This is silly,,if he had all this cash just give the customs guy USDollars in the amount of 15,000 Baht.....stupid to me..
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This is silly,,if he had all this cash just give the customs guy USDollars in the amount of 15,000 Baht.....stupid to me..
Plus if he’d agreed to pay up do we really think that said customs officer wouldn’t have quietly walked him to the nearest ATM and back again without another word being said ?
Oh, by the way: there are no limits for inbound carry of cash in foreign currency to Thailand, after K$20 person should declare cash at the customs.
Quote:
BRINGING CURRENCY IN OR OUT OF THAILAND
Any person who brings or takes an aggregate amount of foreign currency exceeding USD20,000 or its equivalent out of or into Thailand shall declare such amount of foreign currency to a Customs Officer.
Failure to declare upon bringing currency that exceeds the amount restricted by law or its equivalent out of or into Thailand or making any false declaration to a Customs Officer is a criminal offence.
For Thai currency (Baht), any person can bring total amount not exceed THB500,000 to any Thailand’s bounded countries and not exceed THB50,000 to any destination countries.
More than that mentioned amount, you have to declare to a Customs Officer or exchange to others currency before depart from Thailand.
Further information, you can contact The Customs Department at
Tel: +66-2-249-0431 or hot line no. 1164.
Website: www.customs.go.th
Im guessing though that if the money was "dodgy" in the first place tax wise the last thing you would want to do would be to flag up you either bringing it into another Country for fear those authorities share that same information with YOUR local tax office ( as I'm lead to believe they mutually do these days)?
Thailand isn't member of convention http://www.oecd.org/ctp/exchange-of-...ax-matters.htm
Fair point - So I guess then the other reason is that you may not wish to highlight yourself to Thai authorities as someone who may have some money then just I guess - not the worst idea either maybe
What is the official purpose of having to declare you're carrying more that $20K into Thailand?
Anybody know?
Plus, I was reminded just the other day that a farang cannot buy a house (I suspect it's actually the land you cannot buy?) so I guess it must have been some condo type arrangement the guy was hoping to finance in cash.
Or am I wrong (again)?
In my opinion, it is probably there to combat money laundering, scottish-guy.
The United Kingdom has a similar system where if you are entering or leaving the European Union and are carrying cash of the value of 10,000 Euros or more or the equivalent in other currencies, you are required to complete form C9011. See the link to HM Revenue & Customs website below:
https://www.gov.uk/government/public...laration-c9011
And, there is no doubt also a tax evasion element to it, certainly in the UK, where anyone found with large amounts cash is questioned by Border officers and reports sent to HMRC for checking.
It is money laundering. I spent 25 years at a financial organization and money laundering courses were a continuing requirement. Move large sums in cash across borders, buy assets in cash and Voila instant clean money. Anyone in the day of wire transfers who carries that much cash is up to no good. The US has a $10k law as well.
When I owned a house in Thailand, scottish-guy, I had to set up a company and buy the house and land through my newly set up company. I was given a blue book, an official Thai document which showed that my company owned the house and the land.
Other fa-ràng friends of mine had also bought houses in Thailand through the vehicle of a company, but they had an official yellow book showing they owned the house, whereas the land was owned by their company.
When I advised my friends that I had a blue book, they thought I had been wrongly advised by my Thai lawyer, as they felt owning the house was the safest and most secure route to property ownership in Thailand. However, when I came to sell my house and land, it was an easy process of simply transferring my directorship and company shares to the new owner of my property. From memory, I think the whole process took no more than 7 days.
Selling my apartment where fa-ràng owners can own their property, providing at least 51% of the owners are Thai, was a different kettle of fish. That process took nearly 4 months! That is my experience, others may, of course, have entirely different experiences.
Apologies to a447 for going slightly off topic, but there is a loose connection to your guy from Golden Cock Bar. The one who was furiously typing on his ‘phone and showed you the conversation he'd been having with a fa-ràng customer from from New York, who had just arrived at Suvarnabhumi Airport with $150,000 cash in his suitcase. I think it is reasonable and legitimate to speculate what he intended doing with that cash. And I suppose property purchase is as good a reason as any.
Hang on a minute - was there not a poster on here not just a few weeks ago who worked on the oil rigs and who happily admitted to spending small fortunes on his trips funding boys and their parties !? Maybe it's our guy arriving for a two week fuck fest ! How DARE they stop a man with such good intent and such a good heart ! maybe not a bit of wonder A447's guy was furiously typing away as maybe HE was the guys "boy de jour" !! :)
Or yeah, I guess he COULD have been buying property and stuff, but hell I like my idea more :-)
Quote:
Apologies to a447 for going slightly off topic, but there is a loose connection to your guy from Golden Cock Bar. The one who was furiously typing on his ‘phone and showed you the conversation he'd been having with a fa-ràng customer from from New York, who had just arrived at Suvarnabhumi Airport with $150,000 cash in his suitcase. I think it is reasonable and legitimate to speculate what he intended doing with that cash. And I suppose property purchase is as good a reason as any.
Jellybean. your post is clear and informative as you always make. With one point only, It might be my years of compliance training but there is NO good reason for that much cash. Legitimate money can be legitimately transferred, quickly and safely, for any legitimate purpose.
Paborn is correct of course and his comment sums up today's Big Brother society - you now need to be able to demonstrate a "good reason" when trying to do whatever the fuck you want with your own money.
True! By the way, I was surprised to learn recently, with disclosures after the Michael Cohen affair in the US, that if take out a bank loan -even secured by your own property, and then use the money for a reason different than you gave the bank it is a matter of potential bank fraud under US law. Mark you, this has nothing to do with your credit worthiness or intent/ability to repay. Just state one reason and then change your mind and you could be prosecuted. As cynical as I am I was shocked.
I'm becoming more and more convinced this is a scam. Either that or the money was obtained through illegal activity.
Of course, we'll never know. Unless, of course, we read something in the papers.
I am not sure if it is the fact that I stay right next on Surowong next to Boystown but I can get in my Grindr or Jackd grids see one fake profile after another. Interesting discussion on Lao boys though, which bars should I go to see a more complete selection?