FET for buying a condo

[Andyfez]

Just want to check on some practicalities I couldn't immediately find doing a search of the forum?

 

OK, so a FET document is issued by the bank for foreign currency (not baht) sent into Thailand from elsewhere.

It's for sums of more than US$50,000, and when going to the land office I can take more than one FET if I send different amounts at different times?

Am I right in thinking there is another acceptable document the banks can issue if the non-Thai amount received is less than US$50,000?

 

Buying a new condo (not yet finished): every month paying little amounts, and then one large final amount at the finish. Can I simply pay these monthly small amounts out of my normal Thai bank account - as long as I can at the finish transfer from abroad a total amount equivalent, or higher than the total value of the condo? Then of course get an FET from the bank for this total lump sum?

 

Finally, is there an expiry date on an FET? For instance if I transferred the money next month, but needed the FET for the land office a year hence?

 

Thanks!

 

 

[Keyser Soze666]

Blimey, I know a bit about this stuff but I feeling very dizzy just after a few paragraph's. I really think you should get professional help mate, and most here will only tell you that you should rent not buy ,and that you are out of your mind for buying property here in the current climate.

[Andyfez]

Thanks, but I've been here 17 years. I know what I'm doing ????

[Keyser Soze666]

1 minute ago, Andyfez said:

Thanks, but I've been here 17 years. I know what I'm doing ????

Right, which is why your asking a load of questions on here.

[Andyfez]

Just now, Keyser Soze666 said:

Right, which is why your asking a load of questions on here.

Yes. I've never got involved with FETs

Rented plenty of condos or bought property in other peoples names. Just never a condo in my own name.

 

[Peterw42]

So long as you have an FET/s covering the amount of the purchase, how/when you paid the seller is largely not relevant. Amounts under $50k are covered by a letter from the bank.

It sounds like you may be buying from a developer, who can usually generate the FETs from the money arriving into their accounts.

[Andyfez]

1 minute ago, Peterw42 said:

It sounds like you may be buying from a developer, who can usually generate the FETs from the money arriving into their accounts.

Thanks. That's interesting. 

The sales girl did mention something about that, but she didn't know the detail, and I perhaps didn't believe her. .

I'll ask that question again to her manager, maybe get some more detail.

[Peterw42]

1 minute ago, Andyfez said:

Thanks. That's interesting. 

The sales girl did mention something about that, but she didn't know the detail, and I perhaps didn't believe her. .

I'll ask that question again to her manager, maybe get some more detail.

An FET needs to show you as either the receiver (into your Thai account from outside thailand) OR as the sender (into a developers account).

Most people buying off the plan are usually paying by installments direct into a developers account with no other way of generating an FET.

You could be putting money into my account, so long as you are listed as the sender on the FET, that usually satisfies the land office.

[Peterw42]

OP, see bold, third line from bottom.

Currency exchange and the purchase of a condominium by foreigners

One of the requirements for foreign ownership under the Thailand Condominium Act (section 19) is that a foreigner has remitted into Thailand the full purchase price of the condo in foreign currency. The handling bank in Thailand must upon request issue an official copy of the FET-form (Foreign Exchange Transaction Form) or a prepare credit note and bank letter of guarantee containing the same information as the foreign currency exchange transaction reporting form as proof of the remittance and exchange of foreign currency into Thai baht by the foreigner. These documents MUST be handed over to the land office in order to register the transfer of ownership of a condo apartment unit in the name of the foreigner. The foreign exchange transaction documents must show the foreign purchaser's name either as the sender or receiver of the money from the overseas bank. If the remittance from abroad is in Thai baht the bank will not issue a FET-form and the foreigner will not qualify for registration of foreign ownership at the land office, unless he qualifies on one of the other grounds for foreign ownership under section 19 of the Condominium Act.

 

https://www.samuiforsale.com/condominium/foreign-exchange-transaction-form.html#:~:text=For any foreign exchange transactions,of USD 50%2C000 or more (

Edited July 17, 2020 by Peterw42

[YT3k72Em]

Yes, you can get a letter from your bank summarising all the smaller transfers which should be sufficient. They'll also give you FETs for amounts over $50k.

 

Yes, you can pay the deposits to the developer from your normal Thai account with money already in Thailand and the final payments too.  It's the transfer at the land office that you need the FETs or bank letter for, which will come after you have already paid in full.

 

Edit: go to your bank's head office and to their international trade dept or something similar to get the documents.

Edited July 17, 2020 by YT3k72Em