SECTION 14: TRANSFERRING MONEY INTO PHUKET

Find your new Phuket Property with Thai Residential

Transferring Money into Phuket

Any foreigner planning to purchase a property in Phuket must follow the correct procedures for transferring money into Thailand. If the proper steps are not taken it may prove impossible to repatriate the money when it comes time to sell your Phuket property, and for it to leave Thailand.

If more than US$ 50,000 is being remitted for the purchase of a Phuket condominium, a Foreign Exchange Transaction Form (FETF) must be requested from the receiving bank.

If funds are being remitted for the purchase of a villa, for a long term lease on a property, or to provide share capital for a Thai company, the FETF is not a statutory requirement. As long as all evidence of the original transaction can be presented and is clear, and there is proof that all requisite taxes have paid, the funds can be sent out of Thailand at a later date.

This process does take longer than it would with an FETF, so even if you are buying a villa in Phuket, it may be worth requesting one from your receiving bank/developer even though it is not required.

The FETF Required for a Phuket Condo Purchase

The Condominium Act states that any non-resident of Thailand who wishes to buy a condominium, must transfer the requisite funds from overseas specifically for that purpose. Regardless of the buyer’s country of origin, the funds must be sent in a foreign currency, to be converted into Thai Baht (THB) by the receiving bank upon arrival in the country.

In order to register a new condominium purchase with the Phuket Land Department, the FETF documentation must be presented to prove that the full purchase price was transferred into the Kingdom from abroad. (The instruction on the bank transaction form should also state that the payment is for the sole purpose of purchasing a condominium.) From an estate planning perspective, it is a good idea to always have multiple names (including children or grandchildren) added to the original telegraphic transfer, so they may be included on the FETF.

If the only way to arrange payment is by transferring funds to the developer directly, then the developer must arrange the FETF forms on behalf of the foreign buyer.

Taking the money out of Phuket at a later date is relatively straight forward, provided all the supporting documents can be presented. This is especially important if the funds have been borrowed from an overseas financial institution and/or there is an overseas mortgage on the condo.

Please also note that no repatriation of money will be possible until any income/capital gains taxes have been settled on the sale of the condominium. The FETF must also be presented to the tax authorities as proof of the legitimate ownership.

Whether ultimately remitting the funds back to a private account, or to repay a bank loan, the Foreign Exchange Transaction Form is an absolute requirement. By ensuring multiple names are on the FETF, not only is inheritance made easier, but funds can also be returned to the account of an heir. This document should be kept in a safe place at all times.

Again, it is wise to consult a good Thai lawyer throughout this process.

What Olaf Says About Foreign Currency Transfers & Taxes

When Transferring Money into Phuket – Document It Correctly

If you are investing in Phuket real estate, it is vital that you keep accurate, detailed records of all transfers, starting with the transfer of money into Thailand for the purchase. There are specific requirements you must understand before making your first payment. Your receiving bank in Phuket must prepare the correct documentation to confirm the transfer. The precise documents required will depend on purpose of the transfer and the amount you are sending.

If you are a foreigner, and you have purchased a freehold condominium unit in your own name, to register your ownership you will need the relevant documents for the transfer of each tranche of money related to the purchase. Once you have completed the transfer, have the necessary supporting documents from your bank, and have registered the property, please keep all the documents in a safe place.

If you have a safe at home, or a safety deposit bank at a bank, use these. The Foreign Exchange Transaction forms and title deed should be considered as important as any other valuables you possess. When it comes time to sell your Phuket condominium (or villa), these forms will be necessary in order to transfer your money out of Thailand and back to your home country.

All transfers of funds into Thailand must be documented!

Your Taxes: Pay Them!

For some reason, people in Phuket need a constant reminder of this universal requirement. They honestly don’t believe that accurately assessing their taxes is really that serious, and if you try to convince them they are wrong, they simply will not listen. Not only is the rental income earned subject to income tax, but if you live “rent free” in a company-owned property, the income not being collected is also taxable. Failure to pay your taxes could be grounds for your property (or in the event it is owned through a company, the company’s property) to be seized by the authorities and sold.

One tax which we have not yet mentioned is also one which people all-too frequently attempt to cheat on: the tax on the sale price of the real estate. This tax must be paid to the authorities at the time of purchase, but countless people attempt to reduce their “tax burden” by under-declaring the purchase price of the property.

Apart from the fact that it is a criminal act (tax fraud), it is also not smart from a commercial perspective. It does not matter if the property is owned by an individual or a company, when it comes time to resell the property, your tax liability will almost certainly be greater than what you think you “saved” by illicitly under-declaring the purchase price.

On top of that, you put yourself (and potentially your property) on the radar of the tax authorities for under-declaring your taxes for as long as you owned the property.

Previous Section

Section 12: An Overview On The Thai Baht

Back to Table of Contents

Next Section

Section 14: How Low Are The Fees And Taxes When Purchasing Phuket Real Estate?

