What is needed to buy property?
- To reserve property, a copy of your foreign passport is sufficient.
In case of purchasing an under-construction apartment, remote purchase without the buyer's presence is possible.
For registration of resale property, you will need a foreign passport, a certificate of funds receipt from abroad (TT3), the client's presence, and in case of inability to be present in person, a copy of a valid activated Thailand visa and power of attorney will be required.
Will the property provide any benefits and additional rights?
Buying property in Thailand does not officially provide any additional rights.
However, as our clients' experience shows, in disputed visa registration issues
and in some other cases, apartment documents can be a significant argument in your favor. When registering ownership through a Thai company, there is a possibility to obtain a work visa for it, although we do not recommend doing this.
How to transfer money from abroad to Thailand?
Foreigners buying property in Thailand can use several options:
SWIFT bank transfer, in this case funds are converted at the interbank rate through the dollar. A certificate of funds receipt from abroad (TT3) can be obtained later at a Thai bank.
Bank card, must contain an electronic chip. Our employees help withdraw funds and process the certificate (TT3).
The buyer needs to preliminarily disable the withdrawal limit at your bank and open the Thailand region for payment.
Cash, can be brought in without declaration up to $10,000, with declaration any amount.
We also recommend the vipchanger.com service for small amounts, fast and secure.
In this case, it will not be possible to obtain a TT3 certificate from this transfer.
- MoneyGram and Western Union - Less favorable services, we recommend them in extreme cases.
Will my property be in my ownership? Is it true that in Thailand it is impossible to buy property in your own name?
In Thailand, according to the Condominium Act signed by the King of Thailand in 1974, a foreigner has the right to 100% private property ownership. In each multi-unit residential building, foreigners have the right to purchase 49% of the total area, while Thai citizens or companies have the right to 51% or more of the entire condominium area.
What is the Thai quota? And what does the foreign quota mean?
According to the condominium law (see answer above), in a residential multi-unit building
part of the apartments are purchased by foreigners, as personal property, but not more than 49% of all apartments sold.
Such apartments fall under the foreign quota and are commonly called: "apartment
on foreign quota".
Thai quota - these are apartments purchased by a legal entity, company, or apartments purchased by Thai citizens. In a condo, by law, such apartments must be at least 51% of the total area.
How does the transaction proceed?
There are several main transaction options.
Purchase of primary property.
Property selection
Reservation, the apartment is removed from sale and assigned to you.
Signing the apartment purchase agreement, within 1-30 days after reservation.
Payment according to the contract from 1 month to 4 years depending on contract conditions.
Move-in / Receiving keys
Property registration
Purchase of resale property.
Property selection
Reservation, the apartment is removed from sale and assigned to you.
Signing the apartment purchase agreement, within 1 to 30 days after reservation.
Payment according to the contract
Transfer of apartment ownership at the Land Department
Receiving document package and keys
Move-in
What is the property registration tax in Thailand?
The tax is paid once during document registration.
The tax consists of 4 different fees and changes periodically, averaging 6.3%
of the apartment's assessed value.
The buyer, depending on the transaction terms, pays tax from 1 to 6.3% of the apartment's assessed value. Very often it is half the tax - 3.15%
What additional expenses should I expect?
Primary property:
Tax (see information above)
Annual maintenance, price per square meter from 7 to 70 baht. Average 35 baht per sq.m.
Sinking fund from 300 baht per sq.m., average 600 baht per square meter.
Resale property:
Tax
Annual maintenance, price per square meter from 7 to 70 baht. Average 35 baht per sq.m.
Features of registering a house? / How to buy property through a Thai company?
All houses purchased by foreigners in Thailand are registered in only one way:
Property purchase through a legal entity.
Opening your own company in Thailand is quite simple, our lawyers will do it within 3-5 business days.
Under Thai law, when opening a company, a foreign founder must have a 49% share. Our lawyers' experience allows you to receive full management and full ownership of the entire company, this is done quickly, without risks. Details available during personal consultation with our company manager.
Then the property is registered in this company's ownership. As a result, you receive a standard ownership document called Chanote, in which your company name is entered.
What is Chanote? / What documents will I receive after completing the transaction?
Chanote - this is an apartment ownership document, in Thai language, on official stamped paper,
non-standard format larger than A4, size 24 X 36 cm.
On the first page: address, property description, apartment or land plan.
On the reverse side: records of property owners. On the chanote of resale property, as a rule, you can see the entire ownership history of this apartment in different periods.
A blue book, also known as a house registration book, is attached to the chanote. This document is not the main ownership document.
When registering property in your own name, you receive a chanote + blue house registration book.
When registering through a legal entity, in addition to the main documents you receive
founding documents for your company that owns your property.
What are the risks when buying property?
When buying property, the most important thing is to choose a reputable company with extensive experience and good reviews. You should not trust your money and documents to random acquaintances who don't have their own company and work permit.
If you contact an agency with a good reputation, your risks will be zero.
According to Thailand legislation, private property, regardless of the owner's nationality, foreigner or Thai citizen,
is equally guaranteed by the state, inviolability and safety of private property.
Inheritance transfer is also guaranteed in accordance with Thai legislation.
What is more profitable, resale property or primary from the developer?
Today, most of our clients, having the full amount on hand, choose resale property. Currently there are many profitable offers below market prices and cheaper than from developers.
If the client does not have the full amount to pay the entire apartment cost immediately, they have to choose more expensive apartments, but with installments from 1 to 3 years.
