Is it possible to buy a condo with bitcoins?

[Ks45672]

I understand that I could fly to the UK, open a bank account and then transfer the cash to my Thai bank and that would be legal as far as I can tell (but a lot of hassle, hotels, flights and expense I'd rather avoid)

The coins have gained a pile of value since I acquired them years ago when they were near worthless but since I've bought them abroad and didn't bring them into Thailand until several years later I hope there would not be any tax to pay .....

I see a few Thai companies have sprung up in the bitcoin trading business so could I just sell the btc to them, they give me cash in my kbank and I buy the condo? (sounds too simple)

Or do I need to do it the expensive way to prove the funds were transferred to Thailand from abroad?

Any ideas, welcomed....

[technologybytes]

I have sold bitcoins to a Thai company who deposit the money into my Kasikorn account. It worked OK for me, but I did multiple smaller transactions checking each payment before changing more.

Regarding the need to show that the money has come from a UK bank to Thailand, that's easy to overcome. I have done this myself. I can't discuss it here, but you can message me if you need help in that respect.

[blackcab]

You do need to show the funds came from abroad in foreign currency. When your Thai bank receives the funds they will give you a FET form which the land office require during the transfer process.

You cannot use Thai baht for the purchase, no matter where the baht came from.

[Ks45672]

You do need to show the funds came from abroad in foreign currency. When your Thai bank receives the funds they will give you a FET form which the land office require during the transfer process.

You cannot use Thai baht for the purchase, no matter where the baht came from.

That's what I thought,

At the moment cryprocurrencies like

Bitcoin is in a unique virtual asset class of its own so I think it would be hard to explain it to anyone who doesn't already know what it is

If I came to Thailand with a few kilos of gold, sell my gold and use that money I guess it would be more simple for an outsider to understand

Could I get an fet now for a bank transfer I made 7 years ago for a large sum of cash I transferred? (that account was closed automatically because it was inactive or something similar years ago so I had to open another)

Would they still have records and if so be willing to issue a fet from so many years back?

[Shiver]

I know of someone trustworthy in BKK (who is also on LocalBitcoins) that can do the exchange to a THB account within a minute or two, but reading information from previous posters, it sounds like that would be worthless if you need to show incoming cash from another country. I'm not familiar with the FET detail.

Edited November 27, 2015 by Shiver

[Ks45672]

I know of someone trustworthy in BKK (who is also on LocalBitcoins) that can do the exchange to a THB account within a minute or two, but reading information from previous posters, it sounds like that would be worthless if you need to show incoming cash from another country. I'm not familiar with the FET detail.

Complying with the rules and regulations is the important thing right now....

They're is a pretty big and growing demand for btc in Thai at the moment so it usually only takes a few seconds to sell them to an exchange or on localbitcoins.com etc and get paid to your Thai bank immediately

But I guess that money gained like that would not meet the requirements in purchasing a property...

Looks like it going to have to be done the expensive way from abroad to keep everyone happy ....

[Shaunduhpostman]

I have not tried using them, but I have seen that there are a number of offshore bitcoin banks with websites, in Hong Kong mostly, one of which was even endorsed by some of the people at Forbes magazine, for whatever that is worth. They offer Visa/Mastercard atm debit cards which draw on your bitcoin account, so that you can use the card just as you would a normal debit/atm card. Though, the limit is 50,000 dollars US per card and 7,000 dollars cash withdrawal per day, at least with one of the bitcoin banks. They do allow you to have as many cards as you want, so it seems that the 50,000 can be extended another 50,000 for every card you order from them. You have to give them proof residency in the form of a bank statement, rent receipt or utility bill, any of those with you name and address on it and no older than 3 months and i.d., such as passport, govt issued id etc. Maybe that would help you if nothing else does.

Edited November 27, 2015 by Shaunduhpostman

[Shiver]

@Shaunduhpostman, I've seen debit cards for American residents, but do you know of any for UK people abroad? I'd be very interested in that, and perhaps OP could also use that even for something like buying a property and avoid 3rd party costs/flights and all the other hassles of going to your home country when not otherwise desirable(?).

