Buying a condo whilst working in Thailand ?

[sas_cars]

Hi Guys,

If a foreigner who's working in thailand with a work permit, can buy a condo without having to show the money remitted from abroad? So far I've received conflicting information. Some says that no need to remit, some says need to remit funds from overseas regardless having a workpermit or not. Will appreciate if someone could know a definite answer to this. Thanks a lot

[falang07]

If the condo is to be bought under the foreign quota, you need to remit foreign currency from abroad and exchange to THB or exchange THB to any foreign currency and back to THB to fulfill the law requirements (the later can be done at any bank or preferable exchange where you lose less on the exchange spread).

[falang07]

if it would not be required, anyone willing to buy a condo would simply make a "temporary" work permit to avoid it.

[Soutpeel]

if it would not be required, anyone willing to buy a condo would simply make a "temporary" work permit to avoid it.

And how would one "make" a temporary WP to satisfy this requirement ?

[falang07]

there are many umbrella companies that provide this service

[kratiam]

there are many umbrella companies that provide this service

Such as....?

[falang07]

https://www.google.com/search?q=thailand+umbrella+companies

[falang07]

e.g. http://www.contractortaxation.com/Thailand/Umbrella-Company-Thailand

How do they work?

Basically, an Umbrella Company acts as your full-time employer, even though you maintain your independence as a contractor. They collect and filter payments from your clients, filtering out the necessary social security and fees. You send them your timesheets, and they send you payments.

Sponsorships

Because they act as your “employer,’ they can sponsor you and provide a single work permit for multiple contracts.

[sas_cars]

Thanks for the replies guys, so it seems even working in thailand and having a work permit won't help. One needs to remit the funds from overseas anyways. So should the remittance must be equal to the amount of the condo being purchased ? Or it could be lesser a bit ? Say we are buying a 3 million THB Condo, the remittance could be of 2.5 million baht?

[KittenKong]

I thought that people with a work permit could get some document from the ministry of labour or whoever they are that was acceptable in place of the FET certificate? Never really paid much attention as I dont work here and never will.

If not, just export the money and reimport it again. I'm sure that some money changer or bank manager would be happy to "facilitate" this. Just be sure you dont lose on the exchange rates.