Non-residents Buying Apartments

[yoshitsune]

Hi,

I love visiting Thailand whenever I can, and so have always been looking to buy an apartment, or condo, so that I could drop by on vacations and the like without needing to go through hotels. However, I'm not a resident nor am I employed in Thailand, so I was wondering whether or not that would be an issue if I were to buy an apartment here? Are there any particular requirements to buying apartments in Thailand i.e. would I need to be employed or a legal resident in the country?

Thanks... any help would be highly appreciated!

[DonJuanDemarco]

global warming.

[Crossy]

I'm not aware of any residency requirements for buying a condo, indeed the money must come from abroad.

Moving to housing, where those more knowledgeable than I live

[yoshitsune]

I'm not aware of any residency requirements for buying a condo, indeed the money must come from abroad.

Moving to housing, where those more knowledgeable than I live

Thanks, so there wouldn't be any restrictions on foreign ownership of single apartments, I hope? I did hear that foreign ownership of houses and such had been quite restricted, but I haven't heard much about ownership of single apartments. If there aren't any requirements that's a major relief for me.

Edited September 30, 2009 by yoshitsune

[wamberal]

Go right ahead, if you enjoy throwing money away. The economics of owning property just to use it occasionally on holidays just does not stack up.

There are plenty of serviced apartments and the like, use them. Do yourself a favour, save your money for something more useful.

[yoshitsune]

Go right ahead, if you enjoy throwing money away. The economics of owning property just to use it occasionally on holidays just does not stack up.

There are plenty of serviced apartments and the like, use them. Do yourself a favour, save your money for something more useful.

I don't see it as much of a waste really... like, say if I got a great deal on an apartment that's at a convenient location in central Bangkok, it would be useful if I were to later live there permanently. There are lots of reasons to live in Bangkok permanently, so it might be a good investment. And then I could always sell it at a better price afterwards if I really did feel like it was a waste. I just don't really like commuting in hotels, kind of takes away the experience for me, personally.

[PattayaParent]

No, you don't need to be a resident to buy a condo in your name and it can be done on a tourist visa (or 30 day entry stamp).

You do need to show that the funds were remitted from outside of Thailand so you would probably want a bank account here to receive them.

While a bank account can be opened with a tourist visa most banks request a Work Permit so you have to shop around to find one that will open an account for you. Kasikorn is the most accomodating in this regard.

[wamberal]

I don't see it as much of a waste really... like, say if I got a great deal on an apartment that's at a convenient location in central Bangkok, it would be useful if I were to later live there permanently. There are lots of reasons to live in Bangkok permanently, so it might be a good investment. And then I could always sell it at a better price afterwards if I really did feel like it was a waste. I just don't really like commuting in hotels, kind of takes away the experience for me, personally.

Firstly, the money that you put into buying an apartment would probably earn a better rate of return elsewhere, unless you are very lucky. How much do you know about real estate in Thailand? Yes, it might be a good investment - but there is certainly no guarantee that it will be. Some apartment buildings deteriorate over time, it all depends on the owners, how active and committed to maintaining the place properly they are.

Secondly, there are wonderful alternatives to hotels, as I said earlier. My wife and I stay in serviced apartments, and they are as good as your own apartment - except that you do not have to maintain or clean them, or worry about paying management fees and the like, and if the building starts to deteriorate over time, stay in a newer one next time. The only slight downside is that you do not have your own furniture etc inside. How much is this worth?

[stgrhe]

6) if you buy off-the-plan, make sure your deposit and any progresive payments you make are secured and not paid directly to the builder.

'Exceedexcell' gave the OP some good advice but I like to add that it is important, as he says, that you secure your down payment if you buy off-plan. There are two ways of doing that:

1. Open en Escrow account, which is the easiest way to go; or

2. Request the builder to issue an advance payment guarantee, to be opened in your favour and preferably in your bank. In case this route is chosen it is paramount a second guarantee, a performance bond, also be opened in your favour. Typically the performance bond should be 10% of the total contract price. Both guarantees should be so-called 'on demand' guarantees.

Another thing you should watch up for is 'top heavy' payment plans. The payment milestones should correspond to the value of work progressed with at least 10% remaining to be paid only after final inspection has been approved.

[PattayaParent]

2) the money to pay for it MUST come 100% from overseas, the bank account here in Thailand MUST be in exactly the same name as the name you use to buy the condo, and the transfer from overseas MUST be also in exactly the same name.

3) you MUST have the Thai bank receiving the money issue a certificate (need to check - i think its called a Tor Tor 3)) Some banks do ask that you present a work permit - technically and legally you do NOT need one to open a savings account.

Good advice from exceedexcell but I would add to this that usually the value of the condo declared at the land office is less than the money you are paying (to avoid tax) and the TT3 (FETF as it's now called) needs to be only for the value declared at the land office.

Also a TT3 is only issued for transfers of over 600,000 Baht so if your condo costs less than that, or you are bringing the money in in several small transactions you can get a Bai Rap Rong from the bank detailing the transfer.

[olsen]

You can also bring in the money in cash and get a receipt at the airport that you've brought in the money...this can save you a lot of money in exhange rates as many of the money exchange shops in Bangkok gives a better rate than the banks!

One of my clients brought 1 million DKK into the country and saved 80,000 DKK in the exchange....this is around 500,000 THB - quite a bit money to save at the exhange!

[clinique]

You can also bring in the money in cash and get a receipt at the airport that you've brought in the money...this can save you a lot of money in exhange rates as many of the money exchange shops in Bangkok gives a better rate than the banks!

One of my clients brought 1 million DKK into the country and saved 80,000 DKK in the exchange....this is around 500,000 THB - quite a bit money to save at the exhange!

Does this "receipt" work as a Foreign Exchange Certificate as far as theland department is concerned - for condo purchase ?? Just wondering.