Moving Money Back To The Uk

[watchoutfarang]

Hi,

I recently brought over a substantial amount from the Uk to invest in a condo in LOS. I have subsequently decided, given the current economic conditions not to do this. The money is in a high interest account at the moment and when this termintates I wish to move it back to the UK. I have the relevant paperwork 9ie Tor Tor form) stating the amount was brought over for condo purposes, but I wondered how easy it is to get back to blighty, interest included.

Any info appreciated.

Thanks

Watchoutfarang

[smilingjim]

Hi,

I recently brought over a substantial amount from the Uk to invest in a condo in LOS. I have subsequently decided, given the current economic conditions not to do this. The money is in a high interest account at the moment and when this termintates I wish to move it back to the UK. I have the relevant paperwork 9ie Tor Tor form) stating the amount was brought over for condo purposes, but I wondered how easy it is to get back to blighty, interest included.

Any info appreciated.

Thanks

Watchoutfarang

You haven't said which bank and whether the deposit is in Thai baht account or foreign currency account. In theory it shouldn't be a problem but may have to do a lot of paperwork! Some of the bank staff are often not aware of the rules!

I have a copy of the Bank of Thailand info on this. PM me if you'd like a copy -in case you have any problems with the bank.

Incidentally you haven't said whether you are resident in the UK or ex-pat. If ex-pat why not put it in an off-shore bank account or investment so it grows tax free!

[Chang_paarp]

You may be required to pay tax on the profit. Doing this will usually keep the bureaucrats happy.

[watchoutfarang]

Thanks guys

Just to clarify further, I am from the Uk and been on an extended holiday from the UK for the past 6 months. For tax purposes I have signed myself out of the country and this money is the profit from the sale of my own house in the UK. I intend to work in the Asia-Pacific region.The money is in a high interest account in Kasikorn Bank and I am already paying tax on the interest. 4.5% for 6 months. I do have the facility tomove this money offshore. I do intend to buy a condo overseas however, wheter it be Thailand, Singapore or Australia. Do you think it best to move it back to the Uk first or keep it offshore until I choose my destination or keep it in Thailand?

Best

Watchoutfarang

[Chang_paarp]

If you are a pom, then put it in a bank in a stable economy, ie not Thailand, but not home. Try HK, Singapore or even Malaysia. You can find some relatively good investments there without paying too much tax, if any. Take that into account as part of the costs of your investment, the banks will let you know.

The with-holding amount is not always the full tax owed on the income/interest. The Thai govt may still want some more tax if they think you have earned enough, alternatively if the amount of tax you have paid is more than the tax due for the year from your earnings you can apply for a refund.

In Au if you do not supply a Tax File Number (TFN on the forms) the with-holding tax is 49%, there is little relief for non residents, so keep it elsewhere until you need it.