Can you really buy a condo with cash?

[parafareno]

I have heard from a broker that it is possible, even with crypto...

few years ago everybody said you need to transfer money from abroad for exact ammount with subject condo purchase to be able to buy a home...

and now? Did they change something? You can really just bring cash and buy condo?

Or am I being scammed?

[ezzra]

Best would be to transfer the cash from abroad to buy the condo, forget crypto and pay with cash, you'll need to prepare 2 cashier cheques one of the purchase price and one for the rest of the expenses such transfer fee stamp duty and others, if you can get a lawyer to make sure that all is done on the up and up, it will cost more but you'll sleep better...

[tomazbodner]

If you are Thai or have a Thai PR, you can buy cash.

If you are a foreigner without PR in Thailand, you can buy condo but not in your name, as for personal purchase by foreigner you'll need a  form from bank that all the purchase price has been transferred from abroad - so at the least you would have to take your cash, fly out of Thailand to another country, and make an international transfer back to your bank account in Thailand.

 

Some buy properties in name of company but that brings with it a lot of other challenges, and it is usually done when foreigner wants to buy a house, or when buying condo in area that has foreign quota already filled.

 

Some buy properties in name of others, like their wife, girlfriend, etc., which removes above requirement, but of course then property isn't legally theirs but belonging to someone else, which usually leads to problems later.

 

Without that green form from the bank you will not be able to make a transfer of property at the land department to your name, even you already paid for it with cash. And you should never use cash. Use cashier's cheque, and get seller to sign copy of it to have proof they received payment.

 

[parafareno]

what if I bring cash and put it in my bank in Thailand? I am not interested in buying as a company...no....

will they decline me?

Why di the realtor said it is possible to bring cash....

[KhunLA]

You can transfer in or carry in whatever amount you want (from USA), although you my have to declare it (cash), or supply a reason (transfer).   I've transferred 6 mill baht once, what ever that would be now in USD, with no issues or questions, leaving or arriving.   Did have a doc if they asked, but nobody cared, although that was about 12 yrs ago.

 

As far as using for direct purchase of condo, can't help, as always contract builder for single family home on a lot.  But nobody ever questioned transfers or payment to / from or in between.  This 10 yrs, 5 yrs, and last year.  Not exactly large or small amount.  Some spending more on vehicles.

 

No issues at all from Thai or USA folks.

[Delight]

 You cannot bring cash into Thailand and expect to get a FET.

When I say cash I mean folding money brought in on your person.

I would separate the term 'Cash' from the term 'Mortgage'

So in that sense most foreign buyers pay 'Cash'

[KhunLA]

15 minutes ago, parafareno said:

what if I bring cash and put it in my bank in Thailand? I am not interested in buying as a company...no....

will they decline me?

Why di the realtor said it is possible to bring cash....

Check with your home country, what rules, but USA, have to declare 10k cash or more leaving.  I'd bring cash if going the carry out route, as a check may take time to clear, cashiers check or not, and possibly a silly fee added on.

 

Bring cash in, you simply have to declare it with Thailand also, depending on amount (20+k USD (?)equivalent):

https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/FAQs

 

 

Edited June 5, 2022 by KhunLA

[parafareno]

yes i can bring any kind of ammount in paper cash from my country but I need to declare it....

but still can I put that paper cash in thai bank and then buy condo? Or it needs to come to thailand only as transfer? 

Because some russian realtor agent said people pay with BTC too.....

who to believe....

I dont want to be shoocked that when I come to the land department they will decline me

[tomazbodner]

35 minutes ago, parafareno said:

what if I bring cash and put it in my bank in Thailand? I am not interested in buying as a company...no....

will they decline me?

Why di the realtor said it is possible to bring cash....

Land department will refuse transfer without that green slip. You would only be able to put it in the name of a Thai or a foreigner with PR without the proof of incoming international transfer for at least the entire unit cost.

[parafareno]

what if my mother transfers me the money from EU to my Thai bank account? DO I get the green slip?

[Etaoin Shrdlu]

41 minutes ago, parafareno said:

what if I bring cash and put it in my bank in Thailand? I am not interested in buying as a company...no....

will they decline me?

Why di the realtor said it is possible to bring cash....

Perhaps the realtor is referring to the fact that you may bring banknotes to the Land Department Office to pay for the condo as opposed to bringing a cashier's check.

 

I think you may do that, but you will still need the document from the bank showing that you brought foreign currency into Thailand from abroad if you intend to register the unit in the name of a foreigner who does not have PR.

[scubascuba3]

29 minutes ago, parafareno said:

what if my mother transfers me the money from EU to my Thai bank account? DO I get the green slip?

it's a letter from the bank, not a green slip, just do your research to ensure when it settles it's processed as international. At land office can pay cash or cheque with the letter, i paid with cheque and cash to cover transfer taxes

[BangkokAlan]

No you cannot bring cash put in a Thai bank and buy a condo. The process of purchase requires all money to come in from overseas and only a transfer from your home country to Thailand can show where the funds originated as they wont accept a withdrawal slip from you home bank as proof.

