Proof Of Foreign Remittance - Tor Tor 3 Question

[JennyJJ]

Did a search on this - but didn't find much related to my question - sorry if it has been covered in depth and I haven't found it!

I just put a deposit down on a small apartment in Phuket and need to send some money from my home country. It is not a large sum (compared to many transactions here) - but a lot for me.

The deal will be a leasehold 30+30 years (I know the second 30 years can be dodgy).

As it is just a leasehold and not really a freehold purchase/transfer - do I still need a TOR TOR 3 type document?

What is the minimum amount of transfer required to get this document - I have read as low as US$5000 and as much as US$20,000. At the moment I only need to transfer a decent size deposit - not the full amount (the building is not yet done - but it is quite a reputable developer with other completed well known sites here).

Will the Proof of Foreign Remittance be required when/if I sell the leasehold - so as to remit money back to my home country?

Can anyone recommend a decent lawyer on Phuket to assist with such a transaction? I hesitate to get a lawyer involved as they seem sometimes to create trouble to prove their worth - rather than to faciliate transactions. I am not too concerned, again, as the developer is quite reputable.

Thanks in advance for any help!

[Dragonman]

Did a search on this - but didn't find much related to my question - sorry if it has been covered in depth and I haven't found it!

I just put a deposit down on a small apartment in Phuket and need to send some money from my home country. It is not a large sum (compared to many transactions here) - but a lot for me.

The deal will be a leasehold 30+30 years (I know the second 30 years can be dodgy).

As it is just a leasehold and not really a freehold purchase/transfer - do I still need a TOR TOR 3 type document?

What is the minimum amount of transfer required to get this document - I have read as low as US$5000 and as much as US$20,000. At the moment I only need to transfer a decent size deposit - not the full amount (the building is not yet done - but it is quite a reputable developer with other completed well known sites here).

Will the Proof of Foreign Remittance be required when/if I sell the leasehold - so as to remit money back to my home country?

Can anyone recommend a decent lawyer on Phuket to assist with such a transaction? I hesitate to get a lawyer involved as they seem sometimes to create trouble to prove their worth - rather than to faciliate transactions. I am not too concerned, again, as the developer is quite reputable.

Thanks in advance for any help!

As you are only purchasing a lease, not the unit, you are not the owner of the property, and do not come under the terms of the Condominium Act.

[JennyJJ]

Agreed! But... does that mean I don't need the "Proof of Foreign Remittance"? OR will it be requested of me at some point in the future - like when I want to wire my million dollar profit home in 15 years?

[Dragonman]

Agreed! But... does that mean I don't need the "Proof of Foreign Remittance"? OR will it be requested of me at some point in the future - like when I want to wire my million dollar profit home in 15 years?

You will only require a good paper trail i.e. copy of lease purchase and sale agreements, as long as all your taxes are paid up, you can then send your massive windfall back home allbeit perhaps in 50 x $20,000 dollar remittances.

[JimmyGreaves]

Dragonman is right as long as you have a good papertrail you are ok. Your bank can give you a printout of the Foregn transfer details as soon as it gets into your Thai account, ask them for one.

[Scottbiker1976]

Dammm.......why you buy leasehold property....not very wise my idea.....so many disadvantages

My advice is if you plan to sell in the future ask a tor tor 3 at the bank.....if you don't wanna sell ask nothing

Normally they only ask a proof of remittance for a condo.....as long as you bring the cash there is no problem

Good luck