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Repatriating Funds?


pe7e

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Quick question, If I brought in, say 3 million baht's worth of GBP's to legally buy a condo in my own sole name, and a few years later it was sold for say 4 million by myself, (or my heirs) would there be any difficulty in repatriating these funds?

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Hi,

 

I am far from an expert on this, but I believe that you will need to have some paperwork when you bring the money in stating its purpose (buying a condo). When you then want to take the money out, you can use that paperwork again. No idea how they deal with profits/gains though.

 

Sanuk!

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Hi,

 

I am far from an expert on this, but I believe that you will need to have some paperwork when you bring the money in stating its purpose (buying a condo). When you then want to take the money out, you can use that paperwork again. No idea how they deal with profits/gains though.

 

Sanuk!

 

 

A friend had to show proof that he had brought the money into Thailand from abroad. I don't remember what happened, but I know he had problems since he had brought it in GBP years before and couldn't find any record of it.

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Quick question, If I brought in, say 3 million baht's worth of GBP's to legally buy a condo in my own sole name, and a few years later it was sold for say 4 million by myself, (or my heirs) would there be any difficulty in repatriating these funds?

 

As long as the funds have been transferred into Thailand with letter to bank stating "For Purchase of (insert property address) " and registered at Land Registry office any subsequent sale and profits due to appreciation of value, again from Land Registry Office (from Sales and Purchase Agreement), can be legally repatriated.

 

It is somewhere in Thailand Civil and Commercial Code http://www.samuiforsale.com/law-texts/thailand-civil-code-part-1.html

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  • 2 weeks later...

You can also very quickly remove money abroad via the ATM network.

 

I have around 20 or so accounts, some of which are Bt200k per day and some Bt500k per day via the ATM network. Taking an average of Bt350k per day per account, I could theoretically withdraw Bt7m per day across the accounts simply by sitting in front of an ATM and pushing the cards in and out.

 

As they are also Visa / Mastercard, I presume one could also go into an overseas bank and withdraw whatever amount you wanted, up to the available balance and your bank limits.

 

I have done this to over Bt1m in minutes via 2 in bank ATM machines which caused the staff to think I was committing a fraud of some sorts - UK cards generally are limited to £500/1000 maximum per day.

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