Purchase new Condo with FET of sold Condo

[Orzobamba]

Hello,

 

Apologies in advance if this question has been already answered on this forum.

 

I have a generic query on the buy/sell process of condominium properties in Thailand. I am aware that one of the requirements for having a condo registered in a non-Thai national's name is that the funds must come into Thailand from abroad in a foreign currency. A FET slip is then issued by the bank as a proof of this.

 

Now I wonder what happens in case I want to sell my condo to buy another one, always in my name. Can I use the THB proceeds from the sale to fund the new purchase - assuming a value not exceeding the original investment - and re-use the FET slip from my old purchase for the purpose of registration? Or do I need to send the money abroad, convert it to foreign currency and then transfer it back into Thailand?

 

Thanks!

[OneMoreFarang]

I am pretty sure I read somewhere officially that what you suggest is acceptable.

But don't ask me for the source of that information. 

[Card]

I've bought and sold several condos in Thailand and always had to bring in fresh funds from abroad to buy them. You could ask an estate agent but I am 99% sure you have to export the money then reimport it again. Always remember to import foreign currency then convert in your Thai bank. Do not import Thai baht.

Edited August 1, 2023 by Card

[scubascuba3]

Probably the only time a lawyer might be useful

[soi3eddie]

8 minutes ago, scubascuba3 said:

Probably the only time a lawyer might be useful

Agreed. An experienced lawyer who deals with foreign buyers should know this. If not, at least the lawyer can ask the Land Office for the OP.

 

My Thai lawyers were very helpful when buying my Ex's 50% share of our condo on divorce to get her name removed from the chanote. I had to send another 50% from overseas to satisfy Land Office. The lawyers sent funds back when chanote was in my sole name.

Edited August 1, 2023 by soi3eddie

[Soondae]

Wow, this very interesting to me as I'm thinking about selling my condo and purchasing another in a different location. In other countries I have purchased in, you only paid duty on sale above purchase price which I believe Thailand law is same. I.e. I purchase original condo for 4 mil, sell for 5 mil then pay tax of 45% on the 1 mil profit. I had assumed that I can then reinvest remaining funds into another unit, can someone explain where my thinking is off base?

[Toby1947]

6 minutes ago, Soondae said:

Wow, this very interesting to me as I'm thinking about selling my condo and purchasing another in a different location. In other countries I have purchased in, you only paid duty on sale above purchase price which I believe Thailand law is same. I.e. I purchase original condo for 4 mil, sell for 5 mil then pay tax of 45% on the 1 mil profit. I had assumed that I can then reinvest remaining funds into another unit, can someone explain where my thinking is off base?

In the West it's called Capital Gains Tax. 

[Muhendis]

2 hours ago, Card said:

Always remember to import foreign currency then convert in your Thai bank. Do not import Thai baht.

With regard to UK banks, that goes without saying.

Exchange rates with UK banks are inordinatly high whereas Thai banks are much more reasonable.