Farang Buying A Condo - Not Enough Cash - Is Ok If Half Of The Amount Transfered From A Thai Person?

[Fgis]

Hello,

I know that when a foreigner buys a condo the money must come from abroad, but as the purpose of this rule is to trace the money and avoid illegal money earned in Thailand, is it acceptable that a part of the amount is given by a Thai person if this person shows that she owns this money for a long time already in a saving account ?

Or the total amount to buy a condo should come from abroad ?

If anybody has info or knows someone at land office to make this rule more flexible please PM me :-)

Thank you.

[falkan]

total amount must come from abroad..

[crille30]

ok it sounds wrong.The reason you have to show money from abroad is to get the FET paper from the bank is so you can get the money out again with no tax.Of course If i have a company here and WP and make money to buy a condo?or is it that f_cked up?cant make money here to buy my condo?But ok if its like that wow,whay the hell would any one to try to make a business her?I hope you are wrong falkan

Edited July 27, 2012 by crille30

[Jingthing]

If you can manage to export the money, you can then re-import the money.

If I sell my existing condo I will have to do that if I want to buy a new one.

[Soutpeel]

If i have a company here and WP and make money to buy a condo?or is it that f_cked up?cant make money here to buy my condo?But ok if its like that wow,whay the hell would any one to try to make a business her?I hope you are wrong falkan

This is an interesting question, people who are working here legally buying condo's with money earned in Thailand...From what I understand there are two schools of thought on this one. One says you could get your money out as you can prove the money was earned in Thailand legally, tax paid etc when you came to sell the place, the other says the existing rule is hard and fast and basically you cant get the money out "legally".....know a few guys who have bought condo's here with money earned here, but none as yet have tested the systemIn the OP's case he may have problems

[johna]

A friend got around this rule by buying foreign currency, and then changing the currency back to Thai baht, and using the Bank receipt as proof the money came from abroad.

[GuestHouse]

My wife and I recently bought a condo, half the money from overseas, half the money from her account in Thailand (shared ownership).

Absolutely no problems registering the sale at the land office.

I suggest the OP speaks to the land office before going forward with the deal.

[Fgis]

Thank you for report.

Maybe they do not apply the "money form abroad" rule when there is a Thai name on the form ? Anyway this condo is your wife condo...

[GuestHouse]

No, shared ownership

[sbk]

Moving to Housing forum

[Sayonarax]

Isnt that why we have lawyers?

[Fgis]

No, shared ownership

This is what I mean, it's her condo :-)

It seems to be why they accepted a part of the money from abroad only.

[Fgis]

A friend got around this rule by buying foreign currency, and then changing the currency back to Thai baht, and using the Bank receipt as proof the money came from abroad.

Yes I heard about this also, good business for the bank !!!