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

[mania]

I guess nobody can answer the question I asked earlier whether the wife of a foreigner, living in a foreign owned condo, needs to use the blue book issued to that condo to register her residence. I'll ask my solicitor and post the answer.

I do not know 100% if she would register in that book (foreign owned condo)

But I do know 100% she does need to be registered to an address

Most that I know who do not own just stay registered to their family/parents home

Edited July 27, 2016 by mania

[chiang mai]

And the answers are:

My chanottes have always been in safe custody and apparently I'm sent copies whenever a property is sold and a new one purchased, in checking my files it seems I have A4 copies embedded in stack of associated paperwork sent by my lawyer, all is kosher. I know I have an A3 copy of my house chanotte but because of the reduced size of the copied condo.chanottes I had not seen them, hence the misunderstanding.

There is no law regarding the reuse of funds used to buy a property, BOT regulations only require the funds to come from outside of Thailand. I am told the matter rests with the banks and their willingness to produce a second letter and this can only be done if there is a complete audit trail showing funds received from overseas, property purchased, property sold, TAX PAID. S, if you have a good relationship with your bank manager and you keep decent balances in your accounts, this approach is viable.

Using ATM withdrawl slips to prove receipt of foreign funds into Thailand, she laughed! It's a non starter for a host of reasons not the least of which is providing a link between the purchaser and the overseas account.

Forgot to ask about registration of Thai wife of foreigner in foreign owned condo., will do so at next chance.

[LannaGuy]

And the answers are:

My chanottes have always been in safe custody and apparently I'm sent copies whenever a property is sold and a new one purchased, in checking my files it seems I have A4 copies embedded in stack of associated paperwork sent by my lawyer, all is kosher. I know I have an A3 copy of my house chanotte but because of the reduced size of the copied condo.chanottes I had not seen them, hence the misunderstanding.

There is no law regarding the reuse of funds used to buy a property, BOT regulations only require the funds to come from outside of Thailand. I am told the matter rests with the banks and their willingness to produce a second letter and this can only be done if there is a complete audit trail showing funds received from overseas, property purchased, property sold, TAX PAID. S, if you have a good relationship with your bank manager and you keep decent balances in your accounts, this approach is viable.

Using ATM withdrawl slips to prove receipt of foreign funds into Thailand, she laughed! It's a non starter for a host of reasons not the least of which is providing a link between the purchaser and the overseas account.

Forgot to ask about registration of Thai wife of foreigner in foreign owned condo., will do so at next chance.

exactly and Bangkok Bank, for one, do not allow for re-use after condo sales and requires money to enter from outside... it 'may be' that some branches and/or banks let it slip through but BOT regs are clear and banks don't like taking chances. I have had many an argument with them to get a letter, as have friends, and usually we are disappointed but I have heard of the odd one or two who have got letters in some sub-branch somewhere where they were not so diligent but I would not reply on it.

Good luck to all.

[alfieconn]

And the answers are:

My chanottes have always been in safe custody and apparently I'm sent copies whenever a property is sold and a new one purchased, in checking my files it seems I have A4 copies embedded in stack of associated paperwork sent by my lawyer, all is kosher. I know I have an A3 copy of my house chanotte but because of the reduced size of the copied condo.chanottes I had not seen them, hence the misunderstanding.

There is no law regarding the reuse of funds used to buy a property, BOT regulations only require the funds to come from outside of Thailand. I am told the matter rests with the banks and their willingness to produce a second letter and this can only be done if there is a complete audit trail showing funds received from overseas, property purchased, property sold, TAX PAID. S, if you have a good relationship with your bank manager and you keep decent balances in your accounts, this approach is viable.

Using ATM withdrawl slips to prove receipt of foreign funds into Thailand, she laughed! It's a non starter for a host of reasons not the least of which is providing a link between the purchaser and the overseas account.

Forgot to ask about registration of Thai wife of foreigner in foreign owned condo., will do so at next chance.

exactly and Bangkok Bank, for one, do not allow for re-use after condo sales and requires money to enter from outside... it 'may be' that some branches and/or banks let it slip through but BOT regs are clear and banks don't like taking chances. I have had many an argument with them to get a letter, as have friends, and usually we are disappointed but I have heard of the odd one or two who have got letters in some sub-branch somewhere where they were not so diligent but I would not reply on it.

