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Yes. Foreign buyers can purchase up to 49% of the total floor area of a condominium building on a freehold basis.

However, please check the condominium’s foreign ownership quota, as this may vary from one project to another.

Freehold condominiums are the best purchasing option in Thailand for foreign buyers. With a special status, outlined by the Condominium Act B.E. 2522 (1979), the freehold condominium unit gives foreign investors absolute ownership of the property and co-ownership of common property. It is the best form of tenure for foreigners in Thailand.

Leasing is an alternative option for foreigners, which involves registering the leasehold rights of a property with the District Land Office. This includes the lease of condominiums and freehold land. Through this process, foreigners can effectively use land with a leasehold tenure and are permitted to own buildings and structures erected on that land. Thai law limits the duration of leases to a maximum of 30 years, after which the lease term can be renewed. With a registered company in Thailand, it is also possible for foreigners to purchase land and houses.

Buyers can purchase property in Bangkok via:
• Booking by cash or credit card
• Overseas foreign funds transfer

The requisite information for a buyer to transfer payment to either a developer bank account or an account designated by the developer is as follows:
• Bank account name
• Bank name
• Bank account number
• Bank address
• SWIFT code
• Purpose of transfer (i.e. Purchase of property)

SOURCE OF FUNDS DECLARATION
Non-resident foreigners who purchase a condominium in Thailand must present a Source of Funds Declaration to the District Land Office when registering ownership. All funds must be remitted into Thailand as foreign currency, after which the receiving bank will exchange the amount into Thai Baht.

FOREIGN EXCHANGE TRANSACTION:
The receiving bank will issue a Foreign Exchange Transaction Form (FET) for amounts more significant than USD 50,000 and a Credit Note for lesser charges.

Lease Hold: Lease Registration Fee
There are two options for a lease term, both for your protection as they ensure that your contract is enforceable in a court of law. A lease registration is not required to be enforceable in a court of law for a short-term lease of not more than three years. However, if you plan a lease term of more than three years or up to 30 years, you must register with the Land Office to ensure enforceability in court. Presently, the Lease Registration Fee is 1.1% of the total rental fee for the entire lease term. Usually, it is paid equally by the lessor and lessee.

Free Hold: Transfer Fee
For the buyer of a freehold property, a transfer fee is required. It is calculated at 2% of the property’s official appraised value. The transfer fee is payable by either the buyer or the seller, depending on the agreement between the two parties as stated in the Sale and Purchase agreement. Once the ownership is transferred, the transfer fee must be paid to the Department of Land on the same day.

The lease registration fee 1.1%, and the transfer fee is 2% typically, the expenses are split between the developer and buyer equally or as agreed by both parties.

Long Stay Visa
With many foreigners choosing Thailand as their retirement home, a Long Stay Visa has become an attractive option. However, please note that to be eligible, you must be at least 50 years old, have no prohibiting qualifications as stated under Thai law, and have obtained a Thai Non-Immigrant Visa before. Moreover, you must not work and receive a salary in Thailand. The visa must be renewed annually with proof that you earn a monthly income of at least 65,000 baht or have a bank balance of 800,000 Baht within the past three months. Otherwise, within one year, you must have a yearly income combined with a bank deposit of no less than 800,000 Baht.

Investment Visa
An Investment Visa is another viable option. If you buy a condominium for at least 10 million baht, and if you have obtained Thai Non-Immigrant Visa previously, you can then apply for an Investment Visa which allows you to stay in Thailand for a year. To extend your stay, you can renew your visa annually.

Elite Visa
If you cannot obtain a Retirement or Investment Visa, you could consider applying for an Elite Visa. You can learn more about the Thailand Elite Residency Program at www.thailandelite.com

***As property ownership laws are subject to change, should you plan to purchase property in Thailand and wish to stay in the kingdom, we strongly suggest that you consult with an immigration lawyer or with your local Thai Embassy or Consulate.

While most condo showrooms are advertised with beautiful furniture, decorations and props, actual condos are usually sold barebones. Therefore, it is essential to check if the property is sold fully furnished, partially furnished or only fully fitted:

– Fully Furnished
All furniture and fitted items included (I.e., Air con units, cooking hob and extractor, bed and mattress, sofa, etc.). If offered with this condition, requesting the furniture and appliance list is usually a good idea.

– Partially Furnished
While all fittings are included, furniture and electrical appliances may only be partially provided (I.e., Bed frame provided without a mattress, sofa and TV cabinet without a TV).

– Fully Fitted
This is the barebones option where all central fittings include air con units, kitchen units and sanitary ware. However, no standalone furniture or appliances are provided.

Buying a property in Thailand is becoming more accessible as some banks offer foreign loans. However, there is still a comprehensive procedural process for a loan application that you will need to go through. As the practice is still relatively new in Thailand, the list of banks offering loans occasionally changes.

Naturally, the most important criterion that the banks require from applicants is a proven source of regular income. This income does not need to be received in Thailand; however, you will need proof of any such income source for the bank to consider your application. With this in mind, be prepared to provide original copies of pay slips and bank statements. Each bank will have specific criteria, so it would be prudent to check with them beforehand if you are travelling from overseas.

It is important to note that if you are over the age of 60, then you are not eligible for a home loan in Thailand. This condition is based on the assumption that people older than 60 are unlikely to have a regular income which would last the term of the loan application. For those under 60, you should know that any proposed mortgage must be paid off in full before the borrower’s 60th birthday.

You should be aware of four ongoing costs when purchasing a property in Thailand.

First is the “sinking fund”. This is a one-time payment to the juristic officer, who will keep this in a fund for significant renovations to the property. An example would be repainting the building or replacing the elevator cars.

There is also what is known as the “common fee”, which is typically paid annually for operating costs such as security, maid service, in-house staff and gardeners. Thirdly there is a charge for the installation, insurance, and service charge of electricity meters.

Lastly, there are miscellaneous administrative expenses, such as the transfer of ownership at a local district land office.