Buying a condo on a tourist visa

[tomacht8]

1 hour ago, lkn said:

 

As best as I can tell, this is just some urban myth often being repeated here and elsewhere.

 

I have bought a condo here, and I did not write the purpose (of the many transfers that collectively made up the purchase sum), and I have questioned people who state this “requirement” in the past, no-one has been able to reference any legal document where it is stated, nor is there any anecdotal evidence that this is required, i.e. no-one so far has written that their purchase was denied because they had not stated the purpose, yet several have reported that they (like me) did not write any purpose for transfer on the slip.

Agree with you 50%
I am talking about an easy and smooth condo transfer.
If you want to buy a condo with your money from abroad, you should also document this intention.
555 Not that there is a misunderstanding with your Thai bank and they buy some stocks for you.
There are no drawbacks to document the will as order for the banks on its transfer form.
Even if my plumber sends me his bill, there is a reference to his account number / activity / purpose on my bank transfer.
Every bank clerk and bureaucratic thai land officer understands: Money for buy a condo.
And yes, if someone wants to sell his condo later and want to send the money back abroad, the entire transaction process for Thai tax officers is easier to understand.

But you are right, there is no law that dictates to document the intention of your money transfer.
The whole arises more from commercial behavior and practice.

Edited December 2, 2016 by tomacht8

[HampiK]

I had in every transfer written for Condo purchase... But at the land office they never really looked at it... because some FET document not had written this condo purchase text in it. But I heared it many times that it would be better. My personal guess is you will have less problem, but It should work without the purpose text "condo payment".

 

But the land office wanted to see enough money in the FET forms. I even gave them about 5 FET forms for the whole amount....

 

Some people should better not give advise or mark their text as JOKE... very dangerous if someone would belive them and then become big problems....

[roo860]

I bought a condo in Chiang Mai about 11 years ago, was on a tourist visa, already had an account with SCB. Went to a branch in Chiang Mai. Told them what I was going to do, used my Visa card to draw cash, took 4 visits, as could only draw 200,000bt a day.
The bank gave me a letter saying money came from overseas, plus I had the original visa slips. Also a bankers draft for the full amount of agreed price of the condo. Went to land office with the seller, split the tax 50-50, handed over the cheque to the seller, job done. I think the bank charged me about 800bt.
Painless!!!

Sent from my SM-G920F using Thaivisa Connect mobile app

[DekDaeng]

15 hours ago, TechnikaIII said:

"I want to build an eco-friendly place with a purpose built studio, and would give anything (almost anything) for a garden, even a small one. Good luck"

You might get a top floor condo with roof rights - can be very good for a garden. Top floors can be very hot, but good foliage coverage from the garden, can greatly reduce the heat input.

[mduras01]

But this girl is different. She's not like the others [emoji854]


Sent from my iPhone using Thaivisa Connect

[lkn]

10 hours ago, blackcab said:

If I had to guess, someone somewhere probably had  problem and it grew into a bit of an Internet phenomenon.

 

I think one source of the “misunderstanding” are the developers.

 

I have seen a few of them instruct potential buyers to wire money into the developer’s account.

 

And in that case, the developer may state that it is important that they provide the purpose, e.g. “Buy condo unit 102”. I vaguely recall having read something like that, and in this situation, it makes perfect sense, that the developer would want the buyer to identify the purpose.

[lkn]

9 hours ago, tomacht8 said:

[…] Every bank clerk and bureaucratic thai land officer understands: Money for buy a condo.
And yes, if someone wants to sell his condo later and want to send the money back abroad, the entire transaction process for Thai tax officers is easier to understand.

 

The bank will issue a letter or FET form for the land office, the land office does not look at your bank account, nor would they necessarily be able to read English, nor do they necessarily understand all the variations of how you can describe (with English as second or third language) that the intent of your transfer is to buy a condo, furthermore, not all banks actually allow a purpose field when doing transfers, and some banks have absurd limits which leads to truncated text.

 

So until someone comes up with actual proof that this field has a role, I will claim that putting in “for hookers and blackjack” has absolutely no impact on the smoothness of your condo purchase or your later ability to repatriate the money.

