Condo sold. Now want to buy another one. How to re-use money ?

[baywatch82]

I sold condo for 3.2 mln baht. So the money is on my bank account in Thailand.
Now I would like to buy another condo. How to re-use that money ?

Do I have to send it again to abroad, and send it back to Thailand ? That might be difficult, as sending money out of Thailand is restricted. Other than that, I will lose quite a lot of money for double currency exchanges.

Please only serious answers of someone who has successfully done that before.

To admin : Please keep it in Chiang Mai forum. I have asked this question before on real estate forum, and I have some suggestions (but still not real answers) how could I deal with it in BKK.

I want to find possibly a bank branch in Chiang Mai that can help me to deal with it in the best possible way.

[dcnx]

I'm interested in this as well, so a thread bump for you.

BTW, I send money out of Thailand all the time via wires. It's not a hassle. Try a different bank if your bank limits you. But I agree about not wanting to send out and then back in several million baht.

[baywatch82]

I'm interested in this as well, so a thread bump for you.

BTW, I send money out of Thailand all the time via wires. It's not a hassle. Try a different bank if your bank limits you. But I agree about not wanting to send out and then back in several million baht.

Seems like nobody really know how to deal with it on this forum. I had some advices to go to BKK to Bangkok Bank main office on Silom road, apparently they might have some experience with this.

What was the biggest amount you wired out of Thailand and using what service ?

[alfieconn]

Just keep in a fixed account until roughly the time you want to buy a new Condo !

[Dipterocarp]

The funds to buy the OPs next condo in general must be sent from abroad. I'm thinking of selling my Condo to buy a bigger unit/better view/newer building. My unit has doubled in value and I would like to use funds from the sale for the next purchase but sounds like a hassle. Right now I am planning on waiting 2 or 3 years minimum to see how the situation develops before I invest any more in Thailand.

A foreign exchange form from the receiving Thai bank is required. I don't know if there is any exception for those on WPs or if funds are used from a sale of a previous condo purchase based on the original form to register the sale and in the future to sell it. I bought my Chiang Mai Condo years ago. Many people stressed that I needed to keep this form safe for future transactions. Say one owns a Condo and subsequently marries a Foreign spouse. Do you all know one cannot just simply bequeath a Condo to him/her in the event of your death? As I have been advised If the Foreign spouse is not registered as co-owner they would have to sell it within 1 year. If they want to stay permanently in said Condo they would have to buy the unit again from your estate, which would be property of the bereaved spouse anyway! Does this not sound ridiculous? I don't know who sets the price in this case. If the unit has appreciated significantly do they now have to come up with a bunch more cash to stay in a condo that is already paid for? So if their funds are sitting in a Thai bank they would, like the OP, supposedly be required by the Chiang Mai Land office create the legal fiction of wiring the money out of Thailand, then wiring it back in again to get the FEC form from a Thai bank required for the sale. See how it is easier to just sell to a Thai or simply abandon it and go home with nothing? Just another example of how everything in this country is biased to the advantage of Thai interests leaving Foreign investors with no option but to comply. BTW My condo building has abandoned units that are years behind in maintenance fee payments and owners (all Thais) are not in contact with management. In most Nations the units could be seized by the Juristic person and sold off. In California this could happen in 90 days. Amazing Thailand. It took us 3 or 4 years to get rid of abandoned cars..

Edited July 24, 2016 by Dipterocarp

[mania]

Say one owns a Condo and subsequently marries a Foreign spouse.

Do you all know one cannot just simply bequeath a Condo to him/her in the event of your death?

As I have been advised If the Foreign spouse is not registered as co-owner they would have to sell it within 1 year.

If they want to stay permanently in said Condo they would have to buy the unit again from your estate,

which would be property of the bereaved spouse anyway! Does this not sound ridiculous? I don't know who sets the price in this case.

If the unit has appreciated significantly do they now have to come up with a bunch more cash to stay in a condo that is already paid for?

So if their funds are sitting in a Thai bank they would, like the OP, supposedly be required by the Chiang Mai Land office create the legal fiction of wiring the money out of Thailand,

then wiring it back in again to get the FEC form from a Thai bank required for the sale. See how it is easier to just sell to a Thai or simply abandon it and go home with nothing?

Just another example of how everything in this country is biased to the advantage of Thai interests leaving Foreign investors with no option but to comply.

