Getting yourself a good location condo (คอน โด ทำเล ดี, which is the term in Thai) in Thailand can be a really rewarding purchase and a good investment. But certain laws need to be considered before going forward with your purchase.
Thailand Laws need to be followed by a foreigner if they are considering getting a condo for themselves or their family with room partition and other facilities:
- Only in certain situations is a foreigner allowed to buy a good location condo.
- A foreigner can only hold about 49% of the established condo development.
- This 49% ratio is calculated firstly based on the area of the condo units.
- Foreigner is supposed to pay for the specific condo with the foreign money from their country.
- The foreign currency will then be transferred into Baht inside Thailand.
- This requirement will then prohibit all foreigners from financing the purchase of the condo with a mortgage.
- Therefore, you should make sure that the money transfer is made from a foreign account in the name of the buyer or otherwise transferred to some account in the name of the buyer.
Even after these restrictions, buying a condo is one of the only few ways a foreigner can purchase any kind of property in Thailand.
Other options are also available such as purchasing a long-term lease, generally up to 30 years or more. Another option includes buying a real property through a Thai dummy corporation. This practice is illegal but very common in Thailand.
A good condo with room partition, good finishes, and excellent amenities is hectic to purchase in Thailand by a foreign buyer. Also, buying a property will depend on marital status as well. If you are married then you should purchase a joint property and make sure it is transferred in both your names.
Another thing to keep in mind is that Thai law will require FETF is filled for a large amount of foreign currency. Make sure you keep copies of these documents persevered. Buying a condo in Thailand or any foreign country will be a hectic task because there are different rules and regulations that foreigners have to follow. But, following these rules can get you an excellent condo as well. Get in touch with professionals if you wish to gain more information about the topic such that the best purchase decision can be made.