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Posted

My understanding is that I can gift money to a Thai person, transferred from abroad, and it will be tax free for the receiver.

So what is the procedure to send 5 million baht to a Thai person, not anyhow related to me. The person in question will buy a property with the money, and is it possible to file it as a mortgage, and still be tax free?

Do I need to ask permission, or fill in some specific documents. I will send the money using Wise.

 

This is a legit question, so no need for the cynics to tell me that i will lose the money.

Posted
45 minutes ago, CallumWK said:

My understanding is that I can gift money to a Thai person, transferred from abroad, and it will be tax free for the receiver.

So what is the procedure to send 5 million baht to a Thai person, not anyhow related to me. The person in question will buy a property with the money, and is it possible to file it as a mortgage, and still be tax free?

Do I need to ask permission, or fill in some specific documents. I will send the money using Wise.

 

This is a legit question, so no need for the cynics to tell me that i will lose the money.

Not being cynical, but you really need to research this subject before you transfer. Your "file it as a mortgage' doesn't really make any sense, and your "do I need to ask permission, or fill specific docs" shows you know nothing of Thailand's complicated rules and regulations, so once again my advice is to research this with a Lawyer or proper authorities.

Posted
5 minutes ago, couchpotato said:

Not being cynical, but you really need to research this subject before you transfer. Your "file it as a mortgage' doesn't really make any sense, and your "do I need to ask permission, or fill specific docs" shows you know nothing of Thailand's complicated rules and regulations, so once again my advice is to research this with a Lawyer or proper authorities.

 

Yes I don't know the rules, hence I asked the question here.

 

To file it as a mortgage has to be done at the land department, and is written on the back of the title deed, and I know how that works as i have done it before.

 

So my question about the mortgage was actually if a gift can be registered as a mortgage.

 

So since you clearly also don't know the rules, no need to further reply

Posted
3 minutes ago, Yellowtail said:

I think gifts are taxable over a certain amount. 

 

 

From what I read in a related topic recently, the limit to none relatives is 10 million.

 

My main question is if there is a "gift" document that has to be completed

Posted

I do not even understand what you mean by: "So my question about the mortgage was actually if a gift can be registered as a mortgage."

 

If you gift someone money, why are they not free to do with it as they please? 

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Posted
2 minutes ago, Yellowtail said:

I do not even understand what you mean by: "So my question about the mortgage was actually if a gift can be registered as a mortgage."

 

If you gift someone money, why are they not free to do with it as they please? 

 

Because the gift is actually a loan, so it will be paid back over time.

But I'm not eager to pay 35% tax over it

Posted
57 minutes ago, CallumWK said:

My understanding is that I can gift money to a Thai person, transferred from abroad, and it will be tax free for the receiver.

So what is the procedure to send 5 million baht to a Thai person, not anyhow related to me. The person in question will buy a property with the money, and is it possible to file it as a mortgage, and still be tax free?

Do I need to ask permission, or fill in some specific documents. I will send the money using Wise.

 

This is a legit question, so no need for the cynics to tell me that i will lose the money.

A gift from abroad, or domestic transfer, a gift is a gift.

 

Technically, it COULD be taxable............for you.  The funds sent through Wise are technically in your name until deposited in the receiver's bank account.

 

Depends on whether the funds are considered assessable, and what particular set of constantly changing rules you bring them in under.

 

For the receiver, it's a tax-free gift.

 

Gift tax rates in Thailand are structured to favor transfers to direct relatives. For gifts to ascendants, descendants, or spouses, the tax-free threshold is 20 million baht per year to a single recipient, with a tax rate of 5% applied to amounts exceeding this threshold. For gifts to individuals who are not the taxpayer’s parent, descendant, or spouse, the exemption is up to 10 million baht per year per recipient, with a 5% tax rate on the excess.

 

***FOR ENTERTAINMENT ONLY, DO NOT TAKE INTERNALLY***

Posted
2 minutes ago, NoDisplayName said:

A gift from abroad, or domestic transfer, a gift is a gift.

 

Technically, it COULD be taxable............for you.  The funds sent through Wise are technically in your name until deposited in the receiver's bank account.

 

Depends on whether the funds are considered assessable, and what particular set of constantly changing rules you bring them in under.

 

For the receiver, it's a tax-free gift.

 

Gift tax rates in Thailand are structured to favor transfers to direct relatives. For gifts to ascendants, descendants, or spouses, the tax-free threshold is 20 million baht per year to a single recipient, with a tax rate of 5% applied to amounts exceeding this threshold. For gifts to individuals who are not the taxpayer’s parent, descendant, or spouse, the exemption is up to 10 million baht per year per recipient, with a 5% tax rate on the excess.

 

***FOR ENTERTAINMENT ONLY, DO NOT TAKE INTERNALLY***

 

The transfer will be directly from my account abroad, via Wise, to the Thai person his account.

 

So not sure where accessible would come in the picture.

Posted
1 minute ago, CallumWK said:

 

Because the gift is actually a loan, so it will be paid back over time.

 

In that case it's not a gift.

 

8 minutes ago, CallumWK said:

To file it as a mortgage has to be done at the land department, and is written on the back of the title deed, and I know how that works as i have done it before.

 

Assume you(r wife) owns the land. 

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Posted
Just now, CallumWK said:

 

The transfer will be directly from my account abroad, via Wise, to the Thai person his account.

 

So not sure where accessible would come in the picture.

 

The money sent thru Wise is your money until it reaches the receiver's account.  You are remitting money to Thailand.  The gifting happens when the receiver receives the funds.

 

If your Thai friend has an offshore account, transfer there, let them remit their gift to Thailand.

Posted
1 minute ago, NoDisplayName said:

 

In that case it's not a gift.

 

 

Assume you(r wife) owns the land. 

 

Do you tell everything to the tax man?

 

As per the OP the receiver is not a relative, and the property they will by has also no relation to me or anyone who is related to me

Posted
6 minutes ago, CallumWK said:

 

Because the gift is actually a loan, so it will be paid back over time.

But I'm not eager to pay 35% tax over it

So, you're a liar, a cheater and a tax evader, nice. 

 

Good luck with it. 

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Posted
1 minute ago, CallumWK said:

 

Do you tell everything to the tax man?

 

As per the OP the receiver is not a relative, and the property they will by has also no relation to me or anyone who is related to me

 

In that case it is NOT a mortgage and will not be recorded on the chanote.

 

2 minutes ago, CallumWK said:

Do you tell everything to the tax man?

 

Only what is necessary.  I do not report non-assessable remittances, but can do so if ever required.

Posted
3 minutes ago, NoDisplayName said:

In that case it is NOT a mortgage and will not be recorded on the chanote.

 

No problem, the importance is that it can come in as a gift tax free, and I need to know the correct procedure for that.

 

Obviously the receiver, or I ,don't  have offshore accounts

Posted

Seems like you are trying to break the rules and avoid paying tax....  an online forum is not the best place to do that an anyone can screen shot this thread and use it against you at a later date.

Posted
8 minutes ago, CallumWK said:

 

Please go troll in another thread, not everyone shags boys or ladyboys like you do.

You are loaning a man, unrelated to you, money to build a house. I assumed you helping you boyfriend.

 

I apologize. 

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