Transferring over 10K€ to Thailand (Property purchase)

[BusinessOne]

I was planning to send over 10K€ to Thailand to purchase a property there, but I'm scared of what repercussions this might have if the tax authorities of my country are alerted of the transfer, or if the bank decides to hold the transfer and ask for extra documents.

I have a US LLC, but Stripe was sending the earnings of my business directly on my personal Spanish bank account over the last year.

I have also been living over 6 months this year in Thailand, so I was hoping that by getting the tax residence here everything would be fine and my country would not be able to claim any personal taxes from me, even if the money is being received on a Spanish bank account.

Is this setup correct or can I have any issues after sending the transfer? The transfer must be an international bank transfer from another country, so Wise or Revolut would not work for a property purchase.

 

[wellington]

I’m not clued up on Spanish taxes

So don’t actually know

But Thailand joins CRS from next year so everything sent this year will be shared.

If you are tax resident in Thailand there will be a income tax if you take from stripe to personal to Thailand this year same as next year.

If it’s matured in your personal account (prior tax year) it won’t be taxed this year or reportedly next and if you are tax resident then the information is shared with the Thai tax authorities.

If you do via wise under 49,999 it’s treated as a domestic transfer reportedly but again I’m not too clued up on how that works.

Ref Spain speak to a tax profession though.

49,999 THB - anything above that is an international swift transfer.

 

[Marketint]

I’m not clued up on Spanish taxes

So don’t actually know

But Thailand joins CRS from next year so everything sent this year will be shared.

If you are tax resident in Thailand there will be a income tax if you take from stripe to personal to Thailand this year same as next year.

If it’s matured in your personal account (prior tax year) it won’t be taxed this year or reportedly next and if you are tax resident then the information is shared with the Thai tax authorities.

If you do via wise under 49,999 it’s treated as a domestic transfer reportedly but again I’m not too clued up on how that works.

Ref Spain speak to a tax profession though.

49,999 THB - anything above that is an international swift transfer.

Next year? https://www.rd.go.th/fileadmin/user_upload/FATCA_File/crs/Thailand_CRS_Guidance_280823.pdf they already shared this year for 2022.

 

[wellington]

Next year? https://www.rd.go.th/fileadmin/user_upload/FATCA_File/crs/Thailand_CRS_Guidance_280823.pdf they already shared this year for 2022.

This year was a test year - only shared some information for some people I believe

 

[BusinessOne]

I’m not clued up on Spanish taxes

So don’t actually know

But Thailand joins CRS from next year so everything sent this year will be shared.

If you are tax resident in Thailand there will be a income tax if you take from stripe to personal to Thailand this year same as next year.

If it’s matured in your personal account (prior tax year) it won’t be taxed this year or reportedly next and if you are tax resident then the information is shared with the Thai tax authorities.

If you do via wise under 49,999 it’s treated as a domestic transfer reportedly but again I’m not too clued up on how that works.

Ref Spain speak to a tax profession though.

49,999 THB - anything above that is an international swift transfer.

If it was earned on 2023, and I send it to Thailand after January 1 2024, would that avoid Thai income taxes?

And is it normal for the Thai tax authorities or banks to ask for tax from a foreigner who has sent money to the country?