Selling Condo And Buying Another

[Pappiklon]

Hi All

I'm selling a condo here, it is in my name and when I purchased it I transferred the money in and got my Foreign Exchange Certificate. I want to use some of the money from the sale to buy another condo here, in order to make that purchase do I need to transfer my baht out of Thailand and back into £UK and then back in again to show the funds arrived from abroad, or can I use the original foreign exchange certificate as proof of foreign incoming funds to buy the new condo bearing in mind that the certificate is now 3 years old.

Thanks in advance for any help on this.

[tangoll]

I had asked the same question some time back, and the reply from Sunbelt Legal was, yes, you must show an original FETC(s) when transferring ownership for a condo if ownership is to be under a non Thai national's name. Since the Land Dept office kept the original FETC of your first purchase, you no longer have the actual original FETC of that purchase, and thus you must import in new funds to get another FETC.

Check other threads here asking what documents are needed by Bangkok Bank to export baht you gained from the first purchase. Your bank may not require the same documents, so you had better ask your own bank, or perhaps the bank has a way of doing the export/import to get you the FETC.

[pepi2005]

What can I do if I just have a series of money exchange slips (from exchanges at banks, money exchange boxes etc.) - will that be sufficient or what else can I do to 'convert' that to a FETC?

[pkrv]

What can I do if I just have a series of money exchange slips (from exchanges at banks, money exchange boxes etc.) - will that be sufficient or what else can I do to 'convert' that to a FETC?

You specifically need to state the money was for the purchase of a condominium and state which one. BTW changing a suitcase load of cash is possibly going to be more difficult in future.

[Pappiklon]

What can I do if I just have a series of money exchange slips (from exchanges at banks, money exchange boxes etc.) - will that be sufficient or what else can I do to 'convert' that to a FETC?

You specifically need to state the money was for the purchase of a condominium and state which one. BTW changing a suitcase load of cash is possibly going to be more difficult in future.

Hi PTRV, curious as to why you make the last statement about it becoming more difficult to change 'largish' amounts of cash here, are you aware of new 'laws' coming in?

[Pappiklon]

What can I do if I just have a series of money exchange slips (from exchanges at banks, money exchange boxes etc.) - will that be sufficient or what else can I do to 'convert' that to a FETC?

You need the Foreign Exchange Certificate in order to purchase a condo....the money has to be transferred in from another country in the original countries currency as well - you can't change it into Thai Baht in US or Uk and transfer that in - the certificate can only be issued by the receiving bank in Thailand - the only way you can get the certificate is transfer or take the money out of Thailand and TT (telegraphic transfer) the money back in with it specifically stating on the transfer 'For Condominium Purchase' - you cannot get the certificate with your exchange receipts alone

[twix38]

If you sent it in as foreign currency and noted to buy condo, why not try to ask the bank for a Tor Tor 3, for your original purchase. I believe with this paper you can simply use the funds for your next purchase. period.

Sorry if got your details wrong as in a rush, but I got a Tor Tor 3 some 1 year+ after purchase from my bank, though it was sent in GBP and marked for purchasing a condo, as it needs to be in my original transfer, but then it has to be anyway, as I understand it.

Edited July 2, 2008 by twix38

[pkrv]

What can I do if I just have a series of money exchange slips (from exchanges at banks, money exchange boxes etc.) - will that be sufficient or what else can I do to 'convert' that to a FETC?

You specifically need to state the money was for the purchase of a condominium and state which one. BTW changing a suitcase load of cash is possibly going to be more difficult in future.

Hi PTRV, curious as to why you make the last statement about it becoming more difficult to change 'largish' amounts of cash here, are you aware of new 'laws' coming in?

Although I never became involved in retail banking some of the processes seem similar to the markets. We are seeing an exploration of what Farangs need to operate financially in Thailand - even down to articles such as this in 'The Nation'.

http://www.nationmultimedia.com/2008/06/26...ss_30076519.php

Before you can 'mass deploy' you sort of go through a beta process first. This hints at stricter controls in future for cash (I would suspect large cash deposits may now be being monitored behind the scenes), but possibly taking some controls off for personal monitoring of bona fide electronic transfers to Thailand (perhaps allowing online banking, it seems now to sometimes be possible) it will be interesting to see.

[Pappiklon]

What can I do if I just have a series of money exchange slips (from exchanges at banks, money exchange boxes etc.) - will that be sufficient or what else can I do to 'convert' that to a FETC?

You specifically need to state the money was for the purchase of a condominium and state which one. BTW changing a suitcase load of cash is possibly going to be more difficult in future.

Hi PTRV, curious as to why you make the last statement about it becoming more difficult to change 'largish' amounts of cash here, are you aware of new 'laws' coming in?

Although I never became involved in retail banking some of the processes seem similar to the markets. We are seeing an exploration of what Farangs need to operate financially in Thailand - even down to articles such as this in 'The Nation'.

http://www.nationmultimedia.com/2008/06/26...ss_30076519.php

Before you can 'mass deploy' you sort of go through a beta process first. This hints at stricter controls in future for cash (I would suspect large cash deposits may now be being monitored behind the scenes), but possibly taking some controls off for personal monitoring of bona fide electronic transfers to Thailand (perhaps allowing online banking, it seems now to sometimes be possible) it will be interesting to see.

Thanks PKRV, I see where you are coming from

[mortenaa]

Hi All

I'm selling a condo here, it is in my name and when I purchased it I transferred the money in and got my Foreign Exchange Certificate. I want to use some of the money from the sale to buy another condo here, in order to make that purchase do I need to transfer my baht out of Thailand and back into £UK and then back in again to show the funds arrived from abroad, or can I use the original foreign exchange certificate as proof of foreign incoming funds to buy the new condo bearing in mind that the certificate is now 3 years old.

Thanks in advance for any help on this.

I think it depends on your status in Thailand also. If you have a work permit, you should be able to buy a condo with funds that originates from work or other business activities. That is what i have been told by thais familiar with business law.

I am planning to buy a condo myself, and I will finance it with funds made in Thailand along with some savings from abroad.