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Buying a Condo
Buying a condominium in Thailand is the simplest and easiest
option available to foreigners wishing to buy property. We have a wide selection
of units ranging from small studio apartments to luxurious penthouses. In the
main Condo's tend to be close to town and enjoy easy access to the main shopping
and entertainment areas.
The only restrictions on purchasing a condominium in Thailand
are that the percentage of units sold to foreigners cannot exceed 49% of the
total number of units in the condominium block, and that the funds used to buy
the condominium have been remitted from abroad in a foreign currency and
correctly recorded as such by a Thai Bank on a "Foreign Exchange Transaction
Form".
The Foreign Exchange Transaction Form is an official bank
document issued by the receiving bank upon the receipt of foreign currency into
your bank account in Thailand. You must request a Foreign Exchange Transaction
Form from your bank when you are remitting funds to Thailand for the purpose of
purchasing a condominium in Thailand, and the Foreign Exchange Transaction Form
must specify that the remittance is solely for the purpose of purchasing a
property in Thailand.
Certificate of ownership
Purchases of Condominiums in Thailand by foreign individuals
come under the jurisdiction of the Condominium Act B.E. 2535 (1992). The owner
of each Condominium in Thailand is issued with a certificate of unit ownership.
The certificate also has a statement saying exactly what percentage of rights
over the common areas of the building each owner has.
How to buy a Condo in step
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Open an account with a Thai bank
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Transfer the funds to your Thai bank account in the
original currency (don't transfer in Thai Baht - this is not foreign
currency and you will get a far lower exchange rate anyway!)
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Make sure that you state the reason for transfer as 'to
buy a condominium'
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Once the money has arrived, go to your bank and ask for a
Foreign Exchange Transaction Form - you will need this to register the
transfer of ownership
This information is only relevant for foreigner who would buy
a Condo, if you or your partner is Thai Nationality there is not the same
restrictions.
If you have any question regarding buying a Condominium then
please let us know, and we will do our best to answer your question
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