Buying a condominium in Thailand is the best option for foreigners to own a property as there are no restrictions on nationality.
Non-Thai nationals can own a condominium in Thailand under their names upon presenting all correct set of requirements. The ownership ratio held by the foreigner must not exceed the “foreigner quota”. The Foreign purchaser shall be able to present evidence of bringing foreign currency into the Kingdom to the amount not less than the price of the condominium unit in the form of a Foreign Exchange Transaction Certificate.
Although foreigners can buy condominium units in Thailand, there are still certain limitations. A condominium building can only sell 49% of the total space of all units within a condominium building to foreigners and register the ownership under their names. This means that in any condominium project, Thai nationals must own at least 51% of the units by area. Therefore, a foreign buyer must first check the current ratio of foreign ownership in a condominium with the Juristic Person.
A Foreign Exchange Transaction Certificate (Thor Thor Sam) is a legal document issued by banks upon receipt of foreign currency into your bank account in Thailand. You can ask for this certificate from your bank when you are remitting funds to Thailand for purchasing a condominium unit. It is Thailand government’s condition that the money used to pay for the purchase price must originate from an offshore source in the form of foreign currency. The foreigner has to present this certificate to the Land Office where the ownership registration shall take place. Otherwise, foreigners cannot register the property under their name.
This shall be possible. Your name must appear as the sender and the money came from your own bank account. It is important that your name shows at one end of the transaction.
No, you only need to remit half of the purchase purchase price of the condominium in foreign currency if you purchase, transfer and register in co-ownership with a Thai person such as your wife. You can pay the other half of the condominium price in Thai currency as the Thai share of co-ownership.
You can form and name the condominium unit under a Thai company or go with a leasing option.
You can consult a legal advisor on how to check all the papers for validity. We recommend to perform a Due Diligence procedure to confirm all material facts of the property.
This agreement for a condominium shall specify in detail the responsibilities of the buyer and seller of the condominium. It covers, among others, the agreed price and payment schedule, transfer date, exact details of the condominium, responsibilities for transfer fees and taxes, warranties, and matters on due diligence.
Yes, you can legally rent out your unit unless restricted in the bylaws of the condominium. Just make sure that you are settling all the corresponding taxes and there is no business intentions. Only when you engage this as a business, then you should comply with the requirements of the Foreign Business and Foreign Employment act.
It is best to seek legal advice before finalizing any transaction. Book an Appointment now! Our lawyers are also available to provide Online Legal Consultation.
