How to legitimize gold for property purchase

[ExpatOne]

I’ve been stock piling gold for a while and want to convert some of it into cash to buy a house or condo for myself/wife. 
 

I know there are requirements for incoming currency conversion but how do I legitimize gold in country when it comes to buying properties with it.

 

The house will be in her name (with lease to me) and condos would be in mine.

 

Thanks for any advice.

[blackcab]

The property in your wife's name is no problem at all. Sell the gold, and use the cash to pay the seller of the land. It's as simple as that and no questions are asked.

 

If you want to buy a condo in your name then the funds must be transferred internationally from a foreign bank into a Thai bank account in a foreign currency and the Thai bank must exchange that foreign currency into Thai baht. You will receive a FET form as proof which you need to show the Land Office.

 

In your case you will need to 1. Sell the gold. 2. Exchange the Thai Baht into your destination currency. 3. Send the foreign currency out of Thailand. 4. Import the foreign currency back into Thailand. 5. Your Thai bank will exchange the foreign currency into Thai Baht. 6. Take the FET form from your bank and present it at the Land Office when you buy you condo.

[ExpatOne]

33 minutes ago, blackcab said:

The property in your wife's name is no problem at all. Sell the gold, and use the cash to pay the seller of the land. It's as simple as that and no questions are asked.

 

If you want to buy a condo in your name then the funds must be transferred internationally from a foreign bank into a Thai bank account in a foreign currency and the Thai bank must exchange that foreign currency into Thai baht. You will receive a FET form as proof which you need to show the Land Office.

 

In your case you will need to 1. Sell the gold. 2. Exchange the Thai Baht into your destination currency. 3. Send the foreign currency out of Thailand. 4. Import the foreign currency back into Thailand. 5. Your Thai bank will exchange the foreign currency into Thai Baht. 6. Take the FET form from your bank and present it at the Land Office when you buy you condo.

Ok, thanks. Fees are going to fun on that it seems. But if it’s the only option that’s what I’ll do. Thanks.

[1FinickyOne]

On 9/9/2020 at 6:09 PM, blackcab said:

t's as simple as that and no questions are asked.

sometimes they will ask where the money comes from... and we make no secret of it either. If it comes from me, I have to sign a form saying that I will make no future claim against the land... which is all fine with me as I consider it a gift to the family.. 

[blackcab]

Off topic posts have been removed.

[Yellowtail]

I would sell the gold to Kitco and have them transfer the money back