Tax on currency inflows to buy house?

[ElephantEgo]

I am planning to buy a house/land in my wife's name soon, and I am bringing in a substantial sum from overseas.

 

I am looking for any information about my tax liability in Thailand, as a result of bringing that money into the country for the purpose of buying the property.

[Peterw42]

There is no tax liability. The basic rrule is you would pay tax if the money comes into Thailand the same year that you earn it. Any money you bring into Thailand is, of course, earned years ago. (savings not income)

Beyond that, most countries have Tax treaties with Thailand so money is only taxed in the country its earned in.

At the end of the day you are bringing in money to give to your wife, not buy a house.

[bankruatsteve]

In the states, any check/money transfer/etc. over $10K ostensibly rings a bell somewhere (IRS) and may get scrutinized as a "gift" that can be taxed.  Probably nothing to worry about though.

[Estrada]

There is no problems with tax. The main problem is with the Anti Money Laundering regulations and reporting to AMLO. 

 

I had major problems when working in Libya and a substantial sum of money was sent from the UK to my Bangkok Bank Account. Bangkok Bank refused to accept to credit my account and told me that they would send the money back to the UK unless I visited the Head Office in Silom road within two days. This was impossible and I was only able to get around it due to my connections, so make sure you are in Thailand when the money is received. If you send the money in several transfers under B700,000 you should be under the radar. The main problem is caused by the reporting requirements of the US Government and a reason Banks here may decline to open new accounts for US citizens. Even if you are not a US citizen, "America World Police" want to know what money you are moving around, although there is less paper work than for US Citizens. Details of AMLO requirements are here:

 

https://www.bangkokbank.com/en/Personal/Other-Services/-/media/ECF23B7214AA4479AB61F13ED4E0E8C4.ashx

[Jeffrey346]

On 11/16/2018 at 9:52 AM, bankruatsteve said:

In the states, any check/money transfer/etc. over $10K ostensibly rings a bell somewhere (IRS) and may get scrutinized as a "gift" that can be taxed.  Probably nothing to worry about though.

 I doubt the US can Tax a Thai National or determine the money is a gift.

[bankruatsteve]

3 minutes ago, Jeffrey346 said:

 I doubt the US can Tax a Thai National or determine the money is a gift.

They won't try to tax a Thai but certainly can and will go after a US citizen who transfers money directly or indirectly for the benefit of another person.  That is a "gift".

[Jeffrey346]

2 minutes ago, bankruatsteve said:

They won't try to tax a Thai but certainly can and will go after a US citizen who transfers money directly or indirectly for the benefit of another person.  That is a "gift".

Numerous transfers have been made to my wife in excess of $10,000 that has never been questioned.

[Jeffrey346]

Keep in mind, you can gift anyone up to $14,000 tax free.

[bankruatsteve]

5 minutes ago, Jeffrey346 said:

Keep in mind, you can gift anyone up to $14,000 tax free.

$15K now.  It's not something they seem to care about unless it's BIG money or they want to go after someone.

 

FYI: my bank informed me that they are required to report any transfer over 10K to the IRS.

[Jeffrey346]

1 minute ago, bankruatsteve said:

$15K now.  It's not something they seem to care about unless it's BIG money or they want to go after someone.

Tend to agree...

[Lacessit]

1 hour ago, bankruatsteve said:

$15K now.  It's not something they seem to care about unless it's BIG money or they want to go after someone.

 

FYI: my bank informed me that they are required to report any transfer over 10K to the IRS.

This may be confined to the American dollar. I've transferred up to 1 million baht in Australian dollars to Bangkok Bank, no problem.

[bankruatsteve]

2 minutes ago, Lacessit said:

This may be confined to the American dollar. I've transferred up to 1 million baht in Australian dollars to Bangkok Bank, no problem.

Yes, those are USA rules.  There is no problem doing legal transfers from US banks - it just gets reported to the IRS if over $10K.  Even not being a problem, I just don't like being in the radar so almost always do transfers by writing a check for $9000 and then waiting 5-6 weeks to clear.

[khunPer]

On 11/16/2018 at 2:39 AM, JakeR said:

I am bringing in a substantial sum from overseas

If you're transferring equivalent to $50,000 and more, you are going to make a declaration to Bank og Thailand. You can have a certified (stamped) copy back (takes about a week), worth keeping should you ever wish to transfer similar amount our of Thailand. State in the declaration that the money is used for "investment" or "property".

 

Some that has done this transaction recently, please update and correct my post, if necessary.

????

[Percy P]

On 11/16/2018 at 9:08 AM, Peterw42 said:

There is no tax liability. The basic rrule is you would pay tax if the money comes into Thailand the same year that you earn it. Any money you bring into Thailand is, of course, earned years ago. (savings not income)

Beyond that, most countries have Tax treaties with Thailand so money is only taxed in the country its earned in.

At the end of the day you are bringing in money to give to your wife, not buy a house.

Loaning your wife money to purchase a home is better. No give.?

[Mavideol]

only worry if you are for the USA because the Anti Money Laundering regulations and reporting to AMLO.