Why is the MAGA movement so susceptible to crazy conspiracy theories?

[BngkkB]

What are the rules for taking Money out of Thailand? From what I have heard there are rules about transferring money out of Thailand. But I can't get any straight answers on the rules.

Example:

1) If I decide to purchase a Free-Hold Condo and at a later date sell the Condo, can I transfer the funds back out of the country after the sale?

2) What are the rules on just plain cash? How much can I transfer into Thailand keep in a Savings and then later transfer back out of Thailand?

All funds would come in from America and probably be transferred back out to America.

Thanks for any info.

[MSingh]

For Thailand property payments in Thai Baht please ensure that the funds are transferred in foreign currency into Thailand and then converted to Thai Baht hereThe receiving bank will then issue a Thor Tor 3 Certificate confirming the transaction.The Thor Tor 3 certificate is a document that will be needed in the future to enable you to repatriate funds and not incur tax penaltiesPlease also be aware that Thor Tor 3 certificates are only issued by banks for individual inward transfers that exceed 20,000 US dollars.Investment funds and overseas borrowing in foreign currency can be freely remitted upon submission of supporting evidence for repatriationThe Thor Tor 3 certificate would be a document used to support the above, or in respect of a foreign currency loan, the loan contract. If funds are remitted without proper documentation these could be regarded as income and therefore become liable for tax.Most Koh Samui developers and estate agents like to simplify this process by allowing the purchase of your property in foreign currency. Your money is usually directly transferred into one of their offshore accounts. The leasehold or freehold will then be setup for you directly on remittance of this money.When you wish to sell your property you simply sell it on in foreign currency.

http://www.samuiparadiseproperties.com/legal.html

[BngkkB]

Thanks MSignh that is very helpful. I had heard about some certificate I needed for the purchase of Condo.

Can anyone answer the second part of my question about just bringing Cash into Thailand and holding it in a savings account for a few years. Would I have any problems in taking back out? Also what would my tax burden be on the Thai side? All funds are from an Inheretance which I beleive are non Taxable in Thailand?

Thanks for any help on this.

[craigt3365]

How about we move this over to the banking, business and investments forum?

[chiang mai]

And how's about a slightly different answer also!

As a foreigner you are allowed to buy and own outright a freehold condominium, subject to a few rules, the most important of which is that the money used to buy the condo. was brought into the country from overseas - it may well be that some developers in Thailand are using overseas accounts for this purpose but I doubt that use of them would allow the owner of the condo to pass the ownership test in a court of law. I dunno, just an opinion.

When the foreigner remits funds to Thailand in order to purchase a condo, the receiving bank will ask as to the purpose of the funds, in practice a letter from the bank stating the remitted funds are to be used for property purchase will satisfy the Bank of Thailand requirements. Funds that are imported and designated as "living expenses" are deemed to have been spent as such and cannot easily later be included in the exported funds amount.

When the foreigner sells the condo he/she must pay tax at the Land Office, without the tax receipt no funds can be legally exported overseas. A word of caution here: it is not unusual for buyers and sellers to understate the sales value of a property in order to reduce the tax liability, it is also quite common that the Land Office will use its own property valuation which in many cases will be less than the actual sales value. The implication of these things is that the seller will not be in possession of a sales tax receipt in an amount that matches the actual sales value hence he/she will be unable to export the full amount. In my experience, trying to refer back to the incoming funds letter or certificate at this point is worthless since the issue has now moved on to one of tax that has been paid. As you can probably see the system of buy/sell/funds transfers for foreigners doesn't work as well or as securely as one might hope but that's the way it is.

Whilst this may seem like a moment to panic it is not. There are many simple and effective ways to transfer funds out of the country and all are within the law. The most common and sensible is to buy cashiers cheques denominated in a foreign currency and drawn on a branch of that bank in your home country, Bangkok Bank New York or London are examples - provided these cheques each have a value of less than USD 20,000 there is no reference back to the BOT and the cheques will clear the overseas branch in a few days.

I hope that helps.

[BngkkB]

Thank You Chiang Mai, that helps a lot. I use to do business in Mexico and I always heard, "This is the best way around this or that law" The people that listened to this usually had problems later on down the line. I'm leary of doing much business here in Thailand, with a lot of the stories I have heard.

