Using money made in Thailand for condo

[Number 6]

I'm certain I can, but how may I use money earned in Thailand to pay in whole or part for a condo?

 

Let's say I have annual income reported as 700k, 500k, 300k over three years. Can I use my tax returns as proof the money was generated in Thailand and can therefore purchase condo with such funds? So, in above case 1.3m for condo in full or in part? Thanks.

 

[Maradona 10]

I assume you are talking USD?

[YT3k72Em]

No. You still have to take the money out and bring it in again. Only those with PR can do what you are asking.

[Peterw42]

The money needs to be sent out and back, as a foreign currency, to generate the required FET, your Thai bank main branch can often arrange to send it to one of their overseas branches and straight back, with a minimum of exchange loses.

Edited July 14, 2018 by Peterw42

[dotpoom]

Change it into another currency and back again at the bank you will get the letter from for the Land Office....(or any good real estate agent can help you).

Edited July 18, 2018 by dotpoom

[phantomfiddler]

Go to "The Bank" on Soi Roongland, change the baht into US dollars, then take the dollars into your bank and say you brought them in to buy a condo. Very easy, and "The Bank" give a very good rate !

[donim]

2 hours ago, dotpoom said:

Change it into another currency and back again at the bank you will get the letter from for the Land Office....(or any good real estate agent can help you).

I'm confused... can someone write a short explanation what are the steps to be done?

In case of: 

• Foreigner buying condo,
• Foreigner buying home with land and having a Thai name registered on the deed. (but the money transfer on the name of the foreigner and his/her bank account.)

And is there a startpoint of property value / ammount of withdrawal for those requirements?

 

I bought my property, just by transfering from my currency to thai bank and at the main branch they gave me checuqes for the seller and the transfer was done at the Land Office. I asked the bank for a document stating the money is for buying property, they told me it was ok not need to have.

 

IM

[BobBKK]

I'm certain you are WRONG

[Peterw42]

18 minutes ago, donim said:

I'm confused... can someone write a short explanation what are the steps to be done?

In case of: 

• Foreigner buying condo,
• Foreigner buying home with land and having a Thai name registered on the deed. (but the money transfer on the name of the foreigner and his/her bank account.)

And is there a startpoint of property value / ammount of withdrawal for those requirements?

 

I bought my property, just by transfering from my currency to thai bank and at the main branch they gave me checuqes for the seller and the transfer was done at the Land Office. I asked the bank for a document stating the money is for buying property, they told me it was ok not need to have.

 

IM

Foreigner buying a Condo: all the money has to come from outside Thailand, bank provides a document as proof to give to the land office.

 

Foreigner buying home and land: they cant, a Thai or a Thai company is buying land, foreigner is at best a minority shareholder in the Thai company. A legal loophole that could be shut down tomorrow.

 

If you bought a foreign title condo the bank would have provided a document showing the funds came from outside Thailand. If you think you bought some land, you are mistaken. You gave money to a Thai person and they bought some land.

Edited July 18, 2018 by Peterw42

[BobBKK]

2 hours ago, phantomfiddler said:

Go to "The Bank" on Soi Roongland, change the baht into US dollars, then take the dollars into your bank and say you brought them in to buy a condo. Very easy, and "The Bank" give a very good rate !

You can't do that dude you need the form from the originating outside bank.

[Peterw42]

2 hours ago, phantomfiddler said:

Go to "The Bank" on Soi Roongland, change the baht into US dollars, then take the dollars into your bank and say you brought them in to buy a condo. Very easy, and "The Bank" give a very good rate !

No bank would be physically carrying $50,000 in US currency, just on the off chance that someone wants to change that much baht. Even in large denomination bills that would be a suitcase full of money, and the exchange losses would be huge. Even then, I dont think the process would generate an FET document. Its money printed in another country, not money coming in for the purpose of a condo purchase.

Edited July 18, 2018 by Peterw42

[Peterw42]

14 minutes ago, BobBKK said:

You can't do that dude you need the form from the originating outside bank.

In the case of cash, it still needs to come from outside thailand, I believe if you declare the money at customs on the way in they provide a document that the land office accepts.

[jkcjag]

There are so many links on this subject...just google it:

https://www.cbre.co.th/en/SubServices/bangkok-condo-transferring-money-thailand

https://www.siam-legal.com/realestate/thailand-buying-condo.php

https://www.siamrealestate.com/info/buy-thailand-property/transfer-funds-thailand/

https://www.thailandstarterkit.com/accommodation/buying-a-condo-in-thailand/

http://www.tilleke.com/resources/one-year-visas-foreign-condominium-owners

https://www.samuiforsale.com/condominium/foreign-exchange-transaction-form.html

 

[bkk75]

To OP, there's a method that's not commonly known if you have a work permit.  You can use the money you earned here without transferring in and out.  You have to open a non-interest bearing non-local account with Bangkok Bank.  You can only do this only at the large branch on Silom as they are the ONLY branch that is aware of this method.

 

The rest of the sum must be done officially as other posters have said.

[mokwit]

If I remember right you actually have to have stipulated on the sending end that the money was for a property purchase to buy a condo with all T's andi's dotted. Would appreciate if someone could clarify.

 

P.S. I also am remembering that if you have a work permit you can use funds earned here to buy.