Foreigners Buying a Condo in Thailand
Real Estate is smart investment especially in Bangkok, Thailand or any other major city around the world for that matter. Bangkok is great place to live and now with ASEAN is becoming an even more popular destination.
In order to purchase a condo in Thailand the foreigner must meet all of the following requirements.
- Have a residency permit under Thai Immigration law
- Have foreign juristic promotion certificate
- Able to stay in Thailand under Investment promotion law
- Have money in a foreign account and be able to withdraw that money from their foreign currency account into Thai baht
Foreigners must have some money in a foreign account in order to purchase a Thai condo and the condo has to owned by at least 51 percent of Thais, foreigners can not own more rooms in a condo than Thais.
Also, if a foreigner wants to register his condo in Thailand he must get a letter from the juristic office of the condo, which guarantees that there are less than 49 percent foreigners owning rooms in the building.
The Condominium Act also states that foreigners must use foreign currency to purchase the condo, however there are ways from foreigners working in Thailand to pay through a non-resident account.
Finally the expat who wants to buy a Thai condo needs to obtain a FET or Foreign Exchange Transaction from a bank, which is proof of remittance that will then be filed by the Land Department. The amount of money in the FET must cover the entire cost of the condo and if the remittance is less than $20,000 the bank must issue credit recommendations in the English language or in other words a letter of guarantee.
It’s a long process for foreigners to buy a condominium in Thailand however Home Finder is more than happy to help any expat buy a condo in Bangkok.