Condo purchase and fund repatriation if sold.

[HKexpat]

I bought a condo in Bangkok 4 years ago and at the time wired funds from my overseas bank that I had converted to Thai Baht before doing the wire transfer as the amount the developer required from

me was a specific amount in thai baht.  I also had no way of knowing what amount they would receive if I sent my local currency to be exchanged by the developers bank in Thailand on receipt so converting the funds to thai baht before doing the wire transfer at the time seemed the logical thing to do.   Whilst the purchase is now all completed ok I do not have any foreign currency receipt from

the developers bank although I have kept my own telegraphic transfer copy from my own overseas bank.   My question is if and when I decide to sell the condo as long as I pay the relevant taxes on the sale of the condo can u then simply wire the funds back out of Thailand from my  thai bank account once they are received or do I need some other documentation to be able to repatriate the funds I sent to purchase the condo once it’s sold?   Thank you. 

[Siam Bruce]

In Pattaya you must prove to the Land office that the money has been brought into Thailand from abroad, I believe they keep a record of this.

Although it SHOULD be the same LAW all over Thailand we continually find that officials in different areas  interpret  the Laws in different ways

Wait and see what other people who are more knowledgeable about the Land Office practices in Bangkok say about this first, but a visit to the Land Office with somebody who can speak Thai might help.

[HKexpat]

Thanks, in retrospect if I had transferred the funds to my thai account first it would be easier to show but the issue is I transferred from overseas in thai baht at the time to the developer directly.    I bought from some thai friends who basically just transferred the right to purchase to me for a small profit so I paid them an amount on top of what I paid the developer from my thai account once I was in Thailand.  The main concern is the bulk of the purchase was made to the developer directly.  Any idea what I would be asking for at the land office if a trip was made there?  Thank you. 

[kwonitoy]

All I needed or was asked for at the bank for an international transfer (SCB) was the receipt for the sale of the condo and the amount of tax paid on xx,xxx,xxx baht, from the land office

I had a FET form carefully saved from my initial purchase, they didn't care, didn't even look at it.

The only paper the bank looks at is the amount that has been taxed at the land office.

 

Chonburi, about 3 years ago FWIW

[SAFETY FIRST]

9 hours ago, HKexpat said:

I bought a condo in Bangkok 4 years ago

Is the Chanote in your name? 

 

The land office needs to see the transfered funds in your bank account before transferring title. 

 

 

BTW, never, ever (if you can) send THB from your country. Send your local currency, you'll get much better conversion rates in Thailand. 

[YT3k72Em]

Should be no problem, all you need is the blue slip from the land office to show you paid the taxes and the proof of sale and you can send the amount you sold it for.

[BE88]

I can tell you my bad experience with Bangkok Bank despite I had all the official documents even from the bank of Thailand which justified my transfer from abroad to Thailand, Bangkok Bank with a thousand stupid justifications refused me to transfer my funds to mine account abroad. The best solution I fund, is to block any sending of money from abroad and use my capital to live in Thailand until it runs out.

[Peterw42]

OP, if/when you sell the developer should be able to provide documentation showing funds from overseas.

In the case of a developer, the money from overseas works slightly differently to bringing money into a private Thai account.

The land office wants proof of funds from outside Thailand, this proof can be as the receiver "or" the sender of the funds.

In the case of a private Thai account, the proof is as the receiver, ie: the bank generates an FET showing fred smith account "received" funds from outside Thailand etc, FET goes to land office.

In the case of a developer account, the proof is as the "sender" ie: the developer bank generates an FET showing Fred smith "sent" funds from outside Thailand into the developers account, FET goes to land office.

Developer has accounts receiving millions of baht daily, so they can basically say to the land office money was sent from abroad, and the land office accepts this.

Basically, when you purchased, the developer gave the land office a document showing funds "sent" from outside Thailand, the land office obviously accepted this as you own a foreign quota condo.

The developer, in theory, should be able to copy/reproduce that document for you, or you could ask the land office for the original copy/proof.

[Whale]

So the question is do we still need at TT4 to transfer funds out of the country and I believe you don't anymore but have to prove to Bank source of funds which is done by Land Office issuing you a document.

