Transfering Monies Out Of Thailand

[samran]

Advice from those who know would be most welcome...

Paraphrasing an email from my mate in London....

"My boss is wanting to sell a property in Koh Samui, he’s under the impression (given by his lawyers) that even though he paid the USD deposit it’s extremely difficult to get money out. He's been told by his lawers that consequently, he needs to do a swap with someone wanting to take money in"

Just sounds too strange to me.

I was under the impression that so long as the person has evidence that they bought the money in (some sort of receipt from the BOT?) they could easily repatriate that money.

I get the feeling the lawyer might somehow be associated with the property development, and thus dragging their feet, as happens when people want their deposits back (with just cause..)

any advice from the brains trust?

Many thanks in advance..

[clinique]

ye si thought the same.

As long as he has the Tor Tor 3 ( or whatever its called now Foreign Exchange ..something receipt) which ississued by the bank when the money comes in (or a Bai rap rong) then he can send the money out no problem..

Not being suspicious but is he using a reputable law firm ?

He should check with the bank. I would.

[elcent]

Advice from those who know would be most welcome...

Paraphrasing an email from my mate in London....

"My boss is wanting to sell a property in Koh Samui, he’s under the impression (given by his lawyers) that even though he paid the USD deposit it’s extremely difficult to get money out. He's been told by his lawers that consequently, he needs to do a swap with someone wanting to take money in"

Just sounds too strange to me.

I was under the impression that so long as the person has evidence that they bought the money in (some sort of receipt from the BOT?) they could easily repatriate that money.

I get the feeling the lawyer might somehow be associated with the property development, and thus dragging their feet, as happens when people want their deposits back (with just cause..)

any advice from the brains trust?

Many thanks in advance..

There's probably no more money. All spent for SUV s and other luxuries. You'd need investigate.

Normally, a deposit is as it says a deposit, but unfortunately very often abused and spent.

And if your boss finds someone to invest he should take also the commission.

Edited October 5, 2009 by elcent

[chiang mai]

BOT approval is needed if sending more than USD20K out of the country (unless you are a Thai and can prove the overseas expense). Alternatively, any amount brought into the country can be sent out as long as the original documentation exists - in the case of a property purchase, you would need to show that the property had been sold and that tax has been paid on that sale (Land Office receipt required) before the bank will allow the transfer. There's many ways around all of this but it requires a little effort and the recipient needs to be in country, e.g. if the money is already in his/her account he/she can buy USD or GBP cashiers cheques drawn on a Thai bank in the UK or USA in amounts up to USD20k (buy as many as you like) and courier them to their home bank where they will clear in three days, and so on.

BTW, the swap business is a scam so best avoided.

Edited October 5, 2009 by chiang mai

[PattayaParent]

What clinique said, send the money out using the same bank as it came into but he'll have to be in Thailand to do it.

[samran]

thanks for the answers so far.

Just to clarify, my mates boss said that the lawyer is from one of the 'big firms'. So I'm working off the assumption now that it is a firm of good repute.

Also, in terms of understanding better: Is it essential that my mates boss be here to transfer money out? Surely this is something he can grant the power of attorney for and the lawyer handles that.