rwdrwdrwd Posted February 12, 2015 Share Posted February 12, 2015 (edited) what is BVI company? my plan is to terminate my tax residency in my country in Europe, then have USA bank account to do business and stay in Thailand and work with USA not with Thailand. So I guess I can keep it all, I will be earining low ammount, just to survive, around 1000 usd per month..... setting up company in HK will increase my costs drastically I think..... I travel a lot in Asia so I stay here, there and another place a lot. It is confusing who to pay.....Will this work out and not cause me any probem? How Thailand knows if I hold the money 1 year on my bank account. I will just use ATM card in Thailand no transfers needed for now..... BVI - British Virgin Islands and yes setting up the company and banking would cost a couple of thousand US, with perhaps another thousand each year for maintenence - given the sums you suggest, it's probably not currently worth it for you. It also sounds unnecessary since you say you're an EU citizen and you earn income from the US. The best solution is a personal offshore bank account in Singapore or Hong Kong. I believe you need to 5 - 10k USD to open one though. That all said, at 1k a month are you even liable for any tax in your home country if you simply got paid to a bank account there? I wouldn't personally get a US bank account to receive payment from US clients, it sounds like you might leave yourself open to US income tax and dealing with a lot of beaurocracy. Edited February 12, 2015 by rwdrwdrwd 1 Link to comment Share on other sites More sharing options...
poweratradio Posted February 13, 2015 Share Posted February 13, 2015 1. Apply for a thai elite card, it costs 500,000thb, you'll get a 5 year visa. 2. hush. Check your facts that your spewing. There is NO elite card for 500,000 baht. Try 2 million. http://www.thailandelite.com/glimpse.php#Thailand Elite Program Check out your own facts, from your own link - Thai elite for 5 years is 500,000 baht Look again and dismiss the renewal rate and BINGO 2 mill Link to comment Share on other sites More sharing options...
poweratradio Posted February 13, 2015 Share Posted February 13, 2015 1. Apply for a thai elite card, it costs 500,000thb, you'll get a 5 year visa. 2. hush. Check your facts that your spewing. There is NO elite card for 500,000 baht. Try 2 million. http://www.thailandelite.com/glimpse.php#Thailand Elite Program Check out your own facts, from your own link - Thai elite for 5 years is 500,000 baht Look again and dismiss the renewal rate and BINGO 2 mill Oh I see what your doing. You go budget elite at 500K but the regular elite is 2 mill and as you will note the upgrade is 1.5 mill to the elite regular 20 year with annual renewal of 20k. your way is more expensive in the long run say after 5 years another 500k Sorry for not noticing the bottom notice. Link to comment Share on other sites More sharing options...
poweratradio Posted February 13, 2015 Share Posted February 13, 2015 1. Apply for a thai elite card, it costs 500,000thb, you'll get a 5 year visa. 2. hush. Check your facts that your spewing. There is NO elite card for 500,000 baht. Try 2 million. http://www.thailandelite.com/glimpse.php#Thailand Elite Program Check out your own facts, from your own link - Thai elite for 5 years is 500,000 baht So is the renewal for this budget card when the actual elite card is 2 mill for 20 years with an annual renewal fee of 20 K The 5 year is not even worth considering it would cost 100k a year to renew in 5 years at another 500K Link to comment Share on other sites More sharing options...
Soutpeel Posted February 13, 2015 Share Posted February 13, 2015 what is BVI company? my plan is to terminate my tax residency in my country in Europe, then have USA bank account to do business and stay in Thailand and work with USA not with Thailand. So I guess I can keep it all, I will be earining low ammount, just to survive, around 1000 usd per month..... setting up company in HK will increase my costs drastically I think..... I travel a lot in Asia so I stay here, there and another place a lot. It is confusing who to pay.....Will this work out and not cause me any probem? How Thailand knows if I hold the money 1 year on my bank account. I will just use ATM card in Thailand no transfers needed for now..... BVI - British Virgin Islands and yes setting up the company and banking would cost a couple of thousand US, with perhaps another thousand each year for maintenence - given the sums you suggest, it's probably not currently worth it for you. It also sounds unnecessary since you say you're an EU citizen and you earn income from the US. The best solution is a personal offshore bank account in Singapore or Hong Kong. I believe you need to 5 - 10k USD to open one though. That all said, at 1k a month are you even liable for any tax in your home country if you simply got paid to a bank account there? I wouldn't personally get a US bank account to receive payment from US clients, it sounds like you might leave yourself open to US income tax and dealing with a lot of beaurocracy. Nothing wrong with what you have written, but believe the op is trying to get himself declared non resident in Europe in a personal capacity, and to do that think he has to prove residence and paying tax in another country, what you have written there wouldn't get him residency in a personal capacity, what you have relates to setting up legal entities (shelf companies) What I think you will find, and stand to be corrected is the OP is not currently operating under a proper legal entity, his country concerned has clocked him, and is claiming he needs to pay PIT on his earnings, he has claimed he lives in Thailand and pays tax there and they have said prove it Link to comment Share on other sites More sharing options...