[wpcoe]

...and when you transfer money to Thailand via the Bangkok Bank domestic banking transfer system in US and UK, there is no place to write a "purpose of transfer."

 

I've now bought two condos in foreign name and neither time did I specify a purpose for the funds.

[Cook my sock]

...and when you transfer money to Thailand via the Bangkok Bank domestic banking transfer system in US and UK, there is no place to write a "purpose of transfer."
 
I've now bought two condos in foreign name and neither time did I specify a purpose for the funds.

The Purpose of transfer is written in before the transfer hits the intermediary bank
There are a lot of assumptions about not doing all the due diligence when buying a condo.
My advice is do everything properly with Property!
It's like drink driving, it'll probably be ok but why be a dcikhead and take the risk

[Cook my sock]

 

Would a receipt from HIS European or U.S countries bank showing a transfer FROM HIS ACCOUNT into his GF Thai bank be considered evidence of him bringing funds into the country? I think yes.

Yes you could do that, only if you want the condo in your name you'd get mad having to send it back to your foreign account, as u didn't transfer it into a Thai account in your name.

And changing your money into a different currency 3 times wouldnt be helpful

[jay1980]

Some good advice already, I actually bought my condo while I was on a visa exempt 30 day stamp, so no special visa requirements.

 

Any serious property agent will definatly help you set up a Thai Bank account.

 

Whatever the agents says, buy in your own name under the farang allocation. (do not buy a 'Thai name' unit or a unit through a Thai Company name, this will just cause you more greaf in the future).

 

Try leave your Thai GF out of the process as much as possable, comunicate directly with the agent yourself, don't let her get involved.

 

Take note of what the previous posters have said about FET documents etc, this is all good advice.

 

Make sure you instruct your oversea's bank to send the currency to your Thai bank in the currency of your home counrtry NOT thai Baht and let the Thai bank to the exchange.

 

good luck with your purchase.

Edited December 3, 2016 by jay1980

[Cook my sock]

Great advice, esp the last bit.

When youre ready to send the money, watch the exchange rate daily.
And because you'll send a large amount, it'll hit an intermediary bank(acting on behalf of the beneficiary bank). In my case I had to call a Thai number and hard bargain the final exchange rate. Then once agreed, the money hits the Thai bank account.

[lkn]

1 hour ago, Cook my sock said:

[…] In my case I had to call a Thai number and hard bargain the final exchange rate. Then once agreed, the money hits the Thai bank account.

 

When you receive more than the equivalent of $50,000 USD then a form must be signed and bank will need copy of passport etc.

 

The bank should notify you about this, but if you do not see your money come in, you may want to contact your bank (they may not have your current contact information).

 

As for the exchange rate, many of the banks will give you a better rate the more money you exchange, my guess is that your “hard bargain” was basically just the clerk informing you of this better rate, as I doubt rates are negotiable after you have submitted the transfer :)

[tomacht8]

9 hours ago, lkn said:

 

The bank will issue a letter or FET form for the land office, the land office does not look at your bank account, nor would they necessarily be able to read English, nor do they necessarily understand all the variations of how you can describe (with English as second or third language) that the intent of your transfer is to buy a condo, furthermore, not all banks actually allow a purpose field when doing transfers, and some banks have absurd limits which leads to truncated text.

 

So until someone comes up with actual proof that this field has a role, I will claim that putting in “for hookers and blackjack” has absolutely no impact on the smoothness of your condo purchase or your later ability to repatriate the money.

555 for hookers and blackjack.

Among other things it is also relevant from which country of origin one transfers from.
For example, in the EU exists a reporting obligation for all money transfers higher than 12.500 Euros (Value Today less than 500.000 THB). Every EU country has regulated this in its foreign trade laws. For example in Germany: Reporting obligation pursuant to § 11 Foreign Trade Law (AWG) in connection with §§ 59 ff. AWV. The money transfer abroad is carried out there via form Z1. This form is used by all banks. And on this form the reason of payment must be indicated (There are 100 different abbreviations for the transaction reasons on the backside of this form).  Furthermore the omission of the notification in the case of international transfers or the omission of the reporting obligation in the case of SEPA transfers constitutes an administrative offense.

