What is the best way of paying for land and property in Thailand?
If you are purchasing property in Thailand and you want to pay in Thai Baht, ensure that your funds are transferred into Thailand in foreign currency and converted to Thai Baht here. The reason for this is that the receiving bank will issue a Thor Tor 3 Certificate confirming the transaction. The relevance of the Thor Tor 3 Certificate is that it is one of the documents you will need in the future if you wish to repatriate funds without incurring tax penalties. Also, please be aware that banks will only issue Thor Tor 3 Certificates for individual inward transfers exceeding 10,000 US$. Repatriation of investment funds and repayment of overseas borrowing in foreign currency can be remitted freely upon submission of supporting evidence. One of these documents would be the Thor Tor 3 mentioned above, or in respect of a foreign currency loan, the loan contract. Remittance of funds without proper documentation could be regarded as income and become liable for tax. Most real estate agents an
