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Query about large sum from Thailand to U.K. Braemar60

Posted: Wed Mar 08, 2017 12:23 am
by NeroEntroBlaster
Hi there,

I'm hoping this is roughly the right area to post my question, if not, I apologise ! - naturally I intend to seek financial advice regarding this issue - but I wanted to hear a general idea of the process before I go into a meeting with anyone.



My partner and I will be receiving somewhere in the region of £2million roughly 100mil baht from the proceeds of selling some land in Thailand as a wedding gift. We will be moving back to the UK not long after this (we are recently married) and will also be starting the process of obtaining her permanent residence here in the UK. My query is, what sort of charges and implications will we face bringing that kind of money into England - as it stands she does not have a bank account here, but we will be opening a shared account once we are eligible. Are we better of using an FX trader or should we stick with banks ? Are there any tax or legal implications to consider ? We both have well paying jobs, but have not been in receipt of this kind of money before - so we are a little unprepared.



Kind regards,



Dave.

Posted: Wed Mar 08, 2017 8:28 am
by chili
If you're not a uk resident, there's no reason why you should be paying tax in the uk. I'd definitely use a specialised broker service for transferring £2m as you can lose quite large sums using the banks services, whose FX rates are dubious. As long as you have paperwork to show where the money came from and you're definitely not a uk resident (not the same as uk citizen) then you're good to go