Buying A Condo

[andy1308]

This may seem like a silly question so please forgive me if that's the case.

After almost two years in Thailand I intend to buy a condo at some point in the near future. I understand the money for this will have to come from overseas, but how can I show this when the money will come from my earnings here? I have no bank accounts outside Thailand. Has anyone else been in a similar situation?

Thanks in advance for your assistance.

[backflip]

1. You open a bank account outside of Thailand.

2. You transfer money to the bank account outside of Thailand.

3. You transfer the money back to your account in Thailand.

[manjara]

1. You open a bank account outside of Thailand.

2. You transfer money to the bank account outside of Thailand.

3. You transfer the money back to your account in Thailand.

4. You end up with 5% less than where you started...

but, TIT, there's probably no other way...

[PattayaParent]

If there's someone (or several someones) here that you know who transfer money in for living expenses just get them to transfer the money from offshore to your account (making sure the reason is for condo purchase) and then you give them the cash in Baht here.

[andy1308]

Thanks for your advice. I just wonder if it's even possible to open an account outside of Thailand when I have been living here for the best part of two years? I know the UK is out (my home) as you need to be resident there and have various proofs of address.

How about family? Would it cause confusion if I sent the money to someone in the UK and it was sent back to my account in Thailand from their account? Does it have to come from an account in my name outside of Thailand?

Thanks again ...

[ZZZ]

This is what the law says:

Section 5 The provision of Section 19 tri (5) of the Condominium Act B.E. 2522 amended by The Condominium Act (No. 2) B.E. 2534 shall be repealed and replaced by the following provisions:

“(5) Aliens and juristic persons under Section 19 (5) shall present the evidence of bringing foreign exchange into the Kingdom or the evidence of withdrawing money from the non-resident Baht account or withdrawing from the foreign currency deposit account to the amount not less than the price of the condominium units intended to buy.”

I'm not sure what it means or what the definitions of a non-resident Baht account and foreign currency deposit account are. Maybe someone else knows???

[PattayaParent]

Andy, it is possible to open a bank account in the UK when you live overseas. All the high street banks and building societies have branches offshore in Channel Islands or Isle of Man and you can open an account with them with proof of addresss as Thailand and a certified copy of your passport.

As far as I know the bank is only interested that the funds come from outside Thailand TO an account in your name, not necessarily FROM an account in your name.

[Maestro]

...You end up with 5% less than where you started...

How did you arrive at 5%? Looking at today’s rates for the British Pound, for example, quoted by Bangkok Bank for the selling and buying rates for TT (SWIFT transfers) I see a difference of 0.93% only. Add to that bank charges of THB 51,000 and GBP 40.

--

Maestro

[jrbkk64]

simple! just open a non-resident bank account, transfer the THB funds from your normal thai bankaccount, pay condo from non-resident bankaccount with a letter from the bank. You may have to show proof of income and tax paid in Thailand. Just get a letter from your employer.

I have just paid 50% of a condo with money earned locally.

[backflip]

"How did you arrive at 5%?"

The poster was strectching a point ot make a point. His point is that everyone is trying to take advantage of him, personally, and we should all be afraid.

[thaigene2]

This may seem like a silly question so please forgive me if that's the case.

After almost two years in Thailand I intend to buy a condo at some point in the near future. I understand the money for this will have to come from overseas, but how can I show this when the money will come from my earnings here? I have no bank accounts outside Thailand. Has anyone else been in a similar situation?

Thanks in advance for your assistance.

andy1308

You open an account in your home country (don't you have one there?) and move it back and forth. make sure it is for at least 20,000 USD inbound transfer to Thailand - and best to send in that US currency I understand.

So you move it out of your thai account to the UK accnt or wherever and then back (let some time pass) and make sure the wire transfer has the words "for purchase of a condominimum in thailand" clearly articled in the transfer details as you will need this. Your Thai bank then issues you a foreign exchange certificate (formerly known as a Tor Tor 3) that lists this info as buying a condo in thailand.

You collect these certificates then you buy the condo - but you WILL NEED TO P:RODUCE these at the Land office to REGISTER the property - if you dont do this you can buy but not register - i.e. you own but you're screwed..

More to the point are you confident you can live here for the long term? Think long and hard and remember how cheap is to rent her!! Really....think about that!

[kanderson]

This may seem like a silly question so please forgive me if that's the case.

After almost two years in Thailand I intend to buy a condo at some point in the near future. I understand the money for this will have to come from overseas, but how can I show this when the money will come from my earnings here? I have no bank accounts outside Thailand. Has anyone else been in a similar situation?

Thanks in advance for your assistance.

You might see if any condo's listed by a real estate company - Like Fair Properties - are to your liking. They made stuff happen for me right away - even though I had a bank account in Thailand - it was not used. I did wire the money to them from USA.