Selling Our Property

[naomisri]

I trawled for a while, but couldn't find a satisfactory answer. We are selling our property and will shortly need to send the money back to the UK where we will be settling. The money was transfered here around 4 years ago. We are happy to do this in installments if it is necessary, but we are aware that this could take time.

a) Is there more than one possible way of doing this?

What would you recommend we do?

c) Anything else we should take into consideration?

My husband is Thai, I am from the UK and hold Nationwide and Natwest accounts. I am happy to transfer the money to my Mum's account - she also has Natwest and Nationwide a/cs.

Thanks for help with this. We are holding out for our asking price, but want things to move pretty quickly thereafter as we need to be there in good time with the settlement visa.

[chiang mai]

I trawled for a while, but couldn't find a satisfactory answer. We are selling our property and will shortly need to send the money back to the UK where we will be settling. The money was transfered here around 4 years ago. We are happy to do this in installments if it is necessary, but we are aware that this could take time.

a) Is there more than one possible way of doing this?

What would you recommend we do?

c) Anything else we should take into consideration?

My husband is Thai, I am from the UK and hold Nationwide and Natwest accounts. I am happy to transfer the money to my Mum's account - she also has Natwest and Nationwide a/cs.

Thanks for help with this. We are holding out for our asking price, but want things to move pretty quickly thereafter as we need to be there in good time with the settlement visa.

There has been volumes of information posted on this subject but I accept it may be difficult to find and your situation is slightly different from those posted previously, here's my thoughts:

When a farang brings money into this country they usually have to state a reason why it is being brought in and in the case of a real estate purchase there is a paper trail that shows money in, property purchased, property sold and TAX PAID ON FULL SALE VALUE. Given that those things have taken place you can take your sales/Land Office paperwork, including the blue slip showing that tax was paid in full and all the funds can be sent overseas in a single operation. If you cannot produce all the paperwork or the tax paid amount does not correspond to the amount being transferred you are limited by the lower amount.

How your situation might differ from the above by virtue of your marriage to a Thai national, I have no idea.

If however a farang wants to transfer funds overseas they must do so in foreign currency and not in Thai Baht. There is a per transaction limit of USD 20,000 or its equivalent without seeking approvals from the Bank of Thailand. Having said that the transfer process for amounts under $20k can be repeated as many times as needed without seeking approval. Another useful way to transfer funds is to buy a cashiers cheque in Sterling drawn on say Bangkok Bank London and these are available from larger branches. The same limits of less than $20k apply but the cheques, once deposited in London will clear in three working days.

Some years ago I sold a condominium in Chiang Mai for almost the same price that I bought it for a couple of years earlier - the funds involved were brought in from overseas and everything was above board. Shortly after the sale I found that the Land Office had used a valuation amount for the sale that was less than half the true value of the transaction and I only paid tax on the lesser amount. That left me with an ability to transfer out of Thailand about half of the sales proceeds but the other half was stuck here. It took me a few weeks but using the methods described above I was able to ship out the rest of the funds.

[naomisri]

Thanks. I think we may well be going the cheque or smaller transfer route.

[PattayaParent]

If you have A Work Permit you can send it out easily.

[naomisri]

No, no work permit. My husband who is Thai supports us.

[sorensen]

You could try to contact Super Rich, I am sure they can help:

http://www.superrich1965.com/app/contact.aspx

[bubblehead]

No, no work permit. My husband who is Thai supports us.

That must be a first

[eljeque]

Sorry for the ifs

"The money was transfered here around 4 years ago."

If you brought the money into the country, then you would have banking records of it. You can use these records to allow you to send the money back to the UK