'tor Tor Sam' Rules

[edwardmoulton]

I am a UK national loiving here in Thailand and I have reserved a condo on Sukhumvit in Bangkok. I am now paying the monthly payments and then will have to pay the final lump sum some months away.

My question is two fold:

1. what are the rules for the Tor Tor Sam documents(s) needed at the BKK land office. ie. do I need to show one TTS doc or can I show more than one and does it/dothey have to be for the total amount of the purchase or is it a percentage?

2. have a condo already in Pattaya I bought and aow selling. I produced a TTS for this purchase but it was only for the government estimated value. The condo is now (hopefully!) worth more. When I sell it, can I get a TTS doc from the sale to put towards the purchase of the condo in Bangkok?

The reason I ask these questions is of course because I have to plan briging money from the UK and I don't know how much I will need to bring depending on the answers to the two querstions above.....

As an aside, do anyoe have a crystal ball clear enough to suggest whether I woudl be better advised to bring the money from the UK now at current exchange rates of around 63 to 64 THB to the UK pound or wait and hope the rate goes up... The rate was at 75 when I first came to Thailand but I guess thoise dats are gone and I am worried that the US recession fears will affect the UK and drop the sterling value....

All replies to the above much appreciated!

Edward

[nitram]

The Tor Tor Sam has now been replace by the FETF (Foreign Exchange Transaction Form). But to qualify to get one issued by the banks, you must send a minimum of $20,000 US.

I would suggest that if your payments are less than $20,000US, then send over at least the minimum amount of $20,000US and then bank it and withdraw the amount needed to make your payments. You would then qualify for the FETF when the final amount is to be paid.

I have also read on this forum that a bank will issue a letter stating that the funds have come from abroad but were less than the $20,000US if required. The amount showed transferred from abroad must be at least equal to or more than the estimated value from the Lands Department.

With respect to the second part of your request. All funds that are used for a purchase of a property must come from abroad. So the money gained from the sale of your condo is not allowed to be used unless you remit it overseas and then bring it back in again.

Of course, if you are on good terms with a bank manager, they may be able to offer a better solution.

[edwardmoulton]

The Tor Tor Sam has now been replace by the FETF (Foreign Exchange Transaction Form). But to qualify to get one issued by the banks, you must send a minimum of $20,000 US.

I would suggest that if your payments are less than $20,000US, then send over at least the minimum amount of $20,000US and then bank it and withdraw the amount needed to make your payments. You would then qualify for the FETF when the final amount is to be paid.

I have also read on this forum that a bank will issue a letter stating that the funds have come from abroad but were less than the $20,000US if required. The amount showed transferred from abroad must be at least equal to or more than the estimated value from the Lands Department.

With respect to the second part of your request. All funds that are used for a purchase of a property must come from abroad. So the money gained from the sale of your condo is not allowed to be used unless you remit it overseas and then bring it back in again.

Of course, if you are on good terms with a bank manager, they may be able to offer a better solution.

H there...

Thanks for the reply.

I guess that it is far too logical to assume that the fact that my condo in Pattaya is in my foreign name and that I obviously had to bring ther funds from abroad in the firat place and provided the TTS, that I can get another TTS for the next condo as I had heard...?

[nitram]

Each condo is treated differently and the same rules that applied to your first condo will need to be repeated for the second condo... ie funds brought in from overseas.

That is why I mentioned that you may know a bank manager who may be willing to "transfer" your funds out of Thailand overnight and bring them back in again the next day.

If you do not know a bank manager willing to do this, then you may be up for approx a 5 to 10% transfer loss on the funds remitted, depending on the exchange rates of the day.

[tangoll]

See the questions/answers in this post. Answers your questions.

<http://www.thaivisa.com/forum/index.php?showtopic=75620&hl=tangoll>

Good luck.

[PattayaParent]

H there...

Thanks for the reply.

I guess that it is far too logical to assume that the fact that my condo in Pattaya is in my foreign name and that I obviously had to bring ther funds from abroad in the firat place and provided the TTS, that I can get another TTS for the next condo as I had heard...?

You don't get a TTS when you sell your condo in Pattaya but you should have made a copy of the original one when you bought it? If not you can get a copy from the land office.

The common sense approach you outline should work in theory, ie. you've brought in the money from overseas for the first condo, have a TTS and purchase contract and a sales contract so the amount you've received is just you getting back your original amount and then that can be applied for the purchase of your second condo on the same TTS.

But common sense and Thailand are diammetrically oppposed in most situations, but there's no harm in going down to the Land Office and asking them is there?

Edited March 17, 2008 by PattayaParent