Trading Futures

[lincdales]

As a farang on a non working visa how would you stand with trading in futures? Do the Thai authorities consider this to be working ? Also does the farang have to pay tax on profits to the Thai authorities and how much?

[darrendsd]

Are the markets based in Thailand? If not how would they know?

[Farang0tang]

Perhaps this thread is worth a read:

http://www.thaivisa.com/forum/topic/431390-what-constitutes-working-in-thailand/

[swissie]

If you want to trade futures, you will have to have an account with a US or European Broker. Thai Financial Institutions including Banks don't know what futures trading is about.

The Tax Aspect is therefore a matter of in what country you have the account. Today futures trading is conducted by way of internet. If your trading interest is limited to Currencies, Gold & Silver go to: www.oanda.com (Tightest Bid / Ask prices in the industriy). Cheers.

PS: As a note of caution: 80 % of short term futures-traders lose money (regardless what they trade). So, if the general idea would be to make a living trading futures while staying in Thailand equals the Profit / Loss situation as to buy a Bar in Pattaya. Extremly funny, I think !!!!

The Bar situation is to be preferred: While losing money on a monthly basis, along the way, one might even have some fun. This would not be the case by sitting 24 hours in front of one's computer, trying "to beat the market". Amen !

[lannarebirth]

If you want to trade futures, you will have to have an account with a US or European Broker. Thai Financial Institutions including Banks don't know what futures trading is about.

The Tax Aspect is therefore a matter of in what country you have the account. Today futures trading is conducted by way of internet. If your trading interest is limited to Currencies, Gold & Silver go to: www.oanda.com (Tightest Bid / Ask prices in the industriy). Cheers.

PS: As a note of caution: 80 % of short term futures-traders lose money (regardless what they trade). So, if the general idea would be to make a living trading futures while staying in Thailand equals the Profit / Loss situation as to buy a Bar in Pattaya. Extremly funny, I think !!!!

The Bar situation is to be preferred: While losing money on a monthly basis, along the way, one might even have some fun. This would not be the case by sitting 24 hours in front of one's computer, trying "to beat the market". Amen !

There is a SET Index futures market, though it is very illiquid. The OP isn't clear whether or not he is talking about trading the local futures market or an overseas market such as Globex. Consequently it is rather difficult to offer any kind of information or advice.

[lincdales]

If you want to trade futures, you will have to have an account with a US or European Broker. Thai Financial Institutions including Banks don't know what futures trading is about.

The Tax Aspect is therefore a matter of in what country you have the account. Today futures trading is conducted by way of internet. If your trading interest is limited to Currencies, Gold & Silver go to: www.oanda.com (Tightest Bid / Ask prices in the industriy). Cheers.

PS: As a note of caution: 80 % of short term futures-traders lose money (regardless what they trade). So, if the general idea would be to make a living trading futures while staying in Thailand equals the Profit / Loss situation as to buy a Bar in Pattaya. Extremly funny, I think !!!!

The Bar situation is to be preferred: While losing money on a monthly basis, along the way, one might even have some fun. This would not be the case by sitting 24 hours in front of one's computer, trying "to beat the market". Amen !

There is a SET Index futures market, though it is very illiquid. The OP isn't clear whether or not he is talking about trading the local futures market or an overseas market such as Globex. Consequently it is rather difficult to offer any kind of information or advice.

My apologies for the late response, but I've been waiting to see how things pan out.

To make things clear, I traded successfully in the UK up to 4 years ago when my wife got terminal cancer, which put everything out of sync. I traded with an American broker and paid my taxes on profits like a good boy.

Now I'm in Thailand and have been trading for a couple of months, my account has increased by $10,000 and it's approachinbg the time for me to draw on this.

The brokers are aware of my tax details in the UK but have asked for details in Thailand. I honestly told them that, as far as I know, there are no such arrangements.

In the UK my trading was based upon a business footing, but that is not the road I want to go down here.

So my original question stands. Who, if anyone, is entitled to take tax deductions? Would the Thai authorities be aware of my trading if I didn't inform them? What percentage would they be entitled to?

Another thought has occured to me. Would it be sensible to have the profits transferred to my UK bank, Thai bank, or open and offshore account?

All sensible replies welcome

[rathcoole]

keep your money out of Thailand.

Set up a bank account in Singapore.

it's better for tax purposes

it's safer to keep your money out of Thai banks

it's easier to electronically transfer money in and out of your account

(last thing you ever need is a margin call - but imagine trying to hurry through a transfer from Thailand to your account and you can't tick he boxes for "family welfare" or "education" or whatever else are the only permitted reasons to send money OUT of Thailand)

and best of all, whenever you need to withdraw or deposit funds, it's a short and cheap hop down to Singapore for a couple of day's R&R

good luck, hope it helps

[inthepink]

If you want to trade futures, you will have to have an account with a US or European Broker. Thai Financial Institutions including Banks don't know what futures trading is about.

The Tax Aspect is therefore a matter of in what country you have the account. Today futures trading is conducted by way of internet. If your trading interest is limited to Currencies, Gold & Silver go to: www.oanda.com (Tightest Bid / Ask prices in the industriy). Cheers.

PS: As a note of caution: 80 % of short term futures-traders lose money (regardless what they trade). So, if the general idea would be to make a living trading futures while staying in Thailand equals the Profit / Loss situation as to buy a Bar in Pattaya. Extremly funny, I think !!!!

The Bar situation is to be preferred: While losing money on a monthly basis, along the way, one might even have some fun. This would not be the case by sitting 24 hours in front of one's computer, trying "to beat the market". Amen !

Why on earth would you recommend that a futures trader uses a forex bucket shop such as oanda?