ozpharlap Posted February 8, 2011 Report Share Posted February 8, 2011 I am aware that when a foreigner intends to purchase real estate in LOS they must prove that the funds came from oversea and also, it must reflect that in the transfer of funds that it is for, a property purchase. However, what is the situation with the reservation fee, deposit and the usual 10% up to 30% down payment system that Thai developers chose to favour, is the same proof also required? Thanks in advance Link to comment Share on other sites More sharing options...
ThaiHome Posted February 9, 2011 Report Share Posted February 9, 2011 You will need the proof that the full amount of the purchase price was received from abroad when you register the condo at the land dept. You will get an Foriegn Exchange Transaction Form (FETF)for the large transfers and for smaller amounts the bank should be able to give you a transfer advice form showing the funds came from offshore. TH Link to comment Share on other sites More sharing options...
khunsanuk Posted February 9, 2011 Report Share Posted February 9, 2011 Hi, "You will need the proof that the full amount of the purchase price was received from abroad when you register the condo at the land dept. " So, how would someone living and working in Thailand, and thus getting paid in Thailand, pay for a condo? Is it possible to pay for a condo with money made in Thailand? (Just wondering, not in the market for a condo ) Sanuk! Link to comment Share on other sites More sharing options...
Nervous God Posted February 9, 2011 Report Share Posted February 9, 2011 The point of the exercise is actually to protect the buyer. By showing proof of funds origin, you can then send the money out of Thailand back to Expat country, without having withholding taxes or other bulllshit added / deducted from the amount you expatriate. Link to comment Share on other sites More sharing options...
ozpharlap Posted February 9, 2011 Author Report Share Posted February 9, 2011 Thanks for the info, I did not know it was just for a tax savings ruling. So, if you sell a property in Thailand from funds in Thailand, they assume that you got it from income and tax you big time when you sell any property that you may own Link to comment Share on other sites More sharing options...
The_Munchmaster Posted February 9, 2011 Report Share Posted February 9, 2011 So, how would someone living and working in Thailand, and thus getting paid in Thailand, pay for a condo? Is it possible to pay for a condo with money made in Thailand? I believe you would have to send your legally earned salary from Thailand offshore and then bring it back in again to buy the condo. Ludicrous. Link to comment Share on other sites More sharing options...
Pom Michael Posted February 10, 2011 Report Share Posted February 10, 2011 Two points. 1. The developer normally will have no restrictions on taking your money. As mentioned previously, it is only at the time of registering the condo that you need to have the bank proof of money coming into the country. And this is not just a show that money was transfered, you specifically have to request a form when the money comes in from the bank to declare it is for purchase of a condo. 2. Foreigners with Permanent Residency don't have to bring in the money - but now getting a PR is basically impossible. Cheers! Link to comment Share on other sites More sharing options...
ThaiHome Posted February 10, 2011 Report Share Posted February 10, 2011 So' date=' how would someone living and working in Thailand, and thus getting paid in Thailand, pay for a condo? Is it possible to pay for a condo with money made in Thailand?[/quote'] I believe you would have to send your legally earned salary from Thailand offshore and then bring it back in again to buy the condo. Ludicrous. There are two conditions that must be met to buy to condo The first deals with the immigration status or the money. If you have PR, permission to stay under BOI law, being a registered juristic person (own a company), or bring a foreign currency into the Kingdom or withdraw the money from a non-resident Baht account you can buy a condo. If you bring in foreign currency you must show the documents proving that. In the case of withdrawal from a non-resident baht account you must have a letter from the bank saying the withdrawal is for purchasing a condo. There is no requirement to show the money came from abroad if withdrawing from a non-resident Baht account. This is one of those urban legends that even many people at the Land Dept believe. It’s similar to the one about Thai wives married to foreigners not being able to buy to land. Just not true, but believed by many anyway. The second set of conditions has to do with what types of condos foreigners may purchase. I know one guy that worked here and bought a condo with money in his baht account. It took some convincing at the Land Dept, but he was able to do it. Most of the other people I know that work here and bought condos, get paid into bank accounts overseas, even if they pay Thai tax on the money. They just transferred money in from there. TH Link to comment Share on other sites More sharing options...
ozpharlap Posted February 10, 2011 Author Report Share Posted February 10, 2011 ... you specifically have to request a form when the money comes in from the bank to declare it is for purchase of a condo. So, you get this form from the bank where the monies are transferred in and does it have to be organised in advance or the bank will just do it once they check their own records? Link to comment Share on other sites More sharing options...
Pom Michael Posted February 10, 2011 Report Share Posted February 10, 2011 Yes, from the bank and yes you must organize it yourself - the bank will not issue it for every transfer - you must ask. Link to comment Share on other sites More sharing options...
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