Foreign Exchange Transaction Form for buying a condo with money from selling a previous condo

[usernamex]

Hi all,

I am selling a condo in Thailand and plan to buy another condo in Thailand with that money. I have the Foreign Exchange Transaction form that I got when I bought my condo. Does anyone know the procedure for buying another condo using the money I get from the sale of my first condo - can I use the same Foreign Exchange Transaction Form? Or would I actually have to repatriate the money and then send it back in again? Anyone have experience with this?

Thanks in advance

[bangkoklawyer24]

Can not.

[KittenKong]

As far as I know you do actually have to send the money out and back again. Stupid, isn't it?

Your bank manager should be able to arrange something so that you dont get charged two lots of exchange weighting and two lots of fees, which could add up to 4% or more.

[Delight]

The Condo Act States –Section 19 abbreviated

Section 19 Aliens (foreigners) and juristic persons regarded by law as aliens (foreign) may hold ownership of an apartment if they are the following:

Aliens or juristic persons regarded by law as aliens who have brought in foreign currency into the Kingdom or withdraw money from Thai baht account of the person who have residence outside the Kingdom or withdraw money from a foreign currency account.

If you can avoid the money OUT money IN procedures –then it is covered in the wording:

withdraw money from a foreign currency account.

Thus the Proceeds from sale A are converted into a foreign currency (in Thailand) and held in a Foreign Currency account.

When required for purchase B they are withdrawn and converted back to Thai Baht.

The foregoing is simply my take on the phrase ‘withdraw money from a foreign currency account.’

Bank officials issue the FET so they have the final word.

Suspect that there will be transaction costs which ever method you use.

Should you seek clarification from your bank –it would be useful and appreciated if you report your experiences to this forum

[usernamex]

Thanks for the replies.

Aliens or juristic persons regarded by law as aliens who have brought in foreign currency into the Kingdom or withdraw money from Thai baht account of the person who have residence outside the Kingdom or withdraw money from a foreign currency account.

Delight - do you think this also means that I could transfer Thai Baht out of the country from the sale of the condo to a Thai Baht account in another country (Cambodia for example) and then transfer back in the Thai Baht to a Thai bank? In any case, I will ask my bank and post here what they say.

It's not neccessarily a loss because you could get lucky with exchange rate fluctuations and actually make money in the process.

[54321]

For a definate answer I suspect you should go to the land office that cover the area in which you are buying and ask the question.

[Delight]

Thanks for the replies.

Aliens or juristic persons regarded by law as aliens who have brought in foreign currency into the Kingdom or withdraw money from Thai baht account of the person who have residence outside the Kingdom or withdraw money from a foreign currency account.

Delight - do you think this also means that I could transfer Thai Baht out of the country from the sale of the condo to a Thai Baht account in another country (Cambodia for example) and then transfer back in the Thai Baht to a Thai bank? In any case, I will ask my bank and post here what they say.

It's not neccessarily a loss because you could get lucky with exchange rate fluctuations and actually make money in the process.

That process is possible

However I suspect that you will have to have a solid immigration status before you can open such bank accounts in other countries.. Money laundering may be suspected. Also getting the money in will be easy . Getting it out may prove more tricky. Your local bank manager will advise.

A further thought in relation to my earlier post

Local bank managers may not be familiar with the Condo Act detail referred to. Take a copy with you.

I am sure that somewhere on the net you'll find it in the Thai language. Probably not necessary -but shows willing.

[usernamex]

Thanks all for the good advice!