Repatriation Of Funds Issue

[pete66]

I am buying a condo here, and understand (I think) about the funds to purchase the condo being sent in from overseas being a good idea so that if I ever sell the condo, I can get the funds repatriated ...

The complication for me is that the funds will be sent not from my account abroad, but from those of a business partner who owes me money.

Does this mean that if I sell the condo in the future I can only repatriate the funds into his name? Not really what I want or is any account overseas good, it just has to be overseas?

Any clarification welcome.

[oldgeezer]

I'm confused. If you have an account overseas, why would you not have him send the money to that account?

It may be an issue even in relation to the initial purchase, much less repatriating the money. If it's a substantial amount of money, I would want to be squeaky clean.

[pete66]

I don't have an account overseas anymore.

[chiang mai]

All that matters is that it is currency entering your account from overseas, the name of the sending party is not really relevant.

[stgrhe]

All that matters is that it is currency entering your account from overseas, the name of the sending party is not really relevant.

True, and if that condition cannot be met then you can't get the title to the condo in your name unless you have permanent residence in Thailand.

[pete66]

All that matters is that it is currency entering your account from overseas, the name of the sending party is not really relevant.

True, and if that condition cannot be met then you can't get the title to the condo in your name unless you have permanent residence in Thailand.

So I just need to show an amount coming into a Thai bank account (in my name) from any account overseas, and that amount has to be at least equal to the cost of the condo purchase?

If so, does this incoming wire have to be "marked" as "for condo purchase"? I really want to get it sent now in preparation, but I haven't finally decided which condo to buy yet. Or should I definitely wait to arrange the condo purchase before moving the money here?

I am not permanently resident here, I have a non-immigrant O visa.

[caf]

oldgeezer is right

get an account opened abroad in your own name, transfer funds in from the partner then transfer out to thaialand. keep a nomonal amount in it so that if repatriation is needed the bot can see that the funds are going back to the same account - yours.

caf

[CRUNCHER]

Make sure that when your partner transfers the funds, the documentation states that they are for purchasing a condo in your name. When you go to the bank to get the FETF (Tor Tor 3)make it clear that it should be issued in your name. Changing it once it has been issued can be problematic.

Edited September 12, 2010 by CRUNCHER

[caf]

Make sure that when your partner transfers the funds, the documentation states that they are for purchasing a condo in your name. When you go to the bank to get the FETF (Tor Tor 3)make it clear that it should be issued in your name. Changing it once it has been issued can be problematic.

Be very careful.

The transfer from partner to you takes place abroad so the reason for transfer is not elevant to BOT. What is relevant is that the transfer from your account abroad to yours in Thailand shows condo purchase as the reason for the transfer. On repatriation there will only be one account listed in the BOT documemntaion - your own account abroad.

The op needs to go to a good bank here in Thailand and take advice from them ( but check it out carefully) You don't want any other names or accounts other than your own mentioned.

But it's up to you what advice you take

caf

[chiang mai]

The BOT, nor anyone else in Thailand for that matter, doesn't care who sent the money into Thailand, only that it arrived in your name in foriegn currency, the name on the senders account is irrelevant - there are all manner of scenario's whereby a third party might send funds in foriegn currency to an ex-pat account holder here, tax authorities, investment house, relatives, etc.

[caf]

The BOT, nor anyone else in Thailand for that matter, doesn't care who sent the money into Thailand, only that it arrived in your name in foriegn currency, the name on the senders account is irrelevant - there are all manner of scenario's whereby a third party might send funds in foriegn currency to an ex-pat account holder here, tax authorities, investment house, relatives, etc.

Oh that's ok then. When the op wants to repatriate money he will have no problems with the Thai authorities.

I would not take bets on that. I'd rather have it crystal clear with the accounts in my name. But as i said it's up to the op.

[pete66]

Many thanks for all the replies and for once, I think I agree with everyone, even though you don't all agree with each other

To be safest, I will set up my own account offshore, and get the funds transferred there, then into an account in my name in Thailand.

[PattayaParent]

So I just need to show an amount coming into a Thai bank account (in my name) from any account overseas, and that amount has to be at least equal to the cost of the condo purchase?

<snip>.

No.

The amount should be at least equal to the cost DECLARED to the Land Office, which is usually less than the actual cost of the condo purchase.

[chiang mai]

So I just need to show an amount coming into a Thai bank account (in my name) from any account overseas, and that amount has to be at least equal to the cost of the condo purchase?

<snip>.

No.

The amount should be at least equal to the cost DECLARED to the Land Office, which is usually less than the actual cost of the condo purchase.

The difference between the declared ammount and the sales price can however be easily remitted overseas in a variety of ways hence this aspect should not be a major concern, many ex-pats have been down this route before.

[caf]

The poster's point is about repatriation of funds. If he declares a lesser amount than that paid then that lesser amount is what can be repatriaited. The repatriation regulations are from the bot not the land office.

If you have information that Thai agencies work together, understand each others rules or even keep strictly to their own rules irrespective of the officer dealing, I'd be interested in hearing it.

caf

[RHCP]

Somewhat related to this thread, what would the OP need to show if he/she wanted to repatriate monies upon selling a condo here since the original Tor Tor 3 would be held by the Land Department?

[PattayaParent]

Somewhat related to this thread, what would the OP need to show if he/she wanted to repatriate monies upon selling a condo here since the original Tor Tor 3 would be held by the Land Department?

A photocopy of it.