Using The Proceeds From One Condo Sale To Finance Another

[Delight]

There is a concern that a FET certificate is required for the purchase of a second condo where the main funding is from the sale of a first condo.

I am advised , from an authority which I trust ,that instead of sending monies out of Thailand –and then returning to Thailand – a simpler solution is :

1 The seller (foreign) of the condo opens a foreign currency deposit (FCD) account in Thailand. The seller can chose from many currencies.

2 The sale monies which he receives goes directly into this FCD account.

3 For the purchase of the new condo he can withdraw the funds from the FCD account . This qualifies him to own a condo under the condominium act

4 He will need to ask for a confirmation letter from the bank to verify this withdrawal from his foreign currency deposit account and can use this letter instead of the FET certificate.

Under section 19 condominium act. (5)(i.e to Qualify to register a condo in a foreign name)

Aliens or juristic persons deemed by Thai law to be aliens,
who have brought into the Kingdom foreign exchange or withdrawn the money from
the non-resident Baht account or withdrawn the money from the foreign
currency deposit account."

[Jasun]

I'd love to know the answer. This method sounds great, but possibly too easy to be true. What happens if the value of the new condo is greater than the old?

[PattayaPhom]

A copy of the original FET and sales docs is sufficient unless new purchase is more than sales price then FET for balance is required.

[johnlandy]

I'd love to know the answer. This method sounds great, but possibly too easy to be true. What happens if the value of the new condo is greater than the old?

Inwards transfer of the shortfall. Is that 'rocket science'?

But with the country ruled by xenophobia it's anybody's guess.

[how241]

A copy of the original FET and sales docs is sufficient unless new purchase is more than sales price then FET for balance is required.

+1