Selling Thai Property And Taking Money To Uk

[timmys]

Hi,

I wondered if anyone can help.

If you own property in Thailand and then you decide to sell, can you take the money out and transfer it back to the UK?

How can you get the money to the UK? Are there any limits on how much you can take out of Thailand?

What taxes do you have to pay?

Any advice appreciated.

Thanks

Tim

[chiang mai]

Hi,

I wondered if anyone can help.

If you own property in Thailand and then you decide to sell, can you take the money out and transfer it back to the UK?

How can you get the money to the UK? Are there any limits on how much you can take out of Thailand?

What taxes do you have to pay?

Any advice appreciated.

Thanks

Tim

Do a search on this forum because there's loads of discussions about this subject. In a nutshell:

When you sell pay attention to the tax you pay on the sale because that is the amount the banks will let you transfer out.

Maximum transfer out of Thailand in foreign currency is USD 20k (each time) or equivalent but there are ways around this as the other threads will point out.

[PattayaParent]

What chiang mai said is correct BUT the bank MAY let you transfer out what you have actually brought into the country to purchase the property if you show them the original contract and the Tor Tor 3.

cm is also right about the limit of transfer (unless covered by the tax receipt or TT3) but in practice banks will ask you to show your work permit in order to transfer money out.

[PattayaParent]

What chiang mai said is correct BUT the bank MAY let you transfer out what you have actually brought into the country to purchase the property if you show them the original contract and the Tor Tor 3.

cm is also right about the limit of transfer (unless covered by the tax receipt or TT3) but in practice banks will ask you to show your work permit in order to transfer money out.

[timmys]

So from your replies..... I could take out the same amount as I brought in via a bank transfer (providing I pay tax on the amount first). Then I could carry out USD 20k every time I leave.

Is that correct?

Tim

[PattayaParent]

Have you really made that much profit on your property????

[timmys]

We'll have to see! I have two properties and they've both grown in value since I bought them off plan a couple of years ago.

Does anyone else have any advice/experience of this?

Thanks

Tim

[plasticpig]

Got one question, if you have lost your TT3 or the foreign transfer doc you had.

Can you still just sell your condo, but keep the money in Thailand.

Does this document need to be shown at the time of sale.

If so to who.

Thanks

[PattayaParent]

You don't get to keep the TT3, it has to be handed into the land office but your bank will accept a copy of it to transfer money out.

So yes, you can just keep the money in Thailand if you want to.

The next question though has to be, can you use the money from the sale to purchase another condo by showing the TT3 copy and the sales agreement for the first condo? Or would you still have to bring in a fresh amount of money for the new condo?

[plasticpig]

Thanks for that.