I think I'm getting a grasp on process for owning a freehold Condo. Now about holding cash here in Thailand. I am assuming that if I bring funds into Bangkok Bank, all funds from Inheretance I will not be subject to local Thai income tax. Then when I want to take the funds out of Thailand in a few years I will be able to get Cashiers Checks from Bangkok Bank in amounts less then $20,000.00 USD and not have any problems? Could someone let me know if my thoughts on this are correct or wrong?

Thank you again for all the great answers.

[chiang mai]

I'm not a tax expert but I see no reason why funds you hold in Thailand would be taxed, other than the 15% tax on any interest that you earn and this is deducted at source.

As for holding cash here that obviously requires a bank account so best decide which type to open. If you want to hold foreign currency you will need a "non-resident" account, if you intend to convert your funds into Thai Baht, that will require a "resident" account. Opening a "non-resident" account will allow you to hold foreign currency and convert foreign currency into local currency easily.

[haveaniceday]

Why can't you just convert to foreign cash and take it out with you?

Declare it if you have to at your inbound country, so what. No need to declare it out out Thailand as seen here.

www.bangkoklive .co.cc/forums/showthread.php?4023-Immigration-Arrival-Card-TM6

Above link, delete the gap. Maybe it didn't like the queer avatars !!!!!!

http://www.customs.g...ller/Travel.jsp

V Currencies

"Outbound passenger: Unlimited amount of foreign currencies are permitted to carry out of Thailand."

So, Take it out in Cash and be done with it.

Edited March 3, 2011 by haveaniceday

[Thongkorn]

A little off topic ,

What is the Amount of cash you can take out of the UK ,To Deposit in aThai bank.

[haveaniceday]

I don''t know UK, but every western country I have departed have not had a limit. Just a requirement to report how much you are taking over a limit, usually 10k.

[chiang mai]

A little off topic ,

What is the Amount of cash you can take out of the UK ,To Deposit in aThai bank.

Since there are no currency exchange controls in the UK, the answer must be, "unlimited".

[DisparateDan]

"As a foreigner you are allowed to buy and own outright a freehold condominium, subject to a few rules, the most important of which is that the money used to buy the condo. was brought into the country from overseas "

Not exactly true, I bought one freehold and one leasehold with money from my employment here

[DisparateDan]

"When the foreigner sells the condo he/she must pay tax at the Land Office,"

Anyone have a link to this regulation please ?

Edited March 8, 2011 by DisparateDan

[bigwilly]

For Thailand property payments in Thai Baht please ensure that the funds are transferred in foreign currency into Thailand and then converted to Thai Baht hereThe receiving bank will then issue a Thor Tor 3 Certificate confirming the transaction.The Thor Tor 3 certificate is a document that will be needed in the future to enable you to repatriate funds and not incur tax penaltiesPlease also be aware that Thor Tor 3 certificates are only issued by banks for individual inward transfers that exceed 20,000 US dollars.Investment funds and overseas borrowing in foreign currency can be freely remitted upon submission of supporting evidence for repatriationThe Thor Tor 3 certificate would be a document used to support the above, or in respect of a foreign currency loan, the loan contract. If funds are remitted without proper documentation these could be regarded as income and therefore become liable for tax.Most Koh Samui developers and estate agents like to simplify this process by allowing the purchase of your property in foreign currency. Your money is usually directly transferred into one of their offshore accounts. The leasehold or freehold will then be setup for you directly on remittance of this money.When you wish to sell your property you simply sell it on in foreign currency.

http://www.samuipara....com/legal.html

[bigwilly]

Just a couple of minor corrections here, TT3 documents are no longer issued in Thailand they were replaced years ago with a

"Foreign Exchange Transaction Form'', This document is no longer issued for amounts at or above the equivelent of 20,000 USDollars,

the requirement now is a minimum of 50,000US Dollars. I hope this correction may help any prospective importer of funds, as you can't get the form for the lessor amount, the form is still loosely refered to as a TT3.

Regards BW.

[chiang mai]

"As a foreigner you are allowed to buy and own outright a freehold condominium, subject to a few rules, the most important of which is that the money used to buy the condo. was brought into the country from overseas "

Not exactly true, I bought one freehold and one leasehold with money from my employment here

A slightly different set of rules apply to people who hold Thai work permits.

[AbeSurd]

OP, this thread may help you with some answers to your second question:

http://www.thaivisa....to-a-thai-bank/