Good luck to all.

So are you saying that you have to send the funds back from whence they came and then re-send them back to Thailand ?

[chiang mai]

And the answers are:

My chanottes have always been in safe custody and apparently I'm sent copies whenever a property is sold and a new one purchased, in checking my files it seems I have A4 copies embedded in stack of associated paperwork sent by my lawyer, all is kosher. I know I have an A3 copy of my house chanotte but because of the reduced size of the copied condo.chanottes I had not seen them, hence the misunderstanding.

There is no law regarding the reuse of funds used to buy a property, BOT regulations only require the funds to come from outside of Thailand. I am told the matter rests with the banks and their willingness to produce a second letter and this can only be done if there is a complete audit trail showing funds received from overseas, property purchased, property sold, TAX PAID. S, if you have a good relationship with your bank manager and you keep decent balances in your accounts, this approach is viable.

Using ATM withdrawl slips to prove receipt of foreign funds into Thailand, she laughed! It's a non starter for a host of reasons not the least of which is providing a link between the purchaser and the overseas account.

Forgot to ask about registration of Thai wife of foreigner in foreign owned condo., will do so at next chance.

exactly and Bangkok Bank, for one, do not allow for re-use after condo sales and requires money to enter from outside... it 'may be' that some branches and/or banks let it slip through but BOT regs are clear and banks don't like taking chances. I have had many an argument with them to get a letter, as have friends, and usually we are disappointed but I have heard of the odd one or two who have got letters in some sub-branch somewhere where they were not so diligent but I would not reply on it.

Good luck to all.

But BOT regs are only clear about funds needing to come into Thailand from overseas in the first instance, they make no mention about reuse of those funds and that is open to interpretation. If I was a bank interested solely in making profit I'd want to have the customer send the money out and then back again because I'd make out on fees and forex. But, if I was more interested in the relationship with my customer I'd give him/her the letter and make my money downstream. UOB it seems is more interested in relationships than fast nickle/dime profits, quite rightly so.

EDIT TO ADD:

Another way to look at this scenario is my example of when I bought a house here two years ago. I used THB that had been imported into Thailand over the past five years and because I had the FET's to prove that the purchase was allowed. It doesn't matter that those funds were drawn down and then replenished using subsequent transfers, the FET's I used were five years old. Think about it.

Edited July 27, 2016 by chiang mai

[baywatch82]

Okey, I decided to share what has been advised on another forum. This procedure is apparently available in BKK.

COPY-PASTED :

The definitive answer is YES you can use your sale proceeds to buy another condo.

You must go to the head office branch of Bangkok Bank. Take $20USD .Please in US currency.

Go to "Customer Service "New Accounts". Tell them that you want to set up an "International Account" to deposit the proceeds of your condo sale.

Tell them that you will be buying another condo with the funds.

You will go to the counter to deposit the $20USD. The account will be open.

YOU WILL NEED

1. Passport

2. Letter of certification from your embassy for your passport. Takes 10-30 minutes to get..

3. Bring your Chanote (Title Deed) from the property you are selling. If you have your original FET Letter you can bring it but it's not critical.

When the property sells bring the sales agreement to the bank with the cash /cashier's cheque.

They will register the sale and funds in the account.

When you're ready to buy again they will issue a Bank certification letter for the funds. You will need your Purchase & Sale agreement as proof for the bank.

Bangkok Bank Head Office on Silom is the ideal place to do this. I suspect there is a similar office in Chiang Mai.

The other banks aren't there yet.

[baywatch82]

Another that was interesting, but again, available in Bangkok Bank branch in BKK.

Somebody advised that BKK bank can arrange the whole procedure by using their branch in Singapore for a small fee.
Basically, they open account on your name in Singapore, send money from Thailand to that account and back to Thailand.

So everything is possible and there is number of ways to avoid sending money abroad and back. Unfortunately I can not find this procedures available in Chiang Mai, and I went already to several different banks. Usually I find it very hard to explain what I really need to a person with very limited english. When they finally get what I want, they can not help me anyway.

Definitely this is not up to the bank that much, but about finding right and knowledgeable person.

