"capital Inflow Tax" On Inbound Money Transfers

[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Is the Thai government presently imposing the "Capital Inflow Tax" on wire transfers of $20,000 or more, or has it been repealed?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.

[PattayaParent]

There's never been a Capital Inflow Tax on inbound money transfers so the only thing you have to worry about is the bad exchange rate at the moment.

[Langsuan Man]

There's never been a Capital Inflow Tax on inbound money transfers so the only thing you have to worry about is the bad exchange rate at the moment.

That is not true. 2 years ago, when the Military government took over, they imposed a with holding requirement of 30% to prevent speculation in the Baht (on inbound transfers of over $20,000 US). But that order was rescinded after the SET had it's largest one day drop in history. It was an ill thought up plan and was dropped almost immediately.

One could argue if this was a "tax" since the 30% was returned when the money was repatriated.

So the OP has nothing to worry about in bulking up his Thai account for VISA purposes and since the dollar hit 35 yesterday I also disagree with the second poster about the lousy exchange rate.

LSM

Edited November 22, 2008 by Langsuan Man

[TJM55]

There's never been a Capital Inflow Tax on inbound money transfers so the only thing you have to worry about is the bad exchange rate at the moment.

That is not true. 2 years ago, when the Military government took over, they imposed a with holding requirement of 30% to prevent speculation in the Baht (on inbound transfers of over $20,000 US). But that order was rescinded after the SET had it's largest one day drop in history. It was an ill thought up plan and was dropped almost immediately.

One could argue if this was a "tax" since the 30% was returned when the money was repatriated.

So the OP has nothing to worry about in bulking up his Thai account for VISA purposes and since the dollar hit 35 yesterday I also disagree with the second poster about the lousy exchange rate.

LSM

Langsuan Man,

Thanks for the information. I concur with your statement about the "lousy" exchange rate.

[Naam]

there was never any "tax" on inbound transfers as long as the purpose was stated and did not involve purchase of short term securities.

CASE CLOSED... PERIOD!

[TJM55]

there was never any "tax" on inbound transfers as long as the purpose was stated and did not involve purchase of short term securities.

CASE CLOSED... PERIOD!

Naam,

Now that is what I call an unequivocal reply.

It sure would be nice if the banks could provide unambiguous answers to questions like my post.

[condohope]

There's never been a Capital Inflow Tax on inbound money transfers so the only thing you have to worry about is the bad exchange rate at the moment.

That is not true. 2 years ago, when the Military government took over, they imposed a with holding requirement of 30% to prevent speculation in the Baht (on inbound transfers of over $20,000 US). But that order was rescinded after the SET had it's largest one day drop in history. It was an ill thought up plan and was dropped almost immediately.

One could argue if this was a "tax" since the 30% was returned when the money was repatriated.

So the OP has nothing to worry about in bulking up his Thai account for VISA purposes and since the dollar hit 35 yesterday I also disagree with the second poster about the lousy exchange rate.

LSM

Langsuan Man,

Thanks for the information. I concur with your statement about the "lousy" exchange rate.

[condohope]

There's never been a Capital Inflow Tax on inbound money transfers so the only thing you have to worry about is the bad exchange rate at the moment.

That is not true. 2 years ago, when the Military government took over, they imposed a with holding requirement of 30% to prevent speculation in the Baht (on inbound transfers of over $20,000 US). But that order was rescinded after the SET had it's largest one day drop in history. It was an ill thought up plan and was dropped almost immediately.

One could argue if this was a "tax" since the 30% was returned when the money was repatriated.

So the OP has nothing to worry about in bulking up his Thai account for VISA purposes and since the dollar hit 35 yesterday I also disagree with the second poster about the lousy exchange rate.

LSM

Langsuan Man,

Thanks for the information. I concur with your statement about the "lousy" exchange rate.

One should remember to advise the bank to send US$ to the Thai bank and not have the US$ converted into Thai Baht and have it sent then. The difference could be a big surprise.

rgds.