Selling A Thai Based Property And Transferring Proceeds Out Of Thailand?

[sonic_11uk]

I'm asking this question on behalf of a friend who doens't have internet access yet:

He is planning on investing in a 1-bed condo near Phrong Prong BTS on Sukhumvit, but isn't sure how to take his profits out of Thailand should he move back home.

For those who have bought property in Thailand, let's say you wanted to sell up and move back home; how would you transfer the funds back home?

I'd been told that the government here are more than happy for you to transfer funds into Thailand to invest but make it very difficult for you to transfer any profits out of Thailand.

I'm hardly knowledgable, but I assume that you'd be taxed by the Thai government if you were to transfer the proceeds from the sale of your property, then by your own government when the funds (re)enter your own country.

Is there a way of minimizing or better controlling such tax payments?

Apologies if I've worded this in a naive way.

Edited June 27, 2006 by sonic_11uk

[Dragonman]

He will require the Foreign Exchange Transaction Form from the bank when bringing money in, and will need to show only a paper trail that the property is sold and going back to his own account. He will also have to show that all taxes have been paid before the money leaves Thailand. Taxation in the UK depends on many things and it is best to check his personal situation at the time with Revenue, as things change.

[billaaa777]

You are permitted to wire back to your own country the amount you originally wired into Thailand without too much of a problem. Next, to get the profits out you are permitted to wire our not over $20,000 US for family expenses which is how you get the profits out. You might need to wire that amount more than once, which you can.

[Thaising]

Foreigner that sold his/her Thai property has to do the transfer at the Land department. During the documentation procession, you have to settle all transfer fee and relevant taxes. Once you have all the paid receipt, just request for a certified copy of an authorized sale transaction letter from the land department. Present this letter to the bank and they will transfer the sell fund to any country without problem.

I sold my condominium with the above procedure and Bangkok bank transferred my funds.

[Dragonman]

Foreigner that sold his/her Thai property has to do the transfer at the Land department. During the documentation procession, you have to settle all transfer fee and relevant taxes. Once you have all the paid receipt, just request for a certified copy of an authorized sale transaction letter from the land department. Present this letter to the bank and they will transfer the sell fund to any country without problem.

I sold my condominium with the above procedure and Bangkok bank transferred my funds.

Ah, a Bank that actually follows BoT Regulations! How refreshing.