Sending Money to US with a twist

[johndudorn]

My wife and I purchased an undeveloped large plot of land (almost a city block) over fifteen years ago. We paid about $65,000 USD at the time, we put a one bedroom guest house (for brother-in-law) and mainly use to raise chickens, fruits and vegetables. The brother-in-law passed about two months ago. We are considering selling the property and have had offers in the 15 million baht range over the years. It would be considered commercial property now. The issue is how do you repatriate the difference between what you have the record of and the appreciate capital gain. Appreciate any help you can offer. 

[Fore Man]

We are in the same situation with the pending sale of a large estate home in Chiang Mai.  Thanks to motivated Chinese investors, our property will have appreciated some 40% over the 10 years since we constructed it.  Our bank told us that there is no official recognition of real estate appreciation recognized by the system, but that we should be able to repatriate the entirety of the sales proceeds in due course.  I think it is understood that held long enough, real property will surely rise in value. It is necessary to show the required banking form/s you were issued when you originally transferred the funds into Thailand, but I gather that the bank itself has considerable leeway in determining what funds can be transferred out without any undue bureaucratic ordeals. If you don’t already enjoy a good reputation and strong contacts with your bank, it would be wise to do so.  There are also other methods to repatriate funds, such as using the auspices of any trusted, well-regarded family members or business associates who routinely send out money internationally for various cogent reasons and have built up their own enduring banking relationships. Good luck.

[johndudorn]

On 5/1/2018 at 3:34 AM, Fore Man said:

We are in the same situation with the pending sale of a large estate home in Chiang Mai.  Thanks to motivated Chinese investors, our property will have appreciated some 40% over the 10 years since we constructed it.  Our bank told us that there is no official recognition of real estate appreciation recognized by the system, but that we should be able to repatriate the entirety of the sales proceeds in due course.  I think it is understood that held long enough, real property will surely rise in value. It is necessary to show the required banking form/s you were issued when you originally transferred the funds into Thailand, but I gather that the bank itself has considerable leeway in determining what funds can be transferred out without any undue bureaucratic ordeals. If you don’t already enjoy a good reputation and strong contacts with your bank, it would be wise to do so.  There are also other methods to repatriate funds, such as using the auspices of any trusted, well-regarded family members or business associates who routinely send out money internationally for various cogent reasons and have built up their own enduring banking relationships. Good luck.

Thanks for the advice, will keep in mind when the time comes... I really would like to sell before I am too old to enjoy it