February 11, 201511 yr Hi, Im buying a condo in Bangkok that is due to be competed next year. Obviously you have to bring in money from abroad, but AP and LPN keep giving different answers on whether I can pay for it in Baht if I have a work permit in Thailand. AP say no problem, but LPN say I need to send the money out, then send it back. Anyone have experience with this?
February 12, 201511 yr The Thailand Condominium Act states that you need to transfer the money from your account overseas. The land office will want to see evidence that the money had come from overseas.
February 12, 201511 yr If you have a work permit the funds do not have to come from outside of Thailand.
February 12, 201511 yr Paulinbkk111, who or what are AP and LPN? The single biggest problem in communication is the illusion that it has taken place
February 12, 201511 yr If you have a work permit the funds do not have to come from outside of Thailand. What section of the condominium Act says so? Condominium Act - 2522 1979 - updated until 2008.pdf The single biggest problem in communication is the illusion that it has taken place
February 12, 201511 yr Removed an off-topic post and the replies to it. The single biggest problem in communication is the illusion that it has taken place
February 12, 201511 yr If you have a work permit the funds do not have to come from outside of Thailand. What section of the condominium Act says so? Condominium Act - 2522 1979 - updated until 2008.pdf Sorry to say I do not have the energy to give a read to the attachment. However I do own a handful of condos and a few with LPN. All of the money came right from a a Thai bank and earned funds while working in Thailand. I do have a work permit and was told it was required.
February 12, 201511 yr Author Thanks Caprelo, You mind if I PM you about how you paid with LPN. If paying from a Thai bank is the case, that would save so much in bank fees.
February 12, 201511 yr If you have a work permit the funds do not have to come from outside of Thailand. What section of the condominium Act says so? Condominium Act - 2522 1979 - updated until 2008.pdf Sorry to say I do not have the energy to give a read to the attachment. However I do own a handful of condos and a few with LPN. All of the money came right from a a Thai bank and earned funds while working in Thailand. I do have a work permit and was told it was required. Section 19 would appear to be the relevant section: Section 19 Aliens and juristic persons regarded by law as aliens may hold ownership of an apartment if they are the following: (1) Aliens permitted to have residence in the Kingdom under the Immigration law; (2) Aliens permitted to enter into the Kingdom under the investment promotion law; (3) Juristic persons as provided in Section 97 and 98 of the Land Code and registered as juristic persons under Thai law; (4) Juristic persons which are aliens under the Announcement of the National Executive Council No. 281 dated November 24, B.E. 2515 and have obtained promotion certificate under investment promotion law; (5) 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. Section 19 ter then outlines the documentation requirements for the 5 cases, and only for (5) is proof of the funds from outside of Thailand required. For (1) and (2) it only states you need to provide documentation that you fall under the category; nothing about proof of the source of the funds. So, the question would be what qualifies as "residence in the Kingdom under the immigration law"? Does this mean "Permanent Resident" or "Tax resident" or something else? Presumably, they would have said "Permanent Resident" if they meant permanent resident only, but it is suitably vague that it probably is up to the Land Department's interpretation.
February 13, 201511 yr Thanks Caprelo, You mind if I PM you about how you paid with LPN. If paying from a Thai bank is the case, that would save so much in bank fees. Paul, sure you can contact me. There is really no issue when I did buy. LPN only gave a clearance letter to the seller. All of the process was done with the land dept.
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