Foreign Corporation Buying A Condo

[Siriam]

Hi, is it possible for a foreign corporation buying a condo in Thailand?

Thanks.

[InterestedObserver]

Yes, just import the necessary funds as foreign currency.

[Siriam]

Thanks a lot for your kind answer :-)

[trajan]

yes, just did that recently....

but some important points to keep in mind:

(a) the foreign company buyer will need notarized and consularized corporate documents showing due incorporation and signing authority of the company officer (and minutes approving the purchase) (to show to the Land Office); and

(b ) when remitting in the purchase funds on behalf of the buying entity, be sure to put in the "purpose" blank on the remittance form "for the purchase of a condo unit at XXXXXXXX" and also spell the buying company's name exactly right....(then the bank in Thailand handling the remittance can prepare that foreign exchange form correctly, which you will also need to show to the Land Office)....

enjoy!

Edited July 14, 2011 by trajan

[thaiwanderer]

You may wish to consider using a new foreign company solely for owning the condo unit.

[trajan]

You may wish to consider using a new foreign company solely for owning the condo unit.

yes, a special purpose vehicle company is ideal so when it comes time to sell the condo, you have a choice of: (a)just transferring shares of the SPV company (with condo as an asset) to the buyer; or (b ) directly transferring the condo to the buyer (if the buyer insists (like a local buyer would probably insist).

Edited July 14, 2011 by trajan

[Siriam]

Thanks all guys :-)