There are regulations that need to be adhered to when buying a condo in Thailand. Section 19 of the Condominium Act quotes that “An alien shall present evidence of bringing foreign currency into the Kingdom for an amount not less than the sale price of a condominium unit.”
There are two means of bringing foreign currency into Thailand:
- By transferring into the developer’s Bank account and specifying the purpose of transferring the specified amount of money. The bank will state in the form quote “to buy condominium unit”, at a specified price. After that, the bank (financial institution associated) will issue an FET form (Foreign Exchange Transaction or Thor Tor 3 known to most Thais) or credit note with a bank letter of guarantee containing similar information on a FET form. You will need this FET form (an official document that is prepared by the BOT) when transferring the property to the Land Department respectively.
- By bringing in foreign currency yourself into Thailand. As soon as you arrive at Suvarnabhumi Airport, you must immediately contact Thai Customs in order to inform them that you are bringing foreign currency into the country, notifying them of the amount of currency and purpose. Thai Customs will issue the certificate of bringing foreign currency. Afterward, you will present the certificate including your passport and your marriage certificate when transferring the property to the Land Department.
Therefore, showing all documentation to the officer at Land Department is mandatory prior to transfer ownership. In the FET form it should include the following:
• The transferred amount in foreign currency
• The transferred amount in Thai BHT
• The name of sender
• The name of receiver
• The purpose of transferring specified amount of money
FYI anytime there is a foreign exchange transaction occurrence, whether it be buying, selling, depositing, withdrawing foreign currencies between banks (financial institutions) or non-interbank counterpart, the bank in Thailand must prepare an FET form, when there is a transaction equivalent of USD 50,000 or more, this is confirmed and updated by the Bank of Thailand.
ALL DOCUMENTS must be handed to the Land Department in order to transfer ownership of the condominium unit in the name of the foreigner respectively. The FET form must show the foreigner’s name as the sender or the receiver and it MUST NOT BE IN THAI BHT otherwise it will NOT QUALIFY for registration of foreign ownership unless stated due to specificity.
If you do business here in Thailand
Source: Bank of Thailand