Buying property in Phuket

How to pay for the properties purchased in Thailand?

Buying property in Phuketand rest of Thailand has a number of restrictions imposed by legislation.

There is a perception that Thailand is a third world country. And, therefore, it is possible to bring a suitcase of money and buy anything. This is not so. Moreover, it is not so. The country's current legislation places a number of restrictions to potential buyers.

So how do you pay for the property in Thailand?

Consider a few basic ways.

• Housing from abroad.

Here the following scheme. You from your off-shore account to pay the estate on the off-shore account Builder. The apartment or house you buy, however, this movement of money beyond the control of the Thai law – from the official point of view, the money to buy an apartment or a house in the country not been reported. Therefore, resale of property and the subsequent transfer may be a question of the authorities "and where money?"... In this scheme, no one can guarantee you a hassle-free export of funds.

• Housing payment from your account.

This way many consider one of the most unfortunate. In fact, such a transfer safely "light up" in all relevant structures. According to the laws of the Russian Federation, every person is obliged to inform the authorities about opening of accounts abroad. This could attract keen interest from both tax and law enforcement agencies. Not each buyer such a popular choice.

• Transfer money to the account of the Builder bypassing the Bank (cash).

According to the Thai law, information on such transactions fall within the Committee of financial monitoring and currency control. If youwent to Thailand with the cash it's better to just put it in the Bank and ask for a certificate that that money came from abroad.

• Using traveler's checks.

Most commonly used traveller's cheques American Express. In the Bank they are exchanged for cash, and sold real estate. Do not forget to take a Bank certificate that the money brought from abroad. Thai laws allow for the acquisition by foreigners of real estate only if funds for the purchase of a legitimate way came from abroad. This certificate is to require the land Department - government institution engaged in the transaction of purchase and sale.

Using this method of payment please be aware that any cash receipts value of more than 20 thousand dollars in mandatory declared by the Bank in the financial monitoring Committee in accordance with the law on countering the legalization of illegal income.

This option is most appropriate when buying a property in Phuket and other locations in Thailand.