[blackcab]

You do need to show the funds came from abroad in foreign currency. When your Thai bank receives the funds they will give you a FET form which the land office require during the transfer process.

You cannot use Thai baht for the purchase, no matter where the baht came from.

That's what I thought,

At the moment cryprocurrencies like

Bitcoin is in a unique virtual asset class of its own so I think it would be hard to explain it to anyone who doesn't already know what it is

If I came to Thailand with a few kilos of gold, sell my gold and use that money I guess it would be more simple for an outsider to understand

Could I get an fet now for a bank transfer I made 7 years ago for a large sum of cash I transferred? (that account was closed automatically because it was inactive or something similar years ago so I had to open another)

Would they still have records and if so be willing to issue a fet from so many years back?

Gold won't work either. It must be foreign currency. Only your bank week be able to answer the 7 year old transaction question.

Worth a try though.

[slipperylobster]

I guess so....

my buddy just paid sin sot with his...

[technologybytes]

Under the Thailand Condominium Act, the land office simply need to see that the purchase was funded from overseas because the sale of a condo to a foreigner is only legal if funded from overseas.

The usual method is to send money to Thailand and get a "Tor Tor San" document from the bank.

However, in my personal experience its Ok to show that you have paid the buyer direct from your overseas bank to his overseas bank... so a photocopy of a bank statement showing such a payment is OK. The land office do not retain that document anyway, they just need sight of it. If you use your imagination a bit you can see how easy this can be.

My experience of this is in Chiang Mai, requirements may differ in other parts.

[Autonuaq]

For as far as I can recall are bitcoins not allowed in Thailand.

The was a law paased on not so long ago.

Therefore changing bitcoins in to money can be seen as money laundry.

Esoecially the way you do it is difficult to explain the source how the money was earned.

It has sone simmilarity with the Dutch Guy the arrested and sentenced a few weeks ago.

His money came from other source that is illigal in Thailand.

Wish you a lot of wisdom

[Gutenberg]

For as far as I can recall are bitcoins not allowed in Thailand.

The was a law paased on not so long ago.

Therefore changing bitcoins in to money can be seen as money laundry.

Esoecially the way you do it is difficult to explain the source how the money was earned.

You got it all wrong, wrong and very wrong.

http://www.coindesk.com/bank-thailand-says-bitcoin-illegal-warns-use/

There is even a licensed company in Thailand,

https://bitcoin.co.th/

[Gutenberg]

Any ideas, welcomed....

Go to https://bitfinex.com get an account, get it verified with passport + utility bill and your Thai bank account, deposit your bitcoins, withdraw them to your bank account in Thailand. This way, you will get your money sent from bitfinex bank account.

[Don Mega]

Under the Thailand Condominium Act, the land office simply need to see that the purchase was funded from overseas because the sale of a condo to a foreigner is only legal if funded from overseas.

What if the foreigner worked (and has an income) in Thailand.

Can that foreigner still only buy a condo with funds brought in from overseas ?

[blackcab]

Under the Thailand Condominium Act, the land office simply need to see that the purchase was funded from overseas because the sale of a condo to a foreigner is only legal if funded from overseas.

What if the foreigner worked (and has an income) in Thailand.

Can that foreigner still only buy a condo with funds brought in from overseas ?

Correct. That foreigner can still only buy a condo with funds brought in from overseas.

The only exception is if the foreigner has permanent residency. If you have permanent residency you are exempt from showing a FET form and can use funds from within Thailand.

[dotpoom]

You do need to show the funds came from abroad in foreign currency. When your Thai bank receives the funds they will give you a FET form which the land office require during the transfer process.

You cannot use Thai baht for the purchase, no matter where the baht came from.

That's what I thought,

At the moment cryprocurrencies like

Bitcoin is in a unique virtual asset class of its own so I think it would be hard to explain it to anyone who doesn't already know what it is

If I came to Thailand with a few kilos of gold, sell my gold and use that money I guess it would be more simple for an outsider to understand

Could I get an fet now for a bank transfer I made 7 years ago for a large sum of cash I transferred? (that account was closed automatically because it was inactive or something similar years ago so I had to open another)

Would they still have records and if so be willing to issue a fet from so many years back?

