Jump to content



Thai govt urged to ease rules on condo transfers for foreigners


webfact

Recommended Posts

9 hours ago, mokwit said:

Everything here is so one sided - just nothing is equitable, only if a Thai/Thailand benefits. That in some ways is natural, but they take it to extremes - doesn't the money have to be converted onshore by a Thai bank to count for condo purchases? In other words a Thai bank has to get to wet it's beak (yes I know onshore rates are better, but that is not why they are making this requirement, so that you get a better deal, I mean, come on.....).

I do not understand this, if I was  to buy a condo in LOS ,I can sign the requires government transfer documents, to enable me to take money out from NZ to do this, its a legal transfer required by customs and banks for any amount over 10k NZ.

So if I transfer 4 million Bhat to Thailand to purchase a condo, what the hell is the fuss about.

The funds are clear , checked by ther nZ govt , clear of money laundering, what's the big deal here??

image.png

  • Like 1
Link to comment
Share on other sites

20 minutes ago, JackGats said:

Having too much cash piling up on my EU bank accounts, I was toying with the idea of buying a condo in TH. With so many hurdles however I have nearly given up the idea alltogether. Not being allowed to buy property on my terms is one of the reasons that might push me out of Thailand in the future.

Happy hunting for a foreign property on your terms. 

  • Haha 1
Link to comment
Share on other sites

9 minutes ago, mokwit said:

Where was it converted to THB from NZD? Perhaps those who know for sure will chip in, but as far as I remember it has to be converted ONSHORE to THB so that a Thai bank gets to make the fees and spread from conversion, not a foreign one offshore. If not, it doesn't count as a legitimate transfer for the purpose of condo purchase. If I wrong by all means someone says so provided you KNOW.

 

They don't care how the money was made, just that they get to wet their beaks.

I am not sure, money I have transferred is sent in NZD, so the NZ banks can not clip the ticket, then when it lands in LOS I get the Thai bank rate and it goes into my account, with a small fee, if I convert to Thai Bhat in NZ I get clipped by the NZ banks/ exchange which is quite expensive.

But I dont know if I could send 4 mill Thai Bhat this way, have it in my bank with all the supporting NZ documents, and then use these funds to buy a condo? please enlighten me, thanks???

Link to comment
Share on other sites

41 minutes ago, Pravda said:

Completely irrelevant gloating post, but still I want to congratulate you as that was perfect timing. 

 

Did 30% profit also include baht appreciation during that time?

There was no gloating, trust me. Turns out I would have been better off investing in other things. I just hate when people start talking about that there is no chance to make money buying condos here. Granted, selling now would prove difficult, but real estate usually works in waves and it's bound to go up at some point. If you buy from a reliable developer, wait for 5+ years and sell when the market is good, chances are that you'll make money. As any investment should...

 

No, I did not include the appreciation, which I bought when the euro was around 42 baht. If you factor in the yearly inflation though, I guess I made a bit less than the numbers show.

 

Going back on topic, the current rules didn't encourage me to buy more condos with the money I got from the sales and I kept it instead and did other things. That is one flaw of the market here that I hope they'll correct.

  • Like 1
Link to comment
Share on other sites

20 minutes ago, kiwikeith said:

I am not sure, money I have transferred is sent in NZD, so the NZ banks can not clip the ticket, then when it lands in LOS I get the Thai bank rate and it goes into my account, with a small fee, if I convert to Thai Bhat in NZ I get clipped by the NZ banks/ exchange which is quite expensive.

But I dont know if I could send 4 mill Thai Bhat this way, have it in my bank with all the supporting NZ documents, and then use these funds to buy a condo? please enlighten me, thanks???

It is/used to be the way to send as your home currency via SWIFT was to demand they included as an instruction "remit as currency" which was theoretically to stop any correspondent banks converting it into THB along the way to make their spread - if you were sending to a USD account in Thailand you would then have to pay again as the Thai bank would convert back from illicit conversion to THB. If your NZ bank has a branch here that is less likely to be an issue.

 

What I can say for sure is that Thai bank onshore rates are [surprisingly] better than any rate you get offshore. I am pretty sure conversion to THB onshore is a requirement for it being accepted for condo purchase. I always thought you had to give "property purchase" as the reason for sending when transferring, but somebody who seemed to know more than me said this was not required.

 

Maybe start a thread with your concerns as there are people who have done this and can give better advice than me.

 

 

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Recently Browsing   0 members

    • No registered users viewing this page.