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Selling house and transfering money to Europe


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Hi

 

My friend, foreigner, is selling "her" house, named under a nice Thai woman, which is not at all greedy and very respectable. Well, one layer said that this must go to the court anyway, as usual, and after this, often the deal if to share the sales money 50-50%. Then my friend will get a official paper from the court, paper that she can use to transfer money to Europe, to prove that this money is clean. In Europe, you can't transfer one any bank account more than 10,000 euros without a clear explanation of the money provenance (if I am right...) .

 

- Does she need to go to the court to get this official document or this can be done other way ?

 

- Both my friend and the Thai woman agreed that the deal should be 25%-75%, as she will give 25% of the value to the Thai woman, as a nice gesture,  as she is a long term friend. Like this , she could have an official document proving that 75% of the money is from the sale. Can this percentage can be done and surely agreed before going to the court ? Or is it de facto 50-50 ?

 

- if case she get 50% with document, any other of you had ever faced this situation, coming back to Europe with big amount of cash (let's say 40,000 euros) ... and what ? Put it in a safe ? under the mattress ? offshore account  ? ;-)

 

Thanks

 

Phil

 

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28 minutes ago, khunphil said:

often the deal if to share the sales money 50-50%.

 

That's one I've never heard of.

 

28 minutes ago, khunphil said:

In Europe, you can't transfer one any bank account more than 10,000 euros without a clear explanation of the money provenance (if I am right...) .

 

Not heard of that one either, and I certainly have never had any problems with larger sums in Europe. Anyway, the person will have a clear explanation of the provenance as she will have the house sale documents.

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1 hour ago, KittenKong said:

 

That's one I've never heard of.

 

 

Not heard of that one either, and I certainly have never had any problems with larger sums in Europe. Anyway, the person will have a clear explanation of the provenance as she will have the house sale documents.

 

Most reports seem to indicate that Thai courts will split the assets acquired during a marriage 50:50 on divorce. However Mrs BB tells me the marriage much be one that has been officially registered, not just a ceremony one. Now whether the court would recognize the "friendship" of two ladies as a marriage is anyone's guess.

 

It's very common now for UK and offshore banks, IME, to question the source of large deposits. Even if you transfer to your own account offshore as each bank entity has to be sure. Taking out large amounts of cash will also be questioned in the UK.

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29 minutes ago, Baerboxer said:

Most reports seem to indicate that Thai courts will split the assets acquired during a marriage 50:50 on divorce.

 

Yes, if it's a marriage. The OP wasnt very clear. From the description given this seemed to be just a nominee arrangement to me, hence my comment about splitting the proceeds 50/50.

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Once you have an F.E.T. (Foreign exchange transfer document) which is required when purchasing a property to show that the funds came from outside the country. Then you can transfer that amount out of the country no problem. 

If however the property was purchased with funds from a foreigner who bought a house in a Thai persons name and declared it, as you must, that the money is coming from that Thai individual.

Then you will have to use other means to repatriate the funds in a Yingluk fashion.

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I think there is no FET in the game.....as   a thai does not to prove that at the registration office...so that route is non existing.

This case is probably a "bypass " to own a house as aforeigner using a thai person .

If no transfer possible it can be taken out at hand by flying each time at rate of 20 000 usd value in any foreign currancy...a person....

 

But starting from 10 000 euros by arrival Europe declaring to costoms is needed keep in mind...so best is to let it pass thai bank for cashing so you have proof of to be the owner of any amount in case of controle by leaving or arriving .....

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How much money are we talking about here ? this is a Thai house so what 2 - 3 million baht ?  

Not familiar with European rules but for the US I would.....

 

 for that kind of money just transfer your 75% to your own Thai bank account, then use Transferwise to transfer the money to your European account   for the reason sending money I just had to put sending money to myself, and because of the amount they did come back and ask for more detail so I sent them a copy of the sales contract ( in Thai)  and told them  just transferring the proceeds from a property purchase and I was good to go :)

 

the 50%/50% share lawyer crap your getting sounds like a scam... let me guess your Thai friend found the lawyer for you! :)

 

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2 hours ago, david555 said:

I think there is no FET in the game.....as   a thai does not to prove that at the registration office...so that route is non existing.

 

The FET is issued by the receiving bank when the funds are transferred. It is issued regardless of the purpose for the transfer.

 

As long as you have a valid FET then you can export the same amount at any time without hindrance, regardless of what the original funds were used for in Thailand.

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21 minutes ago, KittenKong said:

 

The FET is issued by the receiving bank when the funds are transferred. It is issued regardless of the purpose for the transfer.

