HHTel wrote:........Selling a condo implies that you have a Foreign Exchange Transfer document when you bought it. This allows you to send the value of the sale back to your country of origin.
When we bought our house we transferred money directly from our UK bank to the developer's Thai bank, as we didn't have a Thai bank account at the time, as such we have no FET document, so can anyone advise how this would affect us trying to transfer the money out if we sold our house?
at one stage I was looking at transferring my money out of Thailand using another bank other than kasikorn.
The Bangkok bank outside of market village said I could transfer as much money as I wanted without proof of money coming into the country.
HHTel wrote:........Selling a condo implies that you have a Foreign Exchange Transfer document when you bought it. This allows you to send the value of the sale back to your country of origin.
When we bought our house we transferred money directly from our UK bank to the developer's Thai bank, as we didn't have a Thai bank account at the time, as such we have no FET document, so can anyone advise how this would affect us trying to transfer the money out if we sold our house?
If I may ask has the Full title (Chanot Nor Sor 4,) been registered and completed by the Provincial land titles office and if so what document was used if it was not a Foreign Exchange Document (FET, Thor Tor 3?)
Both myself and my wife are farangs, therefore we are buying the house through the developer on a 30 year revolving land lease, though we haven't made the final payment yet and currently only have the Yellow Book, so can't answer you question Bluesky
“He has all the virtues I dislike and none of the vices I admire.” Sir Winston Churchill
Life isn't like a bowl of cherries or peaches, it's more like a jar of Jalapenos--what you do today, might burn your ass tomorrow......
HHTel wrote:........Selling a condo implies that you have a Foreign Exchange Transfer document when you bought it. This allows you to send the value of the sale back to your country of origin.
When we bought our house we transferred money directly from our UK bank to the developer's Thai bank, as we didn't have a Thai bank account at the time, as such we have no FET document, so can anyone advise how this would affect us trying to transfer the money out if we sold our house?
at one stage I was looking at transferring my money out of Thailand using another bank other than kasikorn.
The Bangkok bank outside of market village said I could transfer as much money as I wanted without proof of money coming into the country.
That sounds like a deal jj, have you actually tested it, or has anyone else?
“He has all the virtues I dislike and none of the vices I admire.” Sir Winston Churchill
Life isn't like a bowl of cherries or peaches, it's more like a jar of Jalapenos--what you do today, might burn your ass tomorrow......
The Bangkok bank outside of market village said I could transfer as much money as I wanted without proof of money coming into the country.
We transferred several million baht to the U.S. from that bank with no problem.
My brain is like an Internet browser; 12 tabs are open and 5 of them are not responding, there's a GIF playing in an endless loop,... and where is that annoying music coming from?
aragon wrote:
Both myself and my wife are farangs, therefore we are buying the house through the developer on a 30 year revolving land lease, though we haven't made the final payment yet and currently only have the Yellow Book, so can't answer you question Bluesky
I think you will find a 30 year revolving lease is not legal, the lease is only legally recognized for 1 x 30 year period. I would suggest you check with a lawyer.
"Live everyday as if it were your last because someday you're going to be right." Muhammad Ali
^^ if my understanding is correct 30 years is the maximum lease allowed under Thai law. However i believe that it is possible to have a second legal document/agreement between the parties that the lease can be renewed after the 30 years is completed.
"'The two most important days in your life are the day you are born and the day you find out why." - Mark Twain
that's right but it can only be signed upon completion of the first 30 year lease. Go see David at Hua HIn Lawyers at Macro, I have discussed this with him just last week. Many people get this wrong and believe developers
"Live everyday as if it were your last because someday you're going to be right." Muhammad Ali
I think you will find a 30 year revolving lease is not legal, the lease is only legally recognized for 1 x 30 year period. I would suggest you check with a lawyer.
Steve, I think my use of the word "revolving" is probably not in the right context. You are correct, the current lease is for 30 years only, however the understanding is that it will be renewed after the initial period. Having said that, I take your point and will discuss this with a lawyer when next in HH.
“He has all the virtues I dislike and none of the vices I admire.” Sir Winston Churchill
Life isn't like a bowl of cherries or peaches, it's more like a jar of Jalapenos--what you do today, might burn your ass tomorrow......
I think you will find a 30 year revolving lease is not legal, the lease is only legally recognized for 1 x 30 year period. I would suggest you check with a lawyer.
Steve, I think my use of the word "revolving" is probably not in the right context. You are correct, the current lease is for 30 years only, however the understanding is that it will be renewed after the initial period. Having said that, I take your point and will discuss this with a lawyer when next in HH.
My problem with this scenario is, do you really believe the owner of the land is going to lease it again in 30 years for nothing? the land now has a house on it.Why wouldn't they just say "thanks for the 30 year land rental, we will keep it for our grandchildren, unless of course you would like to rent it again for 30 years at todays prices"
maccastime wrote:Just wondering what fees are charged here by the banks
the transfer fee is 1300bht whichalso fixes the exchange rate at the days price.
Make sure you send the money in your countries currency eg pounds if England, aud if Australia otherwise it could be 10% or more worse in baht
maccastime wrote:Just wondering what fees are charged here by the banks
I don't remember the exact fees, but I do remember being shocked at how little it was. It was much less than transferring the other way... from the U.S. to Thailand.
My brain is like an Internet browser; 12 tabs are open and 5 of them are not responding, there's a GIF playing in an endless loop,... and where is that annoying music coming from?