[chiang mai]

+1

Well UOB is there so the message must be, choose your bank carefully.

It's nonsense to think that funds must be exported and reimported every time a person wants to upgrade a property purchase in Thailand, it's the stuff of bar stool conversations only.

[LannaGuy]

Okey, I decided to share what has been advised on another forum. This procedure is apparently available in BKK.

COPY-PASTED :

The definitive answer is YES you can use your sale proceeds to buy another condo.

You must go to the head office branch of Bangkok Bank. Take $20USD .Please in US currency.

Go to "Customer Service "New Accounts". Tell them that you want to set up an "International Account" to deposit the proceeds of your condo sale.

Tell them that you will be buying another condo with the funds.

You will go to the counter to deposit the $20USD. The account will be open.

YOU WILL NEED

1. Passport

2. Letter of certification from your embassy for your passport. Takes 10-30 minutes to get..

3. Bring your Chanote (Title Deed) from the property you are selling. If you have your original FET Letter you can bring it but it's not critical.

When the property sells bring the sales agreement to the bank with the cash /cashier's cheque.

They will register the sale and funds in the account.

When you're ready to buy again they will issue a Bank certification letter for the funds. You will need your Purchase & Sale agreement as proof for the bank.

Bangkok Bank Head Office on Silom is the ideal place to do this. I suspect there is a similar office in Chiang Mai.

The other banks aren't there yet.

[LannaGuy]

+1

Well UOB is there so the message must be, choose your bank carefully.

It's nonsense to think that funds must be exported and reimported every time a person wants to upgrade a property purchase in Thailand, it's the stuff of bar stool conversations only.

[baywatch82]

+1

Well UOB is there so the message must be, choose your bank carefully.

It's nonsense to think that funds must be exported and reimported every time a person wants to upgrade a property purchase in Thailand, it's the stuff of bar stool conversations only.

But I still can't find the way in Chiang Mai !

[LannaGuy]

And the answers are:

My chanottes have always been in safe custody and apparently I'm sent copies whenever a property is sold and a new one purchased, in checking my files it seems I have A4 copies embedded in stack of associated paperwork sent by my lawyer, all is kosher. I know I have an A3 copy of my house chanotte but because of the reduced size of the copied condo.chanottes I had not seen them, hence the misunderstanding.

There is no law regarding the reuse of funds used to buy a property, BOT regulations only require the funds to come from outside of Thailand. I am told the matter rests with the banks and their willingness to produce a second letter and this can only be done if there is a complete audit trail showing funds received from overseas, property purchased, property sold, TAX PAID. S, if you have a good relationship with your bank manager and you keep decent balances in your accounts, this approach is viable.

Using ATM withdrawl slips to prove receipt of foreign funds into Thailand, she laughed! It's a non starter for a host of reasons not the least of which is providing a link between the purchaser and the overseas account.

Forgot to ask about registration of Thai wife of foreigner in foreign owned condo., will do so at next chance.

exactly and Bangkok Bank, for one, do not allow for re-use after condo sales and requires money to enter from outside... it 'may be' that some branches and/or banks let it slip through but BOT regs are clear and banks don't like taking chances. I have had many an argument with them to get a letter, as have friends, and usually we are disappointed but I have heard of the odd one or two who have got letters in some sub-branch somewhere where they were not so diligent but I would not reply on it.

Good luck to all.

But BOT regs are only clear about funds needing to come into Thailand from overseas in the first instance, they make no mention about reuse of those funds and that is open to interpretation. If I was a bank interested solely in making profit I'd want to have the customer send the money out and then back again because I'd make out on fees and forex. But, if I was more interested in the relationship with my customer I'd give him/her the letter and make my money downstream. UOB it seems is more interested in relationships than fast nickle/dime profits, quite rightly so.

EDIT TO ADD:

Another way to look at this scenario is my example of when I bought a house here two years ago. I used THB that had been imported into Thailand over the past five years and because I had the FET's to prove that the purchase was allowed. It doesn't matter that those funds were drawn down and then replenished using subsequent transfers, the FET's I used were five years old. Think about it.

go DO IT then come back and pontificate your 'wisdom'

think about it

[LannaGuy]

+1

Well UOB is there so the message must be, choose your bank carefully.

