Will Crypto Transform Expat Migration into Thailand?

[Old Curmudgeon]

Crypto (like Bitcoin and Ethereum) have made it easier than ever to bypass banks and government regulations when transferring money. Now people can more easily  their money from less desirable countries to places with better living conditions.

 

So, will we see more "crypto expats" moving to Thailand than to the past?

 

I believe we will.

Many younger expats, especially from Russia and Eastern Europe, South Africa, South America, and now parts of the Levant (Syria), are using crypto to transfer their money out of those regions.

With fewer restrictions and easier access to their wealth, they are choosing to relocate to more attractive destinations around the world.

Including, of course, here.

This is even a large and growing Internet forum specializing in such topics.

 

Discussion welcome.

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Disclosures:

1. This post was partially prepared with the assistance of ChatGPT.

2. My inspiration for this post came from: https://letter.palladiummag.com/p/how-cryptocurrency-will-transform

 

[JBChiangRai]

You misunderstand the nature of crypto.

 

You can't "spend" it in Thailand, it's illegal to pay or receive payment for goods or services in Crypto.

 

You need an off-ramp to Thai Baht.  That means an exchange, all of them in Thailand practice KYC and you incur up to 35% tax liability.

 

If you are a UAE or Singaporean resident it helps, no crypto tax there, but fundamentally you bring crypto or FIAT to Thailand, the former all counts towards Personal Income Tax.

[Old Curmudgeon]

@JBChiangRai misunderstands "spend".

 

Not necessary at all to off-ramp into Thai Baht.

Instead, so easy to ...

 

Ah, but this thread topic is "transform expat migration",

not "understand crypto".

 

So, back to the topic ...

[JBChiangRai]

5 minutes ago, Old Curmudgeon said:

@JBChiangRai misunderstands "spend".

 

Not necessary at all to off-ramp into Thai Baht.

Instead, so easy to ...

 

Then please elucidate

[Old Curmudgeon]

2 minutes ago, JBChiangRai said:

Then please elucidate

 

[JBChiangRai]

1 minute ago, Old Curmudgeon said:

 

 

Very mature.

[Old Curmudgeon]

"Will Crypto Transform Expat Migration into Thailand?"

[JBChiangRai]

4 minutes ago, Old Curmudgeon said:

"Will Crypto Transform Expat Migration into Thailand?"

 

No because (see below)

 

22 minutes ago, JBChiangRai said:

You misunderstand the nature of crypto.

 

You can't "spend" it in Thailand, it's illegal to pay or receive payment for goods or services in Crypto.

 

You need an off-ramp to Thai Baht.  That means an exchange, all of them in Thailand practice KYC and you incur up to 35% tax liability.

 

If you are a UAE or Singaporean resident it helps, no crypto tax there, but fundamentally you bring crypto or FIAT to Thailand, the former all counts towards Personal Income Tax.

 

[scottiejohn]

1 hour ago, Old Curmudgeon said:

"Will Crypto Transform Expat Migration into Thailand?"

Who cares!

[arick]

14 hours ago, Old Curmudgeon said:

Crypto (like Bitcoin and Ethereum) have made it easier than ever to bypass banks and government regulations when transferring money. Now people can more easily  their money from less desirable countries to places with better living conditions.

 

So, will we see more "crypto expats" moving to Thailand than to the past?

 

I believe we will.

Many younger expats, especially from Russia and Eastern Europe, South Africa, South America, and now parts of the Levant (Syria), are using crypto to transfer their money out of those regions.

With fewer restrictions and easier access to their wealth, they are choosing to relocate to more attractive destinations around the world.

Including, of course, here.

This is even a large and growing Internet forum specializing in such topics.

 

Discussion welcome.

----------------------------------------------

 

Disclosures:

1. This post was partially prepared with the assistance of ChatGPT.

2. My inspiration for this post came from: https://letter.palladiummag.com/p/how-cryptocurrency-will-transform

 

You're still going to  need millions to live in Thailand so where are they going to get their millions of Thai bht to buy their crypto to begin with!

[PJ71]

12 hours ago, scottiejohn said:

Who cares!

XRP owners for start.