Thai High-Risk Groups Urged to Get Covid-19 Boosters

[BritManToo]

5 minutes ago, chiang mai said:

....... none of us fully understand how that cross border identification process works or will work. 

So pointless to spread fear and misinformation about it then.

[chiang mai]

1 minute ago, Yumthai said:

As I mentioned you can open an account in Singapore/HK as a Thai resident with/without providing a Thai TIN.

I don't think we're talking about just wealthy people who can buy their way into and out of many scenarios, I think the subject is the average person.

[chiang mai]

1 minute ago, BritManToo said:

So pointless to spread fear and misinformation about it then.

For the very last time, BM, the issue is not what you want to talk about, the topic in debate is tax residency. 

[Danderman123]

You International businesspeople may be concerned about the impact of these new proposed Thai tax laws on your business empires,  but my interest is whether there is any new news about the plan to force Farangs to leave Thailand by imposing onerous taxation.

Edited 4 hours ago by Danderman123

[Rolo89]

6 minutes ago, chiang mai said:

OK, fair enough. The point here is that not being tax resident somewhere makes it so much harder to do business and conduct your financial affairs with mainstream businesses. Over time, that will become stricter as more countries join CRS.

I agree with you there. Not being a tax resident of anywhere presents some issues and the situation is ever changing. Like if I wanted a mortgage I'd have lots of difficulties. But that's not something I'm going to do - these new buildings in Bangkok are built so poorly.

 

If it becomes too difficult being a tax resident of nowhere in the future then an easy fix is becoming a resident of a low tax country. There's a fair few options for that.

 

It's not really hard to do business, my business entity is registered abroad and has no issues with banking.

Edited 4 hours ago by Rolo89

[BritManToo]

8 minutes ago, chiang mai said:

For the very last time, BM, the issue is not what you want to talk about, the topic in debate is tax residency. 

Wrong again, topic is "Its Happening - Law to Tax Overseas Income Now in Progress". Did you forget in which thread you're posting?

 

And I'm asking how would the Thai tax authorities know who you were in the UK, and unless you move money direct from a UK bank account to a Thai bank account they probably won't as there's no connection.

Edited 4 hours ago by BritManToo

[chiang mai]

3 minutes ago, Rolo89 said:

I agree with you there. Not being a tax resident of anywhere presents some issues and the situation is ever changing. Like if I wanted a mortgage I'd have lots of difficulties. But that's not something I'm going to do - these new buildings in Bangkok are built so poorly.

 

If it becomes too difficult being a tax resident of nowhere in the future then an easy fix is becoming a resident of a low tax country. There's a fair few options for that.

 

It's not really hard to do business, my business entity is registered abroad and has no issues with banking.

We agree.

[Rolo89]

33 minutes ago, Yumthai said:

You can open an international non-resident multi-currency bank account in "better" countries like Singapore, HK, UAE, Jersey/IOM,... if you fulfill their financial requirements (premium/priority/private account generally starting at low 6 figures $ AUM). These banks (DBS, OCBC, UOB, Standard Chartered, Citibank, HSBC,...) will understand that, as a Thai resident, you can't provide a Thai TIN if you have no taxable income in Thailand (but it's not so difficult to get one either then stay < 180 days a year in Thailand).

HK don't really allow this anymore after their laundering of drugs money and those fines. If you have a HKID it's easy to open a personal bank account, but not as a foreigner. The big banks wont even consider a business unless their turnover is at least half a million USD.

 

Wasn't like this before all their fines. They closed my HK personal bank account.

[Yumthai]

4 minutes ago, chiang mai said:

I don't think we're talking about just wealthy people who can buy their way into and out of many scenarios, I think the subject is the average person.

Cambodia was mentioned, some banks with international background are in my opinion reliable: ABA, CIMB, BRED ...

 

https://en.wikipedia.org/wiki/List_of_banks_in_Cambodia

[chiang mai]

2 minutes ago, BritManToo said:

Wrong again, topic is "Its Happening - Law to Tax Overseas Income Now in Progress". Did you forget in which thread you're posting?

 

And I'm asking how would the Thai tax authorities know who you were in the UK, and unless you move money direct from a UK bank account to a Thai bank account they probably won't as there's no connection.

That may be the thread topic but it wasn't the point being discussed when you joined in !

 

I/we understand your personal paranoia about being not detected but don't confuse that with my/our desire to understand how all the pieces of this jig saw puzzle interact. 

 

And if you can't figure out the answer to your question, there's no hope. Once clue might be name and DOB, another clue might be those things and passport number. The main clue however is that government agencies and departments talk to each other, in most countries, if one wants to know who somebody is, they ask. If you think that's scaremongering , again, there's no hope.