 

The Thai bank wont issue the TorTor3 form to you which shows the money transfer into the country and exchange rates for condo purchase unless the process is followed and without the TT3 land dept will not allow the transfer of the condo to your name.

 

Even living in Thailand with a Non B visa and work permit I still had to bring money in from overseas for my condo.

 

Most countries have something similar now is all part of money laundering controls.

 

 

[Bluespunk]

1 hour ago, tomazbodner said:

If you are a foreigner without PR in Thailand, you can buy condo but not in your name

Really? I bought my condo 16 years ago while working here and it is in my name on the deed.

[potless]

2 hours ago, parafareno said:

Or am I being scammed?

Get a lawyer who knows the process and will tell you what to do and when to do it.

[Liverpool Lou]

3 hours ago, parafareno said:

You can really just bring cash and buy condo?

If you're referring to bundles of notes, there are money laundering regulations that developers/vendors are supposed to abide by that limit the amount of physical cash that can legally be accepted for such transactions.

[Liverpool Lou]

2 hours ago, tomazbodner said:

If you are a foreigner without PR in Thailand, you can buy condo but not in your name

Nonsense.  

[parafareno]

again, PLEASE READ

what if my mother transfers me the money from EU to my Thai bank account? DO I get the green slip/letter/tor tor?

[scubascuba3]

1 hour ago, parafareno said:

again, PLEASE READ

what if my mother transfers me the money from EU to my Thai bank account? DO I get the green slip/letter/tor tor?

Read the posts above the answer is there.

[KhunLA]

2 hours ago, parafareno said:

yes i can bring any kind of ammount in paper cash from my country but I need to declare it....

but still can I put that paper cash in thai bank and then buy condo? Or it needs to come to thailand only as transfer? 

Because some russian realtor agent said people pay with BTC too.....

who to believe....

I dont want to be shoocked that when I come to the land department they will decline me

Well, you are on a forum, so take everything with a grain of salt.  If you need to ask these questions, best you use a reputable RE lawyer.

[The Hammer2021]

Most people buy with cash - they transfer the cash from a foreign  account to their Thai  account and then to sellers account.

Or does the OP mean a duffel bag full of grubby  used notes?

[The Hammer2021]

2 hours ago, parafareno said:

what if my mother transfers me the money from EU to my Thai bank account? DO I get the green slip?

A green slip for transferring money? From you mother? From Europe?

[The Hammer2021]

3 hours ago, tomazbodner said:

If you are Thai or have a Thai PR, you can buy cash.

If you are a foreigner without PR in Thailand, you can buy condo but not in your name, as for personal purchase by foreigner you'll need a  form from bank that all the purchase price has been transferred from abroad - so at the least you would have to take your cash, fly out of Thailand to another country, and make an international transfer back to your bank account in Thailand.

 

Some buy properties in name of company but that brings with it a lot of other challenges, and it is usually done when foreigner wants to buy a house, or when buying condo in area that has foreign quota already filled.

 

Some buy properties in name of others, like their wife, girlfriend, etc., which removes above requirement, but of course then property isn't legally theirs but belonging to someone else, which usually leads to problems later.

 

Without that green form from the bank you will not be able to make a transfer of property at the land department to your name, even you already paid for it with cash. And you should never use cash. Use cashier's cheque, and get seller to sign copy of it to have proof they received payment.

 

You can buy a condo in your own name. You can't buy land in your own name.

[The Hammer2021]

43 minutes ago, parafareno said:

 

 

What difference  does it make if your  brother, or mother or father sends you the money- it's irrelevant.

So you don't trust internet banking?

But you talk about buying a condo with cash?

[onthedarkside]

An all-CAPS shouting post and several related flame posts have been removed.

 

[Jai Dee]

More troll posts as well as flames have been removed.

 

From the Forum Rules:

 

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and

 

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[parafareno]

ok got it

[tomazbodner]

2 hours ago, Bluespunk said:

Really? I bought my condo 16 years ago while working here and it is in my name on the deed.

I was referring to OP wanting to pay for it in cash without bringing funds in from overseas. Please consider the context and don't only copy half of one sentence in entire post, taken completely out of context. Without PR or being Thai, you cannot walk to land department and do transfer of property under your name without having proof that funds originated outside the country and were legally transferred to a Thai bank, which issues a form to confirm just that.

[LarrySR]

4 hours ago, parafareno said:

what if I bring cash and put it in my bank in Thailand? I am not interested in buying as a company...no....

will they decline me?

Why di the realtor said it is possible to bring cash....

Just listen to your Russian realtor….

[tomazbodner]

46 minutes ago, The Hammer2021 said:

You can buy a condo in your own name. You can't buy land in your own name.

That is absolutely correct. You can buy a condo, or even a house in your own name **** (rules apply), but not the land.

However the whole topic was on OP walking to land department without any paperwork, and just paying cash for the condo, without having proof of transferring funds from abroad, having no PR and not being Thai citizen. Land department will not allow him to do transfer without this paperwork.