Kite_Flyer Posted October 21, 2007 Report Share Posted October 21, 2007 I am looking into purchasing a condo in Bangkok as part of a longer term project to relocate my life from fat-arse central to LOS. At this stage I have no idea of the best way to bring funds from Australia into Thailand, and the possible implications of doing so. Can anyone shed any light on the best way to bring funds in (for example, say equivalent to THB 5,000,000)? Also, are the funds likely to be subject to the 30% withholding requirement introduced last year or to any other taxes? I do not want to use EFT from my Australian bank to a Thai bank account. The thieving bastards I use at the moment have a daily limit of AUD5,000 on transfers and charge AUD20 per transfer. That said, I would definitely consider changing banks if there was a better deal around. Also, I remember that earlier this year ND (I think) posted an article where he made mention of a weekend event where many banks, financial and investment agencies with properties for sale came together which made it much easier to collect information on a wide range of properties. Unfortunately I can't find the original post. Can anyone provide any details on this? Any help and insights would be appreciated. Regards, KF Link to comment Share on other sites More sharing options...
The_Munchmaster Posted October 21, 2007 Report Share Posted October 21, 2007 You have to bring the funds from overseas and I'm sure you have to do it be ET, with the transfer clearly stated as being for property purchase. Otherwise I don't think you'll be able to get the deeds to the property. Someone will probably correct me but I sure it's something like that anyway. Link to comment Share on other sites More sharing options...
pe7e Posted October 21, 2007 Report Share Posted October 21, 2007 Don't send any funds until you have this sorted! AFAIK this is the current situation, but I could be wrong/out of date If you are buying a condominium, you will need to show that the funds have been sent into Thailand in foreign currency from overseas. The local receiving bank should be asked to provide the buyer with a Tor Tor 3 Certificate * of remittance, stating that the funds arrived in Thailand for the purpose of buying a condominium. These certificates need to cover the full buying price of the condominium and need to be presented at the Land Department when the transfer is made. The certificates do not need to specify a particular property. The funds sent into Thailand must be in a foreign currency and be converted into Thai Baht on arrival - DO NOT send Thai Baht from overseas, as it will not be accepted for the purchase of a condominium. *Tor Tor 3 Certificate A Tor Tor Sam (3) is an official bank document issued by the receiving bank upon the receipt of foreign currency into your bank account in Thailand. You must request a Tor Tor Sam from your bank when you are remitting funds to Thailand for the purpose of purchasing a condominium, and the Tor Tor Sam must specify that the remittance is solely for the purpose of purchasing a property - Code 5.22. Link to comment Share on other sites More sharing options...
samak Posted October 21, 2007 Report Share Posted October 21, 2007 ok, that's for purchase of a condo which can be purchased in the Farang's name. and what if he wants to transfer later the money on his GF account for buying the property or if he buys the property on the GF's name? 30% withholding is officially not applicable for foreign funds to invest in property. but what are the exact steps to avoid that!? Link to comment Share on other sites More sharing options...
WorldFun Posted October 31, 2007 Report Share Posted October 31, 2007 Good questions Samak. I'd also like to know the tax implications of receiving foreign currency funds from overseas either direct into personal account & then subsequently into corporate account for company to buy land OR directly into corporate account to buy land i.e. capital transfer into the company? Thanks Link to comment Share on other sites More sharing options...
Palatkik Posted November 1, 2007 Report Share Posted November 1, 2007 All good questions above. I would also be interested in how easy it would in future be to sell up, perhaps even with a profit (haha) and send the money back out again? Link to comment Share on other sites More sharing options...
WorldFun Posted November 2, 2007 Report Share Posted November 2, 2007 no one have any experiences to share at all? Link to comment Share on other sites More sharing options...
bust Posted November 3, 2007 Report Share Posted November 3, 2007 Ever thought of opening a bank account in LOS? In fact two....a foreign currency account and a THB account. That's what I did. Could access here in OZ as well. Link to comment Share on other sites More sharing options...
WorldFun Posted November 3, 2007 Report Share Posted November 3, 2007 I do have Thai baht bank accounts already, but don't see how simply opening more accounts will 'solve' my current uncertainty of the thai capital control laws? 1. There's the 30% 1 year BOT reserve withholding requirement on foreign currency transactions above 20,000 USD into THB to worry about for one. There's exceptions such as investing in SET, BOI, property, gift etc but will it be easy to prove & perhaps time consuming? 2. Tax or more BOT currency & exchange acts matters to worry about say if inward remittance & later on wanting to make equivalent or larger outward remittance? This is really the time for biggest financial dicks to come forward once for all ;-) Thanks! Link to comment Share on other sites More sharing options...
.. Posted November 3, 2007 Report Share Posted November 3, 2007 I suppose it would be too easy to just ask at the bank? Regards, SD Link to comment Share on other sites More sharing options...
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