Moving money out and back Thailand. difficulties? permissions required? any Govt taxes etc?

[The Deerhunter]

My Thai wife and I own property in both our countries.  We have been married nearly 20 years, but  I am 25 years her senior!

We have lived in both countries but after a recent 5 year stint in Thailand, we are now back in New Zealand the last 4+ years.

My house in N.Z. is obviously worth more than equivalent Thai property but planning to downsize due to my age,(now 76), we find ourselves pondering how to handle our money and assets.  If my wife sold some of her Thai property now, (other than the family home & land),  could she take the money out of Thailand to make life more comfortable for us here, travelling locally and overseas while travel insurance is available for me?   She has close friends in both countries and family in Thailand, Australia and East Asia.   In a few years, after my eventual demise, if she decided to live out her days in LOS, not N.Z. she could bring her money, plus all my legacy money back to LOS plus my money and live very comfortably.

What snags, complications or losses would we expect to face doing this?

[TroubleandGrumpy]

I would go see a registered financial adviser and get their advice on how to achieve what you want now, and how to achieve what you both want after you 'depart'.  Same thing for assets and finances in Thailand - talk to an expert (but do not give any specific details - such as personal details (other than names) and account numbers etc.  

[CharlieH]

MOVED to Finance forum.

[Mike Lister]

On 3/16/2024 at 11:14 AM, The Deerhunter said:

My Thai wife and I own property in both our countries.  We have been married nearly 20 years, but  I am 25 years her senior!

We have lived in both countries but after a recent 5 year stint in Thailand, we are now back in New Zealand the last 4+ years.

My house in N.Z. is obviously worth more than equivalent Thai property but planning to downsize due to my age,(now 76), we find ourselves pondering how to handle our money and assets.  If my wife sold some of her Thai property now, (other than the family home & land),  could she take the money out of Thailand to make life more comfortable for us here, travelling locally and overseas while travel insurance is available for me?   She has close friends in both countries and family in Thailand, Australia and East Asia.   In a few years, after my eventual demise, if she decided to live out her days in LOS, not N.Z. she could bring her money, plus all my legacy money back to LOS plus my money and live very comfortably.

What snags, complications or losses would we expect to face doing this?

As a Thai citizen your wife should find it fairly easy to transfer the sale proceeds of her house in Thailand, overseas. The controls on transferring currency overseas were very tight but in recent years they have been loosened. Your wife is now able to transfer up to 50 mill baht, for any purpose. If there is going to be any problem at all, it might be in finding a bank that understands the rules, which are set by BOT but not always understood by everyone in branches. I suggest a bigger branch, preferably in Bangkok.

 

You should also take a view on exchange rates, before you make the transfer, this is probably your biggest issue. The NZD is currently fetching about 21.45 but in the past 10 years it has traded up to 28.50, that's quite a spread over time. Making the transfer at current levels seems sensible is about all I can say on this.

 

Lastly, you are aware I imagine that your wife cannot transfer THB outside Thailand, the bank will convert the Baht into the currency of the receiving country.

 

https://www.xe.com/currencycharts/?from=NZD&to=THB&view=10Y

 

 

https://www.siam-legal.com/thailand-law/bank-of-thailand-announces-relaxation-of-foreign-trading-and-exchange-regulations/