MONEY TRANSFER FOR BUYING PROPERTY
The market for apartments in Pattaya and Jomtien has grown rapidly during the last few years. Apartments are offered in all sizes, studios with only 27 square meters up to huge luxury Penthouses with more than 500 square meters and of course everything in between.
Important for foreign buyers :
Foreigners can buy a condo in Thailand with their own name registered on the Title Deed, Chanott in Thai language. However only 49 % of the total units in the building (really : 49 % of the total square meters in the building) can be sold to foreigners. So you can either buy in a foreign name, if this quota is still not full or if the seller is a foreigner, because transferring ownership from one foreigner to another does obviously would not affect the foreign ownership quota in the building.
On the transfer of ownership at the land office the buyer has to verify, that the funds required to purchase the condo was sent into Thailand from abroad and in Foreign Currency (Important !). In order to verify this he needs a document called FET (before called Tor Tor Sam) from the local Bank in Thailand, which confirms the money transfer. Many banks do not charge for this, some charge up to 400 Baht. It takes normally only 24 hours to issue this document. Again: Do not send Thai Baht to Thailand, as this will not qualify you to obtain this document !
If you meet these conditions you can be registered as the legal owner of your condominium without any restriction. Ownership is 100 % freehold, you can do with the property whatever you want, you can sell it, you can rent it out, and you can make a last will and give it as an inheritance to whomever......including foreign relatives or friends.
Should the foreign quota for that building, where you want to buy, be full already, you can only buy in a Thai Name or in a Thai Ltd. Company. Buying in a project with Thai quota is also an advantage because normally apartments, which cannot be sold in foreign name, are 15 to 30 % cheaper than apartments in foreign names. Setting up a Thai company is easy. We can provide you with a company ready for owning property in Thailand for only around 20.000 Baht (running cost per year around 15.000 Baht). When you own property in a Thai company it is easy to resell as you can sell the shares of the company, then the property is automatic owned by the new owner. This is cheap and easy as you don’t need to go to land office or pay transfer taxes.
To buy a condo in Thailand you do not need a special Visa. A valid passport is sufficient. On the other hand ownership of properties in Thailand has no influence on Visas for Thailand at all.
For further information, or advice please contact our legal team.
You can utilize the price advantage of a Thai quota condominium by buying the unit via a Thai company. This sounds complicated, but is very simple and not expensive. Many law firms and other companies offer such services, however prices vary a lot. Make sure to choose a company with a good reputation.