money to buy property

[salavan]

hi folk's

im going to transfere money from the uk to my thai bank account to buy property, does anyone know if there is any tax levied on money brought in for property purchase's.

thanks

[Naam]

relax, no tax!

[Pib]

^^^^What Naam said.

[ToddinChonburi]

NO TAX !!!!!!

[Paul944]

no tax on the money transfer. You are probably aware you will pay a transfer fee at the outbound and at the inbound bank. A small percentage of the transferred sum. Most banks use a minimum and maximum amount for the fee.

Sending foreign valuta to Thailand tend to be cheaper as sending Baht. If you do not know what gives you the most Baht just make 2 test transfers first, one sending Pounds and one sending Bahts. Also wise to do if you never did transfer money to the same account before. You want to be sure it gets to the right account.

Transfers above a certain amount will have extra checks at both banks for actions like money laundering.

[swissie]

No problem to "bring" money into Thailand. Potential problems only arise when wanting to take money out of Thailand.

Property? Condominium or land or what? Makes a tremendous difference.

Also see: Sub-Forum "Real Estate".

Cheers.

[fletchsmile]

No there's no tax at the moment. Around 2007 there were some restrictions and there were also big differences between onshore and offshore rates, but the restrictions have gone now.and the difference onshore/offshore narrowed significantly.

Do it all in one go to minimise your paperwork. Keep the foreign exchange transfer form they give you. Make copies too. It's a key document for proving the funds came from outside Thailand. Even when you've bought your property keep that document in case you ever want to send money out again. Thailand loves paper chases, but keep the paperwork and you'll be fine.

Make sure you ask the sender to convert the money in Thailand so you get the onshore rate, which is still better than you'll get converting outside Thailand.

As it will be a large sum contact your bank branch and see if they can get you a better rate. Usually on larger sums you can ask them for this. I also get a call whenever money comes into the country and they check the rate is OK with me.

You might want to check check if you are able to find out who the correspondent bank will be there is one (or more), and see if you can specify. This can be useful if you're transferring within the same bank just different countries and the bank is also part of the settlement system in these countries. May save yourself a little. The most important tho is getting the onshore rate - transfer GBP or whatever currency and ask the bank here converts.

Cheers

Fletch