Problem regarding "sender" of cash-transfer for condo purchase

[Senechal]

I have just been informed that when sending a cash transfer from abroad for the purchase of a condominium, that there is a requirement that the "Sender" be the same name as the "Purchaser". Is this correct?

Here's the situation: I have a personal corporate entity in the USA. (It's an owner-operator LLC). I am the sole shareholder. I sent myself a wire of some funds from my business account, which does not show my name (just the company name).

So does that mean these funds unusable for the purchase of a condominium?

The funds did originate abroad. And I do have a FET form stating that the funds originated abroad. The FET form also states the sender's name is a company and the recipient's name is my name.

Any advice would be much appreciated.

[KittenKong]

As far as I know it makes no difference who sends the money, as long as it comes from abroad and you have the FET form.

[iluvbeaches]

It has to be from the same sender name on the passport in my experience if you want to register yourself as the owner of the condo.

[Langsuan Man]

Many banks insist that the sender and receiver be the same (ie. no third party transfers) but there is nothing in the condominium law that states that. It merely states that the funds for the purchase of a condominium come from abroad

So long as the OP has a currency exchange certificate stating that the purpose of the transfer is for the purchase of buying a condominium he has all that the Land Office needs to put the condo in his name

The passport number is only to identify the receiver (and not all banks require it) , just like a Thai ID number would be to identify a Thai is he were to receive funds overseas

I could see many situations where the money would be sent by a company, sale of stocks or other assets, inheritance, etc but the money is still from offshore. The law doesn't care what the source of the funds are, only that they be from overseas

[Senechal]

Many banks insist that the sender and receiver be the same (ie. no third party transfers) but there is nothing in the condominium law that states that. It merely states that the funds for the purchase of a condominium come from abroad

So long as the OP has a currency exchange certificate stating that the purpose of the transfer is for the purchase of buying a condominium he has all that the Land Office needs to put the condo in his name

The passport number is only to identify the receiver (and not all banks require it) , just like a Thai ID number would be to identify a Thai is he were to receive funds overseas

I could see many situations where the money would be sent by a company, sale of stocks or other assets, inheritance, etc but the money is still from offshore. The law doesn't care what the source of the funds are, only that they be from overseas

This is what I would think as well. But another Thai lawyer has now confirmed to me that the funds must originate from the "same person". This seems to be a very un-discussed requirement of the condo law in Thailand, and from what I can tell it's the real deal. I still have not seen this written anywhere though.

Anyone seen this in writing?

[Langsuan Man]

Since the Land Office going to decide whether or not your Foreign Exchange Certificate is valid, I would ask them and produce your LLC incorporation papers showing that your are the sole owner of the company that sent you, your money

The advice and information that I have received from Thai lawyers usually depends upon their specialty. If a property lawyer then they are knowledgeable about property law, but clueless when it comes to Immigration law and vice versa

[iluvbeaches]

Sorry I was unclear earlier. It's the land office that will give you problems. I had a spelling issue on the name and they wouldn't transfer the property until I got that fixed. But maybe if you get the corp docs notarized translated into Thai and it is clear you are the sole shareholder. But the docs can't be too old then I would imagine.

[briley]

Just to echo, the land office in Chiang Mai refused to put my condo in joint names with my wife as her name was not on the FET form