Paying Developer Directly (off plan) Reduce Overseas Funds / Letter

[BonMot]

This question is probably more curiousity than anything else. Buying off plan especially in these sketchy economic times I think less than wise.

 

Edit: I want to use money I've earned working in Thailand and for a variety of reasons not transfer in and out. I don't think that was at all clear.

 

If I were to pay the developer of a condo in whatever installments required - would that would reduce the liability I'd have to show at the land office OR would they just look at the final price and want to match that against a letter?

 

I've asked this one before in a different way...where would be the best place to look for someone who could produce the overseas funds letter?

My bank/s

Developer

Real estate agent

Government official / friend

 

 

Thanks

Edited June 19, 2022 by BonMot

[scubascuba3]

The bank will provide you the letter, usually 100 baht per transfer (maybe they can consolidate, you'd need to check), ensure transfers are "international"

 

I know you didn't ask but buying off plan is much greater risk, condo near me meant to be 46 floors and finished last year, hasn't got off the ground, work stopped for 1 year +

[BonMot]

4 minutes ago, scubascuba3 said:

The bank will provide you the letter, usually 100 baht per transfer (maybe they can consolidate, you'd need to check), ensure transfers are "international"

 

I know you didn't ask but buying off plan is much greater risk, condo near me meant to be 46 floors and finished last year, hasn't got off the ground, work stopped for 1 year +

 

Yes, I'd never buy anything but something I could physically inspect.

 

Apologies, my initial question was not at all clear.

 

The reason - I want to use money I've earned working in Thailand and for a variety of reasons not transfer in and out. I don't think that was at all clear. 

[userabcd]

"Old Thread on aseannow

THREE TYPES OF FOREIGN INDIVIDUALS CAN BUY CONDOS IN THAILAND

Under the Condominium Act of 1979 (amended in 2008), there are five categories of “aliens” that can own a condominium in Thailand. The three that reference foreign individuals are:

1. Foreigners living in Thailand with Permanent Residence status;
2. Foreigners living in Thailand with a work permit and visa sponsored by a Board of Investment promoted company; or
3. Foreigners who pay with funds:
   1. transferred into Thailand from overseas;
   2. from a Thai-baht account where the account owner resides outside of Thailand; or
   3. from a foreign currency-based deposit account.

In simple English, for buying a condo in Thailand, you must either a) hold a permanent resident permit or, b) work for a BOI company and hold a valid work permit/visa, or c) intend to legally bring in or have brought in foreign currency into the country to be used for the purchase of a condo (and properly notated as such).

This is important because in order to register ownership with the Land Department in your name, you will have to provide proof of your status under a, b, or c."

Edited June 19, 2022 by userabcd