Steps in purchasing condo under foreign quota?

[nigelforbes]

13 minutes ago, Mike Teavee said:

 

This is how I thought it was but Wise advised to use the "Funds for Long Term Stay in Thailand" reason if you wanted it to show as an FTT & the only reason I can think of for wanting to make sure it shows as a Foreign Transfer is to use for property purchases (Dee Money doesn't check where you got the THB from when sending it overseas so don't need it there).

 

There is an option on there for "Living Expenses which won't necessarily show as FTT (and will almost certainly arrive quicker) and there is also an option for "Property Purchase" (Which I've never seen mentioned by Wise and am pretty sure it wasn't there when they initially added the Reason field) that will also ensure it shows up as an FTT... 

https://wise.com/help/articles/2932335/guide-to-thb-transfers

 

If your recipient Bank is Kasikorn Bank or Bangkok Bank:

1. Set transfer amount and currency to THB

2. Add recipient details

3. Choose Kasikorn Bank or Bangkok Bank Public Company as the recipient bank

4. Enter account number

5. On Transfer Purpose: Select Funds for long term stay in Thailand or Purchase of Property

 

 

 

Will find out when I go into the bank, worse comes to the worse I'll send it all back to the UK and then bring it back in for "Property Purchase" or buy the condo in the GF's name... 

 

Related to the 2nd option, if a Condo is advertised in the Foreign Quota it tends to come with a premium so can I expect a discount if I buy it in a Thai Name and if not can I be sure to be able to sell it as "Foreign Quota" should we sell it to a Non-Thai... I suspect the answer to both of these is NO, but worth checking. 

 

 

 

 

 

 

 

Part of this has to do with the rules regarding transfers back out of the country, many of which have now been updated and modernised. Under the old rules, the reason for the transfer in was important because it determined whether the funds could be transferred out again.

[Mickeymaus]

13 minutes ago, Mike Teavee said:

 

 

Related to the 2nd option, if a Condo is advertised in the Foreign Quota it tends to come with a premium so can I expect a discount if I buy it in a Thai Name and if not can I be sure to be able to sell it as "Foreign Quota" should we sell it to a Non-Thai... I suspect the answer to both of these is NO, but worth checking. 

NO, NO, like you said. Of course, the seller could give you any discount. But if it's in Thai name, then it's in Thai name. Of course, there could still be quotas for foreigners in this building.

There is one more thing. If I remember correctly, when a foreigner owns a condominium and dies, the people who inherit it have 1 year to sell it in the foreign name. I haven't checked that lately. If it is no longer the case please correct me.

[RobertJNerder]

On 5/19/2022 at 11:36 AM, BonMot said:

How do they clear the mortgage here? The seller obviously doesn't have the dish.

Also interested in the practical process of mortgage clearance at transfer. Buying a new unit from developer with existing mortgage still in chanote. Transfer at Bangkok Land Office in Old Town (MRT Sanam Chai/near Wat Pho). 

Is that done in one go at the Land office?

Then split purchase price to two cheques, one for bank and one for seller?

Or is one cheque to seller sufficient, once I see my name on chanote and morgage cleared?