I am probably reading this the wrong way, so please feel free to correct me, but am I right in assuming that a foreigner can only buy a condo in Thailand with money transferred from overseas?

What if you live and work here legally and save enough to be able to afford to buy something?

Comments would be appreciated.

Correct , the land office requires a FETF (Foreign exchange transfer form) showing the overseas source of the funds at deed transfer time.

Others will correct, but I believe if you have a work permit and extension of stay based on business - you can use funds in a local bank account in your name.

Thanks Simmo. Much appreciated. I was just concerned as I have nothing much to speak of outside Thailand and am working, earning and saving here. Was a bit worried when I heard that I might not be able to buy with money I earn here, which seemed crazy.

Condominium Act of 1999

Section 19 (1): Aliens and Juristic persons which the law treats as aliens may own a condominium unit if they qualify as one of the following types of aliens or juristic persons:

1. An alien who has been permitted to stay in the kingdom as a resident under the laws of immigration.

2. An alien who has been permitted to enter the Kingdom under the laws on promotion of investment.

3. A juristic person as prescribed under Sections 97 and 98 of the land code which has been registered as a juristic person under Thai law.

4. A Juristic person who is an alien under Announcement of the National Executive Council No. 281, dated 24 November B.E. 2515, and which has received a promotion certificate under the laws on promotion of investment.

5. An alien or a juristic person which the law treats as an alien which imports foreign currency into the Kingdom or withdraws money from a deposit account of Thai Baht of a person having residence abroad or withdraws money from a deposit account of foreign currency

Land Code

Section 97.- The following juristic persons shall be deemed foreigners for possession of land :-

1) Limited company or public limited company having shares, which are, registered capital held by foreigner for more than 49% of the registered capital, or more than half of the shareholders are foreigners as the case may be.

For the purpose of this Section, if any limited company issues bearer share certificates, it shall be deemed that aforesaid share certificates are held by foreigners.

2) Limited company or registered ordinary partnership with more than 49% of

shares of the total capital held by foreigners or more than half the partners being foreigners as the case may be.

3) Association or cooperative with half of the members being foreigners, or whose activity is exclusively or mainly for benefit of foreigners.

4) Foundation with objectives exclusively or mainly for benefits of foreigners.

Section 98.- In case the juristic person in Section 97.- holds shares or invest as the case may be in other juristic person mentioned in Section 97.- in the manner in Section 97.-, the said other juristic person shall be deemed alien.

You can always transfer money out to your overseas account and then back in - there is a transfer limit though ($20,000 US per transfer??). I financed most of my recent condo purchase in that way.