Is Qrops Income Subject To Thai Income Tax?

[GingerLing]

Is QROPS income subject to Thai income TAX, if domicile in the UK and resident in Thailand, when remitting the income to a Thai bank account? Is there are more TAX efficient alternative.

[chiang mai]

Not unless the QROPS is based in Thailand which I doubt it would be.

[wordchild]

There is no Thai income tax due unless the income is remitted into Thailand in the year in which it is earned. The easiest and perfectly legit way to avoid this is to open an offshore account , say in Singapore, remit the income from the QROP into that account and then only remit "savings" from that account into Thailand when needed. If you are a Thai resident, should be possible to avoid tax altogether, hard to get more tax efficient than that!

Edited July 2, 2010 by wordchild

[GingerLing]

There is no Thai income tax due unless the income is remitted into Thailand in the year in which it is earned. The easiest and perfectly legit way to avoid this is to open an offshore account , say in Singapore, remit the income from the QROP into that account and then only remit "savings" from that account into Thailand when needed. If you are a Thai resident, should be possible to avoid tax altogether, hard to get more tax efficient than that!

Thanks WordChild, thats what I wanted to confirm.

I've got an HSBC Premier account over here in the UK. They said I will get a Thai one as well when I move. I presume I just need to get them to set one up in Singapore too?

Edited July 2, 2010 by GingerLing

[wordchild]

Yes you can get a muli-currency premier a/c with HSBC Singapore, I dont think you can include baht, but the sing dollar and baht pretty much move in lock-step so you can hold sing dollar as a ( higher quality) baht proxy as a hedge against your expected Thai expenditure. I had a premier account with HSBC in Singapore and my experience was pretty good , but, i have since moved away from them as there are better banks with a better service offering available in Singapore.

Edited July 2, 2010 by wordchild