Selling Condo

[edh]

Selling my condo and have made a small profit.

Can I transfer the whole amount abroad or only the amount stated on my old TT3 documents?

Appreciate any information you may have.

Edh

[Sunbelt Asia]

Once the transfer of ownership of the condominium is registered the Land Office issues an official receipt specifying tax, duty stamps, specific business tax (if applicable) and registration fees paid upon transfer and the official Sale and Purchase Agreement. You must submit these documents to the bank for approval to repatriate the amount shown in the official Sale and Purchase agreement if the amount is greater than the equivalent of $US 20,000

[SGD]

Be careful about showing your cards to anyone and remember that just 1 SCB account can give you Bt200,000 per day. That is about $6500 per account, per day. The other banks have similar limits (but you have to set these limits as the pre set limit might be Bt50,000 or Bt20,000.

Thus, with 10 operating accounts, it is totally feasible to withdraw over $50,000 per day.

Just how much profit did you want to take out ?

[clinique]

For the original price you paid this you can remit back out of Thailand usingthe original TT3 (exchange receipt).

Any amount over that hold back at first. Then in seperate transactions you can remit overseas up to US$20,000- per time to yourself "for personal expenses" under Bank of Thailand regs. Amounts over US$20,000- need an invoice or some other documentation.

Beware that the 'profit technically is taxable in Thailand if you declare it, so if you try to transfer all your sale price (ie: more than the original TT# amount) there may be questions of a 'tax' clearance.??'

[edh]

Thanks.

Edh

[PattayaParent]

Yes, you can transfer out the whole amount if you've paid tax on it.

[edh]

Thought the taxes were paid when the transfer of ownership was done at the land office.

I'll have to double check with my lawyer I guess.

Edh

Yes, you can transfer out the whole amount if you've paid tax on it.

[clinique]

At the land dept is transfer duty and special buiness tax.

Any profit is subject to income tax which is not dealt with by the land dept.

[PattayaParent]

Yes 'edh' just show the tax receipt from the land office to the bank and they will let you transfer out the sales value you've paid the tax on (less the tax of course).

[InterestedObserver]

At the land dept is transfer duty and special buiness tax.

Any profit is subject to income tax which is not dealt with by the land dept.

Income or withholding tax is collected by the Land Department at the time of sale.

[ChiangMaiFun]

At the land dept is transfer duty and special buiness tax.

Any profit is subject to income tax which is not dealt with by the land dept.

Shhhhhhh!