Can foreigners own property in Thailand?

Foreigners can own freehold condominium units (up to 49% of a building’s total units) but cannot directly own land. Alternatives include long-term leases (up to 30 years, renewable) or owning land via a Thai limited company with Thai majority shareholders.

What are the restrictions on foreign land ownership in Thailand?

Thai law prohibits foreigners from owning land under the Land Code Act. Options include leasing land for up to 30 years or setting up a Thai limited company (51% Thai-owned) to hold the land title.

How can foreigners buy a condo in Thailand?

Foreigners can buy freehold condos if the foreign ownership in the building is below 49%. Funds must be transferred from abroad, documented with a Foreign Exchange Transaction Form (FET). A lawyer is recommended for due diligence and title transfer.

What are the costs and taxes when buying property in Thailand?

Costs include transfer fees (2% of appraised value), withholding tax (1% of appraised or sale value), specific business tax (3.3% if sold within 5 years), and stamp duty (0.5% if no SBT applies). Legal fees range from 20,000–30,000 THB. Condo buyers may also pay sinking fund fees.

Can foreigners get a mortgage to buy property in Thailand?

Thai banks offer limited mortgages to foreigners (40–70% of property value, up to 15 years, with high interest rates of 6–9%). Eligibility requires proof of income and residency. Some developers offer financing, or buyers use overseas loans.

What is the process for buying property in Thailand as a foreigner?

Steps include finding a property, hiring a lawyer and agent, conducting a title search, signing a purchase agreement, transferring funds with a FET, and finalizing ownership at the Land Office (30–60 days).

Is it safe to buy property in Thailand as a foreigner?

Buying is safe with proper due diligence—hire a reputable lawyer, verify the seller’s title, and use registered agents. Risks include unregistered agents or buying without legal checks.

Can foreigners rent out their property in Thailand?

Foreigners can legally rent out their property, subject to income tax on rental earnings (progressive rates based on income). Management companies can handle rentals, but owners must comply with TM.30 tenant reporting.

What are the visa implications of buying property in Thailand?

Buying property does not grant visa privileges. However, investing 10 million THB in real estate may qualify for the Thailand Elite Visa (5–20 years). Standard visas (e.g., retirement, business) require separate applications.

What are the risks of buying property in Thailand as a foreigner?

Risks include buying without due diligence, using unregistered agents, condo depreciation, neglected building maintenance, or legal issues with leaseholds or companies. A lawyer mitigates these risks.

Thailand Property Ownership: Leasehold vs. Freehold Guide

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.

Leasehold vs. Freehold Ownership in Thailand

When buying property in Thailand, it’s important to understand the difference between leasehold and freehold. Here’s a quick comparison:

Feature	Leasehold	Freehold
Ownership Duration	30 years (can be renewed)	Permanent
Land Ownership	No (land owned by landlord)	Yes (if Thai or through structure)
Can Foreigners Buy?	Yes	With restrictions
Inheritance	Complicated	Yes
Investment Potential	Moderate	High

Leasehold Property Ownership

Legal Framework: Governed by Thai Land Code Act
Usage Rights: You have the right to use and occupy the property during the lease term, but the land remains under the landlord’s name.
Renewal: Some leases can be renewed, but it’s not automatic—always check the contract.
Transferability: Can be sold, but often requires landlord’s permission.
Popular Among: Foreigners looking for a secure long-term stay without owning land.

Freehold Property Ownership

Legal Framework: Offers full ownership of both land and buildings (Chanote title)
Usage Rights: Full control—you can sell, lease, renovate, or pass it on to heirs.
Foreign Ownership Limits: Foreigners can’t own land directly, but may set up a Thai majority company or invest via BOI promotion (legal advice required).
Inheritance: Easy to pass on to family through a will.
Best For: Long-term residents and investors who want full control.

Steps to Buy a Condo in Thailand

Step 1: Start Your Property Search

Choose the location: Bangkok, Pattaya, Chiang Mai, etc.
Define your purpose: Vacation home, retirement, or investment?
Compare price, size, and developer reputation
Work only with licensed real estate agents and reputable law firms

Step 2: Hire a Thai Property Lawyer

A property lawyer will help you:

Conduct a title deed search to verify ownership
Draft or review the Sale and Purchase Agreement (SPA)
Advise on taxes and transfer fees

Note: If you’re buying a condo off-plan (before it’s built), ensure the developer is financially stable and licensed.

Step 3: Transfer Money from Abroad

You must transfer the money from overseas:

Must be in foreign currency
Specify purchase of condominium in the transaction purpose
Ask your Thai bank to issue a Foreign Exchange Transaction Form (FETF)

Can Foreigners Get Mortgages in Thailand?

Yes, but only through select banks:

Bangkok Bank (Singapore branch)
United Overseas Bank (UOB)

Loans are in foreign currencies (USD, EUR, JPY) and require overseas assets and proof of income.

Final Step: Ownership Transfer at the Land Office

Transfer happens at the Land Office where the condo is located. You can go yourself or give Power of Attorney to your lawyer.

Fees at Transfer:

Fee Type	Rate	Usually Paid By
Transfer Fee	2%	Buyer
Stamp Duty	0.5%	Seller (or Buyer)
Specific Business Tax	3.3%	Seller (if sold < 5 yrs)
Income Tax	Varies	Seller

Make sure these responsibilities are clearly written in the SPA.

Leasehold or Freehold – Which is Right for You?

Criteria	Leasehold	Freehold
Duration	30 years (renewable)	Indefinite
Control	Limited	Full
Suitable For	Short to mid-term stay	Long-term investment
Resale	Some restrictions	Easier, more profitable
Inheritance	Complicated	Simple
Best For	Holiday/vacation home	Full-time residence, investors

Final Thoughts

Buying a condo in Thailand is one of the most viable and legal ways for foreigners to invest in property.

Understand the 49% foreign ownership limit
Use trusted legal and real estate professionals
Ensure all funds are transferred from overseas properly
Decide if leasehold or freehold fits your lifestyle and goals

Taking these steps will ensure you make a safe and smart property investment in Thailand.

Contact Us

If you need help or advice, reach out to us:

📧 Email: contact@centralcityproperty.com
📱 WhatsApp: +66959920345