Using My Account For Condo Deposit

[THAIPHUKET]

Amercian friend has to make down payment for Condo. Not enough time to fly to Thailand, no bank account.

Amount only 90 000. No problem for me to channel this over my account.

I am only super cautious when it cames to being seen involved in transaction which may cause attention at whatever governm / tax office.

Nothing to hide but enjoy my anonymity,

Overly cautious?

[InterestedObserver]

Only problem would be if the 90,000 is in USD, that amount would trigger U.S. Treasury (FBAR) reporting requirements for you. No problem in Thailand, although if your friend wants the condominium in his name he may want to think about how he is going to prove the import of foreign currency for the Land Department.

[THAIPHUKET]

if your friend wants the condominium in his name he may want to think about how he is going to prove the import of foreign currency for the Land Department.

That is an interesting point, can you pls explain more what is needed for the Land Dep. Perhaps other foot traps because my friend intends to buy as an investment, fly in, get the purchase done and fly out.

Why can the money not be straight transfered from another non US account, i.e no US issue.

[thaiwanderer]

if your friend wants the condominium in his name he may want to think about how he is going to prove the import of foreign currency for the Land Department.

That is an interesting point, can you pls explain more what is needed for the Land Dep. Perhaps other foot traps because my friend intends to buy as an investment, fly in, get the purchase done and fly out.

Why can the money not be straight transfered from another non US account, i.e no US issue.

Doesn't have to be a US account but the issue of showing import of foreign currency remains.

Its not clear what you are actually intending to do.

Is he flying in or not? If so why?

Is he giving you the cash?

Which account of yours are you paying it into? Thai / Foreign? Personal or company?

Which account are you sending it on to?

Is the same route to be used for all the payments?

[InterestedObserver]

if your friend wants the condominium in his name he may want to think about how he is going to prove the import of foreign currency for the Land Department.

That is an interesting point, can you pls explain more what is needed for the Land Dep. Perhaps other foot traps because my friend intends to buy as an investment, fly in, get the purchase done and fly out.

Why can the money not be straight transfered from another non US account, i.e no US issue.

1. Your friend needs a Foreign Currency Transaction Form, obtained from your Bank, to present to the Land Department to prove the import of foreign currency into Thailand before he will be issued the condominium title deed in his foreign name. The form needs to be is his name.

2. The foreign currency can come from any source outside Thailand.

3. If you are a US national and the money touches your Thai bank account(s) then you are required to report any aggregate balance over 10,000 USD, or equivalent Thai baht, to the US Treasury Department.

Edited May 22, 2011 by InterestedObserver

[THAIPHUKET]

Thanks for replies. In the end the deposit was directly paid to the agent, who handled everthing to my friend's satisfaction.