It's nonsense to think that funds must be exported and reimported every time a person wants to upgrade a property purchase in Thailand, it's the stuff of bar stool conversations only.

But I still can't find the way in Chiang Mai !

you never even did it in BKK right??? you are just spewing out bile from another forum who said 'they did it'

I CHALLENGE you to walk into any Thai bank and open a FOREX account with ANY CURRENCY

or are you just making it all up ???

[Oscar2]

well I have bought and sold nearly 30 condos but maybe you know best?

LOL in your dreams... there would not be the buyers. would take you a lifetime...dream on..

[chiang mai]

But BOT regs are only clear about funds needing to come into Thailand from overseas in the first instance, they make no mention about reuse of those funds and that is open to interpretation. If I was a bank interested solely in making profit I'd want to have the customer send the money out and then back again because I'd make out on fees and forex. But, if I was more interested in the relationship with my customer I'd give him/her the letter and make my money downstream. UOB it seems is more interested in relationships than fast nickle/dime profits, quite rightly so.

EDIT TO ADD:

Another way to look at this scenario is my example of when I bought a house here two years ago. I used THB that had been imported into Thailand over the past five years and because I had the FET's to prove that the purchase was allowed. It doesn't matter that those funds were drawn down and then replenished using subsequent transfers, the FET's I used were five years old. Think about it.

go DO IT then come back and pontificate your 'wisdom'

think about it

If you're not interested in finding the solution to the problem, why not just say so in the first place. And if you're not capable of debate on the subject, perhaps say that also.

[chiang mai]

+1

Well UOB is there so the message must be, choose your bank carefully.

It's nonsense to think that funds must be exported and reimported every time a person wants to upgrade a property purchase in Thailand, it's the stuff of bar stool conversations only.

But I still can't find the way in Chiang Mai !

My suggestion is to take all your paperwork into the biggest office of each bank in Chiang Mai and sit down and discuss the subject with the most senior person in that branch you can find. If that doesn't work, take a trip to Bangkok and go to head offices and repeat.

[LannaGuy]

But BOT regs are only clear about funds needing to come into Thailand from overseas in the first instance, they make no mention about reuse of those funds and that is open to interpretation. If I was a bank interested solely in making profit I'd want to have the customer send the money out and then back again because I'd make out on fees and forex. But, if I was more interested in the relationship with my customer I'd give him/her the letter and make my money downstream. UOB it seems is more interested in relationships than fast nickle/dime profits, quite rightly so.

EDIT TO ADD:

Another way to look at this scenario is my example of when I bought a house here two years ago. I used THB that had been imported into Thailand over the past five years and because I had the FET's to prove that the purchase was allowed. It doesn't matter that those funds were drawn down and then replenished using subsequent transfers, the FET's I used were five years old. Think about it.

go DO IT then come back and pontificate your 'wisdom'

think about it

If you're not interested in finding the solution to the problem, why not just say so in the first place. And if you're not capable of debate on the subject, perhaps say that also.

you are unbelievable

you know nothing about chanotes

nothing about blue books

have not sold a condo for 5 years

I HAVE and have given my best advice based on 10 years dealing in condos so why don't you get off your high horse and LISTEN?

[chiang mai]

OK I;ve given my input plus I've engaged a well respected lawyer on this subject so I've done my bit, if posters are going to be offensive I'm done here. Byeee.

[baywatch82]

+1

Well UOB is there so the message must be, choose your bank carefully.

It's nonsense to think that funds must be exported and reimported every time a person wants to upgrade a property purchase in Thailand, it's the stuff of bar stool conversations only.

But I still can't find the way in Chiang Mai !

My suggestion is to take all your paperwork into the biggest office of each bank in Chiang Mai and sit down and discuss the subject with the most senior person in that branch you can find. If that doesn't work, take a trip to Bangkok and go to head offices and repeat.

I already went to main office of Kasikorn Bank and main office of Bangkok Bank in Chiang Mai.

I was talking to senior staff, but I was not fortunate to meet the manager.

I also consider trip to BKK, as this would be more cheap then sending money abroad and back, but the risk is:

- how can I trust someone on the forum if that really works

- even if that works, how can I be sure CM land office will not turn me away with it.

