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[jonw8uk]

I'm considering buying property here, and have some questions regarding the financial aspects.

I read on the internet that in order to buy, I need proof (tor 3 form?) that the funds originate overseas.

Currently I'm working in Qatar, but my salary is being paid into my Kasikorn account from a UK company. From what I have read, it is the property seller's bank that provides the paperwork, so am I right in thinking that, even though my own Kasikorn statements could prove the money comes from overseas, this wouldn't be accepted?

Obviously, if I could I would have the salary paid into my UK account, but they insist that it's paid into a local account (Qatar) or my 'home' country (Thailand), so should I open a Qatari account to save any hassle later?

Secondly, whats the deal with the hassle of making a swift transfer from my Thai account (in my name) to my UK account (in my name). Seems to be a lot of red tape; IT'S MY MONEY!!!!

any advice welcome

[keeniau96]

Money transfers out of the LOS are a huge problem because of the currency controls. Over 20k US$ have to be documented as to why, sources, etc. Yes, your money, but that cuts no ice. Would have been better banked in Singapore or HK and then transferred into TH as needed.

Re buying, assume you know that farengs cannot own Thai land. There are several exceptions but doubt if they apply to your case. Perhaps you are thinking of buying condominium in a qualified building, but be aware that the fareng apartments in such are usually overpriced vs. the ones bought by Thais.

[aurelius]

To qualify the funds have to be remitted in foreign currency, not in baht, and presumably if your salary is being paid in Thailand then you have a work permit. If both of those conditions are satisfied then you can use those funds to buy the condo. The evidence is required from you, not the seller.

As for repatriating funds - there is no problem if its your income earned in Thailand and you have pay slips to prove it and work permit that documents the legitimacy of the income. That info needs to be declared and then you can remit without obstacle. Currency trading is restricted in Thailand.

[jonw8uk]

To qualify the funds have to be remitted in foreign currency, not in baht, and presumably if your salary is being paid in Thailand then you have a work permit. If both of those conditions are satisfied then you can use those funds to buy the condo. The evidence is required from you, not the seller.

As for repatriating funds - there is no problem if its your income earned in Thailand and you have pay slips to prove it and work permit that documents the legitimacy of the income. That info needs to be declared and then you can remit without obstacle. Currency trading is restricted in Thailand.

In my post I said I'm working in Qatar, being paid from the UK into my Thai bank account. Thus I do not have a work permit, as I do not work in Thailand.

The question was; can I use my thai bank account, due to the fact that the money in my account was previously remitted in foreign currency? I suspect not, but just wanted clarification before I open a Qatari account.

'Currency trading' implies a business connection, not simply wanting to send a few grand to top up the float in my UK account. Kasikorn have said I can do it, but have to do it in person at a branch, rather than online.

[jonw8uk]

Money transfers out of the LOS are a huge problem because of the currency controls. Over 20k US$ have to be documented as to why, sources, etc. Yes, your money, but that cuts no ice. Would have been better banked in Singapore or HK and then transferred into TH as needed.

Re buying, assume you know that farengs cannot own Thai land. There are several exceptions but doubt if they apply to your case. Perhaps you are thinking of buying condominium in a qualified building, but be aware that the fareng apartments in such are usually overpriced vs. the ones bought by Thais.

If I could have had it paid in either of those places I would have, though for some reason my company restricts it to either Qatar or Thailand. Banking in Qatar also has some pitfalls, so, as I already had a thai account, I went with that. Now just trying to foresee and rectify any problems that may arise later when I want to buy a place.

I am aware of the restrictions on what a foreigner can own, and the various routes around them. Many places (real estate websites) still talk about using a company to own the property/land, though I thought the authorities were clamping down on this? Maybe the leasehold route is easiest.

Cheers

[hhgz]

"Whats the deal with the hassle of making a swift transfer from my Thai account (in my name) to my UK account (in my name). Seems to be a lot of red tape; IT'S MY MONEY!!!!"

You should have used a few more exclamation points. Regardless, without SWIFT how would you propose transferring money from Thailand to your home country? Why don't you use that method? A SWIFT transfer to cheap, easy, and safe. I'm not sure why you would not want to take advantage of that.

[aurelius]

In my post I said I'm working in Qatar, being paid from the UK into my Thai bank account. Thus I do not have a work permit, as I do not work in Thailand.

The question was; can I use my thai bank account, due to the fact that the money in my account was previously remitted in foreign currency? I suspect not, but just wanted clarification before I open a Qatari account.

'Currency trading' implies a business connection, not simply wanting to send a few grand to top up the float in my UK account. Kasikorn have said I can do it, but have to do it in person at a branch, rather than online.

If you've remitted the funds in in a major foreign currency, then you can spend it here (on housing) and also take it out later (subject to having the evidence of having sent it in).

The property owning company is still popular, although subject to increasing scrutiny. It depends on a lot of things - if you're buying from a developer they may have a supporting structure in place which could help with leasing etc. Take good legal advice, there are many pitfalls.