funlovinkid

Langsuan Man, on 2012-05-04 18:35:05, said:

Based on my recent conversation with the Chiang Mai Land Office, that's not true at all (see what I wrote a bit further up the thread).  Because the Land Office retains the FETF (or any other official statement from the bank that the incoming funds are for the purpose of buying a condo), and because they want this documentation to be tied to a specific condo purchase, it needs to be consistent in terms of purchase price and condo specifics (i.e. condo building name and condo unit number).  As I expressed concern about at the start of this thread, it turns out that none of my FETF's would be accepted by the Land Office because they aren't specifically for the purchase of a particular condo at a particular price.  Hence, I'm moving cash back out of the country so that I can transfer it in as needed whenever I actually have a condo purchase contract in effect (which will hopefully be soon).

Why do I get the feeling I've become a circus dog?  

Update: I went to the Land Office in Chiang Mai, and spoke with the guy referred to above (as he is apparently one of the few people in the office whose English was relatively good).  So I showed him my three FETF's, and he conferred with his superior.  The answer I received back: I couldn't use any of them for the purchase of a condo.  The Land Office wants to see funds transferred into the Kingdom (in what I believe should be an amount which fairly closely matches the stated purchase price of the condo, probably a little more would be OK), and the purpose for the funds transfer stated on the FETF should be not only for purchasing a condominium, but it should state the name of the condo building, and also the room number (or condo unit number) being purchased.

These FETF's are required to be used if the transfer amount is in excess of $50,000 USD, or equivalent.  Does anyone know if a different form is used if the amount is less, and does this form also require a statement of purpose for the transfer?  If I decide to buy an inexpensive condo, I'm wondering what paperwork I should expect to be dealing with.  Also, does anyone happen to know if a Foreign Exchange transaction must occur for the incoming funds (i.e. from some particular currency into Thai Baht), or if I happen to already have Thai Baht sitting in an offshore account, would it be OK to transfer it in for the purpose of buying a condo?

So many issues to consider here!  

Well, I had a chat with someone at the Chiang Mai Land Office about my situation, and his response was that, as long as the price paid for the condo is less than the total amount of funds transferred into Thailand, he would approve the condo registration request.  So I intend to go there, meet the guy, show him my three FETF's, and confirm what he says before entering into any condo purchase contract.  So, this is a hopeful new development.

However, I'm still not sure about the possibility of encountering a problem in the future, if and when I decide to sell the condo, and choose to move the funds back out of Thailand.  I believe I would still need to use my existing FETF's to prove the original source of the funds, but because none of them indicate plans to buy a condo, would the local bank disallow my request for the outbound transfer?  Or would the same situation as above apply, in which they would allow the outbound transfer as long as it were less than the sum total of the three FETF's?  Any feedback would be appreciated!

Puccini, on 2012-05-06 16:05:48, said:

For what it's worth, I did find the correct code for buying a condo.  It reads:  "318069 Purchasing condominium".

Tywais, on 2012-04-19 18:54:48, said:

Very helpful, Admin.  Did you notice another reply, slightly further along the thread, which reads:

"..why are you paying an Immigration Official 500 baht to issue a form that is FREE..you're only making it harder and harder for us all by pushing up the bar!"

But of course, this must be the first time that people have different opinions on a subject, eh?  Please advise as to how I should gauge the validity of any particular opinion in the future....