Rules on bringing gold into Thailand

[jasonaustralia123]

How can Gold bullion be brought into Thailand.

What are the laws, tax's, customs regulations ect. 

thanks

[Monomial]

You need an import license issued by the Ministry of Finance.

 

No duties, but many hoops to jump through.

 

[johnnynmonic]

On 6/10/2020 at 8:19 AM, Monomial said:

You need an import license issued by the Ministry of Finance.

 

No duties, but many hoops to jump through.

 

What about bringing it out of Thailand?

[KKr]

do you mean gold bars, or for industrial purposes?

 

Last I checked it was USD 20.000 market value for currency, i.e. coins valid as legal tender, in hand luggage no duties.

[johnnynmonic]

9 minutes ago, KKr said:

do you mean gold bars, or for industrial purposes?

 

Last I checked it was USD 20.000 market value for currency, i.e. coins valid as legal tender, in hand luggage no duties.

Thanks.  I have a few of those Thai gold bars (thong theang), certainly less than 20k USD in value.

[natway09]

Just bring it with you if less than 20 K US

[KKr]

1 hour ago, johnnynmonic said:

Thanks.  I have a few of those Thai gold bars (thong theang), certainly less than 20k USD in value.

you can look up import/export tariffs here:
http://itd.customs.go.th/igtf/en/main_frame.jsp
 

7118.90.10

- - Gold coin, whether or not legal tender

however Gold Bars are tariff number 7108.121000. also exempted to most, but not all countries as far as I have seen

 

 

 

[RocketDog]

33 minutes ago, KKr said:

you can look up import/export tariffs here:
http://itd.customs.go.th/igtf/en/main_frame.jsp
 

7118.90.10

- - Gold coin, whether or not legal tender

however Gold Bars are tariff number 7108.121000. also exempted to most, but not all countries as far as I have seen

 

 

 

thanks 

 

Wow. 7108.12.10 seems to state a 35% ad valorem rate. Does that means there is a 35% duty on bringing bars/ingots into the kingdom? 

[Lacessit]

Thai gold is about 96.5% pure. Gold bullion is usually 99.99%. Bringing bullion into Thailand, or taking Thai gold out of Thailand, makes no sense either way. Anyone doing that will take a beating financially when they try to sell it.

[KKr]

1 minute ago, Lacessit said:

Thai gold is about 96.5% pure. Gold bullion is usually 99.99%. Bringing bullion into Thailand, or taking Thai gold out of Thailand, makes no sense either way. Anyone doing that will take a beating financially when they try to sell it.

I beg to disagree.
if selling say Krugers in a local shop they will need a margin to cover their cost of shipping it to Bangkok.
but the margin is of the international gold price as per Kitco, or any other bullion trader. 
If you sell 99.9999 and get offered the price as quoted in Thai Baht, you get ripped off twice.
1) purity not taken into account
2) 2 baht weight is less than one Troy ounce.
however, the bid/sell spread is lower. 
 

[AsiaCheese]

On 6/10/2020 at 8:19 AM, Monomial said:

You need an import license issued by the Ministry of Finance.

 

No duties, but many hoops to jump through.

 

I could be wrong, but I think I read that only businesses (i.e. traders, financial institutions etc.) can apply for an import license, not Mr. and Ms. Smith. You can buy gold bullions (even the 99.9% grade ones) at licensed Thai traders, but not import them.

BTW, that has nothing to do with the US$ 20,000 cash (equivalent) that can be brought to Thailand (more when registering with customs at the airport). Gold bullions aren't considered a currency/means of payment.

Edited June 11, 2020 by AsiaCheese

[KKr]

1 hour ago, RocketDog said:

thanks 

 

Wow. 7108.12.10 seems to state a 35% ad valorem rate. Does that means there is a 35% duty on bringing bars/ingots into the kingdom? 

you'd have to look into details.
"select preferences" shows the various trade agreements.
trade agreements, I believe, all exempted,
others if WTO, 1 %.
and the rest of the world would be 35 % then.

