You can’t just turn up with a bag of cash and buy a property in Thailand without showing where your money came from. For sure, Thailand is often seen as the wild west and final frontier in terms of financial transparency, but that’s not always the case. You have to prove where your cash came from if you want to buy property in Thailand.
It might seem like a load of hassle you don’t want to deal with, and we understand that. But there’s a right and wrong way of doing things. Here are the best ways to transfer money into Thailand to buy property.
Foreign Exchange Transaction Info
If the property purchase transaction you are making is more than $50,000, you will need to fill in a Foreign Exchange Transaction Form (FETF) and that will be requested from the bank of the recipient.
A FETF is not required if you are using the funds to make a long-term lease on a house or condo o another property type in Thailand. But you still need to be transparent if you want things to run smoothly.
The truth is that the entire process takes longer when you use a FETF, so if one is not required, it’s better to take that route out of simplicity.
Discussing the Thai Condominium Act
The Condominium Act in Thailand clearly states that all non-residents who are interested in buying a condo must make an international transfer only and specifically for that exact purpose.
The country that the buyer comes from is not that important. And that’s mainly because the funds are being sent into Thailand and will then be converted into baht when the bank receives it.
When registering the condo in the Land Department office, you will need to have your FETF documents on hand to prove where the purchasing funds came from. This shows that the cash was transferred from overseas to Thailand.
We are not Thai property lawyers even though we do have a keen understanding of the laws that pertain to transferring money from overseas to buy Thai property. So, we advise you to seek legal advice from a Thai lawyer who understands the nuances needed to officially transfer money into Thailand. It’s always important to have professional advice to ensure everything runs smoothly and in line with the law.
Always, and we mean always, keep all the details and an accurate account of all the processes you go through when transferring money into Thailand to buy property.
And always ensure you know exactly what you are dealing with before you make any cash transfer or make any payments to buy said property.
Treat all supporting documents from your bank such as the FETF and leasehold agreements with great care and keep them safe. Make sure that you are aware of the necessary taxes and fees that you are required to pay – and pay them!
At Hero Realtor, we are here to ensure everything runs smoothly from choosing and buying a Bangkok property to even ensuring everything is okay afterward. We are here to ensure you have all the best advice so your property sale runs smoothly and above board.
If you are still unsure about buying a property or how to transfer the money legally so everything is transparent and clear, you can email us by clicking here. We can try to answer all your question in the most honest manner so you get truthful advice. If you fail to transfer the money properly, it will delay or even mess up your property sale.