Want to know how to transfer money for land purchase? Money transfer for property purchases is difficult and complex in Thailand. This is how to transfer money to buy property overseas. When you are buying a condo in Thailand the money would normally come from overseas and here it is important to note that there is a process that goes with this. You will need to speak to our real estate lawyer in Bangkok for more advice and assistance. Further you can see how how to transfer money overseas to buy property. You will find the basics of the process listed below.
When buying property in Thailand the transfer of the money has to conform to the 1991 Condominium Act. This is applicable to all non-residents who purchase a condominium unit and who are transferring funds from abroad. Speak to our property lawyer in Thailand for further advice.
As a foreign buyer, you will need to first obtain a “Foreign Exchange Transaction Form” certificate. This would be for all or each transfer that had been done for the purchase of the condominium. These certificates will need to be shown at the Land Department in order to register your condominium.
Very important is also that when buying a condo in Thailand that you specify on the transfer that the money is to be used to purchase a condominium unit in Thailand. This will be part of the transfer instructions. Note however that the banks will only provide you with the “Foreign Exchange Transaction Form” certificate for amounts over US$ 50,000.
If the transfers are lower than this, then you will need to obtain a bank certificate from the Thai bank for this purpose. This will then be taken to the Land Department when the transfer of the property becomes due. The only exception to this is if you hold Thai Permanent Residence as you can then see your property investment in Thailand in Thai Baht and none of these certificates will be needed. See the building regulations in Thailand for more. If you need a lawyer in Bangkok then speak to us.
See how to transfer money for land purchase in Thailand. This is about transferring money to Thailand. The money transfer when you are going to is complex. Do this before you buy an apartment in Thailand. When you send money from abroad the Land Department will check if your name is on the certificates and this can be either as the sender or the receiver of the money transfer.
As an example you don’t need to be the sender as a third party can be the sender as long as you are the receiver and the following information is shown on the certificate:
Our lawyer in Bangkok will normally assist with this when the transfer becomes due. This money transfer is normally done by T/T (Telegraphic Transfer) so also take note during the transfer that there are bank charges to a T/T which you have to take into account.
Should there be two people buying the property then the sender will have to include both these names on the T/T as it will have to show this on the certificate which the Land Department would want to see.
If this is not possible then normally the Land Department will accept that the instructions show that the purpose if for buying a property with the buyer’s names on the purpose of the transfer. Speak to our property lawyer in Thailand about this once again. Note also that the transfer amount must be the same or higher than the selling price as determined by the Land Department.
For more information, see our buying a condo in Thailand page or simply contact us online for more information and assistance.
Other issues you can view are also the property taxes in Thailand for foreigners as well as buying an apartment in Thailand and what you will need to consider which you can see in the article on buying an apartment in Thailand as well as the best place to buy property in Thailand which might be of interest to those who wish to invest in the property market. Always ensure that you have completed your due diligence in Thailand before you sign the sales agreements.
If you will be buying a property such as a condo in Bangkok, Pattaya, or Phuket then you will also need to consider the risks of buying property in Thailand which you will need to take into account. There is risk in the Thai property market and you need to take precautions in this regard. See also the land transfer tax in Thailand as well as how to buy an apartment in Thailand. Sepak to us about how to transfer money for land purchase.
The information contained on our website is for general information purposes only and does not constitute legal advice. For further information, please contact us.
The foreign exchange transfer has to show the total forex that was sent. The amount in Thai Baht as well as the sender and receiver as well as the purpose of the money transfer. Most times the sender and receiver will be the same person being you. Consider opening a Thai bank account.
As for the bank certificate. When you transfer money into Thailand from abroad you will need a Foreign exchange Certificate. These are only for transactions over USD50,000. If the transfer is less than that then you will need a Bank Certificate to state that the money came from abroad. The steps in the transaction when buying property is to find the property you are looking for.
Have a property due diligence done on the property. This as there is risks to buying property in Thailand Transfer the money from abroad into Thailand. Have your Foreign Exchange certificate on transfer. Transfer of the property takes place. Now you can now occupy your condo or villa in Thailand.
So, you will need to transfer the money into Thailand and that you stated on the transfer that it is to buy property in Thailand. Ensure that you completed the “Foreign Exchange Transaction Form” which the bank will give you a certificate for. The Land Department would want to see this on transfer.
how to transfer money for land purchase? When you transfer money into Thailand to buy property it needs to conform to the Condominium Act. You will need to very specify state on the transfer that the money is to purchase a condominium in Thailand. You will also need to have a “Foreign Exchange Transaction Form” certificate for amounts over US$ 50,000.
You will need to find property you wish to buy and then conduct a due diligence on the property. Then you will need to transfer the money into Thailand to pay for the transfer. Transfer costs for property in Thailand has a split in costs between buyer and seller.
If you are going to buy an apartment in Thailand then ensure that you have done a due diligence on the property. Also check if you are buying from a foreigner in his name or from a company holding the property. Ensure you complete the money transfer process to buy the property.