BUYING A CONDO

[biggles 509]

ok, I know that if i want to buy a condo I need to send the money to my thai bank in an overseas currency stating that it is to buy a condo. I know that I need to get a Tor Tor Sarm from the bank. I also have read that having the TTS will make it easier to get the money out of Thailand if I sell the condo. My question however is:- what happens if i change my mind after the money arrives?

 

1. Am I free to do what I like with the money? Can I use it to qualify for a retirement visa? Can I use it for everyday living expenses while living in Thailand? Can I put it in a term deposit account? can i send it back to the country of origin?

2. Also, is the money unavailable to me for any purpose until I purchase the condo?

 

Anyone know if there are any restrictions?

[kdc1899 1]

Sorry. No answer. 1 question though...

 

Can farang get a mortgage in LOS?

[MM 6,562]

ok, I know that if i want to buy a condo I need to send the money to my thai bank in an overseas currency stating that it is to buy a condo. I know that I need to get a Tor Tor Sarm from the bank. I also have read that having the TTS will make it easier to get the money out of Thailand if I sell the condo. My question however is:- what happens if i change my mind after the money arrives?

 

1. Am I free to do what I like with the money? Can I use it to qualify for a retirement visa? Can I use it for everyday living expenses while living in Thailand? Can I put it in a term deposit account? can i send it back to the country of origin?

2. Also, is the money unavailable to me for any purpose until I purchase the condo?

 

Anyone know if there are any restrictions?

 

I moved some money over to buy a condo and changed my mind (or haven't used it yet for that purpose). I assume, but possibly incorrectly, that you are entitled to take whatever you get into the country for a condo purchase out of the country.

Your best bet for a definitive answer is the Thai Visa forum. They have all the legal minds over there.

[fi33er 1]

Sorry. No answer. 1 question though...

 

Can farang get a mortgage in LOS?

 

not for a condo you have to pay for it in stages as the complex is being built or a 1 off payment for an already built condo, you can get a mortgage for a house but you can't buy the house in your name it has to be in your tgf/wifes name or if you want to take the risk at the moment through a company they want 50% deposit for a mortgage on a house and proof of income from your country. i believe this is true only 99% sure.

[biggles 509]

Okay, as suggested have posted on thai visa property forum so will put the results up here.

[papillon 695]

Why don't you try sending a small amount of money to Thailand and then try sending it back to your own country again?

 

Is that so difficult?

 

OK, so you will waste some money on fees but at least you will have an idea if the system works or not.

[biggles 509]

If buying a condo you have to send a minimum of $US20,000. I regularly send smaller amounts so transferring some of this money back home would not prove anything really. Its the fate of the 'condo" money I am interested in.

[phw10 0]

I asked a similar question on a different thread. No one seemed to know for sure, but most believed that if you can show where the money came from (sale of your condo) you should be able to tranfer it back to your home. I also will like to see what the legal minds say.

[dotcom_OD 0]

I am interested in seeing this question be answered by those in the know.

From what I have read, it is easier to send money to Thailand to a bank account than trying to send it out of the country back to an account overseas.

[torrenova 644]

I am led to understand that something has replaced the Tor Tor Sam.

 

I also understand that if say you bring in Bt5m you can only take out Bt5m and not say Bt10m if your condo goes up in value.

 

I haven't been through this so more qualified minds may no know.