selling gold, chunk of cash, transfer, no record

[forumuser10]

I have bought some gold over the years, a little bit now and then, but do not have track record of all the purchases.

If I sell, I will be getting a chunk of cash, and as I want to put into a bank account, and then later transfer some of it to a bank overseas, will I have problems with the banks?

And do I have to pay taxes on it?

Will the banks demand purchase record of the gold?

[xen]

I am sure there are ex politicians and certain others in Thai society that have their methods. Ask them .

[NCC1701A]

Yes EVERYBODY is going to wonder where the cash came from. What country are you a citizen of?

[Naam]

Yes EVERYBODY is going to wonder where the cash came from. What country are you a citizen of?

nobody is going to wonder and nobody is going to ask any questions. that's of course the status quo which might change in future.

[NCC1701A]

I think we are talking about two different things. Of course every government wants to know where the cash came from. In thailand and all over the world

[CMSteve]

A little gold here and there doesn't sound like much. Unless you are depositing millions of THB at a time, no one will even blink.

[forumuser10]

A little gold here and there doesn't sound like much. Unless you are depositing millions of THB at a time, no one will even blink.

No it is not millions and millions.

[forumuser10]

I think we are talking about two different things. Of course every government wants to know where the cash came from. In thailand and all over the world

Yes, this is what I am wondering about. And the fact that I do not have all the receipt when I purchased it, might make it more difficult. But some people here says it will not be a problem

Btw, anyone have any experience with selling a chunk of gold? and received cash, above lets say 500 000 thb?

[forumuser10]

Yes EVERYBODY is going to wonder where the cash came from. What country are you a citizen of?

nobody is going to wonder and nobody is going to ask any questions. that's of course the status quo which might change in future.

That sounds good.

It makes me wonder though, these semi rich guys who probably hold quite a large chunk of gold, wouldn't the government and banks want to know where they got their gold from? If so, is it fairly common for the big guys to always keep receipt from when and where they bought their gold?

[OPG]

It all depends on the amount you will sell and or deposit into your Thai account. If your Thai bank questions the deposit, all you have to do is show them the sales receipt for the gold you sold and that should be the end of it.

Now for the other part of your question, it really all depends on the country you are from or to the country you will be transfering the proceeds to, but the smart thing to do here, is open up an offshore banking account (Cyprus, Seychelles, Mauritius, Cayman Islands, Bahamas, Singapore, Hong Kong...depends on your country of citizenship) with ATM card and have the buyer of your gold transfer the money direct via wire transfer to your offshore banking account. Be sure to be present at the bank when the buyer does transfer the funds and get a copy of the transfer receipt. This way, you will save yourself on the exchange rate and can have access to the proceeds from the sale of the gold any time you require via your ATM Card and you will not have to report the sale to your own government. They don't know you have the gold at this moment and will never know you sold it and would never question the amount of money that was transferred back into your country since it will never touch your countries soil except through withdrawals at an ATM which will not raise red flags.

If you have a need for an Offshore Company, then it would be better to incorporate one and then establish the offshore banking and do what I stated above, but get a company that offers Bearer Shares as your name will never be on the offshore center governments registry.

GOLD - If you are need of money, then sell your gold, but if it is not needed immediately, I would hold on to it for a while longer. Gold has depreciated and will depreciate more before bouncing back up...just a heads up. Good Luck!

Edited September 22, 2014 by OPG

[tingtong]

Banks seem to ask more questions if the transfer amount is over $10.000...if you transfer "chunks" of cash only, like few 1000s a week, I don't think it will raise a red flag anywhere.

[Naam]

It all depends on the amount you will sell and or deposit into your Thai account. If your Thai bank questions the deposit, all you have to do is show them the sales receipt for the gold you sold and that should be the end of it.

Now for the other part of your question, it really all depends on the country you are from or to the country you will be transfering the proceeds to, but the smart thing to do here, is open up an offshore banking account (Cyprus, Seychelles, Mauritius, Cayman Islands, Bahamas, Singapore, Hong Kong...depends on your country of citizenship) with ATM card and have the buyer of your gold transfer the money direct via wire transfer to your offshore banking account. Be sure to be present at the bank when the buyer does transfer the funds and get a copy of the transfer receipt. This way, you will save yourself on the exchange rate and can have access to the proceeds from the sale of the gold any time you require via your ATM Card and you will not have to report the sale to your own government. They don't know you have the gold at this moment and will never know you sold it and would never question the amount of money that was transferred back into your country since it will never touch your countries soil except through withdrawals at an ATM which will not raise red flags.

If you have a need for an Offshore Company, then it would be better to incorporate one and then establish the offshore banking and do what I stated above, but get a company that offers Bearer Shares as your name will never be on the offshore center governments registry.

GOLD - If you are need of money, then sell your gold, but if it is not needed immediately, I would hold on to it for a while longer. Gold has depreciated and will depreciate more before bouncing back up...just a heads up. Good Luck!

for the record:

Dear Sir,

allow me to state that you have no idea concerning offshore banking or offshore corporations. there's nowadays no bank on this planet which opens corporate accounts without at least one natural person listed as beneficiary except if the company is publicly listed. the afore-mentioned is also the reason why one can hardly find a jurisdiction where corporations can be established which issue bearer shares.

and if bearer shares are issued they are not worth the paper on which they are printed.

[forumuser10]

It all depends on the amount you will sell and or deposit into your Thai account. If your Thai bank questions the deposit, all you have to do is show them the sales receipt for the gold you sold and that should be the end of it.

Now for the other part of your question, it really all depends on the country you are from or to the country you will be transfering the proceeds to, but the smart thing to do here, is open up an offshore banking account (Cyprus, Seychelles, Mauritius, Cayman Islands, Bahamas, Singapore, Hong Kong...depends on your country of citizenship) with ATM card and have the buyer of your gold transfer the money direct via wire transfer to your offshore banking account. Be sure to be present at the bank when the buyer does transfer the funds and get a copy of the transfer receipt. This way, you will save yourself on the exchange rate and can have access to the proceeds from the sale of the gold any time you require via your ATM Card and you will not have to report the sale to your own government. They don't know you have the gold at this moment and will never know you sold it and would never question the amount of money that was transferred back into your country since it will never touch your countries soil except through withdrawals at an ATM which will not raise red flags.

If you have a need for an Offshore Company, then it would be better to incorporate one and then establish the offshore banking and do what I stated above, but get a company that offers Bearer Shares as your name will never be on the offshore center governments registry.

GOLD - If you are need of money, then sell your gold, but if it is not needed immediately, I would hold on to it for a while longer. Gold has depreciated and will depreciate more before bouncing back up...just a heads up. Good Luck!

Ah yes, makes sense, I just show them the sell receipt from the gold shop.

About the setting up an offshore account. Thanks for the tip, but not sure I understand it fully even though it sounds good.

I set up an offshore bank account for example in Hong Kong ( I am from Scandinavia), and meanwhile the gold shop is transferring the money to the bank in Hong Kong, I need to be present? How is that possible? I deposit the gold in the gold shop and then travel to Hong Kong, and then let them do the payment? Seems risky.

And then, I will keep the money in Hong Kong, and just access the money through the ATM card when I am back in my home country?

It seems to me, more and more countries share personal information over the borders so to speak