Transfer money into Myanmar to buy condo

[ThailandDenmark417]

Hi all,

I'm new to the Myanmar forum.

I have a question that I hope you can help me with; when buying a condo in Myanmar, do you (like in Thailand) have to transfer the money from overseas if you don't have a work permit and can prove that you've made the money in Thailand? Let's say that I choose to transfer the money into Myanmar from Thailand, and I hold an European passport. Is that alright, or does the money have to be transferred from your home country?

I hope this question makes sense.

Looking forward to hear back from your experiences.

Thanks.

[DagonKhan]

The part where you mention 'work permit' suggests to me that you're thinking of buying a condo? That sets off a few alarm bells, especially as you can't buy property as a foreigner. Which leads me to my next question; who are you buying it through? They are the ones you should be talking to as it will be in their name, they will have to meet the land tax departments criteria ("clean" money pays less tax than "grey" money). If they've convinced you that you can buy through their Company and it's held in trust then good luck with that, I hope you trust them. If they have told you that there's a law that allows foreigners to buy Condo's then don't believe them, the Parliament here has scheduled a debate for such a law, but no law has been passed yet. You might want to wait... or get charged double the land tax when you do end up transferring it into your own name should they pass such a law...

Be very wary of anybody suggesting that you'll be okay with a PoA, YCDC causing lots of problems for those people as it's now seen as land tax avoidance.