29 December 2023

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Comprehensive Guide to Buying a Condo in Thailand for Foreigners

Foreigners are allowed to own condominium units under freehold ownership in Thailand. However, owning land outright is not permitted for foreigners in the country.

Types of Property Ownership Available to Foreigners:
1. Freehold Ownership: Direct ownership of condominium units.
2. Leasehold: Leasing land or property for up to 30 years, with an option to renew.
3. Thai Limited Company: Ownership through a company, with up to 49% foreign shareholding.

Foreign Ownership Quota in Condo Buildings:
Foreign ownership is limited to 49% of the total unit space in a condo building.

Financial Requirements for Foreign Buyers:
Funds for purchase must be transferred from overseas or from a foreign currency account. Proper documentation, including a Foreign Exchange Transaction form, is required for registration.

Visa or Residency Status Requirements:
No specific visa-class requirements. Any legally entering foreigner can buy a condo, provided they meet the financial and legal criteria.

Steps in Purchasing a Condo:
1. Verify eligibility for foreign ownership.
2. Engage professional guidance from real estate agents and lawyers.
3. Understand and comply with Thai property laws.
4. Secure finances, including funds transfer from overseas.
5. Navigate the sale and purchase agreement process.
6. Pay applicable fees and taxes.

Legal Considerations:
Understand the Condominium Act and its requirements. Ensure comprehensive financial documentation. Be aware of tax obligations and potential legal complexities. Seek legal advice for contractual agreements.

Mortgage Options for Foreigners:
Securing a mortgage in Thailand can be challenging for foreigners. Explore alternative financing options.

Additional Tips:
Always conduct thorough due diligence. Consider the location, amenities, and future resale value of the condo. Be aware of maintenance fees and other ongoing costs. Negotiate the price and terms of the sale.

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