Chinese buying properties in Thailand

[ttechguy]

I have read that Chinese Government kept the cap of 50,000 USD to take out from china which means, Chinese can't buy condos more than 1.5 Million Baht Condo?

 

I don't think so, there are many agent selling to Chinese, how they are doing?

 

please give me some tips (the other loopholes)  so Chinese can buy Condos here and invest

[Mavideol]

simple, they can use family members and friends to transfer to their account here in Thailand, 50,000 USD per person/year, also they can transfer as much as they want RMB to HK or Macau and there, some banks, convert to USD and transfer out.... many ways to peel a rabbit

[ttechguy]

8 minutes ago, Mavideol said:

simple, they can use family members and friends to transfer to their account here in Thailand, 50,000 USD per person/year, also they can transfer as much as they want RMB to HK or Macau and there, some banks, convert to USD and transfer out.... many ways to peel a rabbit

thanks. I thought of HK but don't know HK also apply 50K USD cap.

 

I was also thinking like, realestate companies in Thailand opened account in HK and transfer to their HK account and get cash here. But if you buy condo you need to show source of transfer to local bank from international, if its Chinese get the money come from Hk the Thai govt still recognize it or they want money come from China only?

[Mavideol]

1 minute ago, ttechguy said:

thanks. I thought of HK but don't know HK also apply 50K USD cap.

 

I was also thinking like, realestate companies in Thailand opened account in HK and transfer to their HK account and get cash here. But if you buy condo you need to show source of transfer to local bank from international, if its Chinese get the money come from Hk the Thai govt still recognize it or they want money come from China only?

When I did the deal my money came from a different country than my citizenship, the bank in Thailand didn't care where it came from, as long it's arriving in the buyer's name. HK doesn't have a 50K limitation, only China mainland does but many ways to get around. As for Thailand Real Estate companies having an account in HK and/or Macau, it's possible and I know it exists, one buying the condo can pay the construction company directly and/or transfer to their account here as well. One only needs source of funds if and when selling the condo and wanting to take the money out of Thailand, but in this case, I also think they are ways around that restriction

[ttechguy]

taking out money is very easy here in Thailand and Thai revenue department has no rights to sneak in to individual person Bank account here.

 

Most Chinese come here to invest and keep money here in Thailand, they certainly they don't want to take back home

[Ulic]

I think you misunderstand. They can transfer any amount to buy a house but I believe they are limited to one house. The 50k USD is for living expenses abroad. IE. a child attending a foreign school. Also, there are many ways around the law. There was a story last year of a mainland Chinese national billionaire buying a piece of artwork at auction. He paid in excess of 80 million USD. He charged it to his credit card and then paid his credit card. No money transferred outside China by him. Just paying his bills. Apparently, he had done the same thing with paintings in the 20-30 million dollar range previously. I believe the paintings were hung in his 50 million dollar NYC apartment. 

[Mavideol]

22 minutes ago, Ulic said:

I think you misunderstand. They can transfer any amount to buy a house but I believe they are limited to one house. The 50k USD is for living expenses abroad. IE. a child attending a foreign school. Also, there are many ways around the law. There was a story last year of a mainland Chinese national billionaire buying a piece of artwork at auction. He paid in excess of 80 million USD. He charged it to his credit card and then paid his credit card. No money transferred outside China by him. Just paying his bills. Apparently, he had done the same thing with paintings in the 20-30 million dollar range previously. I believe the paintings were hung in his 50 million dollar NYC apartment. 

sorry man, I lived there, married one of them, did many in and out transactions and know the maximum out of China for ANY reason is 50 K USD, that's the legal, now agree with you there are many ways to peel a rabbit.... did it many many times but if they catch me that would have been another story, I do think they knew (more or less) what I was doing and they may have closed their eyes, the amounts were not on 7 figures

[newnative]

   The last 3 condos I sold were to Chinese mainland buyers. One was 10.5MB and the other two were around 3.5MB.  Obviously, there are ways around any money export limits that are in place.

[English Engineer]

My understanding is the 50k applies to individuals. Transfer to a company does not have a 50k limit. 