[Card]

9 hours ago, kwonitoy said:

All I needed or was asked for at the bank for an international transfer (SCB) was the receipt for the sale of the condo and the amount of tax paid on xx,xxx,xxx baht, from the land office

I had a FET form carefully saved from my initial purchase, they didn't care, didn't even look at it.

The only paper the bank looks at is the amount that has been taxed at the land office.

 

Chonburi, about 3 years ago FWIW

Exactly what I found in Pattaya last May. Not interested in FET, only tax paid and copy of sale receipt from land office and also copy of the deeds showing the new owner and old owner (myself) which I got from the buyer. The bank probably assumes the land office proves foreign funds transfer when you bought so no need to prove again.  Careful with this coz if the new owner has a mortgage then the bank keeps his deeds. Fortunately the new owner took a photograph of the deeds after purchase and sent me a copy. 

 

Btw, my BKK bank in Pattaya told me you can transfer up to 1 million baht to a foreign account without need for formal bank approval, which I was not aware of, so just make several transfers of up to 1 million but I don't know the time limits on that 

[HKexpat]

Thank you for the comments it’s very useful to have other members experiences of doing this.  The Chanote is in my name so hopefully the land office received confirmation of a FET from the developer as the funds I transferred from overseas went straight into their account.   I plan to move to live in the condo next month and will be retired so no plans to sell for now but good to know the process when and if I do.  Thank you. 

[SAFETY FIRST]

4 minutes ago, HKexpat said:

The Chanote is in my name

You'll have no problems then 

[HKexpat]

Thank you for clarifying. 

[SAFETY FIRST]

13 minutes ago, HKexpat said:

Thank you for clarifying. 

Try Dee Money to send money out of Thailand. 

 

https://www.deemoney.com/th/

 

Good rates 

[fisherd3]

An FET or TorTor Sam is issued by the bank of the foreign exchange recepient from his external account in his name to prove they have imported the currency correctly, It is not issued to a developer receiving funde presumab!y because it would open all sorts of avenues for developers to use the FET process incorrectly to facilitate sales , as they have in fact here, if they have lied about their ability to produce an FET certificate issued by their bank.

You should never transfer substantial funds ta a developer or the seller of any condo or Real. Estate agent, only to your own hank account so a FET can be properly issued. And You will heed it to easily export the proceeds of a subsequent sale as shown here.

[hereforgood]

Quote

In Pattaya you must prove to the Land office that the money has been brought into Thailand from abroad, I believe they keep a record of this.

Yes but with all things there is a way around this. I worked and earned my money here in Pattaya. I wanted to buy the condo i was living in here and was also told that the money despite my paying taxes and having a work permit here in Thailand the money still had to come from out of the country. Well i was speaking to someone in the condo office they told me to go to the main TT exchange office on second road near Pattaya Tai and they could sort the paper needed. 

 

Next morning went in and they told me the fee for getting this would be 5K. I paid they made a call and sent me to Krungsri bank near Tukcom which issued for me the letter needed and was accepted by the land office no muss no fuss

[Skeptic7]

Please excuse my ignorance, as have always rented. Have heard about this greedy Thai restriction on  "repatriation" of funds issue for years but am still confused, especially nowadays. Couldn't anyone just transfer money to home country via DeeMoney? 

[HKexpat]

Thank you for clarifying.   Unfortunately the transfer has already been made to the developer although on checking is did the bulk of this in my home countries local currency and then paid the rest in thai baht from my thai bank account a week or so later.   Will therefore have to hope that the other avenues mentioned are suitable.   Thank you.  

[HKexpat]

Thank you, will check it out. 

[kwonitoy]

15 hours ago, Skeptic7 said:

Please excuse my ignorance, as have always rented. Have heard about this greedy Thai restriction on  "repatriation" of funds issue for years but am still confused, especially nowadays. Couldn't anyone just transfer money to home country via DeeMoney? 

You can transfer up to 50,000 USD per day out of Thailand, from the bank, no special permissions required.

Done it several times at SCB for a cost of 1350 baht

You have to ask, and find the right person

[HKexpat]

Thank you for clarifying.