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What are the tax implications of converting Bitcoin to Thai Baht after a 180+ day stay in Thailand?

Bitcoin Taxation Thailand Capital Gains Tax Expat Tax Crypto Withdrawal Thai Bank Accounts Non-Thai Exchange

Dec 17, 2024

4 months ago

Anonymous *************

ORIGINAL POSTER

Anyone have any info about Bitcoin and tax for 180+ day stay ? 

If I use bitkub for change btc to THB and withdraw to my Thai account . 

Let’s say 1-2Million per year . 

What should I  do in theory ? 

My best and sorry for my basic question I  will use professional people for future but maybe someone was in this situation and could add some details 🙏

My best

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TLDR : Answer Summary

If you stay in Thailand for over 180 days, any Bitcoin gains from selling on a Thai exchange are subject to capital gains tax. Withdrawals from exchanges like Bitkub to your Thai bank account will be considered taxable income. To mitigate tax implications, consider using a non-Thai exchange for selling Bitcoin, as it may not be taxable until the funds are remitted to Thailand, provided you prove residency status. Additionally, using a Bitcoin wallet with an ATM card could help you avoid direct transfers to Thai banks.

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Sam *********

it looks like you can sell on a non thai exchange and it will only be taxable when remitted to thailand (assuming you are thai tax resident when selling). you then pay tax if/when remitted to thatiland... if sold on thai exchange it is taxable.

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Anonymous ******************

Why not get a bitcoin wallet that gives ATM card and withdraw directly to avoid Thai bank accounts so you avoid tax charges

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John **********

Anonymous participant 308 using an ATM card to withdraw money doesn't avoid tax. Doesn't matter how you bring assessable income, including capital gains, into Thailand it's taxable.

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David ********

@John *********

how would tax man know it's like bringing in cash. Non declared means ???

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John **********

it's up to you to declare it. Not declaring is viewed as tax evasion with fairly severe penalties. The tax man will only intervene if they suspect you and want to audit you.

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David ********

@John *********

they can't sort Thais out how they gonna do that for all other countries it's a mine field. Different if you are working here or using your Thai Bank they are linked

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John **********

much more too it nowadays, with CRS other countries revenue departments report transactions to the thai revenue department. Even crypto providers have to do CRS reporting

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David ********

@John *********

believe that when l see it. Thais too busy with their own corrupt scams. Anyway it's all hypothetical at this point

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John **********

what's hypothetical about it?

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John **********

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Anonymous ******************

@John *********

yes it does, you taking money from your bitcoin account using the card supplied by the wallet noting touches your Thai bank account

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John **********

Anonymous participant 308 it makes no difference if it touches your bank account or not. The act of bringing that income into Thailand is enough, makes no difference how you bring it in, in your pocket, by carrier pigeon, whatever

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John **********

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Wannikea *********

Afaik, funds remitted into Thailand if you stay 180+ days per calendar year will be considered income/taxable unless you can prove otherwise.

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Michael *******

@Wannikea ********

unless you can prove it is saving from income before 2024 or the year before you become thai tax resident.

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Anonymous *************

ORIGINAL POSTER

@Michael ******

how can I prove when I got my crypto ?

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Michael *******

Participant(e) anonyme you show the way you get it or buy it. You still will have to pay tax capital gain. ( if the value of your crypto now is more than when you buy/get it )

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Sam *********

@Michael ******

if selling on non thai exchange it is only taxable if/when remitted. this seems like a clear summary

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Sam *********

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Will ************

It will be assessable for capital gains tax here in Thailand if are in the country more than 180 days each year

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Pete *******

Go to Expat Tax Thailand website, there is a whole section on bitcoin.

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Pete *******

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