Possession of Real Estate for Foreigners

Possession of Real Estate for Foreigners

There are 3 types of real estate that foreigners can buy:

  • Condominium
  • Buildings that are not attached to the ground (purchase only the room)
  • All types of land and buildings that have been registered for a long-term lease of more than 30 years

Buying a Condominium in Thailand

          Real estate in Thailand has attracted many foreign investors. Therefore, foreigners can invest in condominiums and own them according to the law.

Legal Condominiums of Thailand

          According to the condominium Act Amended No. 4 B.E. 2551 (2008), foreign persons or juristic persons can purchase and own condominiums in Thailand by themselves with a maximum foreign ownership ratio of 49% of the total sales area of ​​that project, while the remaining 51% are owned by Thais or a Thai juristic person holding.

Most of the principles in buying a condo for foreigners

          In most cases, evidence of inward remittance must be brought to a bank in Thailand in the form of (FOREX/FET) as a document for Thai banks to issue.

Do foreigners need a lawyer to buy a condo?

          Hiring a lawyer is a necessity to check the integrity of the documents. Which can work in tandem with real estate sales companies for the satisfaction of the buyer.

Is there a condo for long term rental?

Generally, foreigners can rent real estate, divided into 2 types as follows:

  • Lease of immovable property for foreigners by registering a short-term lease

          Short term rental according to the civil and commercial code, section 538 states that a short-term lease is a lease of immovable property for no more than 3 years, such as an apartment, dormitory. There is only a lease agreement between the "renter" and the "lessor".

  • Lease of immovable property by foreigners by registering long-term leases.

          Long term rental according to section 538 of the civil and commercial code, a long-term lease is a lease with a term of more than 3 years onwards. “Lease registration” at the land office where the real estate is located because according to the law, the lease agreement will be effective for only 3 years, according to the commercial and industrial rental Act B.E. 1999. The lease has expired, the contract can be renewed for no more than 30 years from the contract renewal date.

Documents for the transfer of ownership for foreign nationals (buyers)

  1. Copy of passport.
  2. Evidence of transferring money into a foreign currency deposit account (FOREX/FET) or transferring money to a domestic deposit account or a certificate from a bank certifying the money transfer or evidence of exchange. Money in baht or proof of foreign currency declaration through the customs department or evidence of withdrawing baht from a local deposit account. (From the passbook)
  3. Copy of foreign identity card (buy a condominium without showing proof of money transfer or showing bank account)
  4. Copy of residence certificate (Residence permit) (buy an apartment without showing proof of money transfer or showing bank account)
  5. Investment promotion certificate from the office of the board of investment or documents on investment promotion of a company that has been promoted.
  6. Power of attorney (In the case of giving another person to act on your behalf)
  7. Copy of ID card and a copy of the house registration of the attorney.

          Note: Foreign nationals are individuals who can only purchase condominium units for vacant land or land with buildings cannot be purchased.

Documents for the transfer of ownership for foreign juristic persons (buyers)

  1. Certificate of foreign juristic person (In the case of a foreign juristic person registered abroad)
  2. Certificate from the ministry of commerce (In the case of foreign juristic persons registered in Thailand)
  3. List of shareholders (Foreign juristic person registered in Thailand, not older than 1 month) (Foreign juristic person registered abroad, no age limit)
  4. Minutes of the board of directors' meeting specify the purpose of purchase and the source of the purchase money.
  5. Copy of the passport of the authorized director
  6. Sample letter showing director's signature
  7. Affidavit of power of Attorney and the signature of the director from notary public (Foreign juristic person registered abroad)
  8. Evidence of transferring money into a foreign currency deposit account (FOREX/FET) or transferring money to a domestic deposit account or a bank statement certifying the money transfer or evidence of exchange. Money in baht or proof of foreign currency declaration through the customs department or evidence of withdrawing baht from a local deposit account. (From the passbook)
  9. Investment promotion documents from the office of the board of investment
  10. Power of attorney (In the case of giving another person to act on your behalf)
  11. Copy of ID card and a copy of the house registration of the attorney.