Selling condo - re-using money possible ?

[KittenKong]

A "Non Resident Account" is designed to receive proceeds of transactions that are done in Thailand with funds that have already been properly cleared.

I dont think so.

I think it is designed to receive funds from abroad that may be spent here or repatriated if needed. Local deposits are specifically prohibited unless they come from similar accounts, as I mentioned.

Of course as this is Thailand the interpretation that Bangkok Bank has of the law may bear little relation to the law.

[Queen4ADay]

I am in the same position .The land office and my bank BB confirm the total amount according to the condominium act 2008 must again be transferred from abroad and converted to Thai Baht . The documentation from the first purchase will only assist in the outward transfer of funds

[Queen4ADay]

You only need to bring money in if you haven't sold a property here purchased with previously transferred funds. . But MOST IMPORTANT!!! YOU CANNOT DO THIS AT A LOCAL BRANCH. THEY DO NOT KNOW ABOUT OR UNDERSTAND THIS "NON-RESIDENT BAHT ACCOUNT" only BBL Head Office Silom

[jagriffin2]

Queen4ADay

"Funds do not have to leave the country..I manage this process with my clients regularly."

I would like to be in contact with you as I am in need of your expertise. Lets talk na krap.

I leave for BKK Wednesday from USA. 

<Email address removed, please use PM function to contact>

Thanks

Edited July 6, 2017 by metisdead
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[funandsuninbangkok]

On 6/23/2016 at 11:47 AM, mcfish said:

How dare you make a profit? This will really upset the renters here big time

Sorry but he has lost money. Transaction fees were 3 to 5%. Maintenance and building fees 2%. Sales taxes will be 33% of his phantom income of 1.6 million

 

massive lose and financial screw up

 

could have rented for 10 to 15 k a month

[coulson]

Sorry but he has lost money. Transaction fees were 3 to 5%. Maintenance and building fees 2%. Sales taxes will be 33% of his phantom income of 1.6 million
 
massive lose and financial screw up
 
could have rented for 10 to 15 k a month

Each to his own. You prefer to spend 180k baht per year and not have a place you can call home, maybe that works better for you.

Dont like your numbers though. This OP didn't lose money, fair play to him.

One thing I've always noticed about the renter/ buyer dispute is that the buyers never really seem to care that the renters don't want to buy. The lecture is always one way.

Buying property in Thailand is not a bad idea if it is a good fit and you do your homework.

[ignis]

10 minutes ago, coulson said:

 

Each to his own. You prefer to spend 180k baht per year and not have a place you can call home, maybe that works better for you.

Dont like your numbers though. This OP didn't lose money, fair play to him.

One thing I've always noticed about the renter/ buyer dispute is that the buyers never really seem to care that the renters don't want to buy. The lecture is always one way.

Buying property in Thailand is not a bad idea if it is a good fit and you do your homework.

 

 

Yes there will always be renter/ buyer dispute....... For me there was no question what it was going to be..  Partner bought the land, house was built and we moved in simple..  Detached house. out in the sticks in a small Village that was 13 years ago next week... 

 

Dread to think how much rent would have paid in all that time, at least 5 time what the land and house cost to build, and have nothing to show for it.. 

[Senechal]

On 6/23/2016 at 11:47 AM, mcfish said:

How dare you make a profit? This will really upset the renters here big time

Well... How do you know he made a profit?

 

What were renovation costs? More than 400,000 baht? If they were then there was a loss. The lower land-office pricetag suggests an old building... ergo renovation costs.

 

And then there are taxes...

 

Edited July 8, 2017 by Senechal