sas_cars Posted June 29, 2014 Share Posted June 29, 2014 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 Link to comment Share on other sites More sharing options...
falang07 Posted June 30, 2014 Share Posted June 30, 2014 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). Link to comment Share on other sites More sharing options...
falang07 Posted June 30, 2014 Share Posted June 30, 2014 if it would not be required, anyone willing to buy a condo would simply make a "temporary" work permit to avoid it. Link to comment Share on other sites More sharing options...
Soutpeel Posted June 30, 2014 Share Posted June 30, 2014 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 ? Link to comment Share on other sites More sharing options...
falang07 Posted June 30, 2014 Share Posted June 30, 2014 there are many umbrella companies that provide this service Link to comment Share on other sites More sharing options...
kratiam Posted July 1, 2014 Share Posted July 1, 2014 there are many umbrella companies that provide this service Such as....? Link to comment Share on other sites More sharing options...
falang07 Posted July 2, 2014 Share Posted July 2, 2014 https://www.google.com/search?q=thailand+umbrella+companies Link to comment Share on other sites More sharing options...
falang07 Posted July 2, 2014 Share Posted July 2, 2014 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. SponsorshipsBecause they act as your “employer,’ they can sponsor you and provide a single work permit for multiple contracts. Link to comment Share on other sites More sharing options...
sas_cars Posted July 19, 2014 Author Share Posted July 19, 2014 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? Link to comment Share on other sites More sharing options...
KittenKong Posted July 19, 2014 Share Posted July 19, 2014 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. Link to comment Share on other sites More sharing options...
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