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Home » Reader question » Reader question: Buying a car, do I have to pay tax?
Reader question: Buying a car, do I have to pay tax?
Dear readers,
After living in Thailand for 2,5 years, I want to buy a new car. If I transfer the money to my bank, do I have to account for this or pay taxes?
Wouldn't it be better to transfer the full amount directly to the car dealer via Transferwise?
Please advise what I can do best.
Thank you in advance.
Regards,
Arnold
Editors: Do you have a question for the readers of Thailandblog? Use it contact form..
It depends on. If the savings are already there before 1/1/21, you don't pay tax. If it's money you earned outside of Thailand this year, yes. And of course if this money was earned in Thailand then you should have already paid.
If you already pay tax in Thailand, it seems to me the most convenient and safest way to just discuss this with your tax office.
You may not be required to pay tax on savings you bring into Thailand, but how do you prove it's savings that have been in your account for a year and will the Thai tax authorities accept that evidence?
Talking seems like the safest route to me.
No, this is savings from abroad, is not taxed by Thailand.
When making the transfer, it must be clear that it comes from abroad.
I have transferred a reasonable amount to Thailand a number of times in the past. Each time under 10,000 euros, but I don't know if that matters. There has never been a comment from any government. If they ask, you can just honestly say that the saved money is from the Netherlands, which you use to buy a car. I wouldn't be so afraid of it.
You can carry an amount of € 9.999 freely and happily in your back pocket. Above that amount, so from € 10K, you must have proof from your bank with you and report it to customs. Of course with very large amounts you will have to answer a number of questions. No export costs or tax levy.
The tax authorities in Khon Kaen only look at what has come in in a year.
I would take security for everything and transfer it directly to the dealer via TW
Keep in mind that TW has a max per booking from NL to TH. Incidentally, the law in Thailand takes precedence over what the tax authorities in Khon Kaen think of it, but then you run into the costs of an advisor.
My wife knows how to tell me that you can transfer up to 2 million THB from abroad. If you go over that, it will be blocked and they will ask you where it came from.
Almost correct. You may transfer a maximum of €50 at a time, provided this concerns a bank transfer. So from your Dutch bank account via Transferwise to a Thai bank. Consumersbond.nl has an extensive website about this. Transferring money without a bank transfer is allowed up to a maximum of €1500, for example via a GWK at an NS station. Now, you are not supposed to transfer a large sum of money every day, then you are bound to get questions. But suppose you want to transfer €200K to Thailand, then go to your bank branch and agree on how many deposits of what amount each time.
Now imagine that Transferwise has to play a role in the bank transfer? You probably don't mean that...
As a private individual you can also transfer more than € 50.000, although you have to go to your bank branch for this.
I am a customer of Argenta bank in Belgium. That bank has not been making transfers to “non-Sepa” bank accounts for several months now.
So we are left to our own devices when we need to transfer money to Thailand. For now, everything is still working with TransferWise. Soon my pension savings will be released. This is a significant amount. I intend to use this to finance a house in Thailand. So my problem is: How do I get this money here locally? So I don't have to count on my bank anymore.
Does anyone have an alternative solution (I'm afraid transferring larger amounts via TransferWise won't work either). All suggestions are welcome.
Dear Lucien,
I am also a Belgian and used to have an Argenta account because they transferred money to Thailand for free at the time. They stopped doing that a few years ago and now I see that they no longer make transfers, as you indicate, to non-Sepa accounts. For this reason I switched to Transferwise at the time. For large amounts, a problem can arise and, due to the mandatory money laundering prevention, the money in Bangkok can be blocked until you provide proof that the money has been acquired in a lawful manner.
You can contact me via my email: [email protected]. I can explain you exactly the most simple and totally legal way to transfer this money to Thailand. After all, I did it myself when I built an extension to the house here, built up my 800.000THB immigration bill and bought a new car. It was then also about several million THB and there was no problem.