manarak Posted February 13, 2015 Share Posted February 13, 2015 what is BVI company? my plan is to terminate my tax residency in my country in Europe, then have USA bank account to do business and stay in Thailand and work with USA not with Thailand. So I guess I can keep it all, I will be earining low ammount, just to survive, around 1000 usd per month..... setting up company in HK will increase my costs drastically I think..... I travel a lot in Asia so I stay here, there and another place a lot. It is confusing who to pay.....Will this work out and not cause me any probem? How Thailand knows if I hold the money 1 year on my bank account. I will just use ATM card in Thailand no transfers needed for now..... BVI - British Virgin Islands and yes setting up the company and banking would cost a couple of thousand US, with perhaps another thousand each year for maintenence - given the sums you suggest, it's probably not currently worth it for you. It also sounds unnecessary since you say you're an EU citizen and you earn income from the US. The best solution is a personal offshore bank account in Singapore or Hong Kong. I believe you need to 5 - 10k USD to open one though. That all said, at 1k a month are you even liable for any tax in your home country if you simply got paid to a bank account there? I wouldn't personally get a US bank account to receive payment from US clients, it sounds like you might leave yourself open to US income tax and dealing with a lot of beaurocracy. Nothing wrong with what you have written, but believe the op is trying to get himself declared non resident in Europe in a personal capacity, and to do that think he has to prove residence and paying tax in another country, what you have written there wouldn't get him residency in a personal capacity, what you have relates to setting up legal entities (shelf companies) What I think you will find, and stand to be corrected is the OP is not currently operating under a proper legal entity, his country concerned has clocked him, and is claiming he needs to pay PIT on his earnings, he has claimed he lives in Thailand and pays tax there and they have said prove it There are easier ways to become non-resident for tax purposes. For private income earners, it is often enough to spend more than 183 days a year in another country. This can be easily proven by entry/exit stamps in the passport. No need to prove anything else. Link to comment Share on other sites More sharing options...
rwdrwdrwd Posted February 13, 2015 Share Posted February 13, 2015 (edited) @Soutpeel, simply staying out of the country for an entire tax year qualifies you as non resident (at least in terms of the UK) - thats how I got it (and a nice letter sent to Thailand confirming it, after I belatedly completed a P85 18 months after leaving the UK). You do not have to prove you pay tax somewhere else, or to have residency somewhere else, in order to gain UK non resident tax status. https://www.gov.uk/tax-foreign-income/residence You’re automatically non-resident if: you spent less than 16 days in the UK (or 46 days if you haven’t been classed as UK resident for the 3 previous tax years) I first qualified under this - no further conditions regarding where one lives or where/if they pay tax are applied.Pretty sure other EU countries have similar rules. Edited February 13, 2015 by rwdrwdrwd Link to comment Share on other sites More sharing options...
Soutpeel Posted February 13, 2015 Share Posted February 13, 2015 (edited) @Soutpeel, simply staying out of the country for an entire tax year qualifies you as non resident (at least in terms of the UK) - thats how I got it (and a nice letter sent to Thailand confirming it, after I belatedly completed a P85 18 months after leaving the UK). You do not have to prove you pay tax somewhere else, or to have residency somewhere else, in order to gain UK non resident tax status. https://www.gov.uk/tax-foreign-income/residence You’re automatically non-resident if: you spent less than 16 days in the UK (or 46 days if you haven’t been classed as UK resident for the 3 previous tax years) I first qualified under this - no further conditions regarding where one lives or where/if they pay tax are applied. Pretty sure other EU countries have similar rules. Where does the op say he is from the UK ? Your applying UK rules to someone who may not come from the UK Fully aware of the UK rules as been non resident for tax there for over 20 years Edited February 13, 2015 by Soutpeel Link to comment Share on other sites More sharing options...
