Bank transfer over 10K€ to Thailand (Property purchase)

[BusinessOne]

I have been receiving some payments in my home country (Spain) and now I want to use this money to buy a property in Thailand.

For this I need to do an international bank transfer of the full amount to Thailand, but I'm afraid that the bank might freeze the transfer and ask for extra documents. (Transfers over the 10K€ limit)

Will it be enough to show to the Spanish tax office or bank that I am a tax resident of Thailand if they ask, or will they want the money to be taxed in Spain if it was received in Spain?

The money was received from a payment processor due to payments for my online business, but it hasn't been taxed anywhere yet.

Some alternatives I have thought if it's too risky to do the full transfer from Spain:

1. Send the money to a US bank account little by little, then do the wire transfer to Thailand from there. (This will cost 5%+ in fees)
2. Showing to the Spanish tax office or bank that the money was already reported as income of a US LLC, but they might not agree as it was received in a Spanish bank.

Do any of these options make sense, or how do people send international bank transfers to buy foreign property without getting them frozen?

Not sure if I'm being too paranoid, as many people talk about having your income/savings in your home country while living in a place like Thailand, but not sure what's the point of view of the home country tax authorities and banks about it when moving large amounts.

 

[Marketint]

No problem. Maybe you will get questions now or maybe later. Just have your documents ready and purchase contract of the condo and there will be no problem.

 

[expatasia]

No problem at all....I done this many times. You have nothing to worry about.

 

[Mike Forman]

I'm not sure why previous posts just confirm this is no problem as banks might block the transfer and ask for more information. This would be the least of my concerns, triggering an investigation by the Spanish tax authorities would be of a much bigger concern, as it seems you did not declare your income from the LLC and did not pay taxes.

Know that in most EU countries banks have to report any transaction above 10k eur to the authorities. This doesnt mean you will get automatically in trouble or questions will be asked, largers amounts will increase higher risk of questions asked (unless you regularly transferred large amounts)

Since you have not paid tax on your income in Spain I would definitely keep low profile.

It's safer to make transfers below 10k eur if you want to avoid any questions and reduce risk.
Use different banks and leave sufficient time between the transfers (sending every two days 10k will also raise a flag)

Just prepare for the questions that you might get. If the money is already on your account and it's not an EMI no questions should be asked about the source of income, only the reason why you transfer this to Thailand.

Since you have a Thai residence and a local bank account on your name that will pose not any problem. If you will transfer to an account on another name it will become trickier and wouldn't recommend that.

If you transfer from an EMI personal account, there is a chance they will ask questions about the source of your income. I am not sure how you can declare that income from an LLC, since dividends are not possible. Maybe others can shed more light on this and if it's recommended to prepare some employment contract between the LLC and yourself

 

[wellington]

Never had issues before in this size (avg living cost for many), having said that since the 50k rule came in (THB) many people have been having to declare what its for and it's slowed the speed down.