FEC Letter, At the BKK Land Office

[BonMot]

I have wages earned in country and cannot / will not send them on a round trip in-out just to buy a condo.

 

While rare, I've heard it's possible to get a letter inside Thailand under the right circumstances.

 

Assuming a banker will write a FEC / letter or whatever they are called...

 

Would this be only the manager? Assistant Manager? A loan officer? What level person need a seek out.

 

Anyone outside bank (/ing community) issue such a letter?

 

I presume it will be far easier if the person is working in the same bank where the money is banked.

 

Big question - Once I have the letter in hand is it a done deal for land office? Will the Bangkok land office want to see the book as well and perhaps any additional paperwork?

 

How much are land office fees, transfer fees per million thb? Excluding any seller side liability.

 

Finally, weren't there new taxes coming (condos or just land)? Are they in place now? Annual property tax?!

 

Thank you

[Peterw42]

The FET (Foreign exchange transaction) letter is exactly what it says, confirmation that a Foreign exchange transaction has taken place, the letter will often say not much more than "X amount of foreign currency, converted to Baht, has entered Fred smiths account". The foreign currency can be several deposits over any amount if time. Its not relevant who from the bank signs the letter, so long as the letter is from the bank. People from outside the bank cant do the letter. The land office dont look any further into accounts or bank books

Agents, or people that sell a lot of property can often arrange the letter, especially if a sale is dependent on the letter.

Transfer fees and taxes are a percentage of land office appraised value (not actual sale price), who pays what tax is not law and can be negotiated. often sellers will want 50/50 split of all taxes, when withholding is their responsibility.

• Transfer fees 2 %
• Business tax 3.3 %
• Stamp duty 0.5%
• Income withholding tax (income tax rates)

https://www.samuiforsale.com/knowledge/real-property-transfer-taxes-and-fees.html

 

Ongoing property taxes are mostly to do with rental properties, empty land etc and dont really impact an owner occupied property (literally 100 baht a year if owner occupied)

[BonMot]

Thanks for the link

Edited September 17, 2022 by BonMot