Actually Yes I do know & yes it is true

Mainly because if say a Thai wife owned a condo it would likely be in the Thai Quota not the 40% foreign ownership allowed quota

So yes upon her death (same as a Thai owned home) you (foreigner) have 1 year to sell (not counting any special leases etc)

What you say about buying is also true & yes new money only not existing in Thailand already

PLUS....you of course could only buy that condo if the 49% section had room for your ownership

The reason I know this is roughly 10 years ago we bought a cond

Foreign section was full so we put it in wife's name..no problem

Years later the management who knows us well alerted us that a foreigner had sold to a Thai so if we wanted they could give us the necessary paper work to

go to teh tax office & transfer ownership to Foreign held 49% section of condo which would also allow us to put both our names on it.

Ok sounds great lets do it.....

Not so fast TIT

Like you said we got to the tax office & man at desk insisted nope I have to buy half the condo from my wife 5555

I even showed original cashiers check from me in my name that paid for condo.....Nope no way you have to buy!

Ok I have lived here long enough to just smile & say ok kup will do

How much? 50%? Ok what the heck left pocket to right pocket no biggie if it makes him happy

Alright I will go get a cashiers check now at Bangkok Bank

Man frowns.....mmmm not think so as you need new money

millions already here not count

Ok game over bye

That was kind of a tough one to swallow but after a few hours I was over it TIT

Really what more can you say right? A couple months later we sold it

Edited July 24, 2016 by mania

[Dipterocarp]

Foreign ownership in my Condo building is low, less than 25 percent. In my case (American) I would be considering a case where I would in a properly registered Thai "Will" or codicil leaving the unit to a non-Thai spouse.

[oxo1947]

My Friend did buy a condo near Pattaya 2 years ago with money he had in Thailand----he exchange a certain amount into foreign money $us GPD he then deposited it with a bank their coding in his book showed foreign exchange deposit on that bases the bank issued the Form (letter)---he lost a little on exchange, not as much as I thought he would. Have to stress his account was in a small bank in Mataput (near Rayong) maybe its all above board---maybe the manager was naive, but you can inquire at a main branch say you have foreign funds in cash-----it just basicly states that the condo must be purchased with foreign currency---so it was. Nothing in there about has to be a transfer from another country.

[sikishrory]

Im interested in this too. If I have 5000000 or so in my thai bank that has been my monthly salary sent from abroad monthly will they not accept it for a condo purchase? I don't understand the process or logic here.

Edited July 25, 2016 by sikishrory

[HampiK]

Im interested in this too. If I have 5000000 or so in my thai bank that has been my monthly salary sent from abroad monthly will they not accept it for a condo purchase? I don't understand the process or logic here.

So far I understand, your problem is that the money overseas not coming from your account. That you can buy a condo you have to transfer from abroad from an account in your name. At least is, that was I read some time ago, when I checked it myself.

If your monthly salary goes first into your own account and then you transfer it directly to thailand, then you can use this money.

For buy a condo you also can use as many FET as you want. But normaly a bank only fills one if you transfer more than 50'000$ in foreign currency. But if you transfer less you still can ask the bank to fill out a paper to confirm that the money came from outside.

QUESTION:

​When you bought a condo first time you have to show a FET form, which then is used for that specific condo. And when you sell this, is then this form not available again. So you could use the same form for the next condo?

[dcnx]

Im interested in this too. If I have 5000000 or so in my thai bank that has been my monthly salary sent from abroad monthly will they not accept it for a condo purchase? I don't understand the process or logic here.

So far I understand, your problem is that the money overseas not coming from your account. That you can buy a condo you have to transfer from abroad from an account in your name. At least is, that was I read some time ago, when I checked it myself.

If your monthly salary goes first into your own account and then you transfer it directly to thailand, then you can use this money.

For buy a condo you also can use as many FET as you want. But normaly a bank only fills one if you transfer more than 50'000$ in foreign currency. But if you transfer less you still can ask the bank to fill out a paper to confirm that the money came from outside.

QUESTION:

​When you bought a condo first time you have to show a FET form, which then is used for that specific condo. And when you sell this, is then this form not available again. So you could use the same form for the next condo?

Common sense says the form should be transferrable, as it shows where the original funds came from, but TIT.

To the gent asking about my wires, I send from Bangkok Bank, usually a few thousand dollars at a time. They ask what it's for, ai say business, and off it goes. Get in before 3pm as that is generally the cut off time.

[KhonKaenKowboy]

My neighbor was able to get the Chinot on his condo after paying with a series of ATM withdrawals. It was several years ago, and only abpit 500K, but he did it, with a few knowledgeable Thais. There is generally more tea money at the land offices than a Lipton factory...nut, as a farang, ypu will need a knowledgeable co-conspirator. Same goes for large outbound wires....somewhere around a 20K fee to send out 5 million, at once.

[baywatch82]

My neighbor was able to get the Chinot on his condo after paying with a series of ATM withdrawals. It was several years ago, and only abpit 500K, but he did it, with a few knowledgeable Thais. There is generally more tea money at the land offices than a Lipton factory...nut, as a farang, ypu will need a knowledgeable co-conspirator. Same goes for large outbound wires....somewhere around a 20K fee to send out 5 million, at once.

