What Is The Foreign Exchange Transaction Form For Thai Property Buying?
The Foreign Exchange Transaction Form is the official bank document that is issued by the receiving bank upon receiving foreign currency into your bank account. You need to request this Tor Tor 3 form from your bank when you remit funds for buying property in Thailand. The TT3 form must specify that the money remitted is specifically for the purpose of purchasing property in Thailand. The form is only necessary when transferring large amounts of foreign currency into Thailand.
Buying a home in Thailand
Thailand has become a popular location as foreigners look to invest in property. As more and more foreigners choose to buy property in Thailand, the demand for new housing has continued to increase. There are different reasons to buy a home in Thailand and they include the desire to own an exotic vacation home to making a lucrative investment from Thai property prices and Thai property law.
Obtaining the TT3 form
When you transfer foreign currency to Thailand, you can get the form either through the developer, real estate agent or directly from your bank. This will depend on how you choose to pay for the property. It is important to ensure that you keep this important document in a safe and secure place. Banks in Thailand do not keep records for long and you will find it difficult to get a new form if you lose one.
The importance of the TT3 form
When you find the property of your dreams, you may need to sign a reservation that may require a first down payment or Reservation Fee. This is followed by additional payments under the agreement. It is important to pay attention to the application procedure and obtain relevant documentation showing evidence of money transfer of the foreign currency equivalent to the amounts payable.
The evidence of payment
The documentation you receive can be used as evidence of actual payment of the required purchase price. This comes in handy if any interest is registered with the relevant authorities against the land. The documentation is also important when you need to show evidence of the original source of any money that you need to repatriate out of Thailand after a re-sale.
The bank that receives the money will supply the relevant Foreign Exchange Transaction Form and other documents. An accurate FET is provided showing that the property buyer has transferred money with the clearly disclosed and specifically designated purpose. The buyer’s full name will appear under the payment instructions. If you need help in understanding this form, you can talk to an experienced real estate agent with us to find out more information.