Curbs Lifted As Market Crashes

[samtam]

Is money brought in for investment in property now exempt?

Cheers

No it is not exempt. Only exemption is for stockmarket purchases.

Thanks

BOT officials are now saying that it IS EXEMPT.

There is an addendum to the main policy paper, in which there is apparently some clarification on its application to property investments.

My staff are on this issue and i should be able to obtain the official statement soon.

As James Pitchon pointed out today, property is relatively illiquid and does not qualify as a class of asset suitable for short term speculative trading.

If BOT officials are indeed saying this, they seem to have neglected to tell HSBC for one, who along with other banks and financial institutions have been petitioning a rethink on these new exchange controls. If they are not reversed in relation to property purchases then effectively property cost 30% + more overnight - + because there is no interest on the 30% for 1 year. I don't think this is a very good signal to the foreign investment buyers market. If that % of buyers is significant to condos then the affect will be substantial. In any case perception is the key. The condo market is already oversupplied. This new "tax" does not help. The BOT may indeed include this as an exemption in the coming weeks months, but the damage has been done, for a whiler at least.

[brazil]

BOT officials are now saying that it IS EXEMPT.

what are you saying

all property is exempt?

property funds are exempt?

those who have deposited property purchases prior to new rule are exempt?

there are only articles in todays papers quoting foreign property companies in wanting further clarification to the new rules

where does it say that anthing other than stock prurchases is exempt!

[thedude]

BOT officials are now saying that it IS EXEMPT.

what are you saying

all property is exempt?

property funds are exempt?

those who have deposited property purchases prior to new rule are exempt?

there are only articles in todays papers quoting foreign property companies in wanting further clarification to the new rules

where does it say that anthing other than stock prurchases is exempt!

Property_mk_on_reserve_requiremnt__2_.pdf

please see attachment released on BOT's website this morning. english version is due later.

i am trying to get a more accurate english translation, but yes, the wording to para 1 does sound vague on its application to individuals versus investment company.

if you have further insight, please do share with us clueless forumers.

[brazil]

a property purchase through a company on a lease hold purchase is exempt, as for freehold for individulal purchase of property, it seems the bot have yet to change their minds to exempt this purchase through the new rule.

like everything its just wait and see attitude right!

[thedude]

a property purchase through a company on a lease hold purchase is exempt, as for freehold for individulal purchase of property, it seems the bot have yet to change their minds to exempt this purchase through the new rule.

like everything its just wait and see attitude right!

the BOT officer my staff contacted today has again reiterated that para 1 (in my previous attachment) applies to foreign currency inflow exchanges for the purpose of direct investments, which include real estate purchases.

i'm interested in your source which you say exempts leasehold properties only.

please provide relevant passages of policy from the BOT stating this. i can get my own ppl to translate from thai if needed.

[Geppis72]

Asia Property Report - December 20 - news

Thai Property immune from Baht regulations

The Thai property industry is breathing a collective sigh of relief following an announcement by the Bank of Thailand that property – including land and condominiums – is exempt from the new reserve requirement on short-term capital inflows.

The announcement was posted on their website Wednesday, clearing up some of the confusion surrounding the Bank’s measures.

This means foreign purchasers of condominiums can bring funds into Thailand to purchase condominium property. According to a major local bank, foreign condominium purchasers should clearly state the project name and unit number when remitting funds.

Ms. Aliwassa Pathnadabutr, managing Director of CB Richard Ellis Thailand said, “We welcome this clarification which means that foreign property purchasers are not affected by the new regulations. We believe that this will reassure existing and potential property purchasers.”

Complete article :

http://www.property-report.com/aprarchives...amp;date=201206

[Ricardo]

For what it's worth, a friend exchanged £20k in cash, this morning, and no mention was made by the bank of any 30% deduction or deposit.

She stated that it was to cover living-costs & school fees, and the bank were happy, got a good rate (70.60) too.

[Francis Maube]

It seems like LOS is on a nationalistic fervour, targetting the foreigners, thru a forced reduction of foreign ownership of assets/stocks etc & clampdown of visa runs & visas. Any comment, folks?

Not really.Just the Thai-Chinese telling everybody how they feel about foreigners.Nothing new here.

Pls check your facts before rattling off, i'm sure Pridiyathorn and his blue blooded compatriots would take exception to being considered Thai-Chinese. Besides, if you knew anything about the Thai-Chinese, you'd know that they'd never let nationalism stand in the way of making a little money from the foreign devils.

Different opinion here. Since the Thai-Chinese had such a good run in Thailand with no competition when it comes to making money, perhaps they are not too keen on foreign competition in their own turf.

[John K]

I guess the phrase “lets see what this does” may be spoken much more frequently than previously thought.

[chuchok]

It seems like LOS is on a nationalistic fervour, targetting the foreigners, thru a forced reduction of foreign ownership of assets/stocks etc & clampdown of visa runs & visas. Any comment, folks?

Not really.Just the Thai-Chinese telling everybody how they feel about foreigners.Nothing new here.

Pls check your facts before rattling off, i'm sure Pridiyathorn and his blue blooded compatriots would take exception to being considered Thai-Chinese. Besides, if you knew anything about the Thai-Chinese, you'd know that they'd never let nationalism stand in the way of making a little money from the foreign devils.

My facts were correct sonny.

Besides, if you knew anything about the Thai-Chinese, you'd know that they'd never let nationalism stand in the way of making a little money from the foreign devils.

Well that was not the statement from the post that I replied to, now was it Kun challart.

Edited December 23, 2006 by chuchok

[Kimera]

Asia Property Report - December 20 - news

Thai Property immune from Baht regulations

The Thai property industry is breathing a collective sigh of relief following an announcement by the Bank of Thailand that property – including land and condominiums – is exempt from the new reserve requirement on short-term capital inflows.

The announcement was posted on their website Wednesday, clearing up some of the confusion surrounding the Bank’s measures.

This means foreign purchasers of condominiums can bring funds into Thailand to purchase condominium property. According to a major local bank, foreign condominium purchasers should clearly state the project name and unit number when remitting funds.

Ms. Aliwassa Pathnadabutr, managing Director of CB Richard Ellis Thailand said, “We welcome this clarification which means that foreign property purchasers are not affected by the new regulations. We believe that this will reassure existing and potential property purchasers.”

Complete article :

http://www.property-report.com/aprarchives...amp;date=201206

[alstaxi]

For what it's worth, a friend exchanged £20k in cash, this morning, and no mention was made by the bank of any 30% deduction or deposit.

She stated that it was to cover living-costs & school fees, and the bank were happy, got a good rate (70.60) too.

Amyone know if wiring money to my Thai savings account from Canada for living expenses while staying in Thailand will be subject to this 30%?

[birago23]

"

Welcome to Thailand, the land of short sighted people with little or no vision.

This is SOOOO THAI! I completely agree, shortsighted people with little or no vision. Ooops, we lost 820.000.000.000 baht HAHAHA...how about using a bit of brain before announcing another nonsense decision...

[MrSnrang]

Yes. Thais are myopic.

So are we as boned as in 1997?

[brazil]

last year the predictors were saying the set were to reach 800 points by december 2006, now the same predictors are saying the set will be lucky to reach 700 by the end of 2007.

hows times have changed for investor confidence!!!

if anyone has any cash left after this battering over the last 4 weeks in thailand, the best way to make money for now, is to move it to stocks in Hong Kong, Korea and Taiwan

and then hope the new elections will bring some sort of stable climate to thailand before investing again

[backflip]

"Ooops, we lost 820.000.000.000 baht HAHAHA..."

Most of this was recovered when the monetary policy reverted.