Funds To Buy Property

[Boca]

A quick question if I may.

If I am working in Thailand and my wages are being paid into a local Thai bank account, can I use the money that is in this account to buy property in Thailand? Or do I have to send it all out, then send it in again as a lump sum specifically for the purchase of property?

Thanks in advance for any answers.

Boca

[InterestedObserver]

If you mean land, then the answer is no - foreigners cannot own land in Thailand. If a condo in your name the funds would have to be remitted from a foreign source, unless you are a permanent resident.

[Boca]

If you mean land, then the answer is no - foreigners cannot own land in Thailand. If a condo in your name the funds would have to be remitted from a foreign source, unless you are a permanent resident.

Thanks for your reply.

I wouldn't be buying land.

I will have a work visa for Thailand only, I'm not a Permanent Resident.

Thanks

[GarryP]

You can purchase a condo using funds earned in Thailand. If you are not working on a work permit or have PR, then the funds must come from abroad.

[Boca]

You can purchase a condo using funds earned in Thailand. If you are not working on a work permit or have PR, then the funds must come from abroad.

Thanks very much for your reply. This is what I needed to know.

thanks again

[InterestedObserver]

Thailand Law Forum translated excerpts from the Condominium Act as amended:

Which Foreigners May Own Units in a Condominium

The Condominium Act permits five classes of aliens to own condominium units, namely:

1. aliens with a residence permit under the immigration laws;
2. aliens allowed to enter Thailand under the laws for the promotion of investment in Thailand;
3. juristic persons deemed to be aliens under the Land Code and registered as juristic persons under Thai law;
4. juristic persons with a certificate of promotion of investment under the laws for the promotion of investment; and
5. aliens or juristic persons deemed by Thai law to be aliens, who have brought into the Kingdom foreign exchange or withdrawn the money from the non-resident Baht account or withdrawn the money from the foreign currency deposit account.

Edited November 25, 2010 by InterestedObserver

[GarryP]

While I appreciate what the law says, I personally know foreigners who have purchased condominiums with funds they had in Thailand and the Land Office/Amphur registered title in the condos. Evidence of legal employment in Thailand was provided.

I have also heard of, but personally don't know anyone, of people who have obtained mortgages to buy condos and the mortgags were paid with money earned in Thailand.

Having said that, whether that varies from Land Office to Land Office, I do not know. But from my own experience with officialdom, things differ from place to place and official to official.

Edited November 25, 2010 by GarryP

[GarryP]

A follow on from the above. I spoke to one of the people I know who bought a condo and he told me that what he did was technically illegal, although the whole transaction was straight forward.