Bank Interest

[mynot]

I am in the inevitable predicament you get when you sell a condo here. I have been informed that to buy another condo, I have to bring in "new money" from o/seas.

OK, if I do that, I will then have a surplus of Baht in my bank a/c. (sorry its taken so long to get to the question)

I will now be earning more than enough interest to make it taxable.

Since I am retired here, will this be classed as "earning income" or "working"...will it cause a problem with authorities?

[geoffphuket]

I am in the inevitable predicament you get when you sell a condo here. I have been informed that to buy another condo, I have to bring in "new money" from o/seas.

OK, if I do that, I will then have a surplus of Baht in my bank a/c. (sorry its taken so long to get to the question)

I will now be earning more than enough interest to make it taxable.

Since I am retired here, will this be classed as "earning income" or "working"...will it cause a problem with authorities?

Hi Mynot,

Have you considered sending the money from the sale of your old condo back to your home country, and then transfering it back again. You could lose some money on the exchange rates, but it would solve the problem.

[mynot]

Thanks for the reply geoffphuket...... but the man who bought my condo, wanted a 90 day contract. I move to Cha Am on Sunday with the intention of putting a deposit on the new condo with the final payment in 30 days. So I need to transfer the funds here soon. Hence the excess funds fiasco. If I then tranfer it all out again, chances are, that I would lose quite substantially. So, I was just going to leave it here with a lesser percentage rate until I spent it