Which is deliberate or negligent by an official act of the European Communities or the European Union, published in the Official Journal of the European Communities or the European Union, which is intended to implement an economic sanctioning measure adopted by the Council of the European Union in the field of the common foreign and security policy , By the
- Information is not transmitted, not correctly, not completely or not in time,
- Does not submit a pre-notification not correctly, not completely, not in the prescribed manner or in time,

In practice, this administrative offense can be punished with a fine of up to 30.000 Euros
So I will continue to specify the reason on my money transfer forms.

But I like your idea: For bargirls and hookers.

 

Edited December 3, 2016 by tomacht8

[Cook my sock]

 
When you receive more than the equivalent of $50,000 USD then a form must be signed and bank will need copy of passport etc.
 
The bank should notify you about this, but if you do not see your money come in, you may want to contact your bank (they may not have your current contact information).
 
As for the exchange rate, many of the banks will give you a better rate the more money you exchange, my guess is that your “hard bargain” was basically just the clerk informing you of this better rate, as I doubt rates are negotiable after you have submitted the transfer :)

I sent it over in sterling, and yes the rate offered is better when you send over a certain amount. But there's still a final rate to be agreed, I think I improved by 20-30 satang

[Wazza1]

On 02/12/2016 at 11:55 PM, Peterw42 said:

 

Think what you like, 6-8 people in the thread have said what is required and they are correct.
You are wrong.
Money has to come from outside Thailand into the "foreigners" Thai bank account. And proof of that transaction given to the land office.
The FET document would list the GF as receiving the money and the land office would not accept the document.

 

 

Well PeterW42 quoted the rule and that rule states YOUR wrong

      "

 

A non-resident foreigner buying a condo in Thailand must be able to show a copy of the bank's issued FET-form or confirmation letter of remittance of foreign currency (credit note) to the land department in order to qualify and register foreign ownership of an apartment unit in the condominium. The foreign exchange transaction form must show the foreign purchaser's name either as the sender or receiver of the money from the overseas bank.

 

now read the bottom line, it's says the foreign purchasers name EITHER as the sender OR receiver of the money from the overseas bank. Looks like I'm right.

[Peterw42]

6 hours ago, Wazza1 said:

 

Well PeterW42 quoted the rule and that rule states YOUR wrong

      "

 

A non-resident foreigner buying a condo in Thailand must be able to show a copy of the bank's issued FET-form or confirmation letter of remittance of foreign currency (credit note) to the land department in order to qualify and register foreign ownership of an apartment unit in the condominium. The foreign exchange transaction form must show the foreign purchaser's name either as the sender or receiver of the money from the overseas bank.

 

now read the bottom line, it's says the foreign purchasers name EITHER as the sender OR receiver of the money from the overseas bank. Looks like I'm right.

 

Sender, if you send the money direct into a developers or owners account. as is often the case when you buy off the plan. The FET comes from the buyers account, or the sellers account.

You obviously have not brought a condo in Thailand, in your name. Why are you advising people about something you know nothing about. People could loose their deposit if they followed your advice and went to the land office without a FET, or an FET from an account other than the buyer or seller.

[Elkski]

I'm confused.   

Where is blackjack?

Why would a guy put money into a gf account to buy a condo?   Just buy it and if he wants she can move in?   Was this some sort of sarcasm? The kind I hate?   So money into buyers, sellers, or developers account is all ok?

What type of exchange rate are we talking compared to transfer-wise or Google rate?   Seems like this could add up to several thousand of USD?

[HampiK]

1 hour ago, Elkski said:

So money into buyers, sellers, or developers account is all ok?

What type of exchange rate are we talking compared to transfer-wise or Google rate?   Seems like this could add up to several thousand of USD?

 

I never would pay directly into developers account. Always go the way to your account first. From there you then can pay into the developers account.

- First you have controll about how much you pay monthly... (if you pay from oversea directly you never know in advanced the exchange rate)

- Secondly less hassle with the FET Transfer.

 

About the exchange rate.. this is not up to the developer.. this is up to bank....

[blackcab]

4 hours ago, HampiK said:

 

I never would pay directly into developers account. Always go the way to your account first. From there you then can pay into the developers account.

 

Exactly. Transfer from abroad into your own account only. Once the money has arrived, either transfer to developer or get a bank cheque and hand it to the developer.