Buying Condo With Money Earned In Thaliand.

[burgerking]

My situation is as followed have had a work permit for over 20 years, and would like to buy a condo with money earned within the country. Can show salary paid in bank monthly.

 

Is it a simple procedure, or am I missing something. Surely, I don't need to send the money out of the country, and then transfer it back in?

 

Anyone with information on this matter.. 

 

Thanks

[Forkinhades]

As long as you have the money here already nobody really cares.

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[Forkinhades]

^^ However if trying for a mortgage, that will be quite different.

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[ezzra]

36 minutes ago, Forkinhades said:

As long as you have the money here already nobody really cares.

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You're very wrong there, not sure about money earned in Thailand on a WP

but a 100% sure you need to bring the funds to buy a condo from overseas

and get a letter from the bank to attest to it, otherwise, no go....

[LennyW]

If you want the condo in your own name in the foreign quota then funds must come from overseas, the point of allowing you the "privilege" of having it in your own name is inward investment to Thailand.

However, if you just want a condo and are okay in the Thai quota and not in your own name then there is no restriction on where the money comes from.

Edited January 13, 2017 by LennyW

[KittenKong]

2 hours ago, burgerking said:

Surely, I don't need to send the money out of the country, and then transfer it back in?

 

That's one solution and probably the simplest. Your bank should do it for a heavily discounted fee. Apparently some people have managed to get letters from some government body (department of labour?) about their income that satisfied the land office, but that all seems to be very variable.

[AlQaholic]

I bought a condo with money earned here, no problem and in my name. When I told the developer I had a WP then it was no problem.No papers or anything special needed, just the contract, copy of all my documents (WP, Passport).

I think Condominium act section 19 (5) covers this....

Edited January 13, 2017 by AlQaholic

[lgking]

3 hours ago, AlQaholic said:

I bought a condo with money earned here, no problem and in my name. When I told the developer I had a WP then it was no problem.No papers or anything special needed, just the contract, copy of all my documents (WP, Passport).

I think Condominium act section 19 (5) covers this....

 

Interesting, haven't heard of that. However, I know that bringing the money in from overseas qualifies you for a document to take that money back out at any time should you sell your condo. Taking large sums of money earned here out of Thailand is (almost) impossible.

[mrfaroukh]

Not sure if possible but I am sure you can find some people to given you a letter to show the origin of money from abroad at some cost

[KittenKong]

4 hours ago, AlQaholic said:

I bought a condo with money earned here, no problem and in my name. When I told the developer I had a WP then it was no problem.No papers or anything special needed, just the contract, copy of all my documents (WP, Passport).

 

If you bought a new build then the developer would be very motivated to process your paperwork. Developers often have strong links with the Land Office and this might make the process smooth. This might not apply to private sales.

[Kalaharigeorge]

I recently purchased a condo and went through the process of sending funds from OS, received foreign currency transfer certificate from bank, which was presented to the Titles Office at the time of transfer. All smooth. In chatting with the Titles Office person, I was told that the certificate is important only if you intend to repatriate the funds. And, the transfer certificate should state that the purpose of the funds transfer is to purchase a condo. Apparently, that certificate must be lodged with the title transfer documents.

Edited January 13, 2017 by Kalaharigeorge

[lkn]

7 hours ago, Kalaharigeorge said:

In chatting with the Titles Office person, I was told that the certificate is important only if you intend to repatriate the funds

 

It’s section 19 item 5 of the Thai Condo Act which says that ownership of an apartment in foreign name requires you to be:

 

Aliens or juristic persons regarded by law as aliens who have brought in foreign currency into the Kingdom or withdraw money from Thai baht account of the person who have residence outside the Kingdom or withdraw money from a foreign currency account.

[clarky23]

i looked into this recently and read section 19, particularly around item5. I'm no expert in this process but came to the conclusion if you're living here your not a resident outside thailand so can't just withdraw from your thai bank account to buy the condo. you could setup foreign currency account in thailand in another currency and transfer your bht into this, then back into bht when ready to purchase, however bit of pain to setup and bank makes money on exchange/fees rate both ways, therefore not much different to transferring back to your home country bank account then back into thai bank when ready to buy. i did this recently using swift transfer but had to get salary cerificate from employer to prove i earnt the money here, after this no problem transferring my money out of Thailand.

This is just my view on the subject after bit of online research so would be interested if anyones bought second hand condo without foreign exchange certificate and earnt money here.

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