Does Permanent Residency holder have any benefit on buying Thai property?

[JS82]

Hi everyone here,

 

I just got my permanent residency in Thailand this year. 

Now I am looking at different properties and  have interest to have a place of my own.

1) Except for the benefit of "no need to transfer payment from overseas to buy property“， is there any other benefit that i could enjoy as a permanent resident when I buy property?

2) Can I buy a townhouse or detached house under my name?  Or condo and apartment are the only options?

3) when I search on some app,  i saw listings indicates"foreigner quota" or "Thai quota", does it mean as a foreigner , only the ones with "foreigner quota" make sense to me?

4) I am not really in a rush , now it is a good timing to buy or i should wait for 5 years after I become a Thai citizen? At that time, i could have more choices and lower price?

 

Thank you for any comment.

 

 

[OneMoreFarang]

If you have the money, then I don't think it makes a difference.

If you have to borrow money from a bank, then it seems to make a big difference. 

[smutcakes]

I am PR and it seens to make no difference although i have not really enquired to much.

 

I did make a half hearted approach to get a mortgage the other day and the banks said no can do. I mentioned i was PR as others have told me its made a difference for them, but the bank did not care... it was all a bit half hearted on my behalf though and i did not really put much effort in tl do it.

 

However my citizenship application is now been submitted to the MOI with 43 others...

[JS82]

On 6/29/2023 at 3:20 AM, smutcakes said:

I am PR and it seens to make no difference although i have not really enquired to much.

 

I did make a half hearted approach to get a mortgage the other day and the banks said no can do. I mentioned i was PR as others have told me its made a difference for them, but the bank did not care... it was all a bit half hearted on my behalf though and i did not really put much effort in tl do it.

 

However my citizenship application is now been submitted to the MOI with 43 others...

Thank you for the information. I am not really concerned about bank or mortgage.  Just for a thai citizen, they could buy land/house/condo at a Thai price and have more options,  I hope PR holders could have the same benefit but obviously it is not possible. 

Good lucky with your filing for the Thai citizenship.   I may do the same when the time comes.

[tomazbodner]

On 6/29/2023 at 3:20 AM, smutcakes said:

I am PR and it seens to make no difference although i have not really enquired to much.

 

I did make a half hearted approach to get a mortgage the other day and the banks said no can do. I mentioned i was PR as others have told me its made a difference for them, but the bank did not care... it was all a bit half hearted on my behalf though and i did not really put much effort in tl do it.

 

However my citizenship application is now been submitted to the MOI with 43 others...

PR holders can take a loan up to age 70 from a Thai bank. Mine is from UOB and was issued in Thai with Thai conditions. I have suggested UOB to a friend who got PR last year, and he also applied and got it approved. Only problem is that even at UOB, most staff don't even know what PR is, and start throwing out conditions that make no sense at all. Once you get to the correct person, however, they'll give you very good guidance on what's needed and how to get it done. Obviously, like Thais, your specific conditions (credit rating, outstanding debt, income, and amount/percentage of property value as well as their own assessment of the property quality) would come into play when considering whether to grant it or not. At least with my bank, you can overpay and finish early, but even if you overpay, you still need to pay at least fixed amount the next month.

[donx]

On 10/12/2023 at 2:58 AM, JS82 said:

Thank you for the information. I am not really concerned about bank or mortgage.  Just for a thai citizen, they could buy land/house/condo at a Thai price and have more options,  I hope PR holders could have the same benefit but obviously it is not possible. 

Good lucky with your filing for the Thai citizenship.   I may do the same when the time comes.

I have read in this forum that one of the benefits of having permanent residency is that when purchasing a condo, you aren't required to have all the funds coming from outside of Thailand. Your purchase will still be designated as part of the foreign quota.

 

I could be completely wrong about this, so if this is of interest to you, I suggest you research this or get advice from a lawyer.

[smutcakes]

On 10/12/2023 at 8:20 PM, tomazbodner said:

PR holders can take a loan up to age 70 from a Thai bank. Mine is from UOB and was issued in Thai with Thai conditions. I have suggested UOB to a friend who got PR last year, and he also applied and got it approved. Only problem is that even at UOB, most staff don't even know what PR is, and start throwing out conditions that make no sense at all. Once you get to the correct person, however, they'll give you very good guidance on what's needed and how to get it done. Obviously, like Thais, your specific conditions (credit rating, outstanding debt, income, and amount/percentage of property value as well as their own assessment of the property quality) would come into play when considering whether to grant it or not. At least with my bank, you can overpay and finish early, but even if you overpay, you still need to pay at least fixed amount the next month.

Could you message me the contact at UOB please. 

[tomazbodner]

22 hours ago, smutcakes said:

Could you message me the contact at UOB please. 

Sent

[PJ71]

As a foreigner if you put 50% of the property value down the bank will lend you the rest.

 

I did this with my first property until i had capital to buy others.

 

This was SCB and the developer had to come with me with some documents, this was cira 2006/07 i think.

[ThaiLawOnline]

I have PR since 2015 and wrote about it, my journey, rules, benefits, etc. This year, applications are opened from 16 October to 29 December 2023.

 

Concerning real estate, the only benefit is when buying a condo, you do not have to show that money comes from abroad in foreign currencies. Someone mentioned about taking a loan, that is not in the law. I got a mortgage from a bank without permanent residency. Banks can have their own rules and it can change from a bank to another. Permanent residency give them more security, just like a work permit, a high salary or being married to a Thai.

 

You have benefits on the work permit that many are not aware. As you do not need a visa, 90 days notifications or TM30, the restrictions linked to immigration do not apply. That is difficult to convince the labour department but it is possible, for example, to have a work permit under a company and ZERO employee. You do not need a Non-B visa, as you have PR.

 

You can also sponsor a family member for PR when you have PR. That's one of the 5 categories eligible for PR.

 

I do not know if I wish to apply for citizenship. I could, but I have no intention to buy land, my work permit is easily done for 2 years, I have Thai partners for business and my passport is better than a Thai one.