Condo Fund Accessbility

[mikekim1219]

Since Asia being what it is, inefficient and red tape overload with inflexible policies no official seemed to understand, I just want to cover my basis.

I am transferring 50k USD for reason of purchasing condo to my account in Thailand. The condo I have in mind is lower than 50K and really not sure after I do further study if I still want to buy it. Or even it will be available when I arrive in Thailand next week.

If I decide not to buy the condo, can I still use the fund for other purpose such as, purchasing car, retirement visa fund, cost of living expense..etc. ..? And if I do buy, can I have access to rest of the fund?

Thanks

[Darrel]

Of course. It's just money in a bank account. Up to you what you do with it.

[mikekim1219]

Of course. It's just money in a bank account. Up to you what you do with it.

That would be common sense conclusion. After living in China for 10 years, I learned that common sense to normal westerner is mountains of bureaucracy built into their system based on deficit of trust.

[crille30]

If I understand the rules is when you bring money in to buy a condo you should state that in your transfer and then get paper from your bank her for condobuy,not sure what its called I think FET? or what ever so If you you sell your condo later you can bring the same amount out of Thailand with no tax.I f you use the money for other things thats fine,your money.

[mikekim1219]

If I understand the rules is when you bring money in to buy a condo you should state that in your transfer and then get paper from your bank her for condobuy,not sure what its called I think FET? or what ever so If you you sell your condo later you can bring the same amount out of Thailand with no tax.I f you use the money for other things thats fine,your money.

Ok, thanks..

[besth]

Yes. You only need to prove the original source if you buy, resell and want to transfer the money out of Thailand. If you use it for anything different, nobody will question it.