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Foreign Exchange Transaction Form | Thailand Condominium Lawyer FAQ
The Foreign Exchange Transaction form previously and for some still known as Thor Tor 3 is the official document prepared under BOT regulations to report foreign currency exchange transactions in Thailand and the document also proofs the remittance of foreign currency into Thailand and the exchange of foreign currency into Thai baht inside Thailand.
The FET form is issued by the authorized financial institution bank inside Thailand that handled the exchange of foreign currency and contains at least the following information:. For any foreign exchange transactions buying, selling, depositing, forex foreign declaration form, withdrawing foreign currencies between financial institutions and their non-interbank customers the recipient bank inside Thailand must prepare a FET form for each remittance and exchange of foreign currency with an equivalent of USD 50, or more amount increased in and report this to the Bank of Thailand.
One of the requirements for foreign ownership under the Thailand Condominium Forex foreign declaration form section 19 is that a foreigner has remitted into Thailand the full purchase price of the condo in foreign currency. The handling bank in Thailand must upon request issue an official copy of the FET -form Foreign Exchange Transaction Form or a prepare credit note and bank letter of guarantee containing the same information as the foreign currency exchange transaction reporting form as proof of the remittance and exchange of foreign currency into Thai baht by the foreigner.
These documents MUST be handed over to the land office in order to register the transfer of ownership of a condo apartment unit in the name of the foreigner. The foreign exchange transaction documents must show the foreign purchaser's name either as the sender or receiver of the money from the overseas bank, forex foreign declaration form. If the remittance from abroad is in Thai baht the bank will not issue a FET-form and the foreigner will not qualify for registration of foreign ownership at the land office, unless he qualifies on one of the other grounds for foreign ownership under section 19 of the Condominium Act.
In order to reduce the paperwork required for foreign exchange transactions buying, selling, depositing, withdrawing foreign currencies between financial institutions and their non-interbank customers, the Bank of Thailand has consolidated and simplified all relevant Notices into a new Notice of the Competent Officer effective from April 1, Changes are summarized as follows:.
The Bank of Thailand has issued the Notice of the Competent Officer to further relax foreign exchange regulations in order to increase the flexibility of Thai businesses in managing their foreign exchange risks. The main issues are summarized as follows:. This relaxation aims at reducing administrative costs for firms and commercial banks, thus enhancing flexibility for companies in conducting foreign exchange transactions.
In addition, the Bank of Thailand issues rules and practices regarding the five measures announced in the Notifications of the Ministry of Finance dated 16 September For instance, Thai companies wishing to undertake direct investment or lending abroad in an amount of USD 10 million or more per year shall notify the Bank of Thailand in the form specified under the guideline.
The Notifications of the Ministry of Finance include 1 relaxing regulations on Thai direct investment and lending to affiliated companies overseas, 2 relaxing regulations on lending of Thai companies to non-affiliated companies abroad up to USD 50 million per year, 3 increasing the amount limit for purchase of immovable properties abroad, 4 raising the outstanding balance limit of foreign currency accounts, and 5 relaxing regulations on repatriation of export proceeds of values less than USD 50, The above-mentioned relaxation shall take effect from 12 October The banks in Thailand have to follow strict regulations.
As a result, it can be quite difficult to repatriate funds if you do not have the correct paperwork. To repatriate the sale proceeds forex foreign declaration form the sale of a condo the bank will ask for a copy of the official land office sale agreement with Garuda symbol and land office tax receipta copy of the title deed of the forex foreign declaration form unit, passport copy and a copy of the FET-form or the previously used Thor Tor 3 form which the foreigner obtained when they remitted money into Thailand to buy the condominium.
If these documents are supplied the bank will allow transfer of the money out of Thailand without forex foreign declaration form deductions, forex foreign declaration form. When selling the condominium personal income withholding tax is taken as part of the transfer taxes. The land office will issue a tax receipt for payment. Withholding tax is calculated based on the years of ownership - read more condominium transfer tax and fees In case of transferring money forex foreign declaration form of the forex foreign declaration form, the tax-free amount is determined by the initial amount transferred into Thailand.
Sample tax calculation transfer of ownership of a condominium registered under the Condominium Act:. Transfer of ownership of a condominium unit in Thailand is subject to the following government fees and taxes charged by the Land Department upon transfer :. Say the appraised value of the condo is 3 million baht the developer may not charge the buyer more than 30, baht as part of the transfer fees for the transfer of ownership registration.
Basically in a private resale of a condo in Thailand this can vary from buyer forex foreign declaration form all to seller pays all and how these costs are to be divided is simply part of the overall price negotiation. It is recommended to clearly include this in the sale and purchase agreement between the buyer and the seller of the condo unit. The sample is based on a resale condo with a value of 3, forex foreign declaration form, baht with an ownership of 2 years and 6 months.
