Because the sending bank account and receiving bank account are both on the form, so you either sent the foreign currency into Thailand, or brought it in (received it). Either or, seems to be all they require. I share your developer concerns, not how I would want to do it but if you're not here then you got to trust someone. Any bank account holder can obtain the certs for the transferer of the funds, I did it once for a customer. A Thai developer should have it arranged that someone at the banks runs them off as and when transfers come in, I'd of thought.Nereus wrote:Without trying to confuse the issue, Super Joe, surely some of what you have written is contradictory.
As you have rightly written, the foreign exchange certificate must have the same name as the foreigner wanting to register the condo. How can that be done if the funds are transferred to a developer and or lawyer?
Super Joe wrote:3) Whichever name/s will be registered on the title, must be the exact same name of the sending bank account, or the receiving bank account. Ie: your name on one of the banks either end.
I'm no expert DrMike as have had no dealings with condos at all, just going on what I've read, but you can 'qualify' for one of the 49% 'foreign ownership quota' units through wages earn't in Thailand. Not sure about general funds in an account here though, I'm sure there's avenues, I can't believe they would be blocking this kind of business.DrMike wrote:i know that looking for logic in govt regulations is likely to drive you insane but why if you already have suficient funds in baht in a Thai bank can you not use that money
And the key point is this is all about the 49% quota units, as their permitting you land title rights with them (a certain % of the whole site land), so I guess their thinking is that as they're doing us this big 'favour', they want their pound of flesh. If not foreign ownership quota, you can pay in Baht and skip all the other criteria. But then you're leasing/other land holding rights, and not freehold. Please don't quote me on this though, as really not offay with it.
Here's the relevant section on the currency inflow issue:
Section 19 Aliens (foreigners) and juristic persons regarded by law as aliens (foreigners) may hold ownership of an apartment if the are the following:
1) Aliens permitted to have residence in the Kingdom under the Immigration law;
2) Aliens permitted to enter into the Kingdom under the investment promotion law;
3) Juristic persons as provided in Section 97 and 98 of the Land Code and registered as juristic persons under Thai law;
4) Juristic persons which are aliens under the Announcement of the National Executive Council No.281 dated November 24, B.E. 2515 and have obtained promotion certificate under investment promotion law;
5) Aliens or juristic persons regarded by law as aliens who have brought in foreign currency into the Kingdom or withdraw money from Thai baht account of the person who have residence outside the Kingdom or withdraw money from a foreign currency account.
SJ
