Buy Condo While Live Abroad Without Thai Visa: Possible?

[Swiss1960]

Thanks for all who will try to answer this my question:

I am still living abroad and my current times in Thailand are on vacation only, but I have long term (3-5y) retirement plans which (financially) develop perfectly. Now I am thinking about buying a Condo within the next months, but I am not sure whether this is legally possible. So my only question is:

Can I buy / own a condo in Thailand, while I am still living in my home country and do not have a Thai Visa of any kind (except my "free" 30d tourist Visa when i come from time to time)?

Of course, all the guys and gals consulting me in the shopping malls tell me "no problem, no problem" and give me 5-10% rebate on any contract signature within the next 5-10 days... And also, I don't need advice on buying off plan or about the dangers of investing in not-yet-started constructions... I am well aware of the dangers of investing in such kind of projects. And I did read a lot about the necessary paperwork needed for the Farang quota. I am also aware of the issue of legalizing the money transfer from my home bank account to a Thai bank account (which I already have). And I will find a lawyer / consultant to check any contract and all paperwork before signature.

Just the one thing I have not found is whether or not I need to have any kind of Thai Visa in order to be allowed to buy while I still live abroad. Thanks in advance for any helpful information.

[Jingthing]

No, you do not need any kind of visa to buy a condo here. You do need some kind of visa to live here long term, unless you fancy flying in and out every 30 days ...

The salespeople are correct. No problem, no problem.

Edited March 7, 2012 by Jingthing

[saengsureeya]

I'm not sure, because I've no experience, but shouldn't a purchaser of property be able to prove that the money for the purchase of property is actually from abroad?

[Jingthing]

I'm not sure, because I've no experience, but shouldn't a purchaser of property be able to prove that the money for the purchase of property is actually from abroad?

That's true, but that's another question. You need to open a Thai bank account and transfer it into Thailand with the information about the purpose of the transfer -- the condo you are buying. With that you can buy the condo and if you ever sell the condo, this allows you to transfer the sales proceeds out of Thailand. That brings up the question, can you open a Thai bank account without a visa? Again, yes it is possible but sometimes difficult. Real estate agents if they are clear you are good prospect to buy will often help you open a Thai bank account just for this purpose. Literally though, no there is no legal requirement to have any kind of visa to buy a condo as a foreigner.

[Swiss1960]

I'm not sure, because I've no experience, but shouldn't a purchaser of property be able to prove that the money for the purchase of property is actually from abroad?

That's true, but that's another question. You need to open a Thai bank account and transfer it into Thailand with the information about the purpose of the transfer -- the condo you are buying. With that you can buy the condo and if you ever sell the condo, this allows you to transfer the sales proceeds out of Thailand. That brings up the question, can you open a Thai bank account without a visa? Again, yes it is possible but sometimes difficult. Real estate agents if they are clear you are good prospect to buy will often help you open a Thai bank account just for this purpose. Literally though, no there is no legal requirement to have any kind of visa to buy a condo as a foreigner.

Thanks Jingthing, for your fast answer. Of course I am aware that I need a Tor Tor Sam for legalilzing the money entry into Thailand for the purpose of buying property, I just was not 100% sure about my legal status as alien when buying a condo.

Another question: There was a thread some time ago (unfortunately my search does not find it) about a bank that started acting as intermediary between buyer and seller for development projects... they keep the pre-payments in special accounts, refinance the development project and only release the buyers money when the seller fulfills his development plans... this way the money of the buyer is safe and would be returned when the developper fails to fulfill the contract.

Does somebody know where to find this thread / know which bank does offer this service?

[PattayaParent]

Jingthing is right, you can purchase a condo when you live overseas, I have done it before myself, no problem.

[Swiss1960]

Jingthing is right, you can purchase a condo when you live overseas, I have done it before myself, no problem.

Thanks for your confirmation, PattayaParent

[PattayaPhom]

If buying from a developer, the money can be transferred to their account from an overseas account in your name and they will provide tor tor sam for you

[Swiss1960]

If buying from a developer, the money can be transferred to their account from an overseas account in your name and they will provide tor tor sam for you

Thank you. I am wary buying from a developer when he does not provide escrow accounts with fitting exit clauses in the purchasing contract. Did read / hear / talk with too many people who sent their money directly to the developer and then either did see their project never started / cancelled / delayed for years without any option to get their money back. Thus my other topics asking about banks / developers offering escrow accounts for buying off plan.