Property tax liability

[Arcadian]

I bought my house in HH about 3 years ago, I paid the cost into the developers European bank account. If I sell the property now would I be able to take the money out of Thailand legally. Also would there be a liability for tax, I bought the house when the exchange rate was 65bahts/£.
Any help would be appreciated.

[Brit Jim]

I bought my house in HH about 3 years ago, I paid the cost into the developers European bank account. If I sell the property now would I be able to take the money out of Thailand legally. Also would there be a liability for tax, I bought the house when the exchange rate was 65bahts/£.
Any help would be appreciated.

Im sure someone on here will give you a definite answer. You will definetly have transfer taxes to pay at the land Dept unless your keeping it under a Thai Company. It makes me laugh the way people always lie about the sale price to reduce the transfer taxes, cant blame them really!!!

I believe you can always siphon the money out of Thailand 500K per go over a period of time. Ideally a Foreign Exchange Transfer (FETS) from the bank is needed then you can transfer the whole amount. As you have no paper trail of the money coming into Thailand im not sure your bank will give you this. May be worth speaking to your bank to clarify the score.

Im sure its done all the time!

[littlebird]

I recently sold my house here. The bank would not transfer money back to the UK without proof (as in bank transfer letters). Luckily I had kept a paper copy of all transactions. I was given to understand that you cannot transfer out more than you brought in. I paid no tax

[squire]

Regarding tax, if real estate is bought and sold within 5 years the tax applicable is a 3% Specific Business Tax (SBT) on the gross sale value.

[advocate]

Bangkok Bank has told me that I can use my bank book as proof of transferring the money here and as long as all taxes are paid at the Land Office, I can transfer the money back home. Transferring your purchase price to an overseas account does not give you the documentation to prove you brought the money into Thailand, as indeed, you have not.

You can transfer it out slowly as they will allow a minimal amount per transaction. If the house is in your wifes name, then as long as all taxes are paid, as a Thai, she can transfer the entire amount to a foreign bank.

Another option is to exchange the Thai Baht to a foreign currency and fly the money out yourself. Either to a foreign country that will transfer to your home country or to your home country directly. Be carefull though, as some countries have limits on how much cash you can import, and if you don't declare the cash, it may be seized. Travel with documentation proving the source of funds is legitimate.

[advocate]

Beware of property developers who want you to pay purchase price to an overseas account and/or want you to declare a smaller purchase price at the Land Office. Both of these issues will cause problems down the road if you need to repatriate the mony later.

[STEVE G]

Beware of property developers who want you to pay purchase price to an overseas account and/or want you to declare a smaller purchase price at the Land Office. Both of these issues will cause problems down the road if you need to repatriate the mony later.

When it comes to Thailand, beware of property developers full stop but certainly anyone who wanted paying overseas would raise alarm bells with me.

[advocate]

I'm told the total taxes, including the SBT, would amount to just over 5% at the land office unless you have owned the property for more than 5 years. In that case you are eligible for the discounted tax rate.

[terry+carmen]

I'm not sure if the Mods will allow this. I just sold my house and found this website gave an accurate figure. You can do the calculations yourself, the website publishes a disclaimer but as I said they had the figure almost spot on. [Mod Edit - no real estate links please]