Offshore Crypto Exchange for Expats

[FruitPudding]

Hello fellow HODLrs and traders.

 

For obvious reasons, it is desirable to cash out abroad and send the money into Thailand a year later, but the million dollar question is: which exchange?

 

I have been looking into Kraken and it seems as an expat in Thailand, it would work out fine.  I am also waiting for Binance to open their fiat exchange.  But you guys use an other one that your are willing to shill?

 

BX is a great exchange, always been happy with them, but could run into trouble with the dilemma involving Uncle Samchai upon cashing out.  I really want to to follow Thailand's tax rules to the letter and don't want any troubles.

 

Any suggestions?

[mjnaus]

Coinbase does the trick for me. There's many of them; so take your pick. I prefer an established one backed by VC as some of the smaller new ones do sometimes crash and burn. And make sure you don't hold your coins in wallets at the exchange; instead transfer them to a private wallet right away.

[dinsdale]

Bloody crypto miners. Price of GPU's are through the roof. The sooner the crypto market collapses the better.

[bangkoklawyer24]

“those who live in Thailand but trade digital assets abroad, … it’s the duty of taxpayers to declare such income, otherwise, they will face both civil and criminal penalties if the Revenue Department discovers the transactions.” -bureau of legal affairs at the Revenue Department as quoted in the news on May 21, 2018,

[stefan2519]

Check out Mothership: https://mothership.cx/?code=48A

Not yet up and running but when it is it will be the route I use.
It has many benefits.

Another that is risky and a long way from working is Haven:   https://havenprotocol.com/

Lots of benefits for this one also if they pull it off. 

[stefan2519]

https://medium.com/@havencurrency/our-vision-for-offshore-storage-d4d8bfed9b73

[FruitPudding]

On 7/3/2018 at 10:06 AM, bangkoklawyer24 said:

“those who live in Thailand but trade digital assets abroad, … it’s the duty of taxpayers to declare such income, otherwise, they will face both civil and criminal penalties if the Revenue Department discovers the transactions.” -bureau of legal affairs at the Revenue Department as quoted in the news on May 21, 2018,

 

But I was under the impression that you don"t have to pay tax on foreign investments unless you bring the gains back into the country within the same tax year as the gains were realized?

[Scottjouro]

2 hours ago, FruitPudding said:

 

But I was under the impression that you don"t have to pay tax on foreign investments unless you bring the gains back into the country within the same tax year as the gains were realized?

Read what it says.... "those who live in Thailand but trade digital assets abroad.....declare such income" it makes no mention of of paying or not paying tax..and how can one prove or not prove when the income was earned unless you declare and show proof ? 

 

If you are resident in Thailand for 180 days a year or more you are tax resident and your are suppose to declare such income...operative word is "declare" if on review you havent paid the mandated 15% capital gains tax on cryptos per the new laws they will want their 15% for certain, unless of course you can prove you have paid tax on the same amount elsewhere in the world one suspects

 

Now how they will catch you is another question, unless someone is stupid enough to transfer from an overseas exchange to a Thai Bank account

[Scottjouro]

On 7/3/2018 at 9:26 AM, dinsdale said:

Bloody crypto miners. Price of GPU's are through the roof. The sooner the crypto market collapses the better.

The crypto market is going no where, it will evolve and change, but collaspe...no chance 

[FruitPudding]

1 hour ago, Scottjouro said:

Read what it says.... "those who live in Thailand but trade digital assets abroad.....declare such income" it makes no mention of of paying or not paying tax..and how can one prove or not prove when the income was earned unless you declare and show proof ? 

 

If you are resident in Thailand for 180 days a year or more you are tax resident and your are suppose to declare such income...operative word is "declare" if on review you havent paid the mandated 15% capital gains tax on cryptos per the new laws they will want their 15% for certain, unless of course you can prove you have paid tax on the same amount elsewhere in the world one suspects

 

Now how they will catch you is another question, unless someone is stupid enough to transfer from an overseas exchange to a Thai Bank account

 

I must have been under the wrong impression, but I am still skeptical about what you are saying.

 

Surely, we only declare what is taxable?  If we haven't brought the money back into Thailand within the the same tax year that the gains were realized then how can it be taxable?  Therefore, why declare non-taxable income?

 

EDIT

 

Look in this thread 

 

 

 

You may notice this quote by another member,   "income from outside Thailand will be subject to tax only where the income is remitted into Thailand in the year in which it is derived."   His source seems to be good, too.

 

So, if you haven't declared non-taxable income, how will they "want their 15% for certain", as you say?

[Ks45672]

Have you looked at binance? 

They have a lot more digital assets than bx.in.th, I haven't joined up yet but they're very popular and i will when i get time

 

Poloniex is much better now than it used to be now they can afford enough staff to answer emails, bittrex is also good

 

Hitbtc is easy to join and use but Google them first! Some negative reports although they never scammed anything from me personally is all i can say about them....