Capital Inflow Tax And Property:

[danone]

just spoke to my bank regarding money transfers for property:

either you can transfer amounts of less than 20'000 $ each time.

or you get 70 percent of the amount immediately in cash.

for the rest you have to submit to the bank copies of

- passport

- property contract

- and a "to whom it may concern" letter to the BOT

after three days the bank will transfer you the cash of the remaining 30 percent.

[jumnien]

Thanks for the clarification. It my save having to read a whole string of "henny, penny the sky is falling" posts!

[alexth]

Amounts of less than 20'000 $ how many time? Do you mean that if I bring 19500$ on a weekly basis eveything it's ok and will not fall under the 30% rule?

[bendix]

yes.

in fact, you could do that daily and not worry about it.

[Geppis72]

yes.

in fact, you could do that daily and not worry about it.

You right but what about Thor Thor 3 ?

If you transfer less then 20.000 NO TT3 and not withholding tax of 30%

or

transfer more then 20.000 you get the TT3 but 30% rules.

"Thailand Abandons Lockup on Foreign Stock Investments "

Yeahhhh they will turn all this into property market only....

as per usual.... looks that property/ownership is the only

prob in LOS.

Hopefully one day they will wake up and look for serious staff...

The big guys in every regions of the world are never affected

by those kind of rules and changes....

Bye

[danone]

good point about the TT3

only with a residency permit you dont need TT3s to buy property.

[Naam]

all questions are irrelevant. except for puchasing short-term domestic bonds denominated in THB ALL RESTRICTIONS HAVE BEEN LIFTED.

[Japhrodisiac]

all questions are irrelevant. except for puchasing short-term domestic bonds denominated in THB ALL RESTRICTIONS HAVE BEEN LIFTED.

Could you please put up a link to something that will corroborate this statement?

[bendix]

Try reading the press.

[Japhrodisiac]

Try reading the press.

Thanks bub, but as of last reading it seems they have reversed the measure on the stock market segment only. My bank still claims it will withhold 30%. Try posting something of use next time.

[Geppis72]

Try reading the press.

Thanks bub, but as of last reading it seems they have reversed the measure on the stock market segment only. My bank still claims it will withhold 30%. Try posting something of use next time.

So far I did not find any official articles who said U turn for Property withholding tax ....

so still looking for answer as well.

Tks

[CRUNCHER]

Try reading the press.

Thanks bub, but as of last reading it seems they have reversed the measure on the stock market segment only. My bank still claims it will withhold 30%. Try posting something of use next time.

So far I did not find any official articles who said U turn for Property withholding tax ....

so still looking for answer as well.

Tks

Just put below post on another thread. Does not answer you, but I think we will have to wait a few days for the air to clear

QUOTE(Dr. Naam @ 2006-12-21 14:11:03)

where are the moderators to stop misinformation?

I do not think there is misinformation. Problem is BOT is not be explicit enough.

http://www.bot.or.th/bothomepage/General/P.../Eng/n5149e.htm

This is the BOT original press release. Does not make it clear if it relates to property buying. (To me that is not short term, but others do not see it my way) No mention of US$ 20,000 limit.

http://www.bot.or.th/bothomepage/General/N.../Relaxation.pdf

is the latest BOT release. Property is not mentioned. So, if it was included in the first place, it still is. Most press comments are speculation, some obviously ill informed..

Confused? Me too. And so is BOT!! Until BOT gets it's act together there will continue to be confusion.

[ThaiBob]

Try reading the press.

Thanks bub, but as of last reading it seems they have reversed the measure on the stock market segment only. My bank still claims it will withhold 30%. Try posting something of use next time.

So far I did not find any official articles who said U turn for Property withholding tax ....

so still looking for answer as well.

Tks

Just put below post on another thread. Does not answer you, but I think we will have to wait a few days for the air to clear

QUOTE(Dr. Naam @ 2006-12-21 14:11:03)

where are the moderators to stop misinformation?

I do not think there is misinformation. Problem is BOT is not be explicit enough.

http://www.bot.or.th/bothomepage/General/P.../Eng/n5149e.htm

This is the BOT original press release. Does not make it clear if it relates to property buying. (To me that is not short term, but others do not see it my way) No mention of US$ 20,000 limit.

http://www.bot.or.th/bothomepage/General/N.../Relaxation.pdf

is the latest BOT release. Property is not mentioned. So, if it was included in the first place, it still is. Most press comments are speculation, some obviously ill informed..

Confused? Me too. And so is BOT!! Until BOT gets it's act together there will continue to be confusion.

For those still concerned about the tax on property transfers. From the Nation:

"Meanwhile, the Bank of Thailand also issued an announcement on their website on December 21 stating that property including land and condominiums is exempt from the reserve requirement on short-term capital inflows.

Foreign purchasers of condominiums can bring funds into Thailand to purchase condominium property. According to a major local bank, foreign condominium purchasers should clearly state the project name and unit number when remitting funds. "

http://nationmultimedia.com/2006/12/22/bus...ss_30022204.php

[CRUNCHER]

Try reading the press.

Thanks bub, but as of last reading it seems they have reversed the measure on the stock market segment only. My bank still claims it will withhold 30%. Try posting something of use next time.

So far I did not find any official articles who said U turn for Property withholding tax ....

so still looking for answer as well.

Tks

Just put below post on another thread. Does not answer you, but I think we will have to wait a few days for the air to clear

QUOTE(Dr. Naam @ 2006-12-21 14:11:03)

where are the moderators to stop misinformation?

