burgerking Posted January 12, 2017 Share Posted January 12, 2017 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 Link to comment Share on other sites More sharing options...
Forkinhades Posted January 12, 2017 Share Posted January 12, 2017 As long as you have the money here already nobody really cares.Sent from my SM-G935F using Thaivisa Connect mobile app Link to comment Share on other sites More sharing options...
Forkinhades Posted January 12, 2017 Share Posted January 12, 2017 ^^ However if trying for a mortgage, that will be quite different.Sent from my SM-G935F using Thaivisa Connect mobile app Link to comment Share on other sites More sharing options...
ezzra Posted January 12, 2017 Share Posted January 12, 2017 36 minutes ago, Forkinhades said: As long as you have the money here already nobody really cares. Sent from my SM-G935F using Thaivisa Connect mobile app 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.... Link to comment Share on other sites More sharing options...
LennyW Posted January 13, 2017 Share Posted January 13, 2017 (edited) 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 Link to comment Share on other sites More sharing options...
KittenKong Posted January 13, 2017 Share Posted January 13, 2017 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. Link to comment Share on other sites More sharing options...
AlQaholic Posted January 13, 2017 Share Posted January 13, 2017 (edited) 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 Link to comment Share on other sites More sharing options...
lgking Posted January 13, 2017 Share Posted January 13, 2017 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. Link to comment Share on other sites More sharing options...
mrfaroukh Posted January 13, 2017 Share Posted January 13, 2017 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 Link to comment Share on other sites More sharing options...
KittenKong Posted January 13, 2017 Share Posted January 13, 2017 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. Link to comment Share on other sites More sharing options...
Kalaharigeorge Posted January 13, 2017 Share Posted January 13, 2017 (edited) 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 Link to comment Share on other sites More sharing options...
lkn Posted January 13, 2017 Share Posted January 13, 2017 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. Link to comment Share on other sites More sharing options...
clarky23 Posted January 26, 2017 Share Posted January 26, 2017 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.Sent from my GT-I9190 using Thaivisa Connect mobile app Link to comment Share on other sites More sharing options...
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