Buying and Leasing Property in Phuket Articles

Phuket’s Most Expensive Villas for Sale in 2025

High net worth individuals have been drawn to Phukert for decades. But the recent increase in arriving affluent Phuket residents has also seen the increase in luxury villas on the island. Both the east coast and west coast now have villas reaching over US$20 Million and the pace of these new super villas being constructed does not seem to be abtating.

The Best Beachfront Villas in Phuket and What They Really Cost

Luxury villas in close proximity to the beach are in extremely high demand in Phuket, for both buyers and renters. Most have excellent views, amazing on-site amenitities and many have direct access to the beach. Although most luxury villas are on the west coast, the quieter east coast of Phuket is also attracting attention lately!

Best Areas for Families to Live in Phuket

Over the past 5 years, Phuket has been attracting more and more families, mainly due to the constantly improving infrastructure and the number of new international schools opening on the island. New hospitals, dental clinics and the ever expanding number of shopping venues has made Phuket a tropical lifestyle paradise!

Best Places to Buy Properties in Phuket

The areas in high demand in Phuket are mainly situated on the west coast, where the turqoise clear waters attract tourists in their thousands. The Laguna, Bang Tao and Surin areas are in close proximity and all are extremely popular, but so is Nai Harn in the south. For those looking for a party atmosphere, Patong is the place to be!

Laguna Phuket Area Guide: Your Ultimate Travel and Property Guide to Paradise

Laguna Phuket is one Banyan Tree's flagship resorts, with its luxury hotels, condominiums and golf course, making the whole area of Laguna one of Asia's leadings lifestyle destinations. The area has both luxury golf view villas and condominiums, which are a must visit for would be Phuket property purchasers.

Phuket’s Top Real Estate Agents in 2025: Your Trusted Property Partners

Thai Residential is one of Phuket's leading real estate agents, with a proven track record and exemplary reviews. For any buyer of Phuket real estate, Thai Residential's experience and knowledge of the local market, helps buyers to navigate the somewhat hard to understand legalities and procedures for purchasing property in Phuket successfully

How to Finance a Property Purchase in Phuket: A Guide for Foreign Buyers

A comprehensive 2025 guide on how to finance a property in Phuket. Learn how foreign buyers can fund villas, condos, or investments in Phuket, with tips on developer finance and legal transfers.

Getting Around Phuket: Transportation Tips for Expats, Property Buyers & Long-Term Visitors

Whether you’re relocating to Phuket or buying property on the island, understanding your transportation options is essential. From private cars to scooter rentals, here’s how to get around.

The Best Areas to Buy a Villa in Phuket in 2025/26

Looking to buy a villa in Phuket? Explore the best areas for luxury and value in 2025, including Nai Harn, Rawai, Kata, Kata Noi, Ban Tao and Laguna.

Retiring in Phuket Guide – Why the Island is Perfect for Your Golden Years

All you need to know about living and retiring in Phuket. From the cost of living, legal requirements and types of visas available from the authorities, this articlle spells out what you need to know if thinking of retiring in Phuket.

Is Phuket a Good Place to Retire?

Considering retirement in Thailand? Find out why Phuket is one of the top retirement destinations in Asia. Learn about the cost of living, healthcare, property options, and the relaxed island lifestyle that retirees love.

Phuket vs. Bangkok: A Comprehensive Analysis for Real Estate Investment

This article focuses on the pros and cons of the Phuket and Bangkok real estate markets. Yields for investors tend to be higher in Phuket, with less supply and a cash only market, catering for Phuket's booming tourist industry. Bankok tends to offer investors lower yields and a more volatile market as many Thai owners tend to use borrowing facilities to finance their purchase which means the market is more attuned to interest rate movements.

Top Gated Communities in Phuket for Expats

Gated communities attract buyers looking for excellent security and professional management teams and perhaps on-site facilities. As Phuket continues to prosper gated communities are becoming increasingly popular.

Hidden Costs of Property Ownership in Phuket

Owning property in Phuket involves more than the purchase price. This guide explains the hidden costs expats should plan for, including legal fees, maintenance, utilities, and community charges, so there are no surprises down the line.

Living Near Golf Courses in Phuket – Lifestyle Guide 2025

Phuket is home to championship golf courses surrounded by thriving communities. This guide highlights the lifestyle benefits of living near Laguna, Kathu, Blue Canyon, Mission Hills, and Aquella. Here’s what you need to know in 2025.

Cost of Living in Phuket: What You’ll Really Spend

A practical breakdown of Phuket living costs, with sample monthly budgets for singles, couples and families.

Investing in a Freehold Condo in beautiful Tropical Island of Phuket in 2025: What Buyers Need to Know

Foreigners can own a freehold condo in Phuket by following the right legal steps. Learn how to invest wisely in 2025/26 with our expert guide.

The Phuket Property Guide – Table of Contents

Discover Phuket Like Never Before with the Thai Residential Property Guide 2025/26 Unlock the latest insights into Phuket’s evolving property market with our expertly curated 2025/26 edition. This comprehensive guide is designed to help buyers, investors, and expatriates navigate the local real estate landscape with confidence. From legal ownership structures and market trends to area comparisons and lifestyle tips, the Thai Residential Property Guide is your essential companion for making smart, informed decisions in Phuket.