Roi From Overseas Every Month,Saving And Want To Buy Condo

[crille30]

Ok I get every month lets call it ROI from what ever.Every month I save money and after 2 years I saved enough so I want to buy a condo.i read about you should get some papers from the bank when you bring money in to buy a condo but thats when its a one time thing(or2)but how can I do it?

Can I just take my money and buy a condo?what will be my problem i future?If i sell it I cant take they money out of LOS?Any one know?

Edited May 6, 2012 by crille30

[simple1]

I understand that when transferring funds to Thailand you will need to state the purpose i.e. buying condo. You will need a reord of the funds transfer from your Thai bank which as I recall is a "Tor Tor 3". This will empower you in the future to transfer the funds back to your home country.

[chiang mai]

Why not accumulate your overseas ROI in a bank outside Thailand and then when you have sufficent, make a single transfer in. BTW, I believe that overseas income that is paid into Thail banks is taxable here if it is brought here in the year it was earned.

[AyG]

which as I recall is a "Tor Tor 3"

Tor Tor 3 hasn't been issued for several years now. The new form is referred to as a Foreign Exchange Transaction Certificate.

[crille30]

Why not accumulate your overseas ROI in a bank outside Thailand and then when you have sufficent, make a single transfer in. BTW, I believe that overseas income that is paid into Thail banks is taxable here if it is brought here in the year it was earned.

Yes thats a good idea.Dont have one ,just have to open a bank acount some were close like Singapor.Thanks

[crille30]

If I understand correctly its all about they day I want to bring they money out again?I mean no one will ask me for some papers when I buy the condo?They problem canwill come when I sell and want to transfer they money out trough banks but if that is the case I just bring th money in my pocket when I leave.or Im wrong?

[Darrel]

Do yourself a favour and learn about the difference between foreign-name units and Thai/company-name units.

This will be especially important in your particular circumstances.

[PattayaParent]

If I understand correctly its all about they day I want to bring they money out again?I mean no one will ask me for some papers when I buy the condo?They problem canwill come when I sell and want to transfer they money out trough banks but if that is the case I just bring th money in my pocket when I leave.or Im wrong?

You have to give the original FETF to the Land Office as proof that the money came in from overseas in foreign currency. Make a copy of it to give to your bank when you want to transfer out again.

[chiang mai]

In fact, you need to come up to speed on a number of aspects of condo buying/funds transfers in/out of Thailand before you do much else with this. Topics to research:

Farang quota vs Thai quota in condo buildings;

Repatriation of funds out of Thailand;

Recieving foriegn funds in Thailand for home purchase;

Tax on condo/house profits in Thailand;

Taxation of foriegn income in Thailand.

If you do a search on this forum you'll finds loads of information, these subjects have been done to death endlessly.

EDIT: additional topics

Edited May 7, 2012 by chiang mai

[Naam]

Why not accumulate your overseas ROI in a bank outside Thailand and then when you have sufficent, make a single transfer in. BTW, I believe that overseas income that is paid into Thail banks is taxable here if it is brought here in the year it was earned.

no taxes!

[Naam]

Why not accumulate your overseas ROI in a bank outside Thailand and then when you have sufficent, make a single transfer in. BTW, I believe that overseas income that is paid into Thail banks is taxable here if it is brought here in the year it was earned.

Yes thats a good idea.Dont have one ,just have to open a bank acount some were close like Singapor.Thanks

why close? what's the advantage?

[ThailandInvestmentGuide]

You have to give the original FETF to the Land Office as proof that the money came in from overseas in foreign currency. Make a copy of it to give to your bank when you want to transfer out again.

Correct but just to make it a bit clearer for the OP ... this has to be done at the time the condo title is tranferred to you. This is assuming that you are a foreigner and you want the title in your own name. Refer Section 19.3.5 of the Thailand Condominium Act

[crille30]

ok guys thanks.well I need to read more for sure and see what is the correct way to do it.Thanks all for taking time to answer