FET form

[Berti]

Hi,

Three specific questions regarding FET form, maybe someone knows:

 

1.) Do I get the FET-form from my Thai bank when the money is not receivd from my own bank account abroad but from a company bank account (company and sending bank are both outside Thailand).

 

2.) Condo purchase: Is it possible to get a "neutral" FET form if you don't know which condo you will buy, and later use this "neutral" FET form to buy a condo? Neutral means, without specification which condo.

 

3.) Build a house: If I build a house on a land owned by a Thai (land lease): Do I need a FET form so the house can be registered in my name?

 

[Peterw42]

1) the source account doesn't matter, the land office just wants to see foreign currency come "into" your Thai account.

2)The money can just sit in your thai account until you are ready to buy a condo, then you get an FET, you dont have to get the FET as the money arrives, it can be later.

3)Houses (structures) dont have titles, its just ownership like a car etc. No requirement for an FET as its not property/real estate.

[Delight]

On 5/19/2022 at 4:40 PM, Peterw42 said:

 

3)Houses (structures) dont have titles, its just ownership like a car etc. No requirement for an FET as its not property/real estate.

 I struggle to understand  your statements reference assets with titles

 

However-suspect the main reason for not requiring a FET in relation to house purchase is that foreigners cannot own land -therefore cannot own  houses.

[Peterw42]

1 hour ago, Delight said:

 I struggle to understand  your statements reference assets with titles

 

However-suspect the main reason for not requiring a FET in relation to house purchase is that foreigners cannot own land -therefore cannot own  houses.

Think of it in terms of a thai person owns a block of land and you go and pitch a tent on that land. The tent isn't covered by any land title, its just a structure that you own, placed on someone else's land. No FET or Thai nationality required to buy a tent.

Foreigners can own houses, (the physical structure) but the ownership isnt covered by a title deed. Its not different to owning a caravan and parking it on someone else's land.

[Delight]

3 hours ago, Peterw42 said:

Think of it in terms of a thai person owns a block of land and you go and pitch a tent on that land. The tent isn't covered by any land title, its just a structure that you own, placed on someone else's land. No FET or Thai nationality required to buy a tent.

Foreigners can own houses, (the physical structure) but the ownership isn't covered by a title deed. Its not different to owning a caravan and parking it on someone else's land.

Your analysis /statements only apply when illegal acts are committed i.e occupying someone else's land without permission

 

[Berti]

22 hours ago, Delight said:

Your analysis /statements only apply when illegal acts are committed i.e occupying someone else's land without permission

 

To my knowledge, land can be leased for 30+30 years by a foreigner and the lease can (or must) be registered at the land office. It is legal that a foreigner builds a house on leased land.

[Meni]

I have a slightly different but related question on the FET.

 

Is it possible, and has anyone successfully managed, to get a condo unit transferred to you at the Land Department with an overseas transfer where the conversion to THB was done abroad and not in Thailand? That is to say, the bank abroad sent THB to Thailand via SWIFT, rather than a foreign currency (to then be converted to THB in Thailand). It seems possible for the bank to issue a credit note/confirmation letter according to this site, but I just wanted to find out if anyone had had any personal experience getting a condo unit transferred with such a credit note/confirmation letter.

 

On another note, what about Wise - has anyone had success getting a condo unit transferred with a credit note/confirmation letter issued by a bank based on a Wise transfer?

Edited May 28, 2022 by Meni

[Delight]

On 5/23/2022 at 3:25 PM, Berti said:

To my knowledge, land can be leased for 30+30 years by a foreigner and the lease can (or must) be registered at the land office. It is legal that a foreigner builds a house on leased land.

 The Thai law only allow 30 years for a land lease.

All other arrangements rely on the land owner to sign . This signature gives legal permission to extend.

No signature -then no extension.

If a house has been built during the first 30 years then without the signature all goes to the land owner.