I do not think there is misinformation. Problem is BOT is not be explicit enough.

http://www.bot.or.th/bothomepage/General/P.../Eng/n5149e.htm

This is the BOT original press release. Does not make it clear if it relates to property buying. (To me that is not short term, but others do not see it my way) No mention of US$ 20,000 limit.

http://www.bot.or.th/bothomepage/General/N.../Relaxation.pdf

is the latest BOT release. Property is not mentioned. So, if it was included in the first place, it still is. Most press comments are speculation, some obviously ill informed..

Confused? Me too. And so is BOT!! Until BOT gets it's act together there will continue to be confusion.

For those still concerned about the tax on property transfers. From the Nation:

"Meanwhile, the Bank of Thailand also issued an announcement on their website on December 21 stating that property including land and condominiums is exempt from the reserve requirement on short-term capital inflows.

Foreign purchasers of condominiums can bring funds into Thailand to purchase condominium property. According to a major local bank, foreign condominium purchasers should clearly state the project name and unit number when remitting funds. "

http://nationmultimedia.com/2006/12/22/bus...ss_30022204.php

I know I am thick so could someone tell me where it is on BOT website. I cannot find it

[monty]

Cruncher,

Best thing to do is drop by your bank and ask the manager how they are handling the situation.

My bankmanager (Bangkok Bank) explained following:

Incoming transfers clearly labeled that they are to be used for acquiring a condo (as required to obtain TT3 anyway), will sail straight through without problem.

If the funds is to be used for different purposes, a short chat is required with the manager, preferably with some papers supporting what you will need the money for, and he will clear the full withdrawal of the funds whenever they are to be used for buying of goods and/or services!

So if you want to buy a car, want to re-decorate your condo, buy a condo etc., you will not be influenced by the rule, apart from the short chat with the bank!!!

Only problem I'm seeing now, is for people wanting to acquire a 1 million baht company owning a 10 million Baht house...

You could easily clear the 1 million, plus a bit more for goodwill etc, but I don't think they will allow you to withdraw 10 million to buy a 1 million Baht company...

[Wekhin]

Try reading the press.

Thanks bub, but as of last reading it seems they have reversed the measure on the stock market segment only. My bank still claims it will withhold 30%. Try posting something of use next time.

So far I did not find any official articles who said U turn for Property withholding tax ....

so still looking for answer as well.

Tks

Just put below post on another thread. Does not answer you, but I think we will have to wait a few days for the air to clear

QUOTE(Dr. Naam @ 2006-12-21 14:11:03)

where are the moderators to stop misinformation?

I do not think there is misinformation. Problem is BOT is not be explicit enough.

http://www.bot.or.th/bothomepage/General/P.../Eng/n5149e.htm

This is the BOT original press release. Does not make it clear if it relates to property buying. (To me that is not short term, but others do not see it my way) No mention of US$ 20,000 limit.

http://www.bot.or.th/bothomepage/General/N.../Relaxation.pdf

is the latest BOT release. Property is not mentioned. So, if it was included in the first place, it still is. Most press comments are speculation, some obviously ill informed..

Confused? Me too. And so is BOT!! Until BOT gets it's act together there will continue to be confusion.

For those still concerned about the tax on property transfers. From the Nation:

"Meanwhile, the Bank of Thailand also issued an announcement on their website on December 21 stating that property including land and condominiums is exempt from the reserve requirement on short-term capital inflows.

Foreign purchasers of condominiums can bring funds into Thailand to purchase condominium property. According to a major local bank, foreign condominium purchasers should clearly state the project name and unit number when remitting funds. "

http://nationmultimedia.com/2006/12/22/bus...ss_30022204.php

I know I am thick so could someone tell me where it is on BOT website. I cannot find it

http://www.bot.or.th/bothomepage/General/P.../Eng/n5249e.htm

[CRUNCHER]

Try reading the press.

Thanks bub, but as of last reading it seems they have reversed the measure on the stock market segment only. My bank still claims it will withhold 30%. Try posting something of use next time.

So far I did not find any official articles who said U turn for Property withholding tax ....

so still looking for answer as well.

Tks

Just put below post on another thread. Does not answer you, but I think we will have to wait a few days for the air to clear

QUOTE(Dr. Naam @ 2006-12-21 14:11:03)

where are the moderators to stop misinformation?

I do not think there is misinformation. Problem is BOT is not be explicit enough.

http://www.bot.or.th/bothomepage/General/P.../Eng/n5149e.htm

This is the BOT original press release. Does not make it clear if it relates to property buying. (To me that is not short term, but others do not see it my way) No mention of US$ 20,000 limit.

http://www.bot.or.th/bothomepage/General/N.../Relaxation.pdf

is the latest BOT release. Property is not mentioned. So, if it was included in the first place, it still is. Most press comments are speculation, some obviously ill informed..

Confused? Me too. And so is BOT!! Until BOT gets it's act together there will continue to be confusion.

For those still concerned about the tax on property transfers. From the Nation:

"Meanwhile, the Bank of Thailand also issued an announcement on their website on December 21 stating that property including land and condominiums is exempt from the reserve requirement on short-term capital inflows.

Foreign purchasers of condominiums can bring funds into Thailand to purchase condominium property. According to a major local bank, foreign condominium purchasers should clearly state the project name and unit number when remitting funds. "

http://nationmultimedia.com/2006/12/22/bus...ss_30022204.php

I know I am thick so could someone tell me where it is on BOT website. I cannot find it

http://www.bot.or.th/bothomepage/General/P.../Eng/n5249e.htm

At last it is official. Thanks Wehkin

[Gaudente]

all questions are irrelevant.

Are you Klingon or Borg ?