I think not, The money to be brought in for the purchase of a condo must state that as the reason for transferring the money, and it must be for the exact amount of the purchase price (as stated in the contract). I have bought a condo without going through the "rigmarole". Simply exchanged my Thai Baht into Dollars for the amount required and then back into my A/C here....that way it came from outside the country.

Any worthwhile real estate agent can manage this end of it if you buy through one..

[jacko45k]

If you are in the Pattaya area you could try talking to the guy who owns the Pattaya Beer Garden, he is quite a fan of bitcoins, and they will even let you pay your tab with them there.

[blackcab]

You do need to show the funds came from abroad in foreign currency. When your Thai bank receives the funds they will give you a FET form which the land office require during the transfer process.

You cannot use Thai baht for the purchase, no matter where the baht came from.

That's what I thought,

At the moment cryprocurrencies like

Bitcoin is in a unique virtual asset class of its own so I think it would be hard to explain it to anyone who doesn't already know what it is

If I came to Thailand with a few kilos of gold, sell my gold and use that money I guess it would be more simple for an outsider to understand

Could I get an fet now for a bank transfer I made 7 years ago for a large sum of cash I transferred? (that account was closed automatically because it was inactive or something similar years ago so I had to open another)

Would they still have records and if so be willing to issue a fet from so many years back?

I think not, The money to be brought in for the purchase of a condo must state that as the reason for transferring the money, and it must be for the exact amount of the purchase price (as stated in the contract). I have bought a condo without going through the "rigmarole". Simply exchanged my Thai Baht into Dollars for the amount required and then back into my A/C here....that way it came from outside the country.

Any worthwhile real estate agent can manage this end of it if you buy through one..

This is incorrect. The incoming transfer does not have to state that it is for the purchase of a condo. There is no requirement for this - however people do it and it certainly does not hurt to do it.

Also the incoming transfer does not have to be for the exact amount of the purchase. Some people use more than one FET to purchase a condo. Others send more money than is required in one go and use the extra for general expenses.

[Ks45672]

You do need to show the funds came from abroad in foreign currency. When your Thai bank receives the funds they will give you a FET form which the land office require during the transfer process.

You cannot use Thai baht for the purchase, no matter where the baht came from.

That's what I thought,

At the moment cryprocurrencies like

Bitcoin is in a unique virtual asset class of its own so I think it would be hard to explain it to anyone who doesn't already know what it is

If I came to Thailand with a few kilos of gold, sell my gold and use that money I guess it would be more simple for an outsider to understand

Could I get an fet now for a bank transfer I made 7 years ago for a large sum of cash I transferred? (that account was closed automatically because it was inactive or something similar years ago so I had to open another)

Would they still have records and if so be willing to issue a fet from so many years back?

I think not, The money to be brought in for the purchase of a condo must state that as the reason for transferring the money, and it must be for the exact amount of the purchase price (as stated in the contract). I have bought a condo without going through the "rigmarole". Simply exchanged my Thai Baht into Dollars for the amount required and then back into my A/C here....that way it came from outside the country.

Any worthwhile real estate agent can manage this end of it if you buy through one..

This is incorrect. The incoming transfer does not have to state that it is for the purchase of a condo. There is no requirement for this - however people do it and it certainly does not hurt to do it.

Also the incoming transfer does not have to be for the exact amount of the purchase. Some people use more than one FET to purchase a condo. Others send more money than is required in one go and use the extra for general expenses.

If this is correct that would be great, I wouldn't want to trust bitfinex or any other exchange with large amounts of cash all at once but if it's possible to make multiple small transfers that might be OK.....

Just have to calculate the fees of bank transfers ($20+0.1% times the number of transfers) vs the cost of flying over to do the entire deal at once and see which works out cheaper.....

[blackcab]

Generally you won't get a FET form for amounts smaller than 50,000 US dollars, so you might want to consider multiples of that if you want to do several transfers.

[Pib]

I guess so....

my buddy just paid sin sot with his...

Did he get a FET so he can get 50% of his money/bitcoins back after the divorce?