Is Tor Tor 3 relevant in Pattaya ?

[thairookie]

I'm thinking of switching grounds and going for a condo in Pattaya.

I wonder if the Land Office in Pattaya would require the buyer to produce a Tor Tor 3 from the bank ? Pattaya seems a bit different from Bangkok, and I too wonder why the purchase price for Thai is different from that for foreigner, even for the same unit.

[Arkady]

I think all Land Dept offices will require evidence that the funds used by a foreigner to purchase a condo unit were remitted from overseas, unless the foreign is an expat working in Thailand who has earned enough in country to pay for the condo, or is a permanent resident. Property companies can charge what they want for condo units. They can always argue one is better than another. If the developer charges higher prices on racial grounds, you should just not buy from them and tell them why.

[Langsuan Man]

A TT3 is now called a "Foreign Currency Transaction" form. Source: http://www.siamrealestate.com/info/transfer-funds-thailand/

If you want to legally take the money back out of Thailand then you will need a Foreign Currency Transaction form

The difference in price between a Thai and a Foreigner in many cases is a result of the Foreign owned quota being only 49% of available properties in any condo, so supply and demand kicks in

[PattayaPhom]

FET required.

[vtjforyou]

Never seen any price difference, what are you talking about ?

[simple1]

Never seen any price difference, what are you talking about ?

In Pattaya most condo developers have an additional charge for foreigners, it is documented in the publicised list price. I suggest this would be reflected in any resale price

[Langsuan Man]

Never seen any price difference, what are you talking about ?

In Pattaya most condo developers have an additional charge for foreigners, it is documented in the publicised list price. I suggest this would be reflected in any resale price

Yes, but only if in the farang quota , which of course are going to be higher since there can only be 49% in any condo development

[balo]

Is it possible to sell the condo I own and buy another one with the same money ?

Edited September 30, 2013 by balo

[Langsuan Man]

Is it possible to sell the condo I own and buy another one with the same money ?

Unfortunately no, all the money must be shown as coming from off shore, so to get the currency exchange certificate the money from the old condo will have to be shipped out overseas and then the money for the new condo will have to be "imported" from off shore in order to get another foreign currency exchange form

I know it is counter productive but that is how the Condominium Act is written

[balo]

And how do you "ship out" millions of baht from Thailand ? Normal bank transfer ? Will they ask me any questions?

[Langsuan Man]

And how do you "ship out" millions of baht from Thailand ? Normal bank transfer ? Will they ask me any questions?

Normal bank transfer, yes, and they will probably ask to see the Currency Exchange Certificate, that is what it is for

[wpcoe]

And how do you "ship out" millions of baht from Thailand ? Normal bank transfer ? Will they ask me any questions?

Since you are in Pattaya, I will float this idea past you. It's your choice if you want to explore it. Caveat emptor, and all that.

When I bought my condo in Jomtien nine years ago, I asked about what would happen if I wanted to renovate it, flip it, and buy something else, and was told that the initial amount that I had on my Tor Tor 3 (now a FET) could be used again immediately to buy a new condo. However, any "profit," i.e. any amount above what was on the original TT3, would need to be transferred to a bank outside Thailand and then re-transferred into Thailand to generate a new TT3/FET for that new/extra amount. Apparently the Land Office in Pattaya will either return, or at least let you re-use, the original TT3/FET that they kept when they registered you as the owner of the original condo.

HOWEVER, more than one agent told me that there was an alternate way to handle the profit. Apparently there is (were?) money exchangers that would take your profit amount in baht, convert it to a foreign currency, and then convert that foreign currency back to baht. That final part enabled the money exchanger to issue a TT3/FET. Of course, the currency exchanger makes profit on the exchange rates and, apparently, charges a fee for the service.

It sounded kind of "grey market" to me, but the agents assured me it was done on a regular basis. I think my main discomfort was carrying a briefcase full of baht notes to the money exchanger.

I don't know if this is still an option nine years later, but if you are interested and motivated, I'm sure you could find out.