Condo purchase from funds within Thailand?

[AnotherMe]

Hi,

Can anyone advise if it's possible to purchase a condo (either in whole or in part) from funds within Thailand?

A friend's lawyer is advising that they must receive the funds from an International bank transfer in a major currency (not Thai Baht) and present proof of this in a bank Source of Funds form at the Land Office when transferring the title deed. This suggests the condo could not be purchased from income or earnings accrued whilst residing in Thailand.

Can anyone advise better on this?

Thanks in advance,

AM

Edited October 6, 2018 by AnotherMe

[MrJ]

thats correct from the lawyer - but you can get/bye such proof (FET form) from some money changer, property broker or even some banks against some tee money, only that allows you to get the condo under foreigner name .....

 

the other option would be to purchase under Thai company name (not recommended though) 

[SWW]

I believe that this is one of the few tangible advantages to holding permanent residence in Thailand - if you have PR, you can buy property using money that is already in Thailand without having to send it overseas.

 

Also, I think that if you have a work permit with a BoI company, the same applies - but I am not sure what happens if you later stop working for a BoI company.

 

I would echo what MrJ says above about it not being recommended to purchase in a Thai company's name - or to get a Thai person to put their name on the property so you can 'own' it. There are frequent crackdowns on such nominees.

[milwaukeeboy]

There are a number of methods that my expat friend has employed in buying several condos either fully or partially using money he had within Thailand.

From my analysis, they are all sketchy, gray area, and hit-and-miss methods. Yet, they have resulted in legally binding condo purchases. I will not write about them here. But if you PM me, I will advise.

[natway09]

If you have a tax file number & paying taxes on monies earned here for over 10 years 40% of these monies may be used minus any monies repatriated back or sent overseas

[Fairynuff]

On two occasions I’ve used money from within Thailand. Both times the money came from the sale of a condo that had previously had overseas funds transferred in. If those circumstances match yours then yes it can be done. Anything else I can’t advise.