Paying For Land

[dave111223]

I have my cash in Thailand spread over 10 or so bank accounts under various family members names, as i'm somewhat paranoid of "big bother".

When purchasing land the easiest thing to do would be to move the cash into 1 account and then get a purchase check from that 1 account for the full amount.

However i know back in the US transferring large amounts of cash between accounts and getting large cashiers checks would almost certainly raise some red flags and probably require all kinds of IRS declarations to be made.

Do any such red flags, or tax department issue apply in Thailand. Is there any kind of tax declarations that need to be made when withdrawing or depositing certain amounts of cash?

The land in question is about 3million baht.

I'm not referring to the property/sales tax on the land itself (as i'm aware of this and not trying to avoid it), but just general issues related specifically to the deposit/withdrawal of cash.

Would it be more advisable to break the amount up, and give the seller a few different checks totaling the full amount?

Edited December 13, 2009 by dave111223

[Capealava]

Are you ""Tony Sopranos" Brother????

[stgrhe]

You need not worry about that Dave and for many here in Thailand 3 mil is a fairly small amount. I have moved money back and forth from several accounts and never seen any question asked.

[dave111223]

You need not worry about that Dave and for many here in Thailand 3 mil is a fairly small amount. I have moved money back and forth from several accounts and never seen any question asked.

Thanks for the reassurance, i'm glad to know that this amount will not cause any problems.

I'm still wondering if there is any certain amount of money deposited with requires tax declarations. I know in the US it's $10,000. If you deposit more than his in cash you have to fill out an IRS form.

[stgrhe]

You need not worry about that Dave and for many here in Thailand 3 mil is a fairly small amount. I have moved money back and forth from several accounts and never seen any question asked.

Thanks for the reassurance, i'm glad to know that this amount will not cause any problems.

I'm still wondering if there is any certain amount of money deposited with requires tax declarations. I know in the US it's $10,000. If you deposit more than his in cash you have to fill out an IRS form.

I don't think so. For instance, two weeks ago I withdraw 565,000 baht in cash to pay the balance for my wife's new car. Again no questions other than a kindly "be careful when carrying so much in cash" from the teller.

[ZOOKA]

Stgrhe

I ve heard the most you can transfer back to your home country from thailand without questions is approx £10, 000 about 500 000B.

If its more than 1 mill then ideally you have to show that money coming onto Thaiand maybe with a foreign exchange transfer from your property purchase or some form of evidence.

Any thoughts??

Bringing 4 or 5 million into Thialand was no problem. I have a good paper trail from the UK so hopefully one day when I sell its no hassle???

Cheers

[stgrhe]

Stgrhe

I ve heard the most you can transfer back to your home country from thailand without questions is approx £10, 000 about 500 000B.

If its more than 1 mill then ideally you have to show that money coming onto Thaiand maybe with a foreign exchange transfer from your property purchase or some form of evidence.

Any thoughts??

Bringing 4 or 5 million into Thialand was no problem. I have a good paper trail from the UK so hopefully one day when I sell its no hassle???

Cheers

I have thus far never had a need to transfer money out of Thailand so I do not know about the restrictions other than that you need to show where the money is coming from, tax receipt or foreign exchange certificates (or whatever they are called).

By the way, my bank, Bangkok Bank, will only give me a foreign exchange certificate within three months from the date of transfer.

[katabeachbum]

Been dealing with land and houses here since 2003, and never declared anything when banking. Some deals as small as 3 mill baht, some 20 mill baht.

Its a cash country. See a car deler 9 in the morning when the thais take delivery, showroom full of cash. Cashier has machine to count cash

[ZOOKA]

Thanks for that

One day IF and WHEN I CAN sell my house I just wander if I can send that big fat amount of Thai Baht out of the country back to UK??

Easiar enough to send money into Thailand....

Just interested to know if you could send back say 8 million without any problems as when Im grey and old I will just rent and it saves all the hassle of family relatives back in the UK trying to sell ...............NOT EASY FOR THEM........

[katabeachbum]

Thanks for that

One day IF and WHEN I CAN sell my house I just wander if I can send that big fat amount of Thai Baht out of the country back to UK??

Easiar enough to send money into Thailand....

Just interested to know if you could send back say 8 million without any problems as when Im grey and old I will just rent and it saves all the hassle of family relatives back in the UK trying to sell ...............NOT EASY FOR THEM........

If you sell to farang, its usually easy enough to get payed in something else than thai baht