Buying condo with no money from abroad

[belg]

Buying condo with no money from abroad, is this possible ?

Several years ago I sold my house in my home country. I live/reside in Thailand since many years and I have no more ties in my home country. I transferred my money and converted into Thai Baht.

Can I still buy a condo ? I have no money or bank account left in my home country.

I wish to have a condo in my own name, not GF/Teerak/Wife.

My options except renting ?

[GavinK]

AFAIK a foreign owner has to pay for the condo entirely in foreign currency. Even when you borrow money from a Thai bank to buy a condo the bank will bring the money in from abroad and end up lending you the money in foreign currency. The bank will issue you with a ‘Foreign Exchange Transaction’ certificate which you present to the Thai Land Department when registering your ownership.

You might have to transfer some of your THB abroad (which also can have some challenges) and then remit it back in as foreign currency.

[belg]

I do not need a loan and I do not plan to sell it and go to my home country (might sell it and buy another one in the future, who knows)

As said, all my money is here, here is no bank from abroad.

[rayongchelsea]

There is a solution the estate agent and his relationship with a money changer will assist you.

Sent from my iPad using Thaivisa Connect Thailand mobile app

[Tomtomtom69]

If you pay in cash and get a foreign exchange certificate from the bank or exchange receipts for cash exchanged then you won't need to transfer any funds in from abroad. In any case should you need more help contact MBK finance.

[KittenKong]

"I transferred my money and converted into Thai Baht."

Assuming that you did this officially then you may still be able to get a FET certificate for the transfer. I'm not aware of any rules about the duration of validity of these.

Go and talk to your Thai bank.

[Langsuan Man]

You can buy anything you want to in this country without a Foreign Exchange Certificate. You just won't be able to take the money back out of Thailand without it

[KamnanT]

You can buy anything you want to in this country without a Foreign Exchange Certificate. You just won't be able to take the money back out of Thailand without it

Incorrect. The Land Titles Office will not register a transfer of title for a condominium to a buyer who is not (1) a Thai citizen or (2) a Permanent Resident of Thailand unless the buyer can present Foreign Exchange Transaction certificates showing the transfer of foreign currency into Thailand at least equal to the purchase price of the condominium.

The best suggestion so far is for the OP to go to the bank to which he transferred his original capital from abroad and see if they can still issue an FET.

If you sell your condo in the future and you want to send the money out of the country, then you need the receipt from the Land Titles Office showing that you have paid all of the relevant taxes on the sale (and there are several, including income tax).

[SheungWan]

If the property has to be in your name rather than a company name then consider opening an account in HK or Singapore for the outward and then inward transmission of funds but this will be time-consuming and entail additional costs.

[sas_cars]

You can buy anything you want to in this country without a Foreign Exchange Certificate. You just won't be able to take the money back out of Thailand without it

Incorrect. The Land Titles Office will not register a transfer of title for a condominium to a buyer who is not (1) a Thai citizen or (2) a Permanent Resident of Thailand unless the buyer can present Foreign Exchange Transaction certificates showing the transfer of foreign currency into Thailand at least equal to the purchase price of the condominium.

The best suggestion so far is for the OP to go to the bank to which he transferred his original capital from abroad and see if they can still issue an FET.

If you sell your condo in the future and you want to send the money out of the country, then you need the receipt from the Land Titles Office showing that you have paid all of the relevant taxes on the sale (and there are several, including income tax).

And a foreigner who's working in thailand with a work permit, also doesn't require to show the FET form.

[KamnanT]

You can buy anything you want to in this country without a Foreign Exchange Certificate. You just won't be able to take the money back out of Thailand without it

Incorrect. The Land Titles Office will not register a transfer of title for a condominium to a buyer who is not (1) a Thai citizen or (2) a Permanent Resident of Thailand unless the buyer can present Foreign Exchange Transaction certificates showing the transfer of foreign currency into Thailand at least equal to the purchase price of the condominium.

The best suggestion so far is for the OP to go to the bank to which he transferred his original capital from abroad and see if they can still issue an FET.

If you sell your condo in the future and you want to send the money out of the country, then you need the receipt from the Land Titles Office showing that you have paid all of the relevant taxes on the sale (and there are several, including income tax).

And a foreigner who's working in thailand with a work permit, also doesn't require to show the FET form.

Sorry, also incorrect. Having a work permit does not remove the requirement to source funds for a condominium purchase from outside of Thailand. Only citizens and Permanent Residents can use funds from domestic sources.

[sate ayam]

Im planning to invest in thailand but not in a condo, but I might do that later in life

maybe it's wise to ask for such certificate anyway when wiring all my funds into my thai bank account

then at least I got something for later

although I am wondering if you can present a 10 year old certificate, will that still be valid?

[marcusd]

You can buy anything you want to in this country without a Foreign Exchange Certificate. You just won't be able to take the money back out of Thailand without it

This is not entirely true.

I bring money in and regurlarly transfer between a Thai company and my Australian company LARGE sums through Bangkok Bank Internet Banking

[belg]

You can buy anything you want to in this country without a Foreign Exchange Certificate. You just won't be able to take the money back out of Thailand without it

that is ok, if i would die, my thai daughters can have it

[Langsuan Man]

You must declare the purpose of the transfer, ie. Purchase of a condo, at the time of the transfer, not later on to obtain the Currency Exchanges Certificate

Sent from my Nexus 4 using Thaivisa Connect Thailand mobile app

[Noi657]

Can you have money sent into a farang or Thai bank account from a third party to start up a business?

[KamnanT]

Can you have money sent into a farang or Thai bank account from a third party to start up a business?

Yes. Generally speaking there are very few restrictions on sending money into Thailand. Getting any significant amount out again can be more challenging.

[SheungWan]

Can you have money sent into a farang or Thai bank account from a third party to start up a business?

Yes. Generally speaking there are very few restrictions on sending money into Thailand. Getting any significant amount out again can be more challenging.

There is an important difference between sending money into Thailand for the purpose of purchasing a property in one's own name and setting up a business which cannot be in a foreigner's name.

[sas_cars]

You can buy anything you want to in this country without a Foreign Exchange Certificate. You just won't be able to take the money back out of Thailand without it

Incorrect. The Land Titles Office will not register a transfer of title for a condominium to a buyer who is not (1) a Thai citizen or (2) a Permanent Resident of Thailand unless the buyer can present Foreign Exchange Transaction certificates showing the transfer of foreign currency into Thailand at least equal to the purchase price of the condominium.

The best suggestion so far is for the OP to go to the bank to which he transferred his original capital from abroad and see if they can still issue an FET.

If you sell your condo in the future and you want to send the money out of the country, then you need the receipt from the Land Titles Office showing that you have paid all of the relevant taxes on the sale (and there are several, including income tax).

And a foreigner who's working in thailand with a work permit, also doesn't require to show the FET form.

Sorry, also incorrect. Having a work permit does not remove the requirement to source funds for a condominium purchase from outside of Thailand. Only citizens and Permanent Residents can use funds from domestic sources.

Can you show a link to prove that even having a work permit doesn't exempt you from having the funds wired from abroad and showing the FET form for the condo purchase?

[GavinK]

Suggest the OP learns how to use google. You really don't have too look to far...

http://www.thaivisa.com/forum/topic/278777-buying-condo-with-work-permit/

Also note the suggestion of opening a non-resident THB account... seemed to work in 2009...

Let us know how you get on...