Note, in the sample calculation we assume an equal sale price and government appraised value. In practice the appraised value is often pretty much lower than the sale value and therefore this calculation must only be seen as a sample. Personal income withholding tax will be calculated overbaht in each year of ownership i.
The income withholding tax in the sample situation, to be paid for the transfer of forex foreign declaration form at the time of transfer, is 54, baht based on 3 tax- years ownership. Note that specific business tax is applied if the condo is held by the current owner less than 5 years and calculated over the selling price or government appraised value of the condo unit, whichever is higher.
The total amount to be paid at the land office upon transfer of the condo is approxbaht. Read more: property tax in Thailand - buying a condominium in Thailand FAQ, forex foreign declaration form. Home Real Estate Back Land Ownership Back Thailand Land Title Deeds Back Sample Title Deed Thai Land Code Act. Back Protection Options, forex foreign declaration form.
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กฏหมายไทย made simple practical tips and legal information by real lawyers with real experience. Home Condominium Thailand Condominium Lawyer FAQ Foreign Exchange Transaction Form. Buying a condominium in Thaland Legal considerations. Foreign Exchange Transaction Form Bringing foreign currency into Thailand The Foreign Exchange Transaction form previously and for some still known as Thor Tor 3 is the official document prepared under BOT regulations to report foreign currency exchange transactions in Thailand and the document also proofs the remittance of foreign currency into Thailand and the exchange of foreign currency into Thai baht inside Thailand.
The FET form is issued by the authorized financial institution bank inside Thailand that handled the exchange of foreign currency and contains at least the following information: the transferred amount in foreign currency, the transferred amount in Thai Baht, the name of money sender, the name of money receiver, the purpose of transferring the money For any foreign exchange transactions forex foreign declaration form, selling, depositing, withdrawing foreign currencies between financial institutions and their non-interbank customers the recipient bank inside Thailand must prepare a FET form for each remittance and exchange of foreign currency with an equivalent of USD 50, or more amount increased in and report this to the Bank of Thailand.
Currency exchange and the purchase of a condominium by foreigners One of the requirements for foreign ownership under the Thailand Condominium Act section 19 is that a foreigner has remitted into Thailand the full purchase price of the condo in foreign currency. Changes in Reporting Requirements of Foreign Exchange Transactions In order to reduce the paperwork required for foreign forex foreign declaration form transactions buying, forex foreign declaration form, selling, depositing, withdrawing foreign currencies between financial institutions and their non-interbank customers, the Bank of Thailand has consolidated and simplified all relevant Notices into a new Notice of the Competent Officer effective from April 1, Changes are summarized as follows: Revoke all Notices of the Competent Officer and related circulars by issuing a new Notice for easy reference.
All types of transactions are to be reported in a single foreign exchange transactions forms replacing Thor. Tor 3, Thor. Tor 4, and Thor. Tor 5. Foreign exchange transactions amounting to an equivalent of USD 20, or over have to be reported in the Foreign Exchange Transaction Form. SWIFT documents that have all the information according to the Foreign Exchange Transaction Form can be used as the Foreign Exchange Transaction Form in order to facilitate nonresident customers. Exporters and importers are no longer required to submit Thor.
Tor 1 and Thor. Foreign exchange transactions of exporters and importers arising from trade amounting to an equivalent of USD 20, or over have to be reported. Financial institutions will submit report on foreign exchange transactions and data to the Bank of Thailand in electronic forms instead of paper form.
Reduce paperwork on foreign exchange transactions of government and government agencies. Source: Bank of Thailand Relaxation of Regulations on Foreign Exchange Transactions The Bank of Thailand has issued the Notice of the Competent Officer to further relax foreign exchange regulations in order to increase the flexibility of Thai businesses in managing their foreign exchange risks. The main issues are summarized as follows: Allowing Thai companies having export proceeds in foreign currency to transfer funds from their foreign currency deposit accounts to counter parties in Thailand for payment of goods or services.
This relaxation will facilitate companies to have more flexibility in managing foreign exchange risks and help reduce transaction costs Increasing the foreign exchange transactions forex foreign declaration form amount for which FET form must be submitted from USD 20, to USD 50, and easing the requirement for submission of supporting documents. The above-mentioned relaxation shall take effect from 12 October Source: Bank of Thailand Repatriating Funds to a Foreign Country The banks in Thailand have to follow strict regulations.
Sample calculation The sample is based on a resale condo with a value of 3, forex foreign declaration form, baht with an ownership of 2 years and 6 months. Practical advice from real lawyers on most common legal issues for expats in Thailand, forex foreign declaration form.
Samuiforsale provides general Thai legal information and law resources in English over the Internet. The information in samuiforsale should be used as general Thai legal information but should not be treated as a substitute for specific legal advice concerning individual situations.
Thai Contracts Law Online Sitemap. The above-mentioned relaxation shall take effect from 12 October Source: Bank of Thailand.
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