He probably took money out of ATM, using his credit card, issued at his home country and connected to his own account.

That is totally fine.

[chiang mai]

And the answer is:

If you bring money into Thailand from overseas to buy a condo. and then you sell that same unit, the the Land Office will issue you a (blue) receipt showing the amount of tax paid on its sale. The blue receipt, plus the letter from your bank showing the original funds came from outside Thailand are all you require to legally purchase a second property. In other words you need an audit trail that traces your original funds from overseas, through purchase and sale and importantly, through the tax paying process. You DO NOT need to send the sale proceeds out and then back again.

Please note that if for example you bring one million baht into Thailand, buy a condo for the same amount and then sell the unit for one million baht, BUT you only declare the sales value of the unit as being 800k and you pay tax on that amount, available funds for your next purchase is limited to 800K and not one million.

[chiang mai]

My neighbor was able to get the Chinot on his condo after paying with a series of ATM withdrawals. It was several years ago, and only abpit 500K, but he did it, with a few knowledgeable Thais. There is generally more tea money at the land offices than a Lipton factory...nut, as a farang, ypu will need a knowledgeable co-conspirator. Same goes for large outbound wires....somewhere around a 20K fee to send out 5 million, at once.

Too much bar stool nonsense here:

Condo's do not have channotte's.

Sending 5 mill. baht overseas is easily done if the rules are followed and the paperwork proving inbound funds is available.

Trying to buy property in Thailand using ATM withdrawals as proof of inbound foreign currency transactions is impossible since ATM's in Thailand do not dispense foreign currency and trying to provide the Land Office with ATM receipts as proof of is ludicrous.

[LannaGuy]

you are NOT allowed to use the proceeds of a sale as funds must come from outside Thailand

[LannaGuy]

My neighbor was able to get the Chinot on his condo after paying with a series of ATM withdrawals. It was several years ago, and only abpit 500K, but he did it, with a few knowledgeable Thais. There is generally more tea money at the land offices than a Lipton factory...nut, as a farang, ypu will need a knowledgeable co-conspirator. Same goes for large outbound wires....somewhere around a 20K fee to send out 5 million, at once.

Too much bar stool nonsense here:

Condo's do not have channotte's.

Sending 5 mill. baht overseas is easily done if the rules are followed and the paperwork proving inbound funds is available.

Trying to buy property in Thailand using ATM withdrawals as proof of inbound foreign currency transactions is impossible since ATM's in Thailand do not dispense foreign currency and trying to provide the Land Office with ATM receipts as proof of is ludicrous.

My 5 condo chanotes must be fakes then?

[evenstevens]

you are NOT allowed to use the proceeds of a sale as funds must come from outside Thailand

^^^^^B/S

post # 14 is on the money

its A Neil Young early evening to all my readers

Edited July 26, 2016 by evenstevens

[chiang mai]

My neighbor was able to get the Chinot on his condo after paying with a series of ATM withdrawals. It was several years ago, and only abpit 500K, but he did it, with a few knowledgeable Thais. There is generally more tea money at the land offices than a Lipton factory...nut, as a farang, ypu will need a knowledgeable co-conspirator. Same goes for large outbound wires....somewhere around a 20K fee to send out 5 million, at once.

Too much bar stool nonsense here:

Condo's do not have channotte's.

Sending 5 mill. baht overseas is easily done if the rules are followed and the paperwork proving inbound funds is available.

Trying to buy property in Thailand using ATM withdrawals as proof of inbound foreign currency transactions is impossible since ATM's in Thailand do not dispense foreign currency and trying to provide the Land Office with ATM receipts as proof of is ludicrous.

My 5 condo chanotes must be fakes then?

You have an ownership book, you do not have a chanotte.

[LannaGuy]

My neighbor was able to get the Chinot on his condo after paying with a series of ATM withdrawals. It was several years ago, and only abpit 500K, but he did it, with a few knowledgeable Thais. There is generally more tea money at the land offices than a Lipton factory...nut, as a farang, ypu will need a knowledgeable co-conspirator. Same goes for large outbound wires....somewhere around a 20K fee to send out 5 million, at once.

Too much bar stool nonsense here:

Condo's do not have channotte's.

Sending 5 mill. baht overseas is easily done if the rules are followed and the paperwork proving inbound funds is available.

Trying to buy property in Thailand using ATM withdrawals as proof of inbound foreign currency transactions is impossible since ATM's in Thailand do not dispense foreign currency and trying to provide the Land Office with ATM receipts as proof of is ludicrous.

