Selling Home & Company - How to get $ out

[coho]

Hi, am in process of selling. Would greatly appreciate info and advice re getting our money out of thailand. Don't have certificates when we bought as money transfers went directly to builder.

Are going thru a property shop and would like more opinions. We would prefer money wired from buyers home country to our home country, but not sure if that is possible. If we won't be in thailand, how do we get money etc
thanks eveyone

[mat]

Earlier this year i wanted to transfer money to my European bankaccount and i could not proove i brought the money in before. People warned me before this would be a problem so i was curious what would happen. When i told i had to transfer the money to pay for the university of my children, it was no problem and 2M was transfered without further questioning. Didn't even have to proove i had children. When i asked in the bank how much money i could transfer, they told me up to 1,000,000 dollar a year. Now i did this in person in the bank, don't know if it's also possible to transfer by internetbanking if you're not in Thailand. Maybe somebody else has experience with this.

[margaretcarnes]

I was waiting to see if JW would reply to this - as I wasn't sure how much you can transfer out of the LOS and I think he can provide more info.
Overall though, if you are using an Agent for the sale, I would expect the income from sale will have to be dealt with by the Agent - or by their lawyer - as it would be in the UK.
Trying to get the cash direct from the buyer would circumvent the Agent (who you obviously need to sign papers over etc.) and could cause a lot of problems. For one thing the Agent/lawyer will need to take their fees from the proceeds of sale.
To be honest I would recommend being in HH if at all possible to ensure the sale goes to plan - together with the buyer. If that isn't possible, ask the Agent about any restrictions on cash transfers, and get their reply in writing. If the cash restriction isn't acceptable you might be able to arrange for part(s) of the cash to be transferred to a spouse or close relative, or deposited in an account with a bank such as Thai Farmers (or whatever it is called now) which may have a branch in your home country you can use.

[Nereus]

Are going thru a property shop and would like more opinions. We would prefer money wired from buyers home country to our home country, but not sure if that is possible. If we won't be in thailand, how do we get money etcthanks eveyone

Just keep in mind that there was a recent poster on here that appointed a Lawyer to process the sale of her house, and transfer the funds, and despite her best efforts she has still not received the funds!

http://www.huahinafterdark.com/forum/ne ... 12531.html

[loverboy44]

Overall though, if you are using an Agent for the sale, I would expect the income from sale will have to be dealt with by the Agent - or by their lawyer - as it would be in the UK.

With all respect Margret. I wouldn't let any agent handle my money!!!!!!!
The problem the OP asked about is not the sale itself but getting the money out of the country without any paperwork in hand.
And this is not easy unless you are very, very lucky and have a good purpose what the money is used for that the authorities accept.

[Super Joe]

Hi, am in process of selling. Would greatly appreciate info and advice re getting our money out of thailand. Don't have certificates when we bought as money transfers went directly to builder.

Are going thru a property shop and would like more opinions. We would prefer money wired from buyers home country to our home country, but not sure if that is possible.

Just my understanding .... the commercial banks are authorised by Bank of Thailand to carry out transfers under USD$20,000 per day, done by simple 1 page remittance form, over this amount requires additional paperwork and authorisation from BoT, at least that's what I believe the regulations say. But as anything here, it's not neccessarily done by the letter and I've been allowed over this amount and sometimes limited to this amount, no questions about proof of bringing it in were ever asked. There's nothing stopping you spreading money across multiple accounts and walking from one bank to the next doing say 5no. $20k transfers in an afternoon.

I think if you wanted to transfer a large amount in one go then they'd want to see the Bank Certificates showing you bought it in. One of the main reasons is it's about making sure people pay any due taxes. If you make a profit on property you're liable to pay tax on the gain, bar certain circumstances.

If we won't be in thailand, how do we get money etc

Make sure you are in the country would be my advice, otherwise you're taking a big risk by trusting the whole thing in the hands of a.n.other, don't allow the funds to go through a developer, agent or lawyer in my opinion. If absolutely neccessary then personally I'd use a long-established, respected Bangkok law firm, maybe recommended by your Embassy, ofcourse they will be costly.

There's nothing to stop an overseas account transfer from buyer to your overseas account, not sure of it's legality particularly if there are any taxes due, not sure that many people are too concerned with this though
You would have a very trusting buyer to make this overseas transfer before you complete the legal transfer though, it's often done by a cashier's cheque handed over while doing land title transfer in land office, although yours may be a share transfer if they are buying your company!?.

Good luck,

SJ

[margaretcarnes]

Overall though, if you are using an Agent for the sale, I would expect the income from sale will have to be dealt with by the Agent - or by their lawyer - as it would be in the UK.

With all respect Margret. I wouldn't let any agent handle my money!!!!!!!
The problem the OP asked about is not the sale itself but getting the money out of the country without any paperwork in hand.
And this is not easy unless you are very, very lucky and have a good purpose what the money is used for that the authorities accept.

Point taken - and SJ agrees with me that it's best to be there to deal with things if at all possible. Problem is I think that, as there is already a Property Shop involved, I doubt they would be too pleased if the cash bypassed them. I would be very concerned that the transaction could be fowled up, and overall would again say 'be there' to be sure. Especially with a company involved as well - acres of papers to sign etc

[coho]

thanks all. we were told by bangkok bank that we can take 500,000 out of country per month and that we can presign auto transfers. not tried yet, but thats the info we got

[Brit Jim]

Coho
I think that you have received some sound advice on here.

1. You need to be here for the sale to ensure you get your funds. Dont trust the Agency with the funds, Just pay them their commission once complete. As for agencies down town I would only trust One Firm that I know several foreigners have used with sucess!!

2. If you can sell to farang then all you need to do is sign over your directorship / Shares to them and wont need a visit to the Land dept hence no taxes to pay. Dont hand over your chanote until the money is in your bank.

3. I would get a recommended solicitor to draw up a contract between Buyer / Seller. Do some research. There must be some farang that can recommend/ have used solicitors for the sale of their houses over here recently. Hopefully they will tie in with solicitors recommended by the British Embassy.

4. I guess the banks will vary on how much you can send back. If they get difficult just spread the money over the several accounts and send it back that way.

Let us know how you get on. Not a good time to sell. Be realistic with your price. With The Thai baht strong against most currencies then maybe this will work in your favour.


Good Luck Im sure you will be fine!