Exporting Money

[PoorSucker]

Friend of mine is selling his business.

In the case the buyer is Thai, he's wondering how much tax he much pay for taking his money to Singapore.

He had planned to take it out in Cash.

I told him that that's illegal, true or not?

[OriginalPoster]

It depends upon how much cash it is and what currency it is. From http://www.customs.go.th/Customs-Eng/Traveller/TravelEng.jsp :

For Thai currency, the amount of Baht 50,000 or more must be reported on departure to Customs, except those traveling to Lao PDR., Myanmar, Cambodia, Malaysia, and Vietnam are allowed to take out Thai currency not exceeding 500,000 Baht.

For Foreign currency, any person who brings or takes and aggregate amount of foreign currency exceeding USD 20,000 or its equivalent out of or into the Kingdom of Thailand shall declare such amount of foreign currency to Customs. Failure to declare or make false declaration is a criminal offence.

If your friend will be moving an amount of money that exceeds those limits and he declares it, he may need to prove that it is money that he had previously brought into Thailand. Might be easier if he could get the buyer to submit payment directly to Singapore rather than receiving the funds in Thailand and trying to export the cash.

Edited January 23, 2010 by OriginalPoster

[PoorSucker]

In the case the buyer is Thai.

How much would the taxation be for the money to leave Thailand.

We are talking about 1M €

[goldfinger]

in this case, he should spend some money for a good bangkok lawyer...