5 Year Crypto Tax Holiday Announced.

[JBChiangRai]

According to Carl Turner, Thailand has just announced a personal income tax holiday on crypto gains, running for full calendar years 2025 to 2029 inclusive, trades must be made on licensed Thai platforms like BitKub.

 

This could be great news for expats, but full details are still pending. If you're trading crypto or planning to, it’s worth waiting for more details.

 

https://carlturnerfinancial.us21.list-manage.com/track/click?u=1a9328816f0433771ec5541e5&id=2756f8b914&e=8e91aa8b2a

[ukrules]

Proposed change not yet enacted. Just like the proposed change to the same and subsequent year remittance rules.

 

Mere proposals at this stage.

They make a lot of announcements about these proposals, many never see the light of day.

[JBChiangRai]

5 minutes ago, ukrules said:

Proposed change not yet enacted. Just like the proposed change to the same and subsequent year remittance rules.

 

Mere proposals at this stage.

They make a lot of announcements about these proposals, many never see the light of day.

 

I'm not sure that is correct, I read that it is already approved by the cabinet, it's not a proposal, it's happened.

 

BitKub are already saying it's fact in their newsletter.

[ukrules]

27 minutes ago, JBChiangRai said:

 

I'm not sure that is correct, I read that it is already approved by the cabinet, it's not a proposal, it's happened.

 

BitKub are already saying it's fact in their newsletter.

 

Has it been published in the Royal Gazette is the question, I believe it's a Ministerial Regulation so would be subject to a lot less scrutiny than a royal decree - therefore it's easier to get done.

 

But it still needs publishing, because if anything prevents that from happening than nothing changes.

Await confirmation

 

Also - if you can't read the text of the law or regulation then it doesn't exist in its final form yet regardless of what some exchanges might say.

 

[Conno]

Totally agree fellas, lets wait and see. Makes total logical sense though and it shows at least someone is looking ahead with clarity and vision. If Thailand can actually get this rubber stamped and for once make the rules as clear as day [Yea I know] they could potentially do a Dubai.....they need to do something as they are clearly losing the edge they once had. Do this right and it could change everything. 

 

Bitcoin is here to stay and it is heartening to know that some people in authority actually recognise this. I for one won't be doing anything until we know what's what 100%.

[freedomnow]

If this is enacted and for UK guys in Thailand on a long-term visa not visiting UK in the year you sell-out and registered on a Thai trading platform as being resident in Thailand would you have to pay CGT to UK HMRC ?

 

Also, from the required platforms which one do you feel is the best/safe easier to KYC etc ?  

[Conno]

2 hours ago, freedomnow said:

If this is enacted and for UK guys in Thailand on a long-term visa not visiting UK in the year you sell-out and registered on a Thai trading platform as being resident in Thailand would you have to pay CGT to UK HMRC ?

 

Also, from the required platforms which one do you feel is the best/safe easier to KYC etc ?  

if you have been here for years and already given up links with the UK eg no longer have a property back there etc and never or rarely visit then nothing to do with HMRC as far as I can see. It will be  about where you are considered to have tax residency when you cash out that will matter. If it has only been a year or so since you were a UK tax resident then I think you might need to dig deeper to make sure. Absolute minefield really.  Personally speaking I have been here years, only bought crypto using Baht and only through Thai SEC licensed crypto exchanges, so I think it will be pretty straightforward for expats in this position, once we have real clarity on this recent tax exemption news of course. 

 

Second part of your post. Bitkub and Upbit Thailand [Make sure you don't first register with Upbit Singapore as both the websites look very similar] I was originally with BX [2018] before they shut up shop, I then opened an account with Bitkub and have been with them ever since. As a backup I also opened an account with Upbit Thailand. Bitkubs KYC way back was very easy when I first opened the account, then it became an absolute nightmare. Without fail I would get 'Your renewal details have been rejected' emails and then it would be a back and forth until it was all sorted. On one renewal after the usual back and forth communications trying to figure out what they wanted, I eventually received the 'your update details have been approved' email, only to get 24 hours later 'Your application has been rejected' email again HUH? This type of thing happened for a few years in a row hence the reason I also opened an Upbit account. It stressed me out no end really. 

 

However after saying all the above, the last renewal with Bitkub was virtually painless and was just about as easy as the early years. this may be because I now have a bit of history with them or it may be because they have finally got their act together. Opening an account with Upbit was relatively painless a year ago or so. One other point if you want to trade [I don't, I buy and hold for the long term] then Bitkub is a better choice than Upbit due to liquidity. Which makes sense as it is the No1 exchange in Thailand by volume. 

[yozah]

They don’t even realize how smart this move is. One billion in indirect tax revenue is a laughable underestimate.