Transfering Funds For Off Plan Condo

[bowig]

I have a question -

If you are buying a condo off plan, in a payment scheme which entails paying a initial 5% deposit and then a further 20% in installments over 3 years, how do you deal with the need for a TT3?

I am lead to believe that the amount transfered when you get the TT3 receipt must be of equal value, or more than, the value of the property purchased. but if the property isnt completed for 3 years i dont want to transfer all the funds now.

Logically i thought that perhaps i can have more than one TT3 receipt for each property? If that were the case i could transfer funds now for the first 3 years payments (25%), get a TT3 for that, then in 3 yrs time transfer the final 75% payment and get a TT3 for that. Then the two TT3 receipts could be presented together on registry of the property.

Does anyone have any experience with such an issue? Is this possible?

thanks!

[trajan]

this is substantively the advice that I got from a reputable developer (TCC Capital Land).... [note: I didnt have to follow that avenue because I already got a Residence Booklet]....

a "Foreign Exchange Transaction Form" (FETF) can be obtained for inward remittances exceeding US$20,000.....

however, if your installments are less than US$20,000, a confirmation letter of the inward remittance from the beneficiary bank (i.e., the bank receiving the funds in Thailand) would suffice...

but its probably easier from a convenience point to transfer the 25% now in one lump sum into your own Thai account and get one FETF (assuming thats over US$20K).... if the baht keeps strengthening thats also a good argument to send in the 25% lump sum now as opposed to later....

you can have multiple FETFs/confirmation letters as long as they all in aggregrate are equal to the transfer price of the condo.... there is no need to have a single FETF which reflects the entire condo price...

[bowig]

excellent. thanks for the info. extremely helpful./