Land purchase

[breezer1]

Can someone post to what the rules are to bringing money from abroad to buy land build house in the Thai wifes name ?

Is there a limit ? and is this money thats brought in taxable in Thailand .

Thanks in advance

Breezer

This place is confusing the hell out of me .

[watterinja]

Oh, oh.

[everglaze]

The first thing I would recommend is to open the bank account in your name
only and not a joint account. Hopefully you will have the right kind of visa to do this.
Thai people for the most part cannot resist the opportunity to (Borrow Your Money) without
Your say-so.
Rule #1 Keep your money safe. That is just my own opinion.

[breezer1]

Oh, oh.

Oh Oh What ?

I have been coming and living in Thailand since 2001 i bet and sometimes lose 1000s on betting dogs and horses and i certainly wont lose any sleep losing or throwing away 50 or 100 grand in Thailand .

Some of us can afford it its only pocket money and we cant take it with us.

Breezer

[Thetyim]

The currency controls that have been on & off recently make this a difficult question to answer .
I suggest you ask your bank manager.

As far as I am aware you will not be liable for tax in LOS if the money was earned more than a year ago. Crazy rule but thats what I have read.

[watterinja]

Oh, oh.

Oh Oh What ?

I have been coming and living in Thailand since 2001 i bet and sometimes lose 1000s on betting dogs and horses and i certainly wont lose any sleep losing or throwing away 50 or 100 grand in Thailand .

Some of us can afford it its only pocket money and we cant take it with us.

Breezer

I'm sure there any number of professionals willing to help you spend you money. Best to get sound professional advice in Thailand nowadays, with all the legal changes. No-one really seems to know what is going on, or where it will go - especially with large financial transactions.

If you are so flush & are talking such small money, then bring it in as USD cash & convert it locally as you need, or draw it out the ATM. It's chicken-feed really & you probably would be able to handle it yourself.

[Spin]

Some of us can afford it its only pocket money and we cant take it with us.

can you lend me 100,000 Baht

Is there a limit ?

no, you can bring in a much as you like. For land purchaes you do not need the Foreign Exchange Transaction Form

and is this money thats brought in taxable in Thailand .

no not for land purchase, other than the government transfer fees, search other parts of this forum for the details.

to buy land build house in the Thai wifes name ?

Why not register a simple lease for 30 years on the land to safeguard yourself, i can supply you with a draft for free if you need one. Its better than crying over spilt milk later

This place is confusing the hell out of me

it will for the first 25 years or so and then it all becomes clear

[William]

breezer

the rules are pretty much what everyone else has said. There is an exemption from the 30% withholding on foreign exchange transactions for property purchases.

two problems I have encountered.

1: the exemption of the land purchase really only applies to a Thai, as a foreigner cannot legally own land here. so if you transfer the money into your own account and invoke the exemption rule, some (and I stress some) local banks will tell you it doesn't apply as foreigners cannot own land

2: assuming the bank says this is ok, i.e. the exepmtion rule applies, you then potentially have a problem with the land department as your wife cannot should proof of funds, thus could (and again I stress could) find herself subject to a nominee investigation.

for the above 2 reasons, i would suggest you see a lawyer and retain their services so they can walk you through the process and ensure you avoid any problems

[Rigger]

Just bring it in a bit at a time using internet banking or something and transfur it into your wifes bank account much easier.
Where are you building if it is Isaan I sure there are plenty of us here who can give you a few pointers

[Thetyim]

Originally Posted by breezer
and is this money thats brought in taxable in Thailand .
no not for land purchase,

Interesting.
Are you saying that tax liability is dependent on what you spend the money on ?

[William]

^I have to say, that's not how I had read it. I always assumed the mere bringing money into Thailand earned in the same year was when the tax point was, regardless of whether or not the money was actually spent.