 

As long as you have a valid FET then you can export the same amount at any time without hindrance, regardless of what the original funds were used for in Thailand.

Thx for that info....i was asuming that probably there would be no FET because a Thai bought officially the house ..., good to know your info Thx.

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My friend, foreigner, is selling "her" house, named under a nice Thai woman, which is not at all greedy and very respectable. Well, one layer said that this must go to the court anyway, as usual, and after this, often the deal if to share the sales money 50-50%.,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

 

its another Thai scam ,she been suckered into. why did your friend not just put the house in a Thai company name ? would of been a lot cheaper.

 

a fool and their money springs to mind,,,,,,,,,,,again.:sad:

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22 hours ago, KittenKong said:

 

Yes, if it's a marriage. The OP wasnt very clear. From the description given this seemed to be just a nominee arrangement to me, hence my comment about splitting the proceeds 50/50.

No, not a marriage, friendship for long long time, she was the maid before, and someone you can trust .

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16 hours ago, Simons3 said:

the 50%/50% share lawyer crap your getting sounds like a scam... let me guess your Thai friend found the lawyer for you! :)

 

No ... wrong assumption ... it come from someone close to Embassy ... one more time, the "friend" is someone who requested NOTHING and wants NOTHING from the sale ... the decision to give 25% comes from my friend only. Yes that can be ;-)

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7 hours ago, catman20 said:

My friend, foreigner, is selling "her" house, named under a nice Thai woman, which is not at all greedy and very respectable. Well, one layer said that this must go to the court anyway, as usual, and after this, often the deal if to share the sales money 50-50%.,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

 

its another Thai scam ,she been suckered into. why did your friend not just put the house in a Thai company name ? would of been a lot cheaper.

 

a fool and their money springs to mind,,,,,,,,,,,again.:sad:

Not at all ... they were old people, 70 y old,  the did not want to open company. They choose this woman, long time maid, as she helps them so many time before in their life (and still do). So let's quit with this assumption about bad girl ... not this time ;-) She does not care at all about money. Let's focus on the real problem.

 

To answer another point,  house was bought with money already in Thailand, long time ago. We did not have those restrictions or justifications to deal with.  It was around 25y ago. 3 or 4 millions bahts, you can't transfer this in Europe without raising alarms ... and as the house is not in her name, how can she proves to European bank that this is her money from house sale  ... if she is not the owner. If the court agree 75% to her, the problem is solved, as 25% will be given to the maid.

 

Just to be clear, and thanks for all answers.

 

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Why does it have to go to court ? sell the house, give the maid her 25%, put the 75% in your bank, if you have proof that you originally bought the money into the country then you can transfer it out to where ever you want, if not it get's a lot more complicated.

 

Quote

how can she proves to European bank that this is her money from house sale 

Can't see the European bank being a problem if it's transferred from another bank, you might be getting mixed up with paying a large amount of cash into a bank.

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2 hours ago, khunphil said:

Not at all ... they were old people, 70 y old,  the did not want to open company. They choose this woman, long time maid, as she helps them so many time before in their life (and still do). So let's quit with this assumption about bad girl ... not this time ;-) She does not care at all about money. Let's focus on the real problem.

 

To answer another point,  house was bought with money already in Thailand, long time ago. We did not have those restrictions or justifications to deal with.  It was around 25y ago. 3 or 4 millions bahts, you can't transfer this in Europe without raising alarms ... and as the house is not in her name, how can she proves to European bank that this is her money from house sale  ... if she is not the owner. If the court agree 75% to her, the problem is solved, as 25% will be given to the maid.

 

Just to be clear, and thanks for all answers.

 

still cant see why did not open a company 25/30,000 baht end of story and takes all the risk out of losing everything who in there right mind just throws money away like that?  i still come back to the fool and their money soon parted.

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On 10/6/2017 at 4:07 PM, catman20 said:

still cant see why did not open a company 25/30,000 baht end of story and takes all the risk out of losing everything who in there right mind just throws money away like that?  i still come back to the fool and their money soon parted.

It's your right to come back to it, but it does not help me  to figure out the "problem" they have now ;-).

 

They will go to see a lawyer to check the facts ... if there are facts. I was more interested in people who had this kind of situation before, transferring the money, getting back their money. Thanks to all.

Phil.

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15 hours ago, khunphil said:

It's your right to come back to it, but it does not help me  to figure out the "problem" they have now ;-).

 

They will go to see a lawyer to check the facts ... if there are facts. I was more interested in people who had this kind of situation before, transferring the money, getting back their money. Thanks to all.

Phil.

sorry to say Phil i cant think of anyone that would do this sort of thing and its a well know fact you can never get money back from these people. good luck any way

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