Buying Condo With Rp - Still Need Tor Tor 3?

[danone]

I read somewhere that with a Residence Permit a foreigner does not have to proof anymore that the money is sent from abroad in case he/she buys a condo.

Anybody has any experience with that or knows some facts?

The reason I ask:

The BoT increased the minimum transfer amount for Tor Tor 3 to USD 20'000 (from previously 10'000).

Would be helpful though if one could send smaller amounts.

Tks!

[danone]

here is the link where the exception is mentioned:

http://www.ethailand.com/index.php?id=1821

[Sunbelt Asia]

Last week, we went to pick up a Tor Tor 3 for a client and was given a Foreign Exchange Transfer Form filled out. They stated "this replaces the Tor Tor 3."

Must say this, the mid-rate on this transfer was very good. It was 41.23 bid 41.30 offer. I said how bout 41.27? Hold on. Two-three seconds later ' Done" was the response. Sure enough 41.27 showed up 10 minutes later looking at quotes on Yahoo. Great service.

www.sunbeltasia.com

[lopburi3]

I read somewhere that with a Residence Permit a foreigner does not have to proof anymore that the money is sent from abroad in case he/she buys a condo.

Anybody has any experience with that or knows some facts?

The reason I ask:

The BoT increased the minimum transfer amount for Tor Tor 3 to USD 20'000 (from previously 10'000).

Would be helpful though if one could send smaller amounts.

Tks!

The is the law as posted on http://www.sunbeltasiaproperties.th.com/condo-laws.shtml

I will let you read and make your own mind up but I see nothing from my quick read that would require a resident to use foreign funds proof for purchase of a condo; but policy may be otherwise.

[Sunbelt Asia]

Section 19 (3) 5.:

An alien or a juristic person as prescribed under Section 19(5) shall produce evidence of having imported foreign currency into the Kingdom or evidence of withdrawal from a deposit account of Thai Baht of a person having residence abroad or evidence of withdrawal from a deposit account of foreign currency in the amount of not less than the price of the unit to be purchased.

www.sunbeltasia.com

[lopburi3]

Section 19 (3) 5.:

An alien or a juristic person as prescribed under Section 19(5) shall produce evidence of having imported foreign currency into the Kingdom or evidence of withdrawal from a deposit account of Thai Baht of a person having residence abroad or evidence of withdrawal from a deposit account of foreign currency in the amount of not less than the price of the unit to be purchased.

www.sunbeltasia.com

But my reading is he would be under 19 (1) not (5) and thus:

"An alien prescribed under Section 19(1) shall produce evidence of a permit to hold residency in the kingdom under the laws on immigration."

But will let your lawyers have last word on that.

[Sunbelt Asia]

Oh Oh...Oops guilty your Honor :-)

www.sunbeltasia.com

[danone]

tks for ur replies.

looks safer though to continue getting these Tor Tor Sam.

reminds me on the lease question - there are lawyers that promise a life long lease - and I know people having it -, even though there is no law mentioning it ... TIT

one never knows if you want to get the money out of the country one day and they ask for this and that paper.

[trajan]

From my personal experience, if you have a RP you do NOT need Tor Tor 3 forms. I used a combination of funds from abroad, local savings and local borrowed funds. But if you are bringing in all of the funds from abroad, why not get them?

[alanw]

I have PR. Last week I purchased a condo in Bangkok. I had the total funds transferred from another country.

My lawyer (located in Pattaya) is adament that the TT3 document was NOT needed. He cannot however find a relevant regulation.

In advance, to try to avoid any problems, the seller of the condo took copies of my Resident Certificate, Police Reg. Book, Work Permit book, and Tabien Baan to the lands office at Huay Kwang. The seller is a retired senior government official, who has had numerous dealings with the Lands Title Office.

The Lands Title officer indicated that without a TT3 or Foreign Exchange Transfer form the transfer of title could not be completed.

On the actual transfer day I went to the Lands Title office. We were taken into the office of a senior officer (a mark of respect for the seller). The Foreign Exchange Transfer document was amongst the pile of documents offered. The Lands title senior officer looked at my PR Cert., Tabien Baan., Police reg etc etc, then said 'where's the Foreign Exchange Transfer form.' Luckily we had taken it.

That's my experience.

Regards

[trajan]

Not sure its it makes a difference, but my transaction was in the Land Office responsible for the Silom (Bangrak?) area and I used a lawyer (and seller used a lawyer and international real estate broker). My lawyer confirmed with the officer that inward remittance was NOT necessary in my case because I had a Residency Certificate. My transaction was quick, smooth and painless (no need to go into any officer's room etc.). Everyone seemed to know the steps like clockwork and there was no debate or discussion on Tor Tor 3 requirements because it was a given between everyone that is was not needed. I did confirm with my lawyer and some officers that the normal circumstance (by far) was with a purchasing foreigner NOT having a PR Certificate and therefore some officers just ask for a TorTor 3 of all foreigners by knee jerk reaction. Where is Huay Khwang District? near Chatuchuk Park?

It reminds me of last week when I went to open a savings account at Bank of Asia with my passport and PR certificate. The lady at the counter then asked for my work permit (I have one, but I did not bring it and took the position that I should be able to open a bank account without a work permit if I had a PR Certificate (as advised by my lawyer)). The teller was adamant that all foreigners must have a work permit to open an account (and she did not seem to be familiar with a PR Certificate just from my reading of her facial expressions). She then confirmed this with her fellow tellers after lots of huddles. Finally the branch manager came over took a look at my documents, quickly said that I have a PR Certificate, no work permit needed and she personally opened the account and nicely explained all of the features (like International Visa Electron Debit Cards, etc.)