When I sell my condo (foreign quota) and wish to transfer the amount back to my home country, what documents will my bank request?

 

Please no speculation, either people who have experience with this or can point to the relevant regulations.

 

It is often said that one should keep the FET-form used during purchase, however in my case, I used a simple letter from my bank, and the Land Office kept this letter. I am considering closing my bank account(s) which is why I wonder, if I should go to my bank and have them make a new letter (before I close the account and potentially lose the ability to get such letter)? It’s a bit of a nuisance because I have transactions over many years sent to different accounts, so when I got the original letter, it took a while to tally up all these transactions.

 

Furthermore, a letter from my bank only shows what I brought into Thailand, but what if I sell at a profit? The profit will not be covered by the letter.

 

Logically one would assume that showing documentation of having sold a condo in foreign quota would be sufficient to prove source of funds, and it would include any potential profit, but from all the times I have read to “keep the FET-form” I am wondering if I am missing something.

 

If sales contract is sufficient then I wonder, how common is it to underreport the full amount to the Land Office? My understanding is that often furniture etc. will be deducted from the amount reported to the Land Office to save on taxes and transfer fee, thus the documents from the Land Office may fall short of covering the full amount to be repatriated.

 

Looking forward to hearing from someone who has been through this process and can share their experience.

 

And please no jokes about how you can’t sell condos in Thailand, let alone sell them with a profit.

Sold my condo in September

The FET from my purchase 10 years ago was never even brought into use.

You can transfer the sales amount that is put on your land transfer document, the one that you're transfer tax is calculated on.

This is the big document that the bank will use.

In my case the estate agent under reported the amount on the land transfer document to "help" me and the buy not pay as much transfer tax.

I did the remit for the full amount of the land transfer document after a one day wait for the cashiers cheque to clear.

No problem at SCB in Pattaya, bring your passport, SWIFT code for receiving bank, and IBAN number for receiving account.

Prepare to wait, took me upwards of 4 hours due to the size of the transfer freaking out the bank employees and phoning Bangkok many times to make sure everything was good.

Transfer took one day, and into my offshore account

The remainder of the amount was transferred the following week also by SCB.

You can transfer up to 50,000 USD per day legally 

I had photocopies of the two cashiers cheques, one for the land transfer amount and the second to top up for the full amount of the sales price.

So for the second transfer I showed the second cheque and said it was for the furniture in the condo

Not a problem and transfer done and in my account 4 hours later

 

There will be others who have had problems, this is Thailand but all in all my money transfer was as smooth as silk.

Sold at a nice profit also, due to the change in baht from 10 years ago to now.

 

Edited November 26, 20196 yr by kwonitoy