My 5 condo chanotes must be fakes then?

You have an ownership book, you do not have a chanotte.

nope... I have a large A3 Chanote (5 actually) with a nice red Garuda at the top! still on that bar stool?

[chiang mai]

you are NOT allowed to use the proceeds of a sale as funds must come from outside Thailand

The intermediate use of funds is irrelevant, as long as they were sourced from outside Thailand originally and as long as this can be proven and the Thai bank atests to the same.

[LannaGuy]

you are NOT allowed to use the proceeds of a sale as funds must come from outside Thailand

^^^^^B/S

post # 14 is on the money

its A Neil Young early evening to all my readers

Not true... that blue form is for taking the funds out of Thailand you need to send out and back again so WHO is the BS now???????

[LannaGuy]

you are NOT allowed to use the proceeds of a sale as funds must come from outside Thailand

The intermediate use of funds is irrelevant, as long as they were sourced from outside Thailand originally and as long as this can be proven and the Thai bank atests to the same.

well I have bought and sold nearly 30 condos but maybe you know best? I have had to bring in funds from outside and the LO have always stopped me using funds from sales

but go ahead and try... maybe something's changed but that was always the way over the last decade

[chiang mai]

My 5 condo chanotes must be fakes then?

You have an ownership book, you do not have a chanotte.

nope... I have a large A3 Chanote (5 actually) with a nice red Garuda at the top! still on that bar stool?

All I can say then is this an an anomaly, in owning two different units at Floral and one at Rim Ping I've never been issued with anything other than a blue ownership book. And the fund I used to buy at Rimping were the sales proceeds from one unit at Floral. Anyone?

[chiang mai]

you are NOT allowed to use the proceeds of a sale as funds must come from outside Thailand

^^^^^B/S

post # 14 is on the money

its A Neil Young early evening to all my readers

Not true... that blue form is for taking the funds out of Thailand you need to send out and back again so WHO is the BS now???????

Wait! I said the blue receipt, meaning receipt of tax paid on the sale, as issued by the LO.

Edited July 26, 2016 by chiang mai

[chiang mai]

you are NOT allowed to use the proceeds of a sale as funds must come from outside Thailand

The intermediate use of funds is irrelevant, as long as they were sourced from outside Thailand originally and as long as this can be proven and the Thai bank atests to the same.

well I have bought and sold nearly 30 condos but maybe you know best? I have had to bring in funds from outside and the LO have always stopped me using funds from sales

but go ahead and try... maybe something's changed but that was always the way over the last decade

I'm thinking that you and I have been down this same road before, have we not?

[LannaGuy]

My 5 condo chanotes must be fakes then?

You have an ownership book, you do not have a chanotte.

nope... I have a large A3 Chanote (5 actually) with a nice red Garuda at the top! still on that bar stool?

All I can say then is this an an anomaly, in owning two different units at Floral and one at Rim Ping I've never been issued with anything other than a blue ownership book. And the fund I used to buy at Rimping were the sales proceeds from one unit at Floral. Anyone?

Not an anomaly friend I have bought and sold 30 and here's a pic of 3 that I now have

[LannaGuy]

you are NOT allowed to use the proceeds of a sale as funds must come from outside Thailand

The intermediate use of funds is irrelevant, as long as they were sourced from outside Thailand originally and as long as this can be proven and the Thai bank atests to the same.

well I have bought and sold nearly 30 condos but maybe you know best? I have had to bring in funds from outside and the LO have always stopped me using funds from sales

but go ahead and try... maybe something's changed but that was always the way over the last decade

I'm thinking that you and I have been down this same road before, have we not?

I have posted a nice pic for you to dwell on and, if I were you, I'd go find your Chanotes and make sure your name is ON them!

[oxo1947]

No I have a chanotte....on one side is the names of the previous owners, the only difference is the drawing is of the condo (size etc) not the land as my house (wife's name) has---other than that it is exactly the same......I got a book about a year after went and applied myself. I also know other people with Condo's all have chanottes.................something seems certainly amiss with your purchases, I know a Thai in the same block who took his chanotte along to the bank as security for a car loan.

[chiang mai]

The intermediate use of funds is irrelevant, as long as they were sourced from outside Thailand originally and as long as this can be proven and the Thai bank atests to the same.

well I have bought and sold nearly 30 condos but maybe you know best? I have had to bring in funds from outside and the LO have always stopped me using funds from sales

but go ahead and try... maybe something's changed but that was always the way over the last decade

I'm thinking that you and I have been down this same road before, have we not?

I have posted a nice pic for you to dwell on and, if I were you, I'd go find your Chanotes and make sure your name is ON them!

I successfully sold my most recent condo., five years ago!