[KKr]

6 minutes ago, AsiaCheese said:

Gold bullions aren't considered a currency/means of payment.

unless they are legal tender in the country of issue.
But you are right, gold bars, fancy medals, commemoratives etc, are not a means of payment.
Hence, in theory, the customs treatment could be different.

Canadian Maple Leafs, American Golden Eagles, 1 Oz. are legally good for 50$ in the shop.
However, customs will count market value.

Other coins, where one might be looking at a higher bid/offer spread, may be premium priced for perceived rarity. p.e. Order of Malta 10000 Liras Gold PF 2005 Pope John Paul II is offered at just over 2.050 USD on the internet.  
Selling that to a mom and pop store in a provincial town will get the same as a kruger or golden eagle that currently cost some 1770, and are usually easier to identify.

I'd not invest in uncirculated coins that are usually a bit more expensive than proof.
Reason being that only very specialised dealers have the equipment to test purity and read laser engraved hallmarks. mom and pop take a coin out of the wrapping and put it under a bunsen burner, gone is the unc. premium.

[Lacessit]

14 hours ago, KKr said:

I beg to disagree.
if selling say Krugers in a local shop they will need a margin to cover their cost of shipping it to Bangkok.
but the margin is of the international gold price as per Kitco, or any other bullion trader. 
If you sell 99.9999 and get offered the price as quoted in Thai Baht, you get ripped off twice.
1) purity not taken into account
2) 2 baht weight is less than one Troy ounce.
however, the bid/sell spread is lower. 
 

I don't understand what you are claiming in your post. Unless the gold price increases while the buyer is holding it, said buyer will always make a loss due to the buy/sell spread. The only way to make a profit is when the increase is greater than the spread.

[RocketDog]

19 hours ago, KKr said:

you'd have to look into details.
"select preferences" shows the various trade agreements.
trade agreements, I believe, all exempted,
others if WTO, 1 %.
and the rest of the world would be 35 % then.

Thanks for the info. 

[AsiaCheese]

10 hours ago, Lacessit said:

I don't understand what you are claiming in your post. Unless the gold price increases while the buyer is holding it, said buyer will always make a loss due to the buy/sell spread. The only way to make a profit is when the increase is greater than the spread.

Of course you need to hold it; same as with any speculative "thing", and all have buy/sell spreads. I bought the odd 99.999% bullion (not in Thailand) for around US$1,400 (oz.) and it's now roughly at US$1,750. I call that a nice little gain, and there's not much of a buy/sell spread either.

[Daniil85]

Hello everyone.

What's known about importing gold bars into Thai nowadays? For example, I save personal funds in a gold bars. It's less than 10000$, so it's allowed to transport via airplane in personal luggage. But can I bring it with me to Thailand? On webpage of Thai customs there is no straight mentions about this. I found an article at Wikipedia about this, where they said that importing gold bars require license (i.e., for personal needs it's equal prohibited). But that's an article on a Wiki, which can't be treated as official information. Where can I find any official info about this?

[Bill97]

5 minutes ago, Daniil85 said:

Hello everyone.

What's known about importing gold bars into Thai nowadays? For example, I save personal funds in a gold bars. It's less than 10000$, so it's allowed to transport via airplane in personal luggage. But can I bring it with me to Thailand? On webpage of Thai customs there is no straight mentions about this. I found an article at Wikipedia about this, where they said that importing gold bars require license (i.e., for personal needs it's equal prohibited). But that's an article on a Wiki, which can't be treated as official information. Where can I find any official info about this?

$10,000 is about 5 ounces,  put it in your pocket and go anywhere.

[Daniil85]

8 minutes ago, Bill97 said:

$10,000 is about 5 ounces,  put it in your pocket and go anywhere.

With all respects, but on what experience you founded your opinion? Well, at the airport they at least will ask you to put everything from your pockets, and after this questions will be raised.

[Bill97]

26 minutes ago, Daniil85 said:

Well, at the airport they at least will ask you to put everything from your pockets

 That happens to you?

[Daniil85]

35 minutes ago, Bill97 said:

That happens to you?

Not with me, but with my friend in Japan. They just asked her to show her luggage. Just without reasons.