Foreign House Buyer Affected By Baht Measure

[george]

Foreign house buyer affected by baht measure

BANGKOK: -- Impacts of the Bank of Thailand's austere capital control measure spreads beyond the stock market, as an expatriate sees a problem in settling a house purchase deal scheduled Wednesday.

The expat who contacted The Nation but asked not to be named transferred 150,000 euro from a bank in Hong Kong to Kasikornbank Tuesday, without knowing of the measure.

He was shocked to know that 30 per cent of his money would be parked with Kasikornbank once he converted the foreign currency into Thai baht.

"Only if the central bank averts the policy, would I have enough money to sign the contract. If this policy remains, I would need 30 per cent more for the house that I have reserved," he said.

-- The Nation 2006-12-19

[Reinter]

Foreign house buyer affected by baht measure

BANGKOK: -- Impacts of the Bank of Thailand's austere capital control measure spreads beyond the stock market, as an expatriate sees a problem in settling a house purchase deal scheduled Wednesday.

The expat who contacted The Nation but asked not to be named transferred 150,000 euro from a bank in Hong Kong to Kasikornbank Tuesday, without knowing of the measure.

He was shocked to know that 30 per cent of his money would be parked with Kasikornbank once he converted the foreign currency into Thai baht.

"Only if the central bank averts the policy, would I have enough money to sign the contract. If this policy remains, I would need 30 per cent more for the house that I have reserved," he said.

-- The Nation 2006-12-19

so,if i have for example 200kbath in my account and tomorrow i need all money for buy somethings,i cannot ?

Edited December 19, 2006 by Reinter

[LaoPo]

I think the answer is here (post from Taggart in another topic):

"Dec. 19, 2006, 7:38AM

Thailand Lifts Investment Controls

© 2006 The Associated Press

BANGKOK, Thailand — The Thai government said it would lift controls on foreign investment in stocks after the market plunged nearly 15 percent on Tuesday, rattling regional bourses amid worries about a repeat of the 1997 Asian financial crisis .

Finance Minister Pridiyathorn Devakula said that the controls _ announced just a day earlier _ would remain on foreign investments in bonds and commercial paper as part of central bank's measures to stem the surge of speculative investment in the Thai baht, which had risen to a nine-year high Monday."

LaoPo

[yeti]

I am also in the process of buying a property, asked kasikorn bank about it, they sent me back to Bank of Thailand press release, as they did not have a clue wether property investment would be included or not in the scheme.

[taxexile]

taggart

Thailand Abandons Lockup on Foreign Stock Investments (Update2)

By Suttinee Yuvejwattana and Margo Towie

Snip ...

Pridiyathorn said the rules would remain in effect on other investments, including bonds and property.Snip ..

To contact the reporter on this story: Suttinee Yuvejwattana in Bangkok at [email protected]

Last Updated: December 19, 2006 09:11 EST

[danone]

Foreign house buyer affected by baht measure

BANGKOK: -- Impacts of the Bank of Thailand's austere capital control measure spreads beyond the stock market, as an expatriate sees a problem in settling a house purchase deal scheduled Wednesday.

The expat who contacted The Nation but asked not to be named transferred 150,000 euro from a bank in Hong Kong to Kasikornbank Tuesday, without knowing of the measure.

He was shocked to know that 30 per cent of his money would be parked with Kasikornbank once he converted the foreign currency into Thai baht.

"Only if the central bank averts the policy, would I have enough money to sign the contract. If this policy remains, I would need 30 per cent more for the house that I have reserved," he said.

-- The Nation 2006-12-19

this is a typical the nation story.

it doesnt mention any sources, just a scared buyer.

I myself contacted kasikorn. my usual contact at the foreign exchange division confirmed that you have to supply

- passport copy

- buying contract of property and

- "to whom it may concern" letter to BOT

and three days later you get the remaining 30 percent of a money transfer.

[taxexile]

and three days later you get the remaining...................

....... and santa claus really does give all the kiddies gifts on xmas eve.

[danone]

and three days later you get the remaining...................

....... and santa claus really does give all the kiddies gifts on xmas eve.

the bloomberg report must include a misquote, as property investment has nothing to do with the speculation.

even reporters can be wrong!

[kokothemonkey]

other than pad thai and easy women, why would i want to move here?

Home > Breakingnews > Foreign house buyer affected by baht measure

Foreign house buyer affected by baht measure

Impacts of the Bank of Thailand's austere capital control measure spreads beyond the stock market, as an expatriate sees a problem in settling a house purchase deal scheduled Wednesday.

The expat who contacted The Nation but asked not to be named transferred 150,000 euro from a bank in Hong Kong to Kasikornbank Tuesday, without knowing of the measure.

He was shocked to know that 30 per cent of his money would be parked with Kasikornbank once he converted the foreign currency into Thai baht.

"Only if the central bank averts the policy, would I have enough money to sign the contract. If this policy remains, I would need 30 per cent more for the house that I have reserved," he said.

The Nation

[johnlek]

I have concrete plans of buying a condo, but may have to rethink my decision.

YOU SEE I MADE A CALL TO MRS Kleddao Sungnet OF BANK OF THAILAND (BOT) 11 AM LAST MORNING (E-mail: [email protected] Tel: +66 (0) 2356 7345). SHE SAID THE Reserve Requirement on Short-Term Capital Inflows DOES ALSO APPLY FOR FUTURE FOREIGN CONDOMINIUMS BUYERS, AND THAT THEREFORE THERE WILL ALSO BE A 1 YEAR (NON-INTEREST RATE) 30% HOLD ON FOREIGN CURRENCIES BROUGHT INTO THAILAND FOR THIS PURPOSE.

I don't know what to do. I have a deal with the Thai seller, but the BOT decides to "rip me off" by "taking" 30% of my money and borrowing it for a year at the interest rate they like - 0-zero percent.

:

other than pad thai and easy women, why would i want to move here?

Home > Breakingnews > Foreign house buyer affected by baht measure

Foreign house buyer affected by baht measure

Impacts of the Bank of Thailand's austere capital control measure spreads beyond the stock market, as an expatriate sees a problem in settling a house purchase deal scheduled Wednesday.

The expat who contacted The Nation but asked not to be named transferred 150,000 euro from a bank in Hong Kong to Kasikornbank Tuesday, without knowing of the measure.

He was shocked to know that 30 per cent of his money would be parked with Kasikornbank once he converted the foreign currency into Thai baht.

"Only if the central bank averts the policy, would I have enough money to sign the contract. If this policy remains, I would need 30 per cent more for the house that I have reserved," he said.

The Nation

[thai thai]

As an Expat, I am considering purchasing two-weeks of Marriott Vacation Club timeshare (approximately USD$50,000.)...will this effect my purchase and apply to me...?

[astral]

It is back to normal now.

See here

[Barney_the_Dinosaur]

Blessing in disguise. Marriott timeshare is a rip-off. THB 2 million for 2 weeks a years.

Look at it like this - ...you're paying THB50 million for a flat.

I've been to their presentations in Mai Khao, all that guff about worldwide transfers.

[Jai Dee]

Duplicate threads merged.

[yeti]

It is back to normal now.

See here

It's back to normal if you bring your money to invest in stocks, not if you bring it to buy a property. Or at least that's what it seems to be now.

Will go to see my Kasikorn Bank branch tomorrow, but if I have to bring 4.2 million bahts in order to spend 3 million on a condo, then get back 1.2 million one year later without interest, I'll forget about it...

[yeti]

Just called the BoT hotline, property buying is not concerned by the measure (the guy seemed quite busy: told me not concerned about it, goodbye).