FET for condo purchase when not enough funds transferred?

[pepi2005]

I'm not sure if this is the best subforum to ask, but I'll see and try.

 

I find myself in a somewhat challenging situation regarding the purchase of a condominium in Pattaya, as I don't see any way to get the required FET forms showing that I transferred 100% of the purchase price from overseas. Transfer would be scheduled in about 1 year from now.

The reason for my situation is that I've been coming here for many, many times, rarely spent all the money I had taken with me, then saved it in the bank. Also, I've been working in Thailand for a few years and made some money donig that as well, saved it,... I have also bought and sold a few condos (100% FET coverage) over the time - made not big but some money with it. Won a lawsuit against a swindling developer, got my money refunded etc.etc. ... so I have enough money in Thailand to buy the new condo, but won't be able to produce the FET's for the required 100% of the purchase price.

 

Any recommendation for what to do? Something tells me I won't be the only foreigner who has such a kind of problem. PM's welcome if preferred.

[allane]

Several years ago, I was in the same position as you. I was thinking of buying a condo. The vendor told me I would have to "recycle" the portion of my money that was in Thailand through my home country if I wanted an FET. I did not proceed with the purchase, and that is the reason why. 

[realenglish1]

Go see a lawyer they have creative solutions that will work for you

[lkn]

Obviously if the money are not all from abroad, the only legal thing you can do is to transfer the money out of the country and then back in.

 

But if you are buying a new condo then be aware that the developer may state a lower value to the land office. They want to minimize taxes, so they’ll exclude everything they can from the price, e.g. furniture, appliances, etc. So there is a chance the FET form can show a lower amount than what you’re actually paying the developer.

 

[KittenKong]

Talk to your bank. They should be able to do a "bed and breakfast" export/import of some money and will give you the FET. The fee/exchange weighting should be minimal.

[kwonitoy]

Had the same problem, brought money in through 2 different banks, but the main one was TMB.

 

When it came to payment time I was about 600K short of my total for the FET. The girl handling it just debted my account for that amount and then redeposited it back it to make the numbers look right,

 

She just smiled and said "now ok" and gave me the FET for the full amount.

 

Thai solution and worked for me