Transcript of the above video: 

As the title of this video suggests, we are discussing source of funds now seems to be an issue with regard to those who want to purchase condos in Thailand. Let me just jump in here. I thought of making this video after reading a recent article from the Pattaya Mail, that is pattayamail.com, the article is titled: Foreign Sourced income tax obligations and financial transparency measures in the era of digital transformation. Quoting directly: "Last week, an American client approached our firm with an inquiry regarding repatriation of funds for a condominium purchase in Thailand." - well would it be repatriation of funds or just transfer of funds? If it started in Thailand and left and it came back, that would be repatriation - quoting further: "Despite explicitly declaring the purpose of the transaction to the Commercial Bank, he encountered a series of complex legal hurdles. These included stringent transaction limits, the mandatory disclosure of the "Source of Funds," and a request for extensive documentation that significantly exceeded previous procedural norms. This phenomenon is not an isolated incident but a direct consequence of the fundamental shifts in international tax frameworks and Thailand's domestic policies." 

Yeah, and this international tax framework is for the birds. It's not going to help Thailand. If anything, Thailand needs to affirmatively reject this stuff because I think we are going to get dragged down into the muck and mire that these Western countries are now in with this overreach by just tons of oversight for no reason. It is totalitarian oversight and I see no function that it fundamentally serves. 

That said, the thrust of this video pertains to this issue of source of funds. What does that mean? It basically means proving up your money is your money. It is this nonsense that came from - it all emanated going back into 1987 in the United States with the promulgation of legislation that made "money laundering", and I put that in quotes, a crime. Up to that point, how you moved money around was irrelevant, and it was just something by the way they made up and said was illegal. And now everybody is just used to this I guess living under the yoke of people telling us that, "oh well your money can't move because you haven't affirmatively proved up that it's your money" or that it's been "taxed appropriately". I urge those who are watching this video, go check out that article further as they get into the issue of proving up that your own money has been taxed appropriately so that you can use it. They tried to do this with digital money, with the so-called digital wallet under the last Government, and now we are seeing this OECD undue foreign influence slowly creeping into Thailand and we are seeing it evidenced in situations like this. As I have said in other videos, if killing the condominium market is what we want to do here, I have got to imagine that this is going to go a long way in doing that because people are just, I think is it going to throw a lot of people off from wanting to buy property in Thailand if they have got to jump through a bunch of hoops just to deal with their own money. To my mind, again, probably not the best policy. 

My hope is that with this new Parliament convened, cooler heads will prevail and we will see some policy makers reverse some of this stuff as I can't see where it's in the national interest of Thailand.