Using foreign currency bank account to recycle proceeds of condo sale to buy another

[hyperdimension]

Is it possible to use a "foreign currency" bank account (in a Thai bank) to exchange the THB from a condo sale to a foreign currency (e.g. USD), then back to THB in order to satisfy the requirement that the funds used to buy a condo came from foreign currency?

I came across this approach when I was reading Buying a condominium in Thaland | Legal considerations. Here is the relevant section:

No FET-form because I sold my old condo?

When a foreigner sells his condo apartment and he wants to buy a new one he can use the proceeds from the sale to buy a new condo apartment in Thailand, however he must again comply with the condominium act section 19. When this is under section 19/5 he can transfer the money out of Thailand and back into Thailand in foreign currency, or he can exchange the Thai baht received into foreign currency inside Thailand and transfer it into a foreign currency account and withdraw the money from this account and use it for the purchase of the new foreign owned apartment unit.

Edited December 16, 2016 by hyperdimension

[chiang mai]

Others do not agree but I say it is, as long as the FET from the original transfer is still available and the amount of purchase does not exceed the original inbound transfer.

 

If the above is problematic, your bank will bed and breakfast your sales proceeds and for a fee give you a letter showing the total amount of the sale as newly acquired inbound foreign currency. This is nothing more than a book keeping exercise and is in no way illegal since it effectively replicates the funds transfer out and back in again.