Purchasing A House

[Spoonman]

I keep reading about the need to be able to show proof the money was brought in from outside of Thailand if one wants to take it back out after a sale.

What if this money was actually earnt here in Thailand, IE: I work here fulltime and would like to use my savings to buy a house.

[InterestedObserver]

In general you would either need to be a permanent resident of Thailand or have the money in a non-resident baht bank account to be able to purchase a condo in your foreign name using your Thailand earnings. A house, not land, can be registered at the land office in a foreign name but you first must secure land rights and a building permit or sales agreement with your baht.

Edited December 19, 2010 by InterestedObserver

[Soutpeel]

In general you would either need to be a permanent resident of Thailand or have the money in a non-resident baht bank account to be able to purchase a condo in your foreign name using your Thailand earnings.

Not true, know of a lot of guys working here who have bought condo's in their own names with money earned in Thailand, as "Spoonman" works here, has a WP, etc the "rules" change, he can prove where the money has come from.

[InterestedObserver]

Not true, know of a lot of guys working here who have bought condo's in their own names with money earned in Thailand, as "Spoonman" works here, has a WP, etc the "rules" change, he can prove where the money has come from.

I can't help what the Condominium Act, as amended says:

Section 19. Aliens and juristic persons regarded by law as aliens may hold ownership of an apartment if the are the following:

1. Aliens permitted to have residence in the Kingdom under the Immigration law;
2. Aliens permitted to enter into the Kingdom under the investment promotion law;
3. Juristic persons as provided in Section 97 and 98 of the Land Code and registered as juristic persons under Thai law;
4. Juristic persons which are aliens under the Announcement of the National Executive Council No.281 dated Nevember 24, B.E. 2515 and have obtained promotion certificate under investment promotion law;
5. Aliens or juristic persons regarded by law as aliens who have brought in foreign currency into the Kingdom or withdraw money from Thai baht account of the person who have residence outside the Kingdom or withdraw money from a foreign currency account.

As amended:

Section 5 The provision of Section 19 tri (5) of the Condominium Act B.E. 2522 amended by The Condominium Act (No. 2) B.E. 2534 shall be repealed and replaced by the following provisions:

"(5) Aliens and juristic persons under Section 19 (5) shall present the evidence of bringing foreign exchange into the Kingdom or the evidence of withdrawing money from the non-resident Baht account or withdrawing from the foreign currency deposit account to the amount not less than the price of the condominium units intended to buy."