Buying A Condo

[biggles45]

ok, I know that if i want to buy a condo I need to send the money to my thai bank in an overseas currency stating that it is to buy a condo. I know that I need to get a Tor Tor Sarm from the bank. I also have read that having the TTS will make it easier to get the money out of Thailand if I sell the condo. My question however is:- what happens if i change my mind after the money arrives?

1. Am I free to do what I like with the money? Can I use it to qualify for a retirement visa? Can I use it for everyday living expenses while living in Thailand? Can I put it in a term deposit account? can i send it back to the country of origin?

2. Also, is the money unavailable to me for any purpose until I purchase the condo?

Because I would already have other monies from overseas in my account, it could get confusing?

Anyone know if there are any restrictions?

[Globeliner]

If i were you, i wouldn't even think of buying a condo, house etc here, take a look at the news, we are not so welcome here anymore.

[taxexile]

you are free to spend the money any way you choose.

[Temporaneo]

If i were you, i wouldn't even think of buying a condo, house etc here, take a look at the news, we are not so welcome here anymore.

Quite true .

Also there is no rule of law. I am personally unable to wire my money out of Thailand because when I wired it in I did it directly on my stock broker account three years ago, and he is not able to make me TorTorSam anymore.

Should be able to take it out making less then 500,000 THB swifts, but the Forex Office of Bangkok Bank Pattaya branch is something unbelievable .

I am currently into stocks again, I guess when I will get definitevely out I will have to take my money in cash to a neighbouring country, 500,000 THB each trip.

Don't make my same mistake, do not invest in Thailand.

[SamSipEt]

If i were you, i wouldn't even think of buying a condo, house etc here, take a look at the news, we are not so welcome here anymore.

Quite true .

Also there is no rule of law. I am personally unable to wire my money out of Thailand because when I wired it in I did it directly on my stock broker account three years ago, and he is not able to make me TorTorSam anymore.

Should be able to take it out making less then 500,000 THB swifts, but the Forex Office of Bangkok Bank Pattaya branch is something unbelievable .

I am currently into stocks again, I guess when I will get definitevely out I will have to take my money in cash to a neighbouring country, 500,000 THB each trip.

Don't make my same mistake, do not invest in Thailand.

Don't be so negative - you made the mistake of not stating that you wanted a TorTorSam the OP has asked a good question and I believe that he can spend the money on wine women and song if he wants to. Equally if wants to buy a Condo he can also do that if that is the stated purpose on the transfer.

Good luck biggles45 but go in with your eyes open

[ZEAK]

I wired money in for a condo, but made the mistake of doing two TT's and the second one was for les than 20K US so the bank could not give me a tor tor sum for that TT. But they did give me a letter stating that the total funds were for a condo purchase and the land dept was more than happy for that. Make sure to ask about that as I think the tor tor sum is not so important anymore. Also, some of the money was used for the condo purchase, some stayed in the Thai account and I TT'ed some back out of Thailand, with no issues.

Best of luck.

[dr_Pat_Pong]

If i were you, i wouldn't even think of buying a condo, house etc here, take a look at the news, we are not so welcome here anymore.

Quite true .

Also there is no rule of law. I am personally unable to wire my money out of Thailand because when I wired it in I did it directly on my stock broker account three years ago, and he is not able to make me TorTorSam anymore.

Should be able to take it out making less then 500,000 THB swifts, but the Forex Office of Bangkok Bank Pattaya branch is something unbelievable .

I am currently into stocks again, I guess when I will get definitevely out I will have to take my money in cash to a neighbouring country, 500,000 THB each trip.

Don't make my same mistake, do not invest in Thailand.

Don't be so negative - you made the mistake of not stating that you wanted a TorTorSam the OP has asked a good question and I believe that he can spend the money on wine women and song if he wants to. Equally if wants to buy a Condo he can also do that if that is the stated purpose on the transfer.

Good luck biggles45 but go in with your eyes open

Ole Biggles is redistributing blame. His mistake is blamed on Thailand. Your assessment is spot on

[wpcoe]

Anyone know if there are any restrictions?

This crossed my mind when I read your post, and I'd welcome opinions on it (I'm speaking of America, but perhaps parallels exist for other countries?)

How well do the homeland government agencies cross-reference money movement? I know that in the US the bank is required to report any transaction of over $10k to some government agency (due to money laundering laws, I believe?) Would it be possible that the IRS (tax agency) is included in the loop?

My concern is if you transferred money out specifying "for purchase of condo" and then spent it on something else, if you were audited by the IRS later, would they want to know all about that condo, and whether you made a profit on it if you no longer held it?

[dong]

Anyone know if there are any restrictions?

This crossed my mind when I read your post, and I'd welcome opinions on it (I'm speaking of America, but perhaps parallels exist for other countries?)

How well do the homeland government agencies cross-reference money movement? I know that in the US the bank is required to report any transaction of over $10k to some government agency (due to money laundering laws, I believe?) Would it be possible that the IRS (tax agency) is included in the loop?

My concern is if you transferred money out specifying "for purchase of condo" and then spent it on something else, if you were audited by the IRS later, would they want to know all about that condo, and whether you made a profit on it if you no longer held it?

Australia is much the same, you can transfer as much as you want as long as you have the money in your bank, It only becomes a problem when you turn up at the bank with a travell bag full of cash, then they start to ask questions

[lovetheriver]

I understand both sides of the argument here, as buying a condo in thailand should be exciting and a solid plan for the future. Finding a good lawyer, which isn't that easy, is imperative.

Is it the case that every transfer has to be over $20k, or just the 1st? As buying off plan requires transfers every month, and that obviously is not $20k per month, nor per quarter. I am having trouble getting a straight answer from anyone. The company I am purchasing from suggest that monies are transferred directly to them, and they will arrange the documentation. *RAIMON LAND* a very reputable company with a good history, but still, laws seem to swap and change often.

I am still trying to work out the wealth tax, which is equivalent to capital gains, it is on a sliding scale from 30% lowering after 5 years.. apparently! The real estates agencies do not offer this information.

Perhaps for reasons of putting us off!

I followed the wonderful marketing of THE RIVER condo, which just did their pre launch, and at 120,000 per sq mtr, dont really want to <deleted> up.. so have paid 100,000 reservation whilst trying to collect the necessary info, but not easy from europe.

After putting that dream in process, which is a 4 year off plan, I cant help to wonder what visa changes may come along..

getting cool feet but not cold.. just have to keep focusing on the positives too!

[SamSipEt]

Is it the case that every transfer has to be over $20k, or just the 1st?

When I purchased my Condo I transfered money in Sterling with the first block being 20k and the last being 10k each transfer stated that the purpose of the money was to purchase a Condo and I had no problem obtaining the relevant documents from the bank - one Tor Tor Sam for each transfer. Admittedly this was a few years ago and things do change so please go and talk to your Thai bank about this. It may be prudent to obtain the documents from them each time that you do a transfer so that you can stop any problems before they start.

My opinion about visas and cool feet is that the authorities can change the law in either direction - up to them - we have no influence on it so just get on and enjoy life here without worrying about things you can't control.

Good luck