Using proceeds of sale from Condo A to repurchase Condo B

[thairookie]

I purchased a condo in Bangkok years back as a foreigner. I went through the process of Thor Tor 3 which is known as FEC (Foreign Exchange Certificate).

I plan to sell my condo now, instead of remitting the proceeds of sale back to my country I plan to use the proceeds to purchase a new one in Thailand.

Is that possible ?

Edited June 23, 2014 by thairookie

[Delight]

You will need a brand new FET.

'

Yours to have when you transfer ' new 'money into Thailand.

If you have to transfer 'old 'money out of Thailand in order to create some 'new' money -then so be it.

Your bank may ,however, suggest a simpler way and avoid/reduce transaction charges

[thairookie]

You will need a brand new FET.

'

Yours to have when you transfer ' new 'money into Thailand.

If you have to transfer 'old 'money out of Thailand in order to create some 'new' money -then so be it.

Your bank may ,however, suggest a simpler way and avoid/reduce transaction charges

What would be that simpler way ?

[wpcoe]

You will need a brand new FET.

'

Yours to have when you transfer ' new 'money into Thailand.

If you have to transfer 'old 'money out of Thailand in order to create some 'new' money -then so be it.

Your bank may ,however, suggest a simpler way and avoid/reduce transaction charges

What would be that simpler way ?

I'm not entirely sure of the legality of this method, and it may be what Delight refers to as "a simpler way," but I was advised by a Pattaya realtor several years ago (so this may have changed) that there were currency exchangers who would take your suitcase full of baht (physically bringing in the baht notes) transfer them to a foreign currency then transfer it back into baht and return your suitcase full of baht and provide you with the proper legal form (the FETF) to take to the Land Office when you register your new condo purchase. The currency exchanger makes its money on fees for the two currency exchanges. I was told it might be cheaper, fee-wise, to physically transfer the money to a foreign bank in your home country and then transfer the money back to Thailand, but this method was easier and quicker. Also, if you are a US citizen, it doesn't raise any red flags tax-wise with a large money transfer. If nothing else, the IRS could become interested in any profit from the sale of your first condo.

[ezzra]

You will need a brand new FET.

'

Yours to have when you transfer ' new 'money into Thailand.

If you have to transfer 'old 'money out of Thailand in order to create some 'new' money -then so be it.

Your bank may ,however, suggest a simpler way and avoid/reduce transaction charges

What would be that simpler way ?

I'm not entirely sure of the legality of this method, and it may be what Delight refers to as "a simpler way," but I was advised by a Pattaya realtor several years ago (so this may have changed) that there were currency exchangers who would take your suitcase full of baht (physically bringing in the baht notes) transfer them to a foreign currency then transfer it back into baht and return your suitcase full of baht and provide you with the proper legal form (the FETF) to take to the Land Office when you register your new condo purchase. The currency exchanger makes its money on fees for the two currency exchanges. I was told it might be cheaper, fee-wise, to physically transfer the money to a foreign bank in your home country and then transfer the money back to Thailand, but this method was easier and quicker. Also, if you are a US citizen, it doesn't raise any red flags tax-wise with a large money transfer. If nothing else, the IRS could become interested in any profit from the sale of your first condo.

Yes, cheaper, but risky to give your millions to a money changer guy and than wait for it

to come back you with no recourse as what you're doing is not 100% Kosher... who you

gonna complain too?

[PattayaPhom]

Sales receipt of condo A and original TT3 is sufficient

Sent from my TRUE BEYOND 4G using Thaivisa Connect Thailand mobile app

[sanuk711]

Yes, cheaper, but risky to give your millions to a money changer guy and than wait for it

to come back you with no recourse as what you're doing is not 100% Kosher.......EZZRA

------------------------------------------

No you do not physically give it to anyone, You change the amount needed into $us--GBP--Euro's whatever is the best rates...(or all 3) then you place the funds back into your account, your bank book will have the Code for the deposit as foreign funds (NBD ) this usually suffices.

* Although it probably wont now its been posted here.......................................

[Fairynuff]

It CAN be done.

[Nuddy]

Sales receipt of condo A and original TT3 is sufficient

Sent from my TRUE BEYOND 4G using Thaivisa Connect Thailand mobile app

This logical.

It would seem to be a reasonable way to prove the money came from overseas originally.

[ronthai]

as a thairookie (your name) you know more then me, never even heard of most of the terms/words/3 letter thingies

FFC

FFT

TT3

Please as Thaivisa to change your username, thairookie

[thairookie]

Sales receipt of condo A and original TT3 is sufficient

Sent from my TRUE BEYOND 4G using Thaivisa Connect Thailand mobile app

Hi..if you don't mind, do you have the relevant sources so that I can convince my bank officer ?

I remember being told the same thing by one bank officer who has since the left the bank, and now the new bank officer says I can't.

[thairookie]

Sales receipt of condo A and original TT3 is sufficient

Sent from my TRUE BEYOND 4G using Thaivisa Connect Thailand mobile app

This logical.

It would seem to be a reasonable way to prove the money came from overseas originally.

Precisely what I was being told years back. But the easy option is to say no, you have to transfer fresh funds from abroad, and that is what my current bank is saying.

[Jingthing]

I've always heard the same answer, you MUST import "new" money for the new condo. However if you were able to get legal ownership without doing so, I guess you'd find that out at time of purchase. In which case, the issue of exporting the money again would only come up IF you later sell the condo.

[Globalist]

Transfer out and in again. Easy, legal, safe.

[falang07]

I would just go to the land office with the original TT3 and just in case they wanted it, would have ready the sales receipt from condo A.

[wpcoe]

Sales receipt of condo A and original TT3 is sufficient

Sent from my TRUE BEYOND 4G using Thaivisa Connect Thailand mobile app

This logical.

It would seem to be a reasonable way to prove the money came from overseas originally.

But that would only cover the amount on the original TT3, i.e. only the amount you transferred in to purchase the first condo, right? Would it cover any capital gains? e.g. You transferred in B1m to purchase your first condo seven years ago and sell it today for B1.5m. You could not use that additional half-million baht towards the new condo without getting a new FETF for it, could you?

[dorayme]

Best to have a talk with your bank manager.