Buying A Condo With Overseas Salary Paid Into Thai Acc.

[Neonben]

O.K. people i'm stressing loads as i cant find the answer to this, due to most people spending considerable more than myself on a condo.

I've been working in Indonesia for past year and having Indo rupiah paid into my local Thai acc,

The condo is only 1.2 mil baht and it's time to pay, so from what i gather i don't need a T.T.3 (FET) certificate because its less than $50,000 usd, but will need a certificate from bank saying the money has come from overseas and been converted into Thai baht?

In other forums i've seen people say that the money has to of come from my own acc outside of Thailand, can anyone confirm this?

And am i now in a difficult position to buy this condo?

As with my previous post, a BIG thanks in advance for your help.

[54321]

As far as I am aware the money has to be transferred from an account in your name outside Thailand to an account in your name in Thailand (or direct to the developer), I do not know if it has to be made in one or multiple payments, I have always made a single payment. My first condo cost 1.3million and they did not automatically issue a FET I asked them to provide me with the form and they did, for a fee (BKK bank).

As I understand you only need the FET in order to repatriate the funds (same amount or less) when you sell it, however the developers I have used always insisted on me providing the FET- maybe they were over cautious (and for their own sake want to prove the cash is traceable and has come from overseas) or maybe they do not fully understand the rules, or maybe its simply their policy as opposed to a legal requirement, I really don't know.

I would suggest you speak with the developer

Good luck

[Neonben]

Thanks for response.

Yesterday i was in BKK bank and lady there says salary should be O.K., but i might have to provide my contract as proof though.

Hope she's right, i'm back to U.K. today and cutting it short to only 1 week so can get back and sort it all out in the week before back down to work.

thanks again.

[chiang mai]

You need to get some accurate advice, trasfering funds to the developer will (I believe) eliminate your ability to obtain an FET later. Also, look at the tax side of things, income earned in the current year that is remitted to Thailand in the same year, is (I believe) liable to income tax.

[JaiLai]

You need to get some accurate advice, trasfering funds to the developer will (I believe) eliminate your ability to obtain an FET later. Also, look at the tax side of things, income earned in the current year that is remitted to Thailand in the same year, is (I believe) liable to income tax.

Even if working outside Thailand for a non Thai company? Find that hard to believe?

[jbaldwin]

You need to get some accurate advice, trasfering funds to the developer will (I believe) eliminate your ability to obtain an FET later. Also, look at the tax side of things, income earned in the current year that is remitted to Thailand in the same year, is (I believe) liable to income tax.

Even if working outside Thailand for a non Thai company? Find that hard to believe?

The statement is true if you are resident for tax purposes in Thailand (ie were in Thailand for 180 days or more in the year in question) but is not true if you were not resident.

In any case you can deduct any tax already paid in Indonesia from the amount due in Thailand.

[sotsira]

The money has to come from overseas, but not necessarily from your account.

As long as it's entering your account in Thailand.

The tor tor 3 can be issued from your Thai bank only if the funds exceed $20,000

in one lump sum, so in your case with salary payments, and the purchase price of 1.2M bt would

be a problem as the tor tor 3 has to show funds in excess of the purchase price.

You need to clarify with the land dept. that a letter from your Thai bank proving the funds are

from a foreign bank a/c would be acceptable.

I take it that all this requirement is for you to purchase in your name.

[chiang mai]

You need to get some accurate advice, trasfering funds to the developer will (I believe) eliminate your ability to obtain an FET later. Also, look at the tax side of things, income earned in the current year that is remitted to Thailand in the same year, is (I believe) liable to income tax.

Even if working outside Thailand for a non Thai company? Find that hard to believe?

The statement is true if you are resident for tax purposes in Thailand (ie were in Thailand for 180 days or more in the year in question) but is not true if you were not resident.

In any case you can deduct any tax already paid in Indonesia from the amount due in Thailand.

Does ASEAN have double taxation agreements?

[jbaldwin]

You need to get some accurate advice, trasfering funds to the developer will (I believe) eliminate your ability to obtain an FET later. Also, look at the tax side of things, income earned in the current year that is remitted to Thailand in the same year, is (I believe) liable to income tax.

Even if working outside Thailand for a non Thai company? Find that hard to believe?

The statement is true if you are resident for tax purposes in Thailand (ie were in Thailand for 180 days or more in the year in question) but is not true if you were not resident.

In any case you can deduct any tax already paid in Indonesia from the amount due in Thailand.

Does ASEAN have double taxation agreements?

ASEAN does not have double tax agreements but Thailand has bilateral agreements with 5 ASEAN member states: Singapore, Malaysia, Philippines, Indonesia and Vietnam.