Buying a Condo with funds earned in Thailand

[JonnBKk]

Good afternoon, 

 

I have bought a small condo off plan with Ananda Developper. The ownership of the condo will be ready to be transferred to me from the developer in December.

 

I have been told that in order to register the condo under my name at the Land Office, I will need an EFT form to prove that the funds have come from abroad.

 

The funds that I want to buy the condo with are in fact already in Thailand. It is money that I have saved from my local THB Salary which I have been getting for the past 7 years here. Everything is above board, I have a work permit, a non-imm B extension, I pay my taxes each year and I have the bank statement to prove the money was earned here. 

 

I was under the impression that in my situation I can used my THB here in order to register the condo in my name. Am I wrong? Do i really need to send the funds abroad and then send them back into thailand ?

 

The condo is worth approx 1,700,000 THB and I plan to pay for that in cash, I will not require a loan from the bank.

 

Any help to clarify this is much appreciated.

 

Thanks

Jon

[Peterw42]

Yes, the money needs to come from outside Thailand, a quick look at some of the legal company and bank websites will confirm.

 

The money will need to leave and come back.

 

Maybe a Thai bank with branches outside Thailand can offer a creative solution. 

[scubascuba3]

People still buy off plan?

[MrJ]

you can get the needed FET form against a "fee" from many money changers offices or even banks......problem solved

[JaiLai]

you can get the needed FET form against a "fee" from many money changers offices or even banks......problem solved

Can you elaborate, where and how would one do this?

Thanks

[MrJ]

5 hours ago, JaiLai said:

Can you elaborate, where and how would one do this?

Thanks

just ask at any bigger exchange branch/chain

[inThailand]

Yes, you must bring foreign money from outside Thailand to buy a foreigner freehold condo.

 

I too would like here the details of this rumor that you can get the document that gets you around this requirement. 

[JaiLai]

just ask at any bigger exchange branch/chain

For example Super Rich?

I go in there, ask them to wire xxx amount out of Thailand and then back and they provide me with correct documentation ( FET ), do i understand correctly?

What do they charge for this service?

Thanks

[MrJ]

the can provide the document without your money actually moving.....fee is negotiable 

[JaiLai]

the can provide the document without your money actually moving.....fee is negotiable 

Ok, I'll pop in and ask but have my doubts.

Thanks for the info.

[MrJ]

my friend is a real estate agent in Patts an he provides that kind of service if clients need to have it for condo purchase......either via money changer or even bank manger against tee money