Retired Forex Dealer - And Living In Thailand

[Pandemonium]

I am a forex dealer and was wondering what the situation is in Thailand, if I decided to retire there, and keep on dealing, which I would want to do.

My dealings are done from my laptop via the Internet to forex platforms in the US and UK. The trading profits are taxed at the trading platform and the net trading profits can either remain there, or I can transfer them to my offshore accounts, or even some to a credit card if I wanted.

Trading profits can be a sizable amount, would I be at risk of being classed as working in Thailand, and therefore be required to hold a special working visa type and any number of other unpleasant requirements associated with working.

Or would it be treated, as it should, in the same manner one would be treated if you managed your own share portfolio via the Internet, which could grow and receive dividend income etc?

[nakachalet]

Pandemonium

U R BRAGGING....

your language and attitude are definitely not of a reasonably successful commodity trader of any kind.... lol

[Naam]

I am a forex dealer and was wondering what the situation is in Thailand, if I decided to retire there, and keep on dealing, which I would want to do. My dealings are done from my laptop via the Internet to forex platforms in the US and UK. The trading profits are taxed at the trading platform...

why should the profits be taxed when you live "offshore" in Thailand and since when do trading platform levy taxes?

[wordchild]

I would think that would be a very small risk,as long as you kept everything offshore and you establish youself as a retiree in Thailand. You obviously need to get some specialist advice before you move as there could be taxation issues in the country (you dont say) where you are currently based.If you become fully tax resident in Thailand there could be some advantages for you,again less so if you are a US citizen.eg the Thai tax system is remitance based ,you are only taxed if you bring "income" into the country in the year it was earned,there is no tax if you bring in "capital ".Also as in much of Asia there is no personal capital gains tax for on market transactions. It might be the case that you could avoid the at source tax that your trading platform deducts.

Edited October 22, 2009 by wordchild

[SantiSuk]

So if you are a retiring Forex dealer I guess that would make you about 29 eh?

You should have a ball - same thing as London and New York - pissed every night, lots of girls and good food. But you won't have to pretend to be best mates with some a*rs*h*le customer and the girls go a lot further (in both monetary and physical sense) - or so I am told

[Pandemonium]

I am a forex dealer and was wondering what the situation is in Thailand, if I decided to retire there, and keep on dealing, which I would want to do. My dealings are done from my laptop via the Internet to forex platforms in the US and UK. The trading profits are taxed at the trading platform...

why should the profits be taxed when you live "offshore" in Thailand and since when do trading platform levy taxes?

Naam, profits are taxed at the trading platforms, as the trading platforms are the locally registered corporations I set-up to trade through, they are not the brokerage.

If you don’t set-up a platform to trade from, the capital is held by the brokerage. That means amongst other things that you run the risk of loosing the capital if the brokerage folds. As a dealer I also manage client portfolios, and the law requires that I register a trading platform for that reason.

When I say retire, means I will no longer manage client portfolio’s and only continue with my own, through the platforms of course.

The issue is not the structure I work through, but how this activity will be seen by the authorities, I have read horror stories of Expat’s being targeted, one that comes to mind is of a bar owner who went behind the counter of a bar he owned in Phuket and had a conversation with a client at the bar, and later was accused of working!

[Pandemonium]

Pandemonium

U R BRAGGING....

your language and attitude are definitely not of a reasonably successful commodity trader of any kind.... lol

Sorry Nakachalet, my intention was not for it to sound that way, but only to express that it was not a nuisance value amount.

I have never traded commodities, so I do not know what the language and attitude of a reasonably successful commodity trader would be, however I will leave that up to someone who does not know the difference between commodities and forex to decide. Ha ha, really Nakachalet thanks for the laugh!

[Pandemonium]

I would think that would be a very small risk,as long as you kept everything offshore and you establish youself as a retiree in Thailand. You obviously need to get some specialist advice before you move as there could be taxation issues in the country (you dont say) where you are currently based.If you become fully tax resident in Thailand there could be some advantages for you,again less so if you are a US citizen.eg the Thai tax system is remitance based ,you are only taxed if you bring "income" into the country in the year it was earned,there is no tax if you bring in "capital ".Also as in much of Asia there is no personal capital gains tax for on market transactions. It might be the case that you could avoid the at source tax that your trading platform deducts.