That's why I was hoping to find someone on this forum who successfully done it in Chiang Mai, and can point me in the right, proven direction.

Only get speculations "I think this... I think that..." and usual TV forum farang fight.

[LannaGuy]

OK I;ve given my input plus I've engaged a well respected lawyer on this subject so I've done my bit, if posters are going to be offensive I'm done here. Byeee.

byeeeee thanks so much for your misinformation

[LannaGuy]

+1

Well UOB is there so the message must be, choose your bank carefully.

It's nonsense to think that funds must be exported and reimported every time a person wants to upgrade a property purchase in Thailand, it's the stuff of bar stool conversations only.

But I still can't find the way in Chiang Mai !

My suggestion is to take all your paperwork into the biggest office of each bank in Chiang Mai and sit down and discuss the subject with the most senior person in that branch you can find. If that doesn't work, take a trip to Bangkok and go to head offices and repeat.

I already went to main office of Kasikorn Bank and main office of Bangkok Bank in Chiang Mai.

I was talking to senior staff, but I was not fortunate to meet the manager.

I also consider trip to BKK, as this would be more cheap then sending money abroad and back, but the risk is:

- how can I trust someone on the forum if that really works

- even if that works, how can I be sure CM land office will not turn me away with it.

That's why I was hoping to find someone on this forum who successfully done it in Chiang Mai, and can point me in the right, proven direction.

Only get speculations "I think this... I think that..." and usual TV forum farang fight.

but.. but... but...

you posted:

You must go to the head office branch of Bangkok Bank. Take $20USD .Please in US currency.

Go to "Customer Service "New Accounts". Tell them that you want to set up an "International Account" to deposit the proceeds of your condo sale.

Tell them that you will be buying another condo with the funds.

You will go to the counter to deposit the $20USD. The account will be open.

YOU WILL NEED

1. Passport

2. Letter of certification from your embassy for your passport. Takes 10-30 minutes to get..

3. Bring your Chanote (Title Deed) from the property you are selling. If you have your original FET Letter you can bring it but it's not critical.

so what's the problem? you and poster chiang mai have indicated you are experts and have rejected my advice built on 10 years in Chiang Mai buying and selling condos in most of the buildings here

go take your $20 US and open an account!!! it's EASY right ???

[chiang mai]

+1

Well UOB is there so the message must be, choose your bank carefully.

It's nonsense to think that funds must be exported and reimported every time a person wants to upgrade a property purchase in Thailand, it's the stuff of bar stool conversations only.

But I still can't find the way in Chiang Mai !

My suggestion is to take all your paperwork into the biggest office of each bank in Chiang Mai and sit down and discuss the subject with the most senior person in that branch you can find. If that doesn't work, take a trip to Bangkok and go to head offices and repeat.

I already went to main office of Kasikorn Bank and main office of Bangkok Bank in Chiang Mai.

I was talking to senior staff, but I was not fortunate to meet the manager.

I also consider trip to BKK, as this would be more cheap then sending money abroad and back, but the risk is:

- how can I trust someone on the forum if that really works

- even if that works, how can I be sure CM land office will not turn me away with it.

That's why I was hoping to find someone on this forum who successfully done it in Chiang Mai, and can point me in the right, proven direction.

Only get speculations "I think this... I think that..." and usual TV forum farang fight.

Let me offer two things:

Firstly, I've used the re-use route via UOB on two occasions, you can believe that or not.

Secondly, your fall back position if you really can't go down the re-use route is to wait until the exchange rate exceeds your previous buy rate and try to recover your transfer costs that way.

[LannaGuy]

Let me offer two things:

Firstly, I've used the re-use route via UOB on two occasions, you can believe that or not.

Secondly, your fall back position if you really can't go down the re-use route is to wait until the exchange rate exceeds your previous buy rate and try to recover your transfer costs that way.

wow the fastest comeback since Lazarus? didn't you just say "you are done here"? and yet here you are!!! sowing misinformation again

you don't even know a Chanote is issued with a condo sale!!!!! go drink your cocoa eh? goodnight

Edited July 27, 2016 by LannaGuy

[chiang mai]

OK I;ve given my input plus I've engaged a well respected lawyer on this subject so I've done my bit, if posters are going to be offensive I'm done here. Byeee.

byeeeee thanks so much for your misinformation

Kuhn Sumalee Janepa of 29 Tanin is a well known and highly respected lawyer in Chiang Mai, her name is listed on many Embassy lists of recommended legal representatives in Chiang Mai, including the British Embassy, her services are recommended by many many TVF members over many years.

