The money transfer channel in developed and sound countries is easy and straight. A person can easily withdraw or send money to bank by different modes like online and offline. However, this is not the case of developing nations. So, it is suggested to make proper planning before moving ahead for buying a property or investing in Real Estate in Koh Sumai.
The ways of transaction must be checked as early as possible because Thai laws are different for foreign ownerships. According to the Thai laws forty nine percent of the total space which is saleable will owned by the foreigners. The rest will be owned by Thai resident or Thai companies.
Below mentioned is the guide for transferring money and dealing with the properties of Koh Samui.
- The person must possess a bank account (Thai) which must be on the name of the concerned person. This will help in transferring the money and converting the current in Thai Baht. The currency will be transferred in the original form and then it will be exchanged by a local bank. If the person feels that this task is tough then help from local authorities and private service providers can also be obtained.
- There is a minimum limit of transfer for foreigners and it is twenty thousand US dollars. This amount must be transferred in Thailand to obtain the FOREX form for transfer. The funds that are to be transferred must always be in foreign currency. For example if the person is dealing in dollars then only dollars will be remitted not Thai Baht. This form will help in fetching out the currency from Thailand.
- There are certain documents needs while choosing Real Estate in Koh Sumai. The foreigners are required to present the permission of DOL (Department of Lands) and this permission ensures that funds are remitted from abroad in the form of foreign currency. If the person fails to provide this proof then the ownership does not get transferred.
Above mentioned are the terms that are associated with the money transfer. All these rules must be checked and understood by the person who is looking to purchase or invest in the property.