[chiang mai]

7 minutes ago, Yumthai said:

Cambodia was mentioned, some banks with international background are in my opinion reliable: ABA, CIMB, BRED ...

 

https://en.wikipedia.org/wiki/List_of_banks_in_Cambodia

Those are not international banks, there are some international names but they are Cambodian banks, regulated by the Cambodian central bank, just as in Thailand. UOB and CIMB are both Thai companies here.

[ChaiyaTH]

4 hours ago, chiang mai said:

OK, understood, the trading accounts is a sensible option.

 

If a person wants to bank in countries like Cambodia then they probably can escape tax residency for a while yet. But if you want to bank in countries where banking is better regulated and the home currency is safer, it's going to be extremely difficult.

What you talk about can just open a USD account there too, that is their main used currency.

[GammaGlobulin]

Might be difficult to get blood from a stone, though...

 

[redwood1]

1 hour ago, chiang mai said:

That may be the thread topic but it wasn't the point being discussed when you joined in !

 

I/we understand your personal paranoia about being not detected but don't confuse that with my/our desire to understand how all the pieces of this jig saw puzzle interact. 

 

And if you can't figure out the answer to your question, there's no hope. Once clue might be name and DOB, another clue might be those things and passport number. The main clue however is that government agencies and departments talk to each other, in most countries, if one wants to know who somebody is, they ask. If you think that's scaremongering , again, there's no hope.

 

Boy you seem very motivated to make sure everyone gets in the tax line..

[chiang mai]

1 hour ago, ChaiyaTH said:

What you talk about can just open a USD account there too, that is their main used currency.

That negates exchange rate risk but not all the other risks of banking there.

[chiang mai]

15 minutes ago, redwood1 said:

 

Boy you seem very motivated to make sure everyone gets in the tax line..

Especially you Redwood.

[JackGats]

6 hours ago, chiang mai said:

Can a British subject open a bank account and receive payment without tax residency somewhere? I'm a Brit and not UK UK resident for tax purposes but they wont let me keep my UK bank account, unless I give them a a TIN from somewhere.

Well what are you waiting for then? Get a Thai TIN asap! Then feed the Thai TIN to your UK bank. Do you prefer to risk losing your UK bank accounts just for the sake of not wasting 25 minutes at a Thai RD office in order to get a Thai TIN? As has been said before, having a Thai TIN is no game-changer as fare a taxation by Thailand is concerned. You can have a Thai TIN and not stay 180 days in Thailand.

[chiang mai]

2 minutes ago, JackGats said:

Well what are you waiting for then? Get a Thai TIN asap! Then feed the Thai TIN to your UK bank. Do you prefer to risk losing your UK bank accounts just for the sake of not wasting 25 minutes at a Thai RD office in order to get a Thai TIN? As has been said before, having a Thai TIN is no game-changer as fare a taxation by Thailand is concerned. You can have a Thai TIN and not stay 180 days in Thailand.

Er, I've had a Thai TIN and have been filing a That tax return for over ten years.

[JackGats]

2 hours ago, Yumthai said:

As I mentioned you can open an account in Singapore/HK as a Thai resident with/without providing a Thai TIN.

But the Singapore bank can be a pain in the neck. It will want utility bills (not always easy to get in Thailand). It will demand copies of your passport at regular intervals, to be certified at the Singapore embassy in Bangkok.

[Yumthai]

1 hour ago, JackGats said:

But the Singapore bank can be a pain in the neck. It will want utility bills (not always easy to get in Thailand). It will demand copies of your passport at regular intervals, to be certified at the Singapore embassy in Bangkok.

Not the experience I have. 

[Yumthai]

3 hours ago, Rolo89 said:

HK don't really allow this anymore after their laundering of drugs money and those fines. If you have a HKID it's easy to open a personal bank account, but not as a foreigner. The big banks wont even consider a business unless their turnover is at least half a million USD.

 

Wasn't like this before all their fines. They closed my HK personal bank account.

Experiences and profiles vary. A friend, Thai resident, was able to open last year a priority account with Standard Chartered HK. He had to let/invest HKD1,000,000 equivalent.

[Rolo89]

14 minutes ago, Yumthai said:

Experiences and profiles vary. A friend, Thai resident, was able to open last year a priority account with Standard Chartered HK. He had to let/invest HKD1,000,000 equivalent.

Well it's not impossible. But it's very difficult now and it used to be very easy.

 

If you don't have a HKID but have connections to HK and are a high net individual it's possible. But even that can take a while. 

 

Buisness HK account is a whole lot more difficult.