Transfer Money into/out of Thailand - Process

[danc]

Hi,

 

Wonder if there is any advice that can be given please on transfer of funds into/out of Thailand .

 

I will be purchasing a business here in Thailand (have business visa and work permit connected to said business). I therefore need to bring about 300k GBP into the country. Do I need to get a FETF (Foreign ExchangeTransfer Form) or can it just be transferrred?   

In the far future, I may want to sell this business on. If I was to get the same price (paid of course in THB, around 13.5m) and wanted to send that money back to a bank in UK, what is the process? If I do not have a FETF is it still possible to send the money out? Do I need to pay tax here in Thailand on sending the money out?

 

Thank you for your advice in advance 

[Swiss1960]

Your Thai bank should automatically call you to come in and sign the FETF, if not you should go there and ask for it and state the reason for the transfer.

No transfer out without according FETF, no taxes for sending out equal money

Sent from my HTC 10 using Thailand Forum - Thaivisa mobile app

[danc]

Thank you very much for the swift response.

 

And this single sheet of paper,  FETP,  has to be kept for however many years until the sale when I leave? Or does the bank always maintain a record? Fear is in 15 years it may be lost or weather damaged (faded to nothing in our climate) 

 

And just supposing, there was no FETP,  is is at all possible to get the money out of the country?

 

Thank you in advance for your help 

Edited June 4, 2017 by danc

[Swiss1960]

Very wise to keep it yourself, protect it accordingly and NOT rely on the bank

Sent from my HTC 10 using Thailand Forum - Thaivisa mobile app