken

[Yellowtail]

20 minutes ago, KhunHeineken said:

At this stage, we have no idea what the revenue department have, or have not thought of, if they have actually thought out any of this messy policy, but you are of the opinion they have thought of everything. 

I doubt they have thought of everything, but after dealing with them for twenty years, I know they are not stupid, and they are nothing if not relentless. 

[jwest10]

On 6/11/2024 at 2:26 PM, KhunHeineken said:

They want more. 

And all over the World too ut never go for the filthy rich as it is too difficult for them but get bribes etc in return

[Mike Teavee]

20 hours ago, KhunHeineken said:

The next logical step would be just to use the non resident's bank account.  You called them "mule accounts."  The use of a mule account probably breaches the bank's T's & C's, and probably could be viewed as tax evasion, thus a crime.

Interesting, I got the GF to open a Krungsri account in her name but I have the App on my phone so effectively have control of the account. 
 

The main reason I opened the account was so I could send her money up to the point where she might need to pay tax (210K) & from that account she can pay her 1/2 of the Utility & Grocery Bills (approx 35K pm so 17.5K is her share which works out at exactly 210K pa 😊).

 

A side reason why I opened the account was so I could put 1Million THB in there (from money I already have in Thailand) that she would have no problems accessing should anything happen to me. 
 

I hadn’t considered that I might be breaking any rules/laws, the account is genuinely hers & is (sort of) used by her to pay her share of the bills.
 

Edited Thursday at 07:27 AM by Mike Teavee

[Mike Lister]

12 minutes ago, Mike Teavee said:

Interesting, I got the GF to open a Krungsri account in her name but I have the App on my phone so effectively have control of the account. 
 

The main reason I opened the account was so I could send her money up to the point where she might need to pay tax (210K) & from that account she can pay her 1/2 of the Utility & Grocery Bills (approx 35K pm so 17.5K is her share which works out at exactly 210K pa 😊).

 

A side reason why I opened the account was so I could put 1Million THB in there (from money I already have in Thailand) that she would have no problems accessing should anything happen to me. 
 

I hadn’t considered that I might be breaking any rules/laws, the account is genuinely hers & is (sort of) used by her to pay her share of the bills.
 

Given that know her well and she is your g/f, it would be difficult to call the account a mule account since the purpose of the account is not to defraud or scam, it is a part and  parcel of the relationship. I do not believe you are breaking any rules/laws.

Edited Thursday at 07:39 AM by Mike Lister