Please feel free to contact her offices to confirm or deny what has been written here and we will all await you reply.

Kuhn Sumalee contact details are found here: http://29tanin.com/

[LannaGuy]

OK I;ve given my input plus I've engaged a well respected lawyer on this subject so I've done my bit, if posters are going to be offensive I'm done here. Byeee.

byeeeee thanks so much for your misinformation

Kuhn Sumalee Janepa of 29 Tanin is a well known and highly respected lawyer in Chiang Mai, her name is listed on many Embassy lists of recommended legal representatives in Chiang Mai, including the British Embassy, her services are recommended by many many TVF members over many years.

Please feel free to contact her offices to confirm or deny what has been written here and we will all await you reply.

Kuhn Sumalee contact details are found here: http://29tanin.com/

I know Khun Sumalee very well thanks! and she knows very well the laws regarding transfer of monies unless you are 'lucky' and find a less than conscientious bank who 'may' issue you with a letter

Keep that Chanote safe now!!! (you know what that is right?) how's your 'blue book'?

By your own admission you have not sold a condo for 5 years

I suggest you retire gracefully from this discussion, drink your cocoa, and rest

[evenstevens]

just from looking in from the outside ,both the O/P and L/G are investors in the C/M condo scene, some 30 odd condo.s between them in X amount yrs, at different times

J.M.O .

therefore they would be placed in another bin(so to speak) with any bank

the rank and file expats buying their condo , just for domicile purposes etc etc with clean noses, have nuffin to fear from their banks in t/f their monies or letters etc etc as discussed on this thread

and confirmed by Chiang Mai,s Lawyer a few posts back

with respect O/P and L/G chew on that

its a Rod Stewart good evening to all my readers

[chiang mai]

just from looking in from the outside ,both the O/P and L/G are investors in the C/M condo scene, some 30 odd condo.s between them in X amount yrs, at different times

J.M.O .

therefore they would be placed in another bin(so to speak) with any bank

the rank and file expats buying their condo , just for domicile purposes etc etc with clean noses, have nuffin to fear from their banks in t/f their monies or letters etc etc as discussed on this thread

and confirmed by Chiang Mai,s Lawyer a few posts back

with respect O/P and L/G chew on that

its a Rod Stewart good evening to all my readers

It might be as you say that banks view investors differently, or it might be that this issue, like so many others in Thailand, produces different results for different people. Opening a bank account springs to mind where one branch says this and another says that yet the web site/policy for any given bank is clear so the results should be uniform, right? Unfortunately not!

I think the BOT policy and the legal interpretation on foreigner property purchases is clear and precise to a point but it is far less so on the re-use of funds which many see as being, open to interpretation. LG obviously thought the same thing because he admits earlier in the thread that at one point he tried to re-use funds but was unable to do so, I tried and was successful and bizarrely that seems to upset LG. What more can be said, I think people need to try for themselves and see what the results are, unfortunately, unlike the in the West there's no rule book here that we can all revert to and point at when we don't get our way but that's half the fun of being here, I think.

Anyway, I truly am finished here now, I only came back into answer BW's post which I had overlooked.

Good luck.

[MadMac]

The land paper for a condo is not called Chanot, it has some other name. But it is basically the same thing and looks the same. If you can't read Thai you will not be able to tell a difference.

[HampiK]

The land paper for a condo is not called Chanot, it has some other name. But it is basically the same thing and looks the same. If you can't read Thai you will not be able to tell a difference.

It's called "nang sue gamasit hong chut" (หนังสือกรรมสิทธิ์ห้องชุด) which can be translated something like "book of own rooms"

But so far everybody I know use the word chanot as well for condos

[mrfaroukh]

I heard you have to resend the money from abroad to buy a new condo unless you have a resident permit or may be vip card.