tor tor saam

[thanatorn-old]

Guys, could anyone clarify with a recommended source, or reliable info regarding the Tor Tor Saam form required for property registration.

As I understand it, it is a form issued by your receiving Thai bank that confirms finance has been brought into the country for property purchase funds, (I am interested in condo purchase only), as foreign currency and not already converted into Baht. The purpose of this I believe is that should you sell up and wih to transfer the money out of Thailand - the Tor Tor 3 will allow you to do so as the money is shown as coming in in foreign currency originally.

My query is: Is it really necessary to have this form if you have no intention of moving money out later on?

Further apart from a bank transfer is their anyway of bringing the currency in - e.g. can't I just pay for it with my normal bank/credit card issued outside thailand?

Also, should I choose to enter into a purchase on one of these new developments that offer a payment term over several months, as opposed to an outright purchase, how does the issue of a Tor Tor saam done, as i believe a miinimum amount for the incoming currency is $5000. (A payment schedule will not reach these limits monthly)

Any known pitfalls regarding this form?


Thanks

[globalwanderer]

as I understand it, whether it is a form or otherwise, you need to have a 'letter' from the bank confirming money was received from overseas. My friend and I have bought 4 units in condominiums and on each occasion had to get a letter from the bank confirming transfer of funds from overseas. It is in fact a law as I understand it that a non-Thai can only buy a condo with funds sent to Thailand in a foreign currency. The 'letter' from the bank was something the land registry required.

I do not know where you are transferring from but from the UK there is no minimum transfer. Your best way, and cheaper than Credit card transaction charges is to open a Thai bank account, transfer funds in whatever amount suits you and pay from there

be careful transferring money if you are more than one person going on the title. I bought with a friend but we made one transfer of the money(obviously you would think) but because only my friend sent money they only wanted to but his name on the title even though he told them that it was half mine and I had a lot of trouble as a result