Tax Info And Taking Money Out Of Thailand.

[lufc74]

Hi, i'm hoping to sell my house in Phuket next year ( ha ha ) and take half the money out of the country and into the UK. I was hoping somebody may have been in the same situation to give a bit of advice regarding if i can take money out of Thailand, how they did it, and if they also had to pay tax in the UK once the funds were deposited there. Obviously i will have a bit of tax to pay here in Thailand, but do i still need to pay again in the UK ??

Any advice would be much appreciated.

Cheers.

[PattayaParent]

Hi, i'm hoping to sell my house in Phuket next year ( ha ha ) and take half the money out of the country and into the UK. I was hoping somebody may have been in the same situation to give a bit of advice regarding if i can take money out of Thailand, how they did it, and if they also had to pay tax in the UK once the funds were deposited there. Obviously i will have a bit of tax to pay here in Thailand, but do i still need to pay again in the UK ??

Any advice would be much appreciated.

Cheers.

Just show your bank the tax certificate from the Land Office and a copy of the TT3 (FET) on which you brought in the money and they will transfer the sum that the tax has been paid on.

That's if the house is in your name, not your wifes'.

Or you can show them your work permit and they'll allow you to send money out.

You shouldn't have to pay tax on the money here (except the Land Tax) or in UK.

[lufc74]

Hi, i'm hoping to sell my house in Phuket next year ( ha ha ) and take half the money out of the country and into the UK. I was hoping somebody may have been in the same situation to give a bit of advice regarding if i can take money out of Thailand, how they did it, and if they also had to pay tax in the UK once the funds were deposited there. Obviously i will have a bit of tax to pay here in Thailand, but do i still need to pay again in the UK ??

Any advice would be much appreciated.

Cheers.

Just show your bank the tax certificate from the Land Office and a copy of the TT3 (FET) on which you brought in the money and they will transfer the sum that the tax has been paid on.

That's if the house is in your name, not your wifes'.

Or you can show them your work permit and they'll allow you to send money out.

You shouldn't have to pay tax on the money here (except the Land Tax) or in UK.

Firstly, thanks for the reply

TT3 ( FET ) i've never heard of this. Majority of the money came into Thailand in dribs and drabs as i needed it for the construction of this house, so i dont have any real receipts, just my banks transfer form ?? I dont have a work permit as i dont work here ( i work out of the country in the oil and gas industry ) i come and go every month. Any other help would be appreciated,

Thanks again.

[PattayaParent]

If you send in more than $20,000 a go then you will need to get a Tor Tor Sarm (TT3) now called a Foreign Exchange Transfer (FET) from the bank that received the money. If the amounts transfered were less than this you can get a letter from the bank confirming the foreign currency transfer and the exchange rate (I forget what the Thai name is).

But if the house is in your wifes name it's not much use to you.

[Carib]

Sell the house to a foreigner and have him/her pay you ofshore..is that a possibility in Thailand??

[lufc74]

Thanks for the help here. I've no receipts from the Thai banks. ( i think most transfers were £10,000 or less ) i have all my UK bank transfer receipts, so that may help. I thought of the offshore route, but even now, in the UK the're looking at these offshore accounts and chasing people up. What a set of *@*@ !! Anyway, i need to sell the house first, and as we all know, things are quite on the housing market. It could be a while before i sell. My best bet is to stash it down my boxers each time i leave the country....

[PattayaParent]

If the money transfers were less than US$20 k then you cannot get the FET but you can ask the bank the money was received at to issue a Bai Rap Rong which is a statement from the bank that money was transfered in foreign currency and the exchange rate at that time.

Once you sell the house there should be no problem with your offshore bank receiving the funds, you can even notify them in advance that you have sold a property and the money is going to be transferred directly to the bank. The bank is only interested in covering their ar5e in case the anti-terrorism police ask questions.

[lufc74]

Pattaya parent,

Thanks for the help here, that seems clearer now.

Hope you all have a great xmas and new year.

[billaaa777]

I am no expert on UK tax laws, but most counties taxing system follow a few basic premises, one of which is you are not taxed double on your income. In your case this applies to your funds that where originally sent into Thailand to purchase and renovate your house. These funds should of already been taxed on your original income in the UK, therefore are no longer subject to tax.

Therefore the amount you originally sent into the country can be sent back to your country without taxation. What is taxable is the gain you made on your investment. I noticed you stated you were planning on paying taxies on that in Thailand; again most all counties have some form of tax treaty with each other to prevent double taxation. So if you paid a Thai tax I am virtually assured that the amount would be tax deductible in the UK to the extent of the tax you paid in Thailand verse your income and corresponding tax rate in the UK.

If you were not to pay the Thai tax and only returned the funds to the UK you sent out of the UK you could still have access to your funds in Thailand while residing the UK tax free. All auditing and tax systems need an audit or paper trail of some kind to follow. However, if you utilize a Thai bank and with draw your funds in the UK using an ATM card, there is very little if any paper trail for the tax department in the UK to follow, since the tax regulators do not have access the a Thai banks account records and to date no country has developed a sophisticated enough system to track individual with drawls from ATM’s world wide.

Good Luck!

[lufc74]

I am no expert on UK tax laws, but most counties taxing system follow a few basic premises, one of which is you are not taxed double on your income. In your case this applies to your funds that where originally sent into Thailand to purchase and renovate your house. These funds should of already been taxed on your original income in the UK, therefore are no longer subject to tax.

Therefore the amount you originally sent into the country can be sent back to your country without taxation. What is taxable is the gain you made on your investment. I noticed you stated you were planning on paying taxies on that in Thailand; again most all counties have some form of tax treaty with each other to prevent double taxation. So if you paid a Thai tax I am virtually assured that the amount would be tax deductible in the UK to the extent of the tax you paid in Thailand verse your income and corresponding tax rate in the UK.

If you were not to pay the Thai tax and only returned the funds to the UK you sent out of the UK you could still have access to your funds in Thailand while residing the UK tax free. All auditing and tax systems need an audit or paper trail of some kind to follow. However, if you utilize a Thai bank and with draw your funds in the UK using an ATM card, there is very little if any paper trail for the tax department in the UK to follow, since the tax regulators do not have access the a Thai banks account records and to date no country has developed a sophisticated enough system to track individual with drawls from ATM's world wide.

Good Luck!

Billaaa777, Thanks for the reply. Thats sounds logical. I'm guessing the money i brought into the Thailand will probably be equal to what i send back to the uk ( i'm leaving some here for another project ) so as you say, your only taxed on the gain i've made.

Thanks again for all the replies, i feel a touch better now.

[nitram]

Just to put a spanner in the works "lufc74"..... but if you have sold a house, then the house would not be in your name. Therefore, transferring the money out would not need the FETF or the receipt of taxes paid. As the money isn't really yours.

I would suggest that you may have a bit of difficulty transferring the money.

Open up a bank accoutn with a "Debit Card" that is useable overseas and withdraw it in dribs and drabs.

[PattayaParent]

Just to put a spanner in the works "lufc74"..... but if you have sold a house, then the house would not be in your name. Therefore, transferring the money out would not need the FETF or the receipt of taxes paid. As the money isn't really yours.

I would suggest that you may have a bit of difficulty transferring the money.

Open up a bank accoutn with a "Debit Card" that is useable overseas and withdraw it in dribs and drabs.

A house CAN be owned in a Farang name, just not the land that it is on. However your method of obtaining the money would be recommended if he could not transfer it out.