Condo Purchase.

[bkkmicky]

Hi,

I currently own a condo in Bangkok which I purchased 17 years ago using funds from abroad. The bank should have evidence of the transfer of funds buried in their archives. 

 

I am planning to sell the condo and buy another one using the funds I receive upon a successful sale.

 

My question is this:

Whilst the funds for my current condo originated from abroad, when I sell and buy my new one the funds will obviously be derived from the sale here in Thailand. 

Will this prove to be a problem?

Would appreciate any advice on this. 

[lkn]

I have also been wondering about the status of money from a condo sale, so would love to hear from someone with experience.

 

Bangkok Bank’s website says that “if you are a foreigner repatriating proceeds from the sale of a condominium, then you would need to submit the purchase and sales contract and ownership title documents. In this case, the maximum transfer amount would be the selling price for the condominium”. Although not exactly your situation, it does seem to indicate that the entire amount from a sale is considered money that can be repatriated, regardless of the original purchase price and FET forms.

 

Looking at this logically, if I sell my condo to a foreigner then they need to present a FET form for the sales price, and thus the money given to me indirectly comes with a FET form.

 

But this raises the question: what happens if you sell a condo in the foreign quota to a Thai? In this case there is no FET form for the full amount, so perhaps in this case, you would need to get a copy of your old FET form and would only be allowed to repatriate what you originally brought into the country?

[weedywhaoo]

I worked as a Manager in Phuket 3 years ago. One owner sold his condo and bought another one in the same complex. He still had to transfer money in from abroad to register the new condo.

[Fairynuff]

1 minute ago, weedywhaoo said:

I worked as a Manager in Phuket 3 years ago. One owner sold his condo and bought another one in the same complex. He still had to transfer money in from abroad to register the new condo.

He might have done that...but he didn't need to. I've been through this process myself. Sold a condo and used the funds to purchase another without sending money out and back in.

[abab]

The solution is to go to Bangkok Bank main branch at Silom.

 

It is possible and has been explained here:

 

 

 

Edited November 12, 2016 by abab

[Delight]

 The fact is that as a  foreigner you will always require a FET to satisfy the land office.

If this  means sending out the proceeds from one sale and then bringing them back into Thailand for the new FET -then so be it

 

This procedure will cost both time and transaction costs.

The process  will/ may be simplified if your new buyer pays you in Thailand in  foreign currency.

The best source of advice is your bank

[Bulldozer Dawn]

Black Cab is a great poster and always has something of value to contribute to property related discussion.

 

To the OP you can find a list of AMCs here.   You could check with some of them if the bank does not provide you with a clear picture:

 

 

List of Thai AMCs

 

 

 

 

[Fairynuff]

1 hour ago, Delight said:

 The fact is that as a  foreigner you will always require a FET to satisfy the land office.

If this  means sending out the proceeds from one sale and then bringing them back into Thailand for the new FET -then so be it

 

This procedure will cost both time and transaction costs.

The process  will/ may be simplified if your new buyer pays you in Thailand in  foreign currency.

The best source of advice is your bank

Not quite correct. A letter from the head office of your bank confirming that the funds are from the sale of another property will be accepted by the land office. Or should I say that's what happened in my case

[david555]

Second part in the attachment PDF makes it clear , and of course a Bank can do that at a "fee", but it is finally the same thing money (on paper...) leaves Thai currency and returns in foreign currency and again exchanged to Thai baht ....

FET TXT.pdf

[dotpoom]

Ask the agent that is handling your new condo to sort it for you, any half decent agent can do,  or go and tell your bank manager what you intentions are, they can take care of it also.