Getting My Money Out From Thailand To Uk Or Ireland

[dieseldick]

i hope to sell my condo in thailnd very soon and from the sale i will have approx 3,000,000 thai baht ( £69,000.00 ) the rates are fluxuating around 44 baht to the pound , i dont know if pound will get stronger or weaker in next few months but i want to transfer this money back to uk or even to ireland , i am both uk and irish citizen. i want to put it against a deposit for a mortgage hopefully in future .

how is the best easiest way to get it back without taking a big hit on charges/fees etc .

if gbp falls more to 43/42 then i get more value on my thai baht ?

[Islay]

Given your history with HMRC you need to check with them, as banks inform HMRC of large deposits and if they are chasing you for money they will be interested in this.

[EDDIE51]

^ Yes it I were you I'd pay it into my Irish Bank account !!!

[Islay]

The irish banks also talk to the UK banks due to their close working relationships of the governments!

[Hymie]

My understanding is that foreign nationals are not allowed by law to own property in Thailand. I believe that this can be circumvented to some extent where a company owns the property.

Occasionally there are stories in the UK press (mostly concerning men) who believe that they are purchasing property in Thailand – whereas in reality their Thai girlfriend/family own the property.

[atalanta]

This information may be out of date, but I am quoting a situation which happened to some friends of mine who returned to the UK after many years abroad, where they owned a house. This was sold in order to buy somewhere in UK. They then had to repatriate the money. They tried to do this after arriving in UK. Unfortunately, they found that if the money had arrived before they did, it could have been held in a deposit account without problems. BUT, as the money was to arrive after they did, it was to incur income tax, as if they had earned it in UK after their arrival. They tried all sorts of arguments with the tax authorities, to no avail. Then, rather than facing losing a third of the sale price, they decided to leave the money abroad, and rent a (costly) house here. The problem got so bad that they eventually decided to return to the other country.

[ummmm]

Hymie...my aunt and uncle own a house in Thailand. Lots of hoops to jump through and they can't stay there permanently. They have to leave the country for a certain amount of time each year.

Could you imagine what it would be like if just anyone could buy a house there?

[douglas9401]

:)

[dieseldick]

i suppose the question i should have asked was , if i got mortgage in uk could i transfer this money straight from my thai bank account to use as deposit

[Sqad]

diesel,

https://www.moneycorp.com/uk/

I have used this company on a few occasions and they were very efficient.
I can't see why you can't transfer your money directly from your Thai bank into a UK bank, using this company.
What's the problem?

[ummmm]

The tax man is after him.

[Sqad]

^^ Oh!...right.

[ummmm]

Diesel - would you even be able to get a mortgage if you owe the tax man money?

[yogi-bear]

If you try and get a mortgage here the tax man will know.
If you can pay at all, anything, to them or better still, pay it off, you wouldn't have to look over your shoulder or wait for a knock on the door. Good luck.

[dieseldick]

its not a lot of tax, few self assesment returns i didnt fill in and return, really no big deal.

they can hardly take my house off me

[Islay]

Have you completed them now?

The fines are racking up all the time!

Continue to ignore them will result in them accessing your accounts and helping themselves!

[Islay]

By the way for example if you have not completed your 13/14 tax bill the fines will be approx. £5000 plus whatever tax you owe
14/15 could be £2000 plus tax owed!

So you wonder if they can take your house?

[jno]

at the moment it looks as though you'd get more interest on it in a Thai bank account than a UK one.

Also, if you don't pay CGT in Thailand you'll have to pay it here.

[ummmm]

Diesel - HMRC put daily fines on debys.

If you do manage to get a mortgage they'll slap a charge on your house.