Is It Possible To Use Wages Made From Within Thailand To Purchase Property?

[bangkokburning]

Foreigners must bring in monies from abroad to purchase condos and what not.

Can a person working for wages, such as a teacher or small businessman use their salaried or hourly wages to purchase property?

Can all of it come from Thai wages? For instance, purchase of a 2m THB condo. Can a portion be used, a mix or percentage? Thus, working and saving X and supplemented by overseas cash Y.

Thanks

[Delight]

The Thai authorities have stated that in order for a foreigner to register a condo in his own name he must bring in foreign exchange to the appropriate value.

Therefore locally acquired cash fails to satisfy. That said If you can get it out then back in again -then ok

Even if the condo is acquired thru inheritance -the same rule applies

Buying in a Thai name or via Thai company does not have this requirement

[timsemail]

I just bought a Condo off the lan on Soi 31 using only THB funds that I had made while employed in Thailand on a work Visa. You do need to provide a lot of documents egg. Work permit, letter of earnings from employer. At the end I have a canote in my name and a Blue Ban Book all done with Thai Baht mad in Thailand. So it can be done.

Edited May 23, 2013 by Tywais
Corrected format

[rayongchelsea]

Use the money exchange to get yourself the necessary documents they will charge a few thousand, they will need to see the contract.

[Delight]

I just bought a Condo off the lan on Soi 31 using only THB funds that I had made while employed in Thailand on a work Visa. You do need to provide a lot of documents egg. Work permit, letter of earnings from employer. At the end I have a canote in my name and a Blue Ban Book all done with Thai Baht mad in Thailand. So it can be done.

I think that timesmail is referring to :

19/1/2 (of the condo Act) An alien who has been permitted to enter the Kingdom under the laws on promotion of investment.

Based on the timesmail comments then ‘the laws on promotion on investment’ is in fact a work permit

Do you have a work permit?

[bangkokburning]

Yes, presuming I was working with a permit of course.

Investment is investment.

Running a small business or teaching I would not interpret as investment.

Thx

Edited May 22, 2013 by bangkokburning

[Gerald14]

I bought a condo 10 years ago in BKK and the land office did not give a rats a..... where the money cam from. And I had my blue book as well

[bangkokburning]

Use the money exchange to get yourself the necessary documents they will charge a few thousand, they will need to see the contract.

Money Exchange? You mean an FX kiosk or Moneygram or Western Union. Just curious.

Contract, contract provided for WP?

[ThaiTony2]

I just bought a Condo off the lan on Soi 31 using only THB funds that I had made while employed in Thailand on a work Visa. You do need to provide a lot of documents egg. Work permit, letter of earnings from employer. At the end I have a canote in my name and a Blue Ban Book all done with Thai Baht mad in Thailand. So it can be done.

Blue Book does you no good if your a foreigner. You should not get a yellow book.

[ThaiTony2]

Use the money exchange to get yourself the necessary documents they will charge a few thousand, they will need to see the contract.

Money Exchange? You mean an FX kiosk or Moneygram or Western Union. Just curious.

Contract, contract provided for WP?

Plain and simple. When transferring funds from your bank from abroad to a Thai bank the EFT (Electronic Funds Transfer) document must state the purpose. Example: These funds are for the purchase of a Condo. This is the most simple method without having any issue.

[RBOP]

I brought in 100% from outside and got a Tor Tor 3. If you don't use money from outside you wont get a Tor Tor 3 and all the tax benefit of a Tor Tor 3 when you want to repatriate the funds. I got a Blue Book with the condo (Tambian Bann) with no names in it. I took it to the land office to get my name in it and they exchanged it for a Yellow Book as the Blue Book is only for Thai Nationals. Note in the Yellow Book they spell my name in Thai (phonetically). Title Deed is in my name in English as in my passport.

Edited May 23, 2013 by RBOP

[bangkokburning]

Thanks, the money will never be repatriated. I'm married and contemplating in years to come if this is best solution to keep roof over wife's head when I'm gone.

So if I show work permit, visa and salary statement to a bank, they might issue a TT3 for me? It was stated for a few thousand, is that plust the X money they might charge to run the money (out and) in again? That could be 1%++ easy.

Edited May 24, 2013 by bangkokburning

[RBOP]

Thanks, the money will never be repatriated. I'm married and contemplating in years to come if this is best solution to keep roof over wife's head when I'm gone.

So if I show work permit, visa and salary statement to a bank, they might issue a TT3 for me? It was stated for a few thousand, is that plust the X money they might charge to run the money (out and) in again? That could be 1%++ easy.

Sorry, I don't know. Happy hunting.

[Sophon]

Thanks, the money will never be repatriated. I'm married and contemplating in years to come if this is best solution to keep roof over wife's head when I'm gone.

So if I show work permit, visa and salary statement to a bank, they might issue a TT3 for me? It was stated for a few thousand, is that plust the X money they might charge to run the money (out and) in again? That could be 1%++ easy.

The TT3 was discontinued several years ago, the form now used is a FETC (Foreign Exchange Transfer Certificate). If no foreign exchange was transferred (like in your case), no bank will issue you this certificate.

Sophon

[aussiebebe]

I just bought a Condo off the lan on Soi 31 using only THB funds that I had made while employed in Thailand on a work Visa. You do need to provide a lot of documents egg. Work permit, letter of earnings from employer. At the end I have a canote in my name and a Blue Ban Book all done with Thai Baht mad in Thailand. So it can be done.

Blue Book does you no good if your a foreigner. You should not get a yellow book.

You mean that your should get a yellow book?

[bangkokburning]

Well, I guess that answers the question....sort of.

Thanks for clarification on the docs Sophon.

[Jobo]

I just bought a Condo off the lan on Soi 31 using only THB funds that I had made while employed in Thailand on a work Visa. You do need to provide a lot of documents egg. Work permit, letter of earnings from employer. At the end I have a canote in my name and a Blue Ban Book all done with Thai Baht mad in Thailand. So it can be done.

Blue Book does you no good if your a foreigner. You should not get a yellow book.

You mean that your should get a yellow book?

Yes. Foreigners must have the Yellow Tabien Baan

[RBOP]

I just bought a Condo off the lan on Soi 31 using only THB funds that I had made while employed in Thailand on a work Visa. You do need to provide a lot of documents egg. Work permit, letter of earnings from employer. At the end I have a canote in my name and a Blue Ban Book all done with Thai Baht mad in Thailand. So it can be done.

Blue Book does you no good if your a foreigner. You should not get a yellow book.

You mean that your should get a yellow book?

Yes. Foreigners must have the Yellow Tabien Baan

Yellow book comes in handy when you need to verify where you live such as applying for a drivers license, work permit, or any thing that you would otherwise have to get a letter from your embassy saying where you live.

[Jasun]

From my experience it is entirely possible to purchase a condo on money earned within Thailand - so long as you can prove it is income you've paid tax on. A work permit or letter from your employer stating you are a PAYG, otherwise the yellow tax receipts from the taxation office.

FYI, they are less concerned about purchasing the property than repatriating the money when you sell (which is why they want to know taxes have been paid on the funds).