Money out of LOS?

[drilldr 0]

I've tried to search for a thread about this but to no avail. My question is that if you bring your money to LOS and by a property, is there any degree of difficulty transferring it back to where you can from due to Thai laws, etc after you sell? I live in the states and it concerns me that I should rethink whatever capitol investment I bring to LOS if it could be mired down in Thai banks. Thanks

[Owen` 2]

Doable and doable fairly easy, but I say this because that was the result of my own research on this question about 6 mos ago -- not because I've personally sold and successfully extracted the money.

 

Here is the website some kind BM gave me at the time.

 

http://www.thaivisa.com/forum/index.php?showtopic=50053

[explorer 0]

if you bring your money to LOS and by a property, is there any degree of difficulty transferring it back to where you can from due to Thai laws

When you transfer the money in to Thailand to buy a property, it needs to be declared that this money is transferred for the purpose of buying a property.

The sender and receiver in Thailand needs to be the buyer of the property.

This document is called a “Tor Tor Sam†or “Foreign Exchange Transaction Formâ€

 

With this “Tor Tor Samâ€, you will be able to transfer the funds back home when selling the property.

 

Cheers,

[drilldr 0]

Thanks guys for the great replys! Shawn

[graham 0]

I do know about the tor tor sam etc. but if you manage to sell your property for more than the intial value is it then a problem to get the whole amount out?

[Shit_Happens 31]

I do know about the tor tor sam etc. but if you manage to sell your property for more than the intial value is it then a problem to get the whole amount out?

A friend had that problem but the amount was not that big and could easily be sorted by ATM cards. $1000 Aus dollars a day, 30,000 baht, can reduce a bank account very quickly.

[torrenova 644]

I don't know anyone who has needed to repatriate money from the sale of a condo etc. but I have never seen a definitive answer to the question of what happens if you say buy for Bt2,000,000 and sell for Bt3,000,000 ? Presumabky the original Bt2,000,000 is covered by the Tor Tor 3 but what about the profits ?

 

However, my accounts at Bangkok Bank alow daily withdrawls of Bt500,000 in cash so egtting the money would be no problem. Doesn't fix the issue of getting it back home though !

 

Anyone know the real truth ?

[spacebass 0]

Check Siam Commercial bank Website: www.scb.co.th it looks like you can have a savings account, set yourself up to transfer money internationally via swift using internet banking up to US$20,000 a go.

 

Bangkok Bank website does not seem so hassle free.

[torrenova 644]

I think what people really want to know is if they buy property or properties for say Bt5,000,000 and then sell them for Bt20,000,000 can the Bt15,000,000 be gotton out ok, via swift etc. or will there be complications because the original Tor Tor 3 only covers the original Bt5,000,000 ?

[Owen` 2]

There are usually subtle ways of doing this kind of thing.

 

A popular maneuver over the years for moving large numbers out of the US and avoiding the US law that requires reporting of quantities > $XXXXXX (I think it used to be $10,000) was to buy rare stamps. The stamps can go in an envelope in your pocket. Then you fly to Switzerland, walk in a stamp shop, and sell. There is some friction and commission loss in the process, but you get the bulk of the money moved.

 

The reason this work(s, ed) was because the law says it is illegal to transfer "monetary instruments". Stamps aren't such.

 

Similar maneuvers are possible with art pieces. I've also seen banks in one country accept assets in another as collateral for a loan. You borrow, you pocket, you walk. The borrowed from bank makes the necessary effort to collect. Banks have ways of doing things private citizens can't access. They would get their money.

 

Anyway, there are almost always ways of doing this kind of thing. And btw, just as an aside, if you have found a place where you make 50% on your money, I'm not sure you should be anxious to take money away from that place.