- Can Foreigner Buy Property In Thailand?
- How to purchase property in Thailand?
- What is the payment procedure?
- Can foreigners apply for loan?
- What is the purchase cost?
- Tax for reselling.
Yes, foreigner can purchase property in Thailand but are restricted to condominiums only.
According to Thai law, foreigners may own up to 49% of the aggregate saleable unit space of a condominium. While the remaining 51% must be owned by either Thai nationals or Thai majority owned Thai companies.
- Foreigner must bring in foreign currency into Thailand to finance the purchase of the condominium.
- The handling bank in Thailand must request issue an official copy of the FET form (Foreign Exchange Transaction Form) or prepare a credit note and bank letter of guarantee containing the same information as the foreign currency exchange transaction reporting form as proof of the remittance and exchange of foreign currency into Thai baht by the foreigner.
- Normal mortgage financing from a Thai bank for the purchase of a condo is generally not an option for foreigners in Thailand.
- Bank that are providing International Housing Loan are UOB Thai.
- Property Price must be Above THB 3,000,000
- Only can apply loan 6 months before Completion
- Interest Rate Range from 6%-10%
- Loan Tenure 10 – 15 years
- Maximum Margin 60%
- Transfer Fees 1% (payable by seller and buyer to the land office)
- Maintenance Fees (pay 1 year in advance upon handover)
- Sinking fund (One-time payment)
- Electric and water meter deposit
|Category||Sale of Freehold Properties||Liability to Tax|
|Transfer Fee||2%||Seller & Buyer|
|Specific Business Tax
(If sell within 5 years)
|Withholding Tax||1% - 3%|