International Driving Permit from Surat Thani.

[johnkkk1]

Hello guys,

Here is situation:

I bought xxx bitcoins when they were 15$ each, sold them 2 months ago , now all cash in bank in my home coutry. So what's the best way to transfer all that money here to Thailand? I don't want to have any troubles with local immigration police because I didn't pay any taxes in my country for that , also I don't have any financials papers or bills to prove how did I get those money at the first place.

Any advices guys Or even more preferable - contacts of good financial lawyers who can consult me what should I do.

Thanks in advance

[baansgr]

Swift transfer to your Thai Bank if you have one. The onus is more on the sending bank to require where the funds originated from, Thai bank will be only to happy to receive incoming funds.

[JAS21]

Xndpay never asked me where my money came from. Just ask me what I will use it for here in Thailand, although I have never 'done' more that a few thousand GBP at a time with them. On the other hand Moneycorp did ask for proof of where it came from when I brought a little more across on one occasion.

Not an easy one ...

[maewang99]

Bangkok Bank's code is BKKBTHBK. spelling the code is the most complicated part. don't know about others, however if you are US or dual US.... you might have a problem, even though, most likely, not. FATCA. but whatever you do, don't let it sit in a bank or brokerage account long time without an FBAR. and.... not just US maybe..... this is why Kim Jung Un is so pissed off all the time. he can't get his overseas (the opposite problem) so he can buy baubles for the 1st and 2nd level cadre. we can be glad not to have his problems, that is, of being priority targets at least.

Edited March 31, 2016 by maewang99

[johnkkk1]

yeah , I know that I can send money directly here from my bank , I've done it before (10-20k$ per month) - everything was okay .

But now I'm asking how to tranfsfer 400k$ here or even more . 10k$ per month - it will take 40 months for transfer all money - too slow .

3-6 months will be ok for me , so what's the best way to to do it?

[Langsuan Man]

Just transfer using SWIFT and state that you are buying a condo as the reason for the one time transfer, fortunately once the money is in Thailand there is no requirement that you actually buy a condo and there is no way for the authorities to check and if they did, you can always say that you changed your mind

You have a greater chance of problems trying it in multiple small increments that suggest that you are money laundering

Depending upon your home country you may have more problems there than in Thailand

[Pib]

Just transfer it and include a reason for transfer (i.e., buy a condo, etc). The Thai bank will be happy to receive the funds....they don't tax it or anything (another transfer myth). But keep in mind, assuming you are a U.S. citizen since you will have more $10K in a foreign bank for even one millisecond during the tax year you will be required to submit an FBAR next year. And also don't forget about completing the FATCA section of your U.S. tax return next year since you'll have a foreign account (depending on your filing status and amount of money will determine what you need to complete in the FATCA section). If you are not a U.S. citizen then the FBAR and FATCA stuff won't affect you unless your home country has some type of similar foreign financial accounts reporting requirement(s).

See below IRS weblink for FBAR and FATCA comparison, filing status, trigger amounts, etc.

https://www.irs.gov/Businesses/Comparison-of-Form-8938-and-FBAR-Requirements

Edited April 1, 2016 by Pib