Feft And General Questions Relating To Condos

[ongbak]

Hi,

First post so hello everyone.

Just had a few questions regarding the FEFT(form) i read about it only being needed for transactions of $20,000-USD does this apply to UK transactions etc?

What if the properties you are looking at do not cost $20,000 or equivalent approx £12,800 ??

Can you not transfer £2000 at a time(over several months) lets say, until you find the right place?

Do you have to show bank statements from uk to show where this money has come from?

and does anyone know the costs of bank transfers to a Thailand bank account?

[PattayaParent]

If the amount transferred is under 600,000 Baht (or currency equivalent in $ or GBP in your case) then you can ask your Thai bank for a 'Bai Rap Rong' which records the amount of foriegn currency sent in and the rate at which it was exchanged by your bank.

I don't know if a combination of these can be used for the Land Office to make up the value of a condo costing over 600,000 Baht instead of transferring the money in 1 go and getting a FETF.

They can certainly be used for purchase of a condo under 600,000 Baht though.

[tangoll]

For sure, the Land Dept office doing the transfer of ownership will accept more than one FETF so that the total amount of the submitted FETFs exceeds the transaction value being declared for the transfer. I imagine the same would apply for the "bai rap rong" as described by pattayaparent.

[ongbak]

thanks for the info just what i was looking for. (but couldnt find)

just a quick one, this "Bai Rap Rong" covers you if you ever want to sell up and move back to home country, you would have no problems transferring the funds back out of thailand?

[PattayaParent]

^don't know anyone who has done that yet.

If the only requirement is to show that the funds came INTO Thailand then you would imagine that it is possible, however TIT and 'fixed' rules are often interpreted differently by different people.