[soistalker]

A Chinese man moved into my condo. In the pool, he blew his nose in the pool after every lap. When he got out, he was wearing boxer briefs. I almost f%^king lost it.

[topt]

10 hours ago, soistalker said:

A Chinese man moved into my condo. In the pool, he blew his nose in the pool after every lap. When he got out, he was wearing boxer briefs. I almost f%^king lost it.

Been hearing worse stories for last 2/3 years where friends have had Chinese groups staying for short periods in the same complex. Washing their clothes in the pool was not the worst of it......

[MyFriend You]

11 hours ago, soistalker said:

A Chinese man moved into my condo. In the pool, he blew his nose in the pool after every lap. When he got out, he was wearing boxer briefs. I almost f%^king lost it.

You can take the man out of China, but you can't take China out of the man.......I learned a trick, had a Chinese friend of mine write a note "No Blowing Nose or spitting in the Pool"  and would drop it on this guys deck chair.  My complex has multi-lingual signage with pictures of what a bathing suit and underwear look like and a Red X on the underwear.   Didn't stop the 60-70 yo Russian lady from striping down to her underwear and bra and belly flopping into the pool.........  ????????????

 

[elgenon]

On 11/17/2018 at 11:41 PM, ttechguy said:

taking out money is very easy here in Thailand and Thai revenue department has no rights to sneak in to individual person Bank account here.

 

Most Chinese come here to invest and keep money here in Thailand, they certainly they don't want to take back home

For many years Chinese have been buying homes in the States especially in the San Gabriel Valley where you only have to speak Chinese. Typically the wives come and the kids go to school here. They get green cards and the hubby keeps working in China. They want to get their money out to a safer country. Values have jumped.

Has been slowing down.

[ttechguy]

On 11/19/2018 at 8:05 PM, newnative said:

   The last 3 condos I sold were to Chinese mainland buyers. One was 10.5MB and the other two were around 3.5MB.  Obviously, there are ways around any money export limits that are in place.

so they showed their money in Local Thai Bank account that the money come from abroad? or other chinese/thai agent helped them?

[Mavideol]

On 11/19/2018 at 8:30 PM, English Engineer said:

My understanding is the 50k applies to individuals. Transfer to a company does not have a 50k limit. 

there are limits regardless of the investment/transfering money out, unless one has a business doing import/export and having bank accounts in HK..... but as I said before MANY ways around it, their system is not flawless

[newnative]

10 hours ago, ttechguy said:

so they showed their money in Local Thai Bank account that the money come from abroad? or other chinese/thai agent helped them?

Not sure how they did it but all 3 transactions went through without any problems.

[sirineou]

As said , "many ways to skin a rabbit" 

in China there is a "shadow Banking" industry. and in Thailand there are is a large  Thai/Chinese community.

 I have being told, you go to a "shadow banker" in China and you give him the funds plus a fee,he gives you a promissory note, you go to your destination country, present the promissory note to his counterpart and he gives you your funds,

  Not saying that's what is being done, simply another way to skin a rabbit , if you are in the rabbit skinning business.

[ttechguy]

On 12/1/2018 at 10:01 PM, sirineou said:

As said , "many ways to skin a rabbit" 

in China there is a "shadow Banking" industry. and in Thailand there are is a large  Thai/Chinese community.

 I have being told, you go to a "shadow banker" in China and you give him the funds plus a fee,he gives you a promissory note, you go to your destination country, present the promissory note to his counterpart and he gives you your funds,

  Not saying that's what is being done, simply another way to skin a rabbit , if you are in the rabbit skinning business.

got it! I know some shipping companies does similar to this, for supplier in China, we pay in Baht in Shipping company in Thai and they receive the RMB in China. So this is also other way to do this

[Mavideol]

3 hours ago, ttechguy said:

got it! I know some shipping companies does similar to this, for supplier in China, we pay in Baht in Shipping company in Thai and they receive the RMB in China. So this is also other way to do this

started to wonder why you keep asking the same questions over and over??????