Taxes on Crypto profits in Thailand!
As of the 14th of May 2018, The Royal Decree on Amendment to the Revenue Code, introduced new measures for the taxation of Blockchain income. These amendments include a) 15% withholding tax [WHT] must be deducted from the receipt of Crypto [capital gains] profit and b) 0-35% rates of Personal Income Tax [PIT] must be deducted from [capital gains] profit, earned or received from Crypto during any tax year. The 15% WHT [already paid at realization] can be claimed as a tax credit against any further PIT due. Assessment is applicable to both residents and non-residents of Thailand and a further breakdown of these applicable taxes can be found below.
Is foreign income taxed from January 1st, 2024?
Effective January 1st, 2024, any foreign-earned income [example; salary, interest earned on savings, capital gain on assets etc] brought into Thailand that was earned and realized during any tax year, shall be subject to Thai personal income tax [ PIT ] assessment in the year it was brought/sent to Thailand. The main difference between this law previously and moving forward [from 1st January, 2024], is that personal income tax on any/all foreign-earned income shall now be applicable regardless of which [fiscal] year that income was earned and realized.
How can I qualify for an Investment visa?
Foreigners investing 10+ million baht in Thailand can qualify for an Investment Visa via the following methods; a) purchase a condominium unit to the value of 10+ million baht in a new development or, b) purchase Thai government or Thai state enterprise bonds to the value of 10+ million baht or, c) deposit funds in a Fixed Deposit Account in a Thai Bank to the value of 10+ million baht.
Is apartment ownership possible in Thailand?
Traditionally, ownership of an Apartment in Thailand has been all but impossible. Why? Predominately because the Building Permit was issued for the entire building, not for each/every apartment within the building. As a result, those interested in purchasing an Apartment had to engage via a complicated contractual structure in order to cover all implications, like; a) a Sale & Purchase Agreement, b) a Shareholder's Agreement, c) a Co-ownership Agreement and d) a Homeowners Association Agreement.
Tourist visa conversion in Samui?
Whilst those with short-term [Tourist or Special Tourist] visas have been able to easily extend them during the COVID-19 lockdown and border closures, some people have been inquiring as to whether it's possible to convert this visa into a long-stay option such as; Retirement, Dependent, Guardian, Marriage and/or a Business Visa without leaving the Kingdom.
Social Security: what, when and why?
Although you may believe that Social Security and the necessity to have four (4) Thai staff per foreign work permit holder, is a recent regulation change, it's important to understand that this regulation has actually been in place for both a Business [Non B] Visa and a Work Permit for at least as long we've owned and operated Samui Law Firm.