Gold has long been seen as a safe and conservative way to store wealth. For many expats in Thailand, it sits alongside cash savings and pensions as a way to preserve value rather than chase returns.
Recently, however, gold trading has appeared in Thai media alongside phrases such as ‘grey money’, tighter reporting and increased regulatory oversight. This has understandably raised questions, particularly among expats who do not see themselves as speculators or high-risk investors.
This article explains what is actually happening, why gold is now in the spotlight and what expats who buy or trade gold should realistically do now.
Why Gold Is Suddenly in the Spotlight
Gold itself is not the problem.
The issue for Thai authorities is how gold is traded, recorded and reported, particularly outside the traditional banking system. Large volumes of value can move through gold trading without always passing through the same reporting channels as bank transfers or regulated securities.
In recent months, FATF agencies have publicly linked gold trading to wider concerns about financial transparency, capital flows and anti-money laundering oversight. This is not unique to Thailand. Many countries are taking a closer look at assets that can move value without a clear audit trail.
For ordinary expats, the key point is this. The focus is not on banning gold or discouraging legitimate investment. It is about visibility.
What ‘Grey Money’ Means in Plain English
‘Grey money’ is not a legal term, and it does not automatically mean criminal money.
In simple terms, it refers to money that sits in a grey area between clearly reported and completely hidden. It often includes funds that are:
- Poorly documented
- Lightly reported
- Difficult for authorities to trace across systems
Examples can include repeated large cash transactions, activity on lightly regulated online platforms or transactions deliberately kept below reporting thresholds.
Owning gold does not make money ‘grey’. Buying gold is not illegal. The concern is about situations where value moves without clear records linking transactions to identifiable individuals.
Why Online or ‘Paper’ Gold Is Treated Differently
A key part of this story is the distinction between physical gold and online or paper gold.
Physical gold usually involves an in person purchase, a receipt and clear custody of the asset. While it can still raise questions at higher values, the transaction is generally straightforward.
Online or paper gold works differently. These platforms allow investors to buy and sell gold units digitally, often without taking physical delivery. Value can change hands quickly, sometimes multiple times, without any gold moving.
From a regulatory perspective, this creates challenges:
- Transactions can be split or repeated easily
- Large values can move rapidly
- Ownership can be harder to trace without platform reporting
This is why online gold trading has attracted more attention than traditional physical purchases.
Reporting Thresholds: What May Change
Thailand already has reporting thresholds for certain types of transactions. These thresholds are designed to flag activity that may require closer review.
Authorities have indicated that existing thresholds for gold trading may be reviewed. The concern is that high thresholds can be avoided by breaking transactions into smaller amounts.
At this stage, it is important to be clear. Discussions about thresholds do not automatically mean new rules are in force. Much of what has been reported relates to reviews and proposals, not confirmed law.
However, if thresholds are lowered in the future, this could mean:
- Smaller transactions being reported
- More activity visible to regulators
- Platforms asking for more customer information
This would not change whether gold is legal to own, but it could change how much activity is reported.
Is This About Tax or Money Laundering?
Officially, these measures are framed around anti-money laundering and financial transparency.
In practice, improved reporting also supports tax compliance. When transaction data becomes easier to match and share between agencies, it becomes simpler to identify undeclared income or gains.
Even where tax law does not change, enforcement can change quickly when data improves. This is an important point for expats to understand. The risk often comes from poor records rather than from the asset itself.
What Expats Who Buy or Trade Gold Should Do Now
For most expats, this is not a reason to panic or change strategy. It is a reminder to stay organised.
Practical steps include:
- Keep clear records of gold purchases and sales
- Retain invoices, receipts and platform statements
- Maintain a clear trail showing how purchases were funded
- Avoid informal or undocumented transactions
- Be prepared for additional questions from platforms
Good record keeping is usually enough to resolve most compliance questions if they arise.
What This Does Not Mean
It is just as important to be clear about what this does not mean.
- Gold is not banned in Thailand
- Legitimate investors are not being targeted
- Small, ordinary purchases are not illegal
- This is not a sudden tax grab
The direction of travel is towards transparency, not prohibition.
The Bigger Picture
Thailand is aligning its oversight of non-bank assets with international standards. Gold, particularly online gold, is part of that wider trend.
For expats, the sensible response is not to avoid gold, but to understand how reporting expectations are evolving and to make sure records are in order well before any questions arise.
If you are unsure how gold trading fits into your wider tax or reporting position in Thailand, it is worth reviewing this sooner rather than later. Clarity now is far easier than untangling issues after the fact.
If you have any concerns or would like to sense-check your position, you are welcome to book a call with our team to talk it through.
