Retired and want to buy property is this possible?

[smalltalk]

I am retired and I am getting my pension from abroad on a local Thai account. I would like to buy some property (condo). In many occasions the money is outside Thailand and when brought into Thailand one specifies that this money is for the sole perpose of buying this property. When selling one can than easy take to money outside Thailand again.

Nevertheless a big chunck of the money is in Thailand. Can I buy property without specifying that it is for property? What do I have to show the land dept. and when I sell is this easy to get the money on a foreign account if neccessary?

Thank guys

Looking forward to your answers!!

[Time Traveller]

1. If you don't have PR, then a foreigner will need to remit money into Thailand for purchasing real estate in their name.

2. Yes. you do need to specify that the purpose of the remittance is to purchase property.

3. If 1 and 2 are not satisfied then you will have a problem trying to register property in your name

[Langsuan Man]

To add to the above post you will need a Currency Exchange Certificate from your Thai Bank showing that the money for your "purchase" came from abroad to present to the Land Office when registering the property. This is so that you can repatriate the funds at a later date and to comply with the Condominium Act regarding the 49% foreign ownership quota.

If you don't care about getting the funds out of Thailand in the future you will not need anything other than the money to purchase property here

[KittenKong]

To add to the above post you will need a Currency Exchange Certificate from your Thai Bank showing that the money for your "purchase" came from abroad to present to the Land Office when registering the property. This is so that you can repatriate the funds at a later date and to comply with the Condominium Act regarding the 49% foreign ownership quota.

If you don't care about getting the funds out of Thailand in the future you will not need anything other than the money to purchase property here

This is confusing.

You will need an FX form from your bank in order to buy a condo in your name and the Land Office wont let you do it without one. You wont need this form to buy company/Thai name property.

There is no connection between the form and the Land Office and future repatriation of the funds as the Land Office is only interested in seeing where the funds come from at the time of purchase (in order to comply with the Condo Act), not where they will be going in the future. Only your bank is interested in where they go in the future and if you are still using the same bank they will have their own records of the funds being transferred in originally anyway.

To repatriate funds you need only show that they were originally imported, not what they were for. In practice you can make outgoing transfers of smaller amounts without showing proof of the original import anyway, though individual banks seem to have their own rules for this.

[Langsuan Man]

To add to the above post you will need a Currency Exchange Certificate from your Thai Bank showing that the money for your "purchase" came from abroad to present to the Land Office when registering the property. This is so that you can repatriate the funds at a later date and to comply with the Condominium Act regarding the 49% foreign ownership quota.

If you don't care about getting the funds out of Thailand in the future you will not need anything other than the money to purchase property here

This is confusing.

You will need an FX form from your bank in order to buy a condo in your name and the Land Office wont let you do it without one. You wont need this form to buy company/Thai name property.

There is no connection between the form and the Land Office and future repatriation of the funds as the Land Office is only interested in seeing where the funds come from at the time of purchase (in order to comply with the Condo Act), not where they will be going in the future. Only your bank is interested in where they go in the future and if you are still using the same bank they will have their own records of the funds being transferred in originally anyway.

To repatriate funds you need only show that they were originally imported, not what they were for. In practice you can make outgoing transfers of smaller amounts without showing proof of the original import anyway, though individual banks seem to have their own rules for this.

Do you think that if you take a whole bunch of ATM slips to your bank showing that the money came from overseas you can repatriate that money ? No, you can't. The only way is if you have a work permit and then you will be limited to the amount that you earned while here

The point is that the only legal way to repatriate the money is if you have a currency exchange certificate showing exactly what the money was for (like the purchase of a condo). I imported lots of money to build a house via a company back in the days when you automatically received a Currency Exchange Form for any amount over $50,000 USD, and believe me I have no illusions that I will be able to legally repatriate those funds

The funds that I imported for my foreign quota condo on the other hand, can be repatriated since the Currency Exchange for specifically states "for the purchase of a condo"

[Delight]

You will need a Foreign Exchange Transaction Certificate(FET) to satisfy the land office when buying the condo.

