How to make payments freehold condo with my funds in Thailand

[flakes]

Dear all,

8 years ago i bought a freehold condo in Thailand.

I made then several payments from my overseas bank to the Thai bank account of the thai developer.

Now some months ago i have finally sold that condo.

so I received several Million bhts from the buyer in my thai bank account and for safety i have divided that amount over several different thai banks,,,

Now I intend to buy multiple off plan freehold condos in Thailand with the proceedings of my last sale.

So now how can i start to make stage payments again with my money that is already in my thai bank account?How do i prove that it was innitually coming from overseas.?

and Do i need to prove the destination of my money at the beginning of my payments or at my final payment only ?

I hope some one knows the correct procedure

Greetings,

Flakes

[falkan]

send them out send them in..

[Delight]

send them out send them in..

I am certain that the funds can remain in Thailand.

Do you have the ‘Bill of Sale’ issued by the land office when you sold your condo?

The relevant part of the Condo Act is :

Section 19 Aliens (foreigners) and juristic persons regarded by law as aliens (foreign) may hold ownership of an apartment if the are the following:

1. Aliens permitted to have residence in the Kingdom under the Immigration law;
2. Aliens permitted to enter into the Kingdom under the investment promotion law;
3. Juristic persons as provided in Section 97 and 98 of the Land Code and registered as juristic persons under Thai law;
4. Juristic persons which are aliens under the Announcement of the National Executive Council No.281 dated November 24 (current section 4 Foreign Business Act), B.E. 2515 and have obtained promotion certificate under investment promotion law;

Aliens or juristic persons regarded by law as aliens who have brought in foreign currency into the Kingdom or withdraw money from Thai baht account of the person who have residence outside the Kingdom or withdraw money from a foreign currency account.

The last paragraph is the most relevant.

Confess that I do not fully understand it.

More than the foregoing –I cannot be specific.

Suggest that you seek advice from the land office. If you still have the ‘Bill of Sale’ –then take it with you.

Failing this then take the advice of Falkan

Edited December 19, 2013 by Delight

[Langsuan Man]

I think that the last paragraph is so problematic that most posts here at Thai Visa have said that the money has to be transferred out of Thailand and then transferred back in, to obtain another Foreign Currency Exchange form

The only positive way would be to check with the land office where you will be registering the purchase of the new condos for their interpretation of the rules

[Arkady]

Unless you are a permanent resident, I think you are going to have to remit the funds out of Thailand and then remit them back in again. I think that trying to persuade officials to follow the trail of the original remittances is not likely to work.

[rayongchelsea]

This is a perennial issue.

Do need to send overseas.

My estate agent in conjunction with a money exchange shop solved this problem for me, for a small commission.

[rayongchelsea]

Should be do not need..

[bkksiam]

Why do you say:

" for safety i have divided that amount over several different thai banks,,,"

I mean why do you believe it is not safe to put all your money in one thai bangkok., e.g., bangkok bank?

[flakes]

Yes that is not safe.

Let say a thai bank goes bankrupt then in Thailand there is a quarantee for the bank account holder of maximum one million BHT.

So put more then one million bht in one bank account is not a good idea.

By the way i not even sure the one million is fully quaranteed and or how long it will take to get it back.