I've been reading the posts on the need to remit money from abroad to buy a condo in Thailand and (I think) this means I need to transfer my funds out of Thailand then back in again to buy a condo?

I live and work in Thailand and have a Work Permit and Business Visa but I'm not a (Purple Book) Thai resident.

I get paid a salary in Thailand so my savings are in a Thai bank account, so I don't think I can use this as the 50% deposit on a Condo.

But can I transfer this money out of Thailand, then make a transfer back as foreign currency and exchange it back to THB onshore and state the reason for the transfer as 'Buying a Condo' and then use the funds for the deposit.

Will there be any issues with the transfer out and back? I guess it will also cost me a bit in the currency exchanges and transfer fees.

Is there a smarter (legal) way of doing this? I don't fancy carrying bags of cash out of the country.

Thanks for any advice!

I would contact the department of land (www.dol.go.th) and discuss your situation.

Yes ... I'll check with DOL, just doing homework first so I know what questions to ask ... and to help me understand the answers!

Latest from K-Bank is that the rule about the funds needing to be sent in from abroad only applies to condos bought for cash outright and that if I'm getting a mortage (for 50%) then this will not apply. But UOB say that I need to show that the 50% deposit has been remitted from abroad.

Both banks did agree that the easiest way is to get a Thai wife!

I could also try for a Thai Residence Permit?

Yes ... I'll check with DOL, just doing homework first so I know what questions to ask ... and to help me understand the answers!

Latest from K-Bank is that the rule about the funds needing to be sent in from abroad only applies to condos bought for cash outright and that if I'm getting a mortage (for 50%) then this will not apply. But UOB say that I need to show that the 50% deposit has been remitted from abroad.

Both banks did agree that the easiest way is to get a Thai wife!

I could also try for a Thai Residence Permit?

PR will take you a couple of years to obtain.

What will be the declared value of the condo at the Land Office? You only need to bring in the amount that will cover this declared value (or in your case 50% of it) and the balance can be from local funds. Although if the land office want to see the mortgage agreement you will be screwed on this.

There is a company in Pattaya which acts as a broker for a Bangkok finance firm, lending to Foreigners.

Loans are offered throughout the country, not just in Pattaya.

Their terms are 50% down and a minimum loan of 1,000,000.

9.5% / year up to 10 years.

PM me if you would like more information.