Spreaders of Conspiracy Theories: Unmasking the Motivations Behind the Lies

[kronk]

Hi

I hope you can help me.

I know there are restrictions on how much money you can send out of Thailand and I have read threads about you can send back higher amounts (if you can show that you've brought that amount into Thailand).

My situation is a bit different in that I inherited a house in Thailand (which we have sold) so therefore I haven't taken money into Thailand but wish to take it out. As I understand it, I seem to have a restriction on sending the equivalent of USD10k out per month to the UK where we live.

What I want to know is are there taxes that have to be paid if I send more than USD10k per month? I'm just wondering whether there will be some form of income/capital gains tax as I inherited property. The property has gone through Thai probate and has been sold so would have thought that this would have been dealt with already and that I wouldn't be liable for any further taxes.

Your advices would be much appreciated.

Thanks

[bwalker1973]

Your best answer is to apply to Bank of Thailand, proving that you have sold your house, and will only cost around $40 (including their fees and wire transfer.)

I learnt the hard way, I got my funds paid into a business account, then wrote a cheque, but was refused due to no authorisation from bank of Thailand.

All you have to do is prove that you sold the house, and the money is from that sale, doesnot matter who or how you got the land or property.

[kronk]

Your best answer is to apply to Bank of Thailand, proving that you have sold your house, and will only cost around $40 (including their fees and wire transfer.)

I learnt the hard way, I got my funds paid into a business account, then wrote a cheque, but was refused due to no authorisation from bank of Thailand.

All you have to do is prove that you sold the house, and the money is from that sale, doesnot matter who or how you got the land or property.

Many thanks for replying. Do you happen to know if there would be any additional taxes that would have to be paid once you've sold your house? Probates gone through and I've got the money in the bank account and would be surprised if there is further money to pay. Just can't seem to get an answer from my Thai accountant on this. Would be ideal if I can transfer it in one go back to the UK rather than sending out on monthly basis.

[chiang mai]

You have two choices, regardless of the fact that you didn't bring money into Thailand to buy the house:

The first is to use the blue receipt you got from the Land Office when you sold the house, using that slip as a guide you can export to another country the amount of money recorded as the sale amount, on which taxes were paid.

The second option is purchase cashiers cheques from the larger Thai banks that have a presence in London, Bangkok Bank is a good choice - buy cashiers cheques drawn on Bangkok Bank London, each with a maximum value of less than USD20k (equivalent) and courier the cheques to your UK bank and deposit them into your UK account, they will clear within three working days - repeat the process as many times as needed.

A possible third option might be to consider keeping the money in Thai Baht until such time as the UK Pound settles down (after the election at earliest).

[cerbera]

You have two choices, regardless of the fact that you didn't bring money into Thailand to buy the house:

The first is to use the blue receipt you got from the Land Office when you sold the house, using that slip as a guide you can export to another country the amount of money recorded as the sale amount, on which taxes were paid.

The second option is purchase cashiers cheques from the larger Thai banks that have a presence in London, Bangkok Bank is a good choice - buy cashiers cheques drawn on Bangkok Bank London, each with a maximum value of less than USD20k (equivalent) and courier the cheques to your UK bank and deposit them into your UK account, they will clear within three working days - repeat the process as many times as needed.

A possible third option might be to consider keeping the money in Thai Baht until such time as the UK Pound settles down (after the election at earliest).

Interesting

When you say drawn on Bangkok bank London. Youmean from a GBP denominated account. Please if youd be so kind elaborate a little more as the cashier cheque seems like a very good option

[chiang mai]

You have two choices, regardless of the fact that you didn't bring money into Thailand to buy the house:

The first is to use the blue receipt you got from the Land Office when you sold the house, using that slip as a guide you can export to another country the amount of money recorded as the sale amount, on which taxes were paid.

The second option is purchase cashiers cheques from the larger Thai banks that have a presence in London, Bangkok Bank is a good choice - buy cashiers cheques drawn on Bangkok Bank London, each with a maximum value of less than USD20k (equivalent) and courier the cheques to your UK bank and deposit them into your UK account, they will clear within three working days - repeat the process as many times as needed.

A possible third option might be to consider keeping the money in Thai Baht until such time as the UK Pound settles down (after the election at earliest).

Interesting

When you say drawn on Bangkok bank London. Youmean from a GBP denominated account. Please if youd be so kind elaborate a little more as the cashier cheque seems like a very good option

A Sterling denominated cashiers cheques drawn on BB London (you pay cash and they give you the certified cheque, it's a negotiable instrument drawn on the BB account, payable to self), costs the same as the TT rate for foreign exchange hence it's the best you can get, charge for the cheque is something like Baht 100 or similar, those cheques carried by the larger branches of BB but are widely available - no questions asked as long as the cheque is below the limit but you can always visit several branches in the same day and buy multiple cheques if you wish - DHL courier charge to London is circa Baht 1,200.