Condo sale export money

[Whale]

Can anyone help me understand the process for exporting funds overseas from the sale of a condo? Does the approval come from the land office or the bank? Is the export document given on sale transfer at land office or paying of tax, etc? Where is tax paid at the land office or after the sale?

 

Thanks

 

 

[LongTimeLurker]

The tax is paid at the land office at the time of the sale.

 

You take the tax receipt to your bank and you will be allowed to export the amount that you have paid tax on, which is probably not the amount you have received for the sale. If you want to export the balance the bank will ask to see your work permit.

 

At least that's what happened 14 1/2 years ago when I sold my last property.

[scubascuba3]

I've heard anecdotal evidence that it can be much more straight forward, sometimes no questions asked by bank. Deemoney seems to give the best net rate and simple it seems

[DrPhibes]

You were able to sell your condo?  Please forward the details of the demi-god of realtors you used to make that happen ????  Congrats by the way!

[david555]

15 minutes ago, DrPhibes said:

You were able to sell your condo?  Please forward the details of the demi-god of realtors you used to make that happen ????  Congrats by the way!

I think the demi-god  of reasonable pricing compared to the present real estate market is the best demi-god one ....being realistic 

[Whale]

How do you pay the land office? Cash transfer on spot, cheque, bankers draft? Do they give you so many days to pay? I am wondering as I would want to pay from the money received from the seller rather than my own savings (which would. be next to nothing in Thailand by the time I get of the condo to my thinking).

[scubascuba3]

19 minutes ago, Whale said:

How do you pay the land office? Cash transfer on spot, cheque, bankers draft? Do they give you so many days to pay? I am wondering as I would want to pay from the money received from the seller rather than my own savings (which would. be next to nothing in Thailand by the time I get of the condo to my thinking).

I paid cash at the land office when the sale was going through, chanote changed etc

[kwonitoy]

You can remit the amount on the sale receipt issued by the land office.

If it's lower than the actual sale price, (It usually is) You can transfer up to 50,000 USD per day on any kind of visa. I did.

The bank didn't want to do the additional transfer the same day, I had to wait a couple of days and then no problem.

Cost of transfer is 1350 baht. 

The sales tax at the land office is paid in cash, on the day of the sale/chanote transfer. You won't get your chanote until they are paid, normally split 50/50 between buyer and sell

 

My personnel experience in 2019

[cardinalblue]

Strap the rest to your chest on departure…

[don long]

I’ve recently transferred 4 x 200,000 via dee money, money transfer to usa bank. The last one became a semi problem they ask for 3 months bank statement after multiple difficult calls the transaction completed with 3 months of bankbook transactions. With Bank of Thailand now only guarantee of 1,000,000 bhat I’m not comfortable leaving money over that amount in any Thai bank. I was here in 1997 when bhat went from 25 to 1 usd to 50 overnight. So i lost almost 25,000usd when I was forced to leave. That’s not happening again. Why is Bank ofThailand only warranting 1 million bhat? Careful when leaving money over your needs here….

[bkkdriller]

I sold and transferred my condo in Bangkok last month and this is how it went:

The land office (in my case Klong Toei land office) will provide you with an official receipt stating the sale value, the land office value and the taxes and fees that were paid on these amounts. Show the receipt to the bank (in my case SCB) and make international transfer (took less than 15 min). Because of the large amount you can get (negotiate) a better exchange rate as well (well within 1% of the interbanking exchange rate at that moment). The SCB transfer fee was 500 baht and the money was in my account in the Netherlands in less than an hour.

The taxes and fees were paid by bankers cheque. In my case the buyer paid all taxes (and agent) and deducted my portion from the sales price (this was contractually agreed to avoid me sending money to Thailand to pay the agent and Taxes and then sent abroad again after the sale). Even if the buyer pays taxes on your behalf the land office will issue the receipt in your name.

[Jenkins9039]

On 9/10/2021 at 11:49 AM, Whale said:

oes the approval come from the land office or the bank

These days you should be able to move funds offshore within your bank app very quickly and without issue.

[scubascuba3]

7 hours ago, bkkdriller said:

I sold and transferred my condo in Bangkok last month and this is how it went:

The land office (in my case Klong Toei land office) will provide you with an official receipt stating the sale value, the land office value and the taxes and fees that were paid on these amounts. Show the receipt to the bank (in my case SCB) and make international transfer (took less than 15 min). Because of the large amount you can get (negotiate) a better exchange rate as well (well within 1% of the interbanking exchange rate at that moment). The SCB transfer fee was 500 baht and the money was in my account in the Netherlands in less than an hour.

The taxes and fees were paid by bankers cheque. In my case the buyer paid all taxes (and agent) and deducted my portion from the sales price (this was contractually agreed to avoid me sending money to Thailand to pay the agent and Taxes and then sent abroad again after the sale). Even if the buyer pays taxes on your behalf the land office will issue the receipt in your name.

I wonder if it's more problematic if someone sells in dodgy thai company name