You will not have to satisfy the land office , in relation to foreign exchange, when you sell.

Should you wish to repatriate funds then you will need to satisfy the banks that the money came from a legitimate source.

A Bill of Sale –issued by the Land Office is all that is required. This information was given to me by my bank.

They seemed not to be interested in the original FET

Also banks can repatriate $25000 (or equivalent) per transaction –no documents required.

A transaction per day is acceptable.

[KittenKong]

Also banks can repatriate $25000 (or equivalent) per transaction no documents required.

This is the bit that seems to vary somewhat from bank to bank. As do many things of course.

[KittenKong]

Do you think that if you take a whole bunch of ATM slips to your bank showing that the money came from overseas you can repatriate that money ? No, you can't. The only way is if you have a work permit and then you will be limited to the amount that you earned while here

The point is that the only legal way to repatriate the money is if you have a currency exchange certificate showing exactly what the money was for (like the purchase of a condo). I imported lots of money to build a house via a company back in the days when you automatically received a Currency Exchange Form for any amount over $50,000 USD, and believe me I have no illusions that I will be able to legally repatriate those funds

The funds that I imported for my foreign quota condo on the other hand, can be repatriated since the Currency Exchange for specifically states "for the purchase of a condo"

You are just about 100% wrong there.

[Langsuan Man]

According to you I am wrong on every post I make here at Thai Visa

[KittenKong]

According to you I am wrong on every post I make here at Thai Visa

I think you're wrong there.

[AnotherOneAmerican]

If you transferred money into a thai bank from abroad in the last 10 years, they can issue a FX form for it.

Banks keep records, even Thai banks.

[Delight]

If you transferred money into a thai bank from abroad in the last 10 years, they can issue a FX form for it.

Banks keep records, even Thai banks.

Bangkok Bank advise that they only keep records for 3 years.

The data on old bank books is always good.

[jacksam]

Why buy a property in Thailand as an investment it makes little sense. Rent and do something else with your money. Stocks or real estate in another country.

[jacksam]

Why buy a property in Thailand as an investment it makes little sense. Rent and do something else with your money. Stocks or real estate in another country.

[marcusd]

May I suggest that if you are on a pension you are a senior so why not rent and have no hassles? Property rarely increases in value in Thailand and there are more option and less problems if you rent or lease

[smalltalk]

Thanks for the advise! So basicly this is what i need to do?

1. As a retiree cannot get permanent residency, I will need to send my money out of Thailand and then remit money into Thailand for purchasing real estate in my name.
2. I need to specify that the purpose of the remittance is to purchase property.
3. If 1 and 2 are not satisfied then I will have a problem trying to register property in my name

Is this correct?

[KittenKong]

Thanks for the advise! So basicly this is what i need to do?

1. As a retiree cannot get permanent residency, I will need to send my money out of Thailand and then remit money into Thailand for purchasing real estate in my name.

2. I need to specify that the purpose of the remittance is to purchase property.

3. If 1 and 2 are not satisfied then I will have a problem trying to register property in my name

Is this correct?

If you can show that your funds were originally imported then (1) should not be a problem. If you cant show that then I expect that if you talk to your bank manager he will be able to propose a solution that wont cost you too much in fees.

I dont think that (2) is obligatory, though some Land Offices may be more fussy that others. I think the money just needs to be imported. To be certain about this perhaps you should ask your local Land Office.

It has no bearing on the money importing question but unless you have some Thai family to whom you want to leave your condo, or unless you retired very early, I would think very seriously about renting rather than buying.

I bought my condo here because it is quite unusual and one of the very few (out of hundreds) that I have seen that I liked, and I could not continue renting it. I would much rather have continued renting it though and I think that it will be hard to get a good price for it when I want to leave, or when I die.