Using cash from condo sale in Thailand to buy another condo in Thailand

[Card]

Can foreigners use the cash from the sale of their condo purchased with imported foreign currency (FET available but several years old) directly to buy another condo in Thailand? Or do we have to import the whole cash amount when buying a condo, which may mean exporting the proceeds of the first sale before importing it again for the new purchase, as I can't afford to import without exporting first.

 

[madmen]

You will have proof of sale and can't see why you can't use the same funds . Ask at the land office and or a lawyer as anyone hear unless they have done exactly that will be only guessing 

[Card]

10 minutes ago, madmen said:

You will have proof of sale and can't see why you can't use the same funds . Ask at the land office and or a lawyer as anyone hear unless they have done exactly that will be only guessing 

OK I get that, but initial thoughts are that Land Office requires an FET form for the whole amount when buying a condo. I am not sure they will accept a partial FET plus a bill of sale - it seems a bit too far-fetched to think they are flexible enough. Bear in mind that the FET does not state which condo the money was originally intended for. I have many of them but several years old.

[Cricky]

I asked a similar question 4 weeks ago.

I did not get any replies that were of use.

 

I'm keen to see if you get more useful information.

 

 

 

[weedywhaoo]

You need to do a new transfer from abroad for the new condo. I have personally witnessed this as a manager for a condominium in Phuket.

[Andy from Kent]

5 hours ago, VYCM said:

I asked a similar question 4 weeks ago.

I did not get any replies that were of use.

 

I'm keen to see if you get more useful information.

 

 

 

 

 

I realize there'd be come costs entailed in this but why not just send the  proceeds from your condo sale to  Australia and then send funds from Australia to  Thailand.    Easy fix for X amount of  baht and allows you to  avoid the stress that otherwise may come your way.

 

[Card]

8 minutes ago, Andy from Kent said:

 

 

I realize there'd be come costs entailed in this but why not just send the  proceeds from your condo sale to  Australia and then send funds from Australia to  Thailand.    Easy fix for X amount of  baht and allows you to  avoid the stress that otherwise may come your way.

 

That's exactly what I am trying to avoid as per my original question.

[scubascuba3]

22 minutes ago, Card said:

That's exactly what I am trying to avoid as per my original question.

This situation is exactly when a lawyer might be of some use, ask them so they earn their money

[Andy from Kent]

3 hours ago, Card said:

That's exactly what I am trying to avoid as per my original question.

 

 

Sorry that I didn't  read all your post but I still wonder if the money you save is worth the stress you feel?

 

[sanuk711]

I had a friend who done this and ran into trouble---it was a few years ago, so sorry if I am vague, to get around it he changed the money at that big exchange in Pattaya---then placed it back into his bank account as it was foreign money the bank noted it as such and so he was able to proceed. He lost some on the exchange rate--but had to do it as he had put a deposit down on the unit.

 

I would be very careful about doing this-- having the FET might get you through it, also the usual in Thailand --different locations different rules. Does the amount you have on the FET cover this 2nd condo?

 

*Edit--it was Super Rich in Pattaya--they gave him US $ for Thai Baht*

Edited March 3, 2021 by sanuk711

[Card]

44 minutes ago, sanuk711 said:

I had a friend who done this and ran into trouble---it was a few years ago, so sorry if I am vague, to get around it he changed the money at that big exchange in Pattaya---then placed it back into his bank account as it was foreign money the bank noted it as such and so he was able to proceed. He lost some on the exchange rate--but had to do it as he had put a deposit down on the unit.

 

I would be very careful about doing this-- having the FET might get you through it, also the usual in Thailand --different locations different rules. Does the amount you have on the FET cover this 2nd condo?

 

*Edit--it was Super Rich in Pattaya--they gave him US $ for Thai Baht*

No, the amount on the FET is only 1/3 of the cost of the second condo but i have several old FETs and the total amount would go towards the full cost. None of them state the name of the condo i bought with the money.  But i doubt old fets will be useful in this case

[sanuk711]

7 minutes ago, Card said:

No, the amount on the FET is only 1/3 of the cost of the second condo but i have several old FETs and the total amount would go towards the full cost. None of them state the name of the condo i bought with the money.  But i doubt old fets will be useful in this case

 

I dunno Card....I will have to go with the majority----get legal advice....good luck, lets us all know what the land office decision was------

[Yellowtail]

You could try winging it, if it doesn't work out, send the money out and back, the seller can wait a few days...

[Yellowtail]

On second thought, if you made a chunk on the sale, that may be taxable.....

 

Best to get legal advise..

[Fairynuff]

On 3/3/2021 at 2:57 PM, weedywhaoo said:

You need to do a new transfer from abroad for the new condo. I have personally witnessed this as a manager for a condominium in Phuket.

Absolutely incorrect. I’ve done it, twice.

[Fairynuff]

On 3/3/2021 at 3:45 PM, scubascuba3 said:

This situation is exactly when a lawyer might be of some use, ask them so they earn their money

No need for a lawyer whatsoever. Land office told us it’s possible. 

[Fairynuff]

On 3/2/2021 at 3:25 PM, Card said:

Can foreigners use the cash from the sale of their condo purchased with imported foreign currency (FET available but several years old) directly to buy another condo in Thailand? Or do we have to import the whole cash amount when buying a condo, which may mean exporting the proceeds of the first sale before importing it again for the new purchase, as I can't afford to import without exporting first.

 

From my personal experience it can be done. I’ve done it twice. On both occasions all I had to show was the sale and purchase agreement. I had FETs just in case but they were never asked for either in Bangkok or the other province I was buying in. This being Thailand there are no guarantees as we all learn at some point, but for me there was no issue.