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Finance with P.G. Thai Group Finance Services in Thailand.


Finance by Borrowing money in Thailand

As a foreigner you can borrow money and have a mortgage finance on a condo.
We can help you obtain financing both here in Thailand and abroad in your home country.
There is no requirement for employment in Thailand or permanent residence.
For those over 60 years old, only 50% of the property value can be financed.
We have access to Thailand's main bank lending.
It is common for a real estate developer to arrange for his customers to have a financing package from a financial institution.
In most real estate development projects, a down payment can be made in installments from 10 to 24 months.
After the down payment has been paid, the sale contract will be made and the balance amount is paid through the loan, which is financed from a financial institution.
The financial institution requires you to mortgage the property with the condo as collateral against the loan.
Finance without borrow money in Thailand
We offer flexible finance packages on all of our Condominium units.
No need to get a bank loan.

All we require is a minimum of 55% down payment (on certain off plan projects), the terms and repayments can be adjusted to suit your requirements.

Rental Guarantee

If you are buying the property to rent, for outright purchases, we can guarantee an 8% rental return for the first 24 months of your ownership.

As an example of our rental guarantee if you pay ฿1,300,000 for one of our Jomtien Beach Condominium units, and/or for one of our North Pattaya / Naklua Condominium units we guarantee a rental income of ฿8,667/month.
The only deduction is the ฿500/month maintenance fee leaving you ฿8,167.
The tenant pays for his own electricity and water.
We take a deposit and rent in advance and for longer rentals we carry out regular inspections.
If you already own a condo but see a unit on our website that appeals to you, we will most likely be able to take your condo in part-exchange.
Flexible finance or the rental guarantee is available on all upgrades.
Contact us HERE for further details and/or questions you may have.

For expats all across Thailand who intend to stay permanently or for most of the year in the country, opening a Thai bank account makes financial sense.

After all, except for a few ATMs owned by AEON (a large Japanese conglomerate) and Citibank, Thai ATMs will charge a 180 baht fee per foreign transaction and there are additional fees charged by the overseas bank for using an ATM outside of their network and for currency conversions. There are also daily withdrawal restrictions (typically US$500 per day).

In other words, the transaction costs of not having a Thai bank account can quickly add up.

Who Can Open a Thai Bank Account?
In general, expats in Thailand will need to have either a work permit or a long-term visa of some kind to open a bank account. In practice, you may still be able to open a bank account without a visa and only with your passport and a local address, but you will likely need a long-term visa to obtain internet banking access, a debit and / or credit card and a checking account.
At the very least, you will need your passport and evidence of a local Thai address (a lease or utility bill).

Thailand Deposit Insurance Protection
Thailand’s Deposit Protection Agency (DPA) provides deposit protection insurance in case of a bank default. Currently and until August 10, 2015, the DPA will insure accounts worth up to 50 million baht (US$1.6mn), but after that, and until August 10, 2016, the amount will drop to 25mn baht (US$800,000) and then to 1mn baht (US$32,600) after August 11, 2016.

Where Should Expats Bank in Thailand?
Thailand’s biggest local banks are Bangkok Bank, Krung Thai Bank (state-owned), Siam Commercial Bank, Kasikorn Bank and Bank of Ayudhya. These banks have the biggest ATM networks and offer the most security for depositors.
In addition, major Japanese, European and American banks have a presence in Bangkok, but be aware that their ATM networks will be more limited than those of local banks and not all of them deal with retail customers.

Special Considerations for Expats
Expats need to be aware that while currently there are no restrictions on the amount of money brought into Thailand, there are restrictions on the amount of baht you can take out and these restrictions are subject to change.

When dealing in cash, bringing in or taking out US$20,000 or the equivalent will need to be declared to Thai customs, while for baht, 500,000 baht can be taken to countries that border Thailand and 50,000 baht can be taken to other countries.

If you intend to do a bank transfer, you will usually need permission from the Bank of Thailand for transfers of more than US$20,000.

Finally, and if you are an American citizen, be aware that if you control any type of foreign financial account(s) with a combined value of over $10,000 at any point of the year, you will need to report it to the Internal Revenue Service (IRS) by filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR).

You may also have other reporting requirements if your foreign financial accounts hold larger balances.

US Bank Wires into Thailand
One frequent question I get from American clients is how to wire US dollars from a US Bank into their Thailand Bank. Because the US has very tight regulations this is not always easy to do. In fact, one of  my clients tried to wire in US dollars from a major US Bank and was told he could not because Thailand is on a restricted country list.

The most efficient way I have found to bring in US dollars is to open a Bangkok Bank account and send the wire to the New York branch. Within 12 hours your money is converted into baht and received into Thailand for a very minimal fee. Simply then use your local ATM card to withdraw cash at no charge.

How Much Should Expats Deposit in a Thai Bank Account?
Unless you intend to buy property or you need to make a bank deposit for a retirement visa, expats in Thailand should consider keeping enough baht on deposit for at least a few months worth of living expenses and enough to cover an emergency, while staying under the limits for deposit insurance coverage and for taking cash out of the country without the need for special permission.

If you are an American citizen, you may want to keep less than US$10,000 in a Thai bank account to avoid additional disclosure paperwork, but you will still need to pay close attention to any changes in IRS rules regarding the disclosure of foreign accounts.

Paul Georgakis is the Managing Director-Chief Executive Officer of PG Thai Enterprises Co, Ltd, Financial & Property Investment Advisor based in Thailand.
He has over 28 years experience in the Real Estate Industry and Investments, and provides personal investment and financial planning and wealth management to expatriates.
Specializing in EU, UK, AU, CA and US pension transfers. Call: 084-451-1884 or email: paul@pgthai-realestates.com or contact here
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