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BANGKOK 26 March 2019 23:05
mpmp

Buying condo does money have to come from overseas...lived her 14 years

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bought a condo 11 years ago and the money had to come from overseas...bought a beach condo few years later off the plan and was able to use my salary and make monthly payments up to completion date then pay off remainder from money overseas...now have money i want to buy anter condo...does this money have to come from overseas...or after working/retired/and working again here for 14 years can i use money that I earned within thailand...if not what is the easiest way to transfer lump sum of money overseas then back again?

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If the condo is being bought as a foreign freehold then the money must come entirely from overseas and you will need to show the land department the transfer form from the issuing bank abroad that ideally states reason for transfer " for the purpose of purchasing real estate". Ideally it should also say the full address but there isn't usually room. 

 

Keep this because it will make life much easier if you sell the condo and want to send the money abroad.  

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Can anyone enlighten me for the reason of this rule, please.

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2 hours ago, Jonnapat said:

Can anyone enlighten me for the reason of this rule, please.

TIT.........I won a large pot of money in the Lottery 10/11 years ago, couldn't use it to buy a condo..........only way would I could have done it was to send it to my bank in US and bring it back into Thailand  -  asinine law but thats the facts - also to deter drug dealers from laundering money in Thailand.............

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3 hours ago, Jonnapat said:

Can anyone enlighten me for the reason of this rule, please.

Every country wants foreign currency and foreign investment. It grows the economy, creates demand for the local currency and is a net gain.

 

When you buy a condo, Thailand becomes a few million baht richer.

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