Soutpeel Posted February 13, 2015 Share Posted February 13, 2015 what is BVI company? my plan is to terminate my tax residency in my country in Europe, then have USA bank account to do business and stay in Thailand and work with USA not with Thailand. So I guess I can keep it all, I will be earining low ammount, just to survive, around 1000 usd per month..... setting up company in HK will increase my costs drastically I think..... I travel a lot in Asia so I stay here, there and another place a lot. It is confusing who to pay.....Will this work out and not cause me any probem? How Thailand knows if I hold the money 1 year on my bank account. I will just use ATM card in Thailand no transfers needed for now..... BVI - British Virgin Islands and yes setting up the company and banking would cost a couple of thousand US, with perhaps another thousand each year for maintenence - given the sums you suggest, it's probably not currently worth it for you. It also sounds unnecessary since you say you're an EU citizen and you earn income from the US. The best solution is a personal offshore bank account in Singapore or Hong Kong. I believe you need to 5 - 10k USD to open one though. That all said, at 1k a month are you even liable for any tax in your home country if you simply got paid to a bank account there? I wouldn't personally get a US bank account to receive payment from US clients, it sounds like you might leave yourself open to US income tax and dealing with a lot of beaurocracy. Nothing wrong with what you have written, but believe the op is trying to get himself declared non resident in Europe in a personal capacity, and to do that think he has to prove residence and paying tax in another country, what you have written there wouldn't get him residency in a personal capacity, what you have relates to setting up legal entities (shelf companies)What I think you will find, and stand to be corrected is the OP is not currently operating under a proper legal entity, his country concerned has clocked him, and is claiming he needs to pay PIT on his earnings, he has claimed he lives in Thailand and pays tax there and they have said prove it There are easier ways to become non-resident for tax purposes. For private income earners, it is often enough to spend more than 183 days a year in another country. This can be easily proven by entry/exit stamps in the passport. No need to prove anything else. How do you know ? You don't know what country he talking about they may not have a 183 day rule Link to comment Share on other sites More sharing options...
manarak Posted February 14, 2015 Share Posted February 14, 2015 Nothing wrong with what you have written, but believe the op is trying to get himself declared non resident in Europe in a personal capacity, and to do that think he has to prove residence and paying tax in another country, what you have written there wouldn't get him residency in a personal capacity, what you have relates to setting up legal entities (shelf companies)What I think you will find, and stand to be corrected is the OP is not currently operating under a proper legal entity, his country concerned has clocked him, and is claiming he needs to pay PIT on his earnings, he has claimed he lives in Thailand and pays tax there and they have said prove it There are easier ways to become non-resident for tax purposes. For private income earners, it is often enough to spend more than 183 days a year in another country. This can be easily proven by entry/exit stamps in the passport. No need to prove anything else. How do you know ? You don't know what country he talking about they may not have a 183 day rule That's why I wrote "often" - as in: "many" countries have such a rule, meaning "many but not all". Clear now? Link to comment Share on other sites More sharing options...
rwdrwdrwd Posted February 14, 2015 Share Posted February 14, 2015 (edited) Where does the op say he is from the UK ? Your applying UK rules to someone who may not come from the UK Fully aware of the UK rules as been non resident for tax there for over 20 years ... I first qualified under this - no further conditions regarding where one lives or where/if they pay tax are applied. Pretty sure other EU countries have similar rules I've certainly never hear of anywhere in the world that refuses non tax resident status due to not being resident somewhere else, or not paying tax somewhere else, even if you have no financial interest in your home country and have not set foot there for years. Even the US doesn't do that. OP, what is your nationality? Edited February 14, 2015 by rwdrwdrwd Link to comment Share on other sites More sharing options...
Upnotover Posted February 14, 2015 Share Posted February 14, 2015 1. Apply for a thai elite card, it costs 500,000thb, you'll get a 5 year visa. 2. hush. Check your facts that your spewing. There is NO elite card for 500,000 baht. Try 2 million. http://www.thailandelite.com/glimpse.php#Thailand Elite Program Check out your own facts, from your own link - Thai elite for 5 years is 500,000 baht So is the renewal for this budget card when the actual elite card is 2 mill for 20 years with an annual renewal fee of 20 K The 5 year is not even worth considering it would cost 100k a year to renew in 5 years at another 500K Not sure about that. The full membership costs exclude VAT and has an annual charge. The 5 year "easy access" includes VAT and has no annual charge. So the 20 year version actually costs 128400/year, the 5 year version only 100000/year. Link to comment Share on other sites More sharing options...
parafareno Posted February 14, 2015 Author Share Posted February 14, 2015 yes we have 186 days rule, but how long will that last I am more and more confused what to do, why should I pay taxes in my country when I by all the rules not stay there more than 1 month per year...... and in Thailand, I dont do business with Thai, but the rest of the world..... so will they let me be, and not pay tax or will somebody want the piece of the pie? it is so confusing now because of BAFTA and Obama....... i dont want to create company offshore, that is expensive, I rather just open company in my country and pay taxes that way, but it is still expensive, just 500 usd to operate business per month........ Link to comment Share on other sites More sharing options...
manarak Posted February 14, 2015 Share Posted February 14, 2015 yes we have 186 days rule, but how long will that last I am more and more confused what to do, why should I pay taxes in my country when I by all the rules not stay there more than 1 month per year...... and in Thailand, I dont do business with Thai, but the rest of the world..... so will they let me be, and not pay tax or will somebody want the piece of the pie? it is so confusing now because of BAFTA and Obama....... i dont want to create company offshore, that is expensive, I rather just open company in my country and pay taxes that way, but it is still expensive, just 500 usd to operate business per month........ which country do you write about, it would be more simple to know. The 186 days rule is IMO to stay for a long time because it's also the basis for international tax treaties. Link to comment Share on other sites More sharing options...
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