Looking for a condo for sale in Pattaya?
Read the Buying a Condominium in Thailand for foreigners guide
Purchasing a condominium is by far the most popular and relatively straightforward method for a foreigner to acquire a property in Thailand. Although purchasing a condominium unit in Thailand is a fairly simple process, there are nevertheless certain steps which should also be considered as part of the due diligence when investing in Thai property.
A foreigner can buy one ore more condominium units, but only 49% of the units in a project are allowed to be registered to foreign ownership. In a new projects you select a unit before to 49% quota has been taken and in existing projects you can select a resale condo that is registered to a foreign citizen, so it can be transferred to your name, the quota will remain the same.
Foreigners in general must show proof that the funds for purchase of the condominium were brought from outside of Thailand. Foreigners who have legal residence permits are not required to show evidence of funds coming from abroad. This is done by transferring the funds to your bank account in Thailand.
If you do not have a Thai bank-account checkout the Thai banks websites, they are in English language and you will find instructions how to do it before setting up an account with them and offering other ways to bring in capital as well. In any case it is required to transfer FOREIGN currency to Thailand and as the capital purpose you need to declare: “Purchasing Condominium”.
Later when it comes to the transfer of ownership from the Seller to your Name at the Thai Land Department, your Thai Bank will confirm to the Land Department, that the capital you are using to buy the condo has been brought in from abroad. The name of this form is “Foreign Exchange Transaction – Form” also know as “TorTorSam”.
Since you brought your capital in to Thailand officially and legally, you are also allowed to send it out, for example after you sold your condo. Your capital would not be trapped in Thailand.
Before buying a condo, ask how much the monthly maintenance fee and sinking fund is. Have a look at the Rules and Regulations of the Condominium. Make sure a reputable management company has been appointed to run the place in an efficient and transparent manner and check how good the projects security and CCTV system is.