The Law

Whereas foreigners in Thailand could own only 40% of the total unit space till recently,this has been raised to 49%, although the ministerial regulations governing this change have not yet been issued. The new Act has also made an exception allowing aliens or alien juristic persons (majority foreign-owned companies) to own up to 100% of the total unit space registered in a condominium up to 27th April 2004. Any foreigner who can enter Thailand legally can buy a condominium but one should investigate the various regulations that govern the issue.

Any negotiable foreign currency can be used to purchase a condominium in Thailand. The remittance MUST come to a bank in Thailand in the form of a foreign currency and NOT in Thai Baht.

The payment must come in exactly the same name as the one on the purchase contract.

For foreigners to be eligible to purchase a condominium in Thailand they must present proof to the Land Department that the funds have been remitted from overseas in foreign currency. Without such proof the Land Department will not permit the transfer of ownership to the foreign buyer.

Upon receipt of the money, the bank will issue form Thor Tor 3. The MINIMUM amount transferred has to be US$ 5,000 as the bank will not issue the certificate for amounts less than this. In case you are getting the money in instalments, ensure that each remittance is a minimum of US$ 5,000

Ensure that "FOR PURCHASE OF A CONDOMINIUM" is stated on each remittance advice. The Bank of Thailand's code for this is 5.22.

Get a copy of the Thor Tor 3 from the seller for each of your remittance. Make sure that the Thor Tor 3 has been issued correctly. Ensure that the name of the purchaser is exactly as per the purchase contract, the reason for the remittance is shown correctly as 5.22 and that it shows the correct amount of remittance. If there is a discrepency, get a corrected Thor Tor 3 from the bank. These measures will save you a lot of aggravation in the future.