Worldchild, thank you for dealing with the question and not side issues. Yes the funds are taxed elsewhere, and there is no risk of double taxation. The real issue is if I retire in Thailand and just spend my time on the beach there would be nothing to worry about, but if I trade for a few hours a day, is there something to worry about? Can that be construed as working, as it will generate income elsewhere, that could end up in Thailand (as capital). Point is both the pre-tax and after tax income would have been generated by my efforts while living in Thailand. Or am I being paranoid?

[PCA]

if you do your trading in the privacy of your place and have your money parked abroad why on earth would you think anybody might ever bother you with taxes in Thailand?

[Naam]

am I being paranoid?

yes, you are

[GungaDin]

Tell no one, & I mean, no one, what you do, keep a low profile and you won't have anything to worry about.

[wordchild]

Well you answered your own question. I really dont think you have an issue as long as you dont go into the Department of Commerce and ask their opinion! Thai business/labour laws are there to protect Thais eg keep foreign competition out of certain areas, ensure there is a significant Thai share holding in local economic activity,ensure preservation of Thai jobs in key areas,preserve the rights of Thai land-owners etc. In the case you mentioned the foreign bar owner could have been seen to be operating against at least one of these core aims. I dont see where they would have an issue with some guy punting away on his laptop from his beach chair!

Edited October 22, 2009 by wordchild

[nakachalet]

I am a forex dealer.... dealing.... from my laptop via the Internet to forex platforms in the US and UK....

Naam, profits are taxed at the trading platforms, as the trading platforms are the locally registered corporations I set-up to trade through, they are not the brokerage.

As a dealer I also manage client portfolios....

The issue is not the structure I work through, but how this activity will be seen by the authorities,

-------

can you clarify a few points for your own benefits pls:

1--are you a legally licensed broker in the us and/or uk....?

2--are your trading platforms registered as corporations to trade and handle others' funds.... licensed by exchanges?

3--you said your corporations are not brokerage.... what are they licensed under.... and which exchange granted you license to trade for others?

4--or are you just trading for your sons, daughters and family members.... and not involving others' funds?

5--are/were you a bona fide licensed broker, financial advisor, investment banker working independently?

6--which clearing house are you or your corporations associated with?

YOU REALLY NEED NOT ANSWER the above questions on the forum at all....

only you know if what you have been doing are legit and fair and equitable to those who entrusted you with their funds and life savings....

personally i really have no need to know, ok?

and it really does not concern me a bit.... if whatever you do is legit or profitable....

the majority of posters in the investment section are reasonably successful investors themselves, otherwise they can not afford to be here day after day. and they are having great fun poking, agreeing and disagreeing with one another.... day in and day out.... and they always welcome those like-mind newbies like me and you.... lol seriously, i bought my first 1,000 shares of microsoft for 2,500 usd including com.... and that was in.... lol

Edited October 22, 2009 by nakachalet

[stelen123]

Hello,

I'm a begginer in the forex trading, what type of trading you were involved with?

Stefan

I am a forex dealer and was wondering what the situation is in Thailand, if I decided to retire there, and keep on dealing, which I would want to do.

My dealings are done from my laptop via the Internet to forex platforms in the US and UK. The trading profits are taxed at the trading platform and the net trading profits can either remain there, or I can transfer them to my offshore accounts, or even some to a credit card if I wanted.

Trading profits can be a sizable amount, would I be at risk of being classed as working in Thailand, and therefore be required to hold a special working visa type and any number of other unpleasant requirements associated with working.

Or would it be treated, as it should, in the same manner one would be treated if you managed your own share portfolio via the Internet, which could grow and receive dividend income etc?

[Naam]

Naam, profits are taxed at the trading platforms, as the trading platforms are the locally registered corporations I set-up to trade through, they are not the brokerage.

sorry Pan, but

-corporations are not "trading platforms",

-and if their set-up is done in a way that forex trades are taxed you haven't done your homework.

-as far as "taxation in Thailand" is concerned you have nothing to worry inspite what some beancounters and smartasses might tell you. just don't tell anybody what you are doing and enjoy a tax free life in Thailand. that is... if you are at least 50 years old and live here as a retiree.