Capital Inflow Tax On Wire Transfer For Extension Of Stay Based On Retirement

[TJM55]

I did a search on this and was unable to find any updated information.

It's time to have money wired from my U.S. account to meet the 800,000-baht requirement for another year's extension of stay based on retirement.

Is the Thai government still imposing the "Capital Inflow Tax" on wire transfers of $20,000 or more, or has it been repealed? I just need to know whether I need to request one or two wire transfers.

[pontious]

I did a search on this and was unable to find any updated information.

It's time to have money wired from my U.S. account to meet the 800,000-baht requirement for another year's extension of stay based on retirement.

Is the Thai government still imposing the "Capital Inflow Tax" on wire transfers of $20,000 or more, or has it been repealed? I just need to know whether I need to request one or two wire transfers.

As far as I know there has been no change- I would keep each transfer below $20000 to be on the safe side.

P

[guyham]

About a year ago I ran into some big time medical expenses and arranged for a $25,000 transfer to my account at Krung Thai Bank in Thailand. The wire transfer was received by the bank's head office in Bangkok but they refused to release the funds to my local bank until I had written a letter guaranteeing that I would not "re-export" the money out of Thailand. This I did and the money was released. The bank official in Bangkok who had telephoned my wife about this told her that if the transfer had been $20,000 or lower there would have been no problem.

[lopburi3]

The law is still on the books but most banks are not automatically transferring to central bank (extra paperwork to return) but holding until they contact account holder for verification it is not subject to the withholding rules. Much better to keep the transactions below 20k USD.

[TJM55]

I did a search on this and was unable to find any updated information.

It's time to have money wired from my U.S. account to meet the 800,000-baht requirement for another year's extension of stay based on retirement.

Is the Thai government still imposing the "Capital Inflow Tax" on wire transfers of $20,000 or more, or has it been repealed? I just need to know whether I need to request one or two wire transfers.

As far as I know there has been no change- I would keep each transfer below $20000 to be on the safe side.

P

Good advice, thanks.

[TJM55]

About a year ago I ran into some big time medical expenses and arranged for a $25,000 transfer to my account at Krung Thai Bank in Thailand. The wire transfer was received by the bank's head office in Bangkok but they refused to release the funds to my local bank until I had written a letter guaranteeing that I would not "re-export" the money out of Thailand. This I did and the money was released. The bank official in Bangkok who had telephoned my wife about this told her that if the transfer had been $20,000 or lower there would have been no problem.

This is excellent information to have, thanks for your reply. I will just do two transfers to avoid any problems.

[TJM55]

The law is still on the books but most banks are not automatically transferring to central bank (extra paperwork to return) but holding until they contact account holder for verification it is not subject to the withholding rules. Much better to keep the transactions below 20k USD.

Thanks for the information, I will do as you suggest & just do two transfers.