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What are the restrictions on repatriating funds resulting from the sale of a condo?

When selling a condo, foreign owned, and repatriating funds resulting from the sale, what is the process of converting thai baht to foreign currency, must it be in thailand or can it be outside Thailand, important is the control over the exchange rate between the currencies, and does the Thai gov or Thai bank take a share percentage, like I could only remit foreign currency into Thailand. I do not trust the government nor the bank :). Thanks.
Category: Buying a Condominium
Asked 11 years ago
Pme
bangkoklawonline

Answers (1)

When selling you probably get paid in Thai baht? When selling your condo to another foreigner he must qualify under Thai condominium laws governing foreign ownership? usually meaning for him (the other foreigner buying a condo unit in Thailand) having transferrefd into Thailand foreign currency at least equal to the purchase price and having exchanged this amount into Thai baht. So you get paid in Thai baht? The only important part of the condo sale for the government is that when selling your condo the other foreigner investing in the foreign owned condo apartment unit complies with the exchange regulations under the condominium laws and that all ownership transfer fees and taxes are paid at the time of ownership transfer registration. The land office issues a receipt for paid transfer fee, business tax or stamp duty and income withholding tax. Then you are more or less free to do with the money what you want.
Answered 11 years ago
Nad
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