3月 25 2021
Buying property in Thailand
Posted in Fabulous Real Estate Phuket Blog
People from overseas (Foreigners) can buy property in Thailand!
According to the Thai Condominium Act of 1979 any type of property in Thailand can be owned up to 49 percent by foreigners. For example, if a condominium project consists of 100 equally sized units. According to the law, 51 of those units can be owned by Thai citizens and the remaining 49 units can be owned by non-Thai citizens.
Foreigners must transferred the funds for purchase into Thailand from overseas in order to be granted a Foreign Freehold Land Title (or “chanote”). Upon receipt of overseas remittances, Thai banks will issue a Foreign Exchange Transaction Form (FETF) which needs to be presented at the land office when transferring a unit.
Foreigners can also purchase a unit on the Thai side of the quota but the ownership title of such units will remain with the developer (usually a Thai company) which will then lease the condo for a period of 30 + 30 +30 years. A 30-year lease is the longest lease that currently is issued under Thai law so each 30-year lease needs to be renewed.
We recommend that you do homework, get all the correct information , find a good property agent and a good lawyer to help you go through the process.