Can Foreigners Own Condos in Thailand?
Yes, foreigners can legally own a condo unit in Thailand under the Condominium Act (Section 19) if they meet at least one of the following conditions:
– You have legal residence in Thailand
– You’re allowed to stay under Thailand’s investment promotion laws
– You own a company registered under Thai law
– Your company has received investment promotion from the Thai government
– You bring foreign currency into Thailand to buy the condo
Important Rule: Foreign ownership is limited to 49% of the total floor area of all condo units in a building. The rest must be Thai-owned.
Steps to Buy a Condo in Thailand
Step 1: Start Your Property Search
– Choose the city or area (e.g. Bangkok, Pattaya, Hua Hin)
– Decide your budget and purpose (living, retirement, or investment)
– Work only with licensed real estate agents and reputable law firms
Tips:
– Read real estate FAQs and learn about common scams
– Check the developer’s reputation if buying off-plan (before construction is completed)
Step 2: Get Legal Help
Before signing anything, hire a Thai property lawyer. They will:
– Do a title search to confirm who owns the land
– Review or draft the Sale and Purchase Agreement
– Help negotiate price, fees, and transfer terms
If buying off-plan:
– Know that prices vary by floor, direction, and layout
– Understand there are often no refunds if the project is delayed or changed
Step 3: Transfer Money from Abroad
To legally register ownership:
– You must transfer the full condo price in foreign currency from abroad
– The purpose of the transfer must be stated as buying a condo
– The receiving Thai bank must issue a Foreign Exchange Transaction Form (FETF) as proof
Can Foreigners Get Mortgages in Thailand?
Yes, but it’s limited. Two banks may offer mortgages to foreigners:
– Bangkok Bank (Singapore branch)
– UOB (United Overseas Bank)
Loans are in foreign currencies (USD, EUR, or JPY). Interest rates depend on the currency and loan terms.
Final Step: Transfer of Ownership
Once the property is ready and you’ve paid the full amount:
– Ownership transfer is done at the local Land Office
– You can go in person or give Power of Attorney to your lawyer
Fees You Will Pay at the Land Office
Fee Type | Rate | Who Pays? |
Transfer Fee | 2% of value | Usually buyer |
Stamp Duty | 0.5% | Seller or buyer |
Specific Business Tax | 3.3% | Seller (if sold within 5 yrs) |
Withholding/Income Tax | Varies | Seller |
Final Thoughts
Buying a condo in Thailand is one of the few legal ways foreigners can own property. It’s important to:
– Follow all legal steps
– Use a trusted lawyer
– Transfer money correctly
– Understand the rules about ownership limits
Taking the right steps from the beginning will help avoid costly mistakes and give you peace of mind in your Thai property investment.