Buying a second condo problem.

[micky]

First thing first. I have already bought a condo five years ago. As usual the money fully paid

was sent from overseas as required.

Now I have the intention of selling this condo to buy a new condo in the near future.

The big question is this :

Can I use the money from the sale of my first condo as Money transferred from overseas.

Or i have to transfer again the full amount for the new condo.

Meaning the money sold from my first condo can be considered as Money transferred from overseas

to purchase my second new condo. Is this possible ?

Please kindly advise. Thanking you all in advance. Much appreciated.

[fang37]

It may seem insane but I understand that the $$$ from the proceeds of sale from your existing condo must be exported & then imported again.

[HampiK]

When you sell your first condo the foreign exchange document (prove of foreign money) will be available for use to register your second condo. Maybe here is someone who have done this already.

[dotpoom]

The agent you use to buy your second condo can easily get around this...if he is any use at all.

[Mudcrab]

It may seem insane but I understand that the $$$ from the proceeds of sale from your existing condo must be exported & then imported again.

Wouldn't you have expertise in this area....having bought and sold many condos?

[fang37]

No - when I got cancer, I imported all my $$$ into LOS.

[how241]

It may seem insane but I understand that the $$$ from the proceeds of sale from your existing condo must be exported & then imported again.

That does sound crazy but I have read the same.

[Jingthing]

The actual rule is you'd have to export the funds and then reimport them again. Yes, bat sheit crazy.

[fang37]

Thank you, Jingthing.

[HampiK]

I can't belive, that when you have already a foreign transaction form which shows that the money came from outside thailand.. and when you sold the existing condo... then it should be free again.

So I would call land departement to clarify before you start to transfer out and back. Because it would cost quite some money.

[Jingthing]

I just stated the actual rule. Yes, you could explore workarounds. No guarantees that they will be available in your locality or without risk tough.

[fang37]

I can't belive, that when you have already a foreign transaction form which shows that the money came from outside thailand.. and when you sold the existing condo... then it should be free again.

So I would call land departement to clarify before you start to transfer out and back. Because it would cost quite some money.

You can get a 2nd opinion from Russia's Putin.

Won't make any difference.

We are living in Thailand. Logic is irrelevant!

[blackcab]

You need to do an out and in with the money. It's not as drastic add it sounds. You need a decent bank manager. Negotiate the fee.

Fortunately you will have the proof needed to get the money out.

[trogers]

The actual rule is you'd have to export the funds and then reimport them again. Yes, bat sheit crazy.

The reverse actions of a foreigner heir to a condo here...?

[sendintheclowns]

Every situation and every location seems to offer different rules.

My experience:

Sold one of my houses in 2014.

50% of sale allocated to land, so that had to go into the company.

50% allocated to the building, etc. that went into my pocket.

I took the sale papers to my bank, SCB (a branch in the boondocks). They prepared an application to Bankof Thailand., to buy Canadian $'s. 3 weeks later, I received a Permit to export the money. Easy peasy.

[sotsira]

I can't belive, that when you have already a foreign transaction form which shows that the money came from outside thailand.. and when you sold the existing condo... then it should be free again.

So I would call land departement to clarify before you start to transfer out and back. Because it would cost quite some money.

Not only that, but you can only send back the amount that you bought the first condo with,

that is the declared amount given to the land office which in some cases is a lot less than the actual

purchase price.

Any additional profit on the sale has to remain and be spent in Thailand.

[Fairynuff]

I can't belive, that when you have already a foreign transaction form which shows that the money came from outside thailand.. and when you sold the existing condo... then it should be free again.

So I would call land departement to clarify before you start to transfer out and back. Because it would cost quite some money.

Not only that, but you can only send back the amount that you bought the first condo with,

that is the declared amount given to the land office which in some cases is a lot less than the actual

purchase price.

Any additional profit on the sale has to remain and be spent in Thailand.

Incorrect. If you show the bank your sales contract and you have made a profit you can still send your original amount PLUS profit.

[Sam Jones]

The agent you use to buy your second condo can easily get around this...if he is any use at all.

Most of them are useless, esp. P. homes ...

[mrfaroukh]

Lets first hope you can sell the old condo at good price. The market is very low right now and you may have to sell it way under the price used to be just 9 months ago.