Buying a condo on a tourist visa

[Ryan93]

Hi,

 

I'm in Bangkok on a tourist visa and would like to buy a condo soon. I've done some research but haven't found all of the information I need.

 

Is it possible to do on a tourist visa?

 

Is there a minimum of have to spend? I have a max amount of 2 million.

 

If that's all do able would I some how need to make a Thai bank account or could I use my Thai girlfriends?

 

Thank you

[Jingthing]

Hi there.

 

On tourist visa? Yes.

Baht minimum? No. 

You do need to open your own bank in account in Thailand and transfer in the money by wire from abroad. That's a requirement to buy a condo and also if you ever sell you'll need a document about that to be able to export the money back out of Thailand. 

[blackcab]

Buying a condo on a tourist visa is no problem.

 

There is no minimum you have to spend, 1 or 2 million is perfectly ok.

 

Yes, you do need to open a bank account in your name only. This may take a bit of asking around to achieve.

 

Do not put the money in your girlfriend's bank account because this will not work very well at all.

[Cook my sock]

It's a requirement for foreign ownership to show that you've transferred funds from abroad to a Thai bank account in your name.
The wording on the transfer is also very important. Another tip -do not let the English or foreign bank change it into baht !! You'll lose out big time. I sent in sterling then negotiated the exchange rate over the phone with the Thai bank intermediary before they credited my account(I used a Halifax account to send the money and I opened a krungthai account).All i needed to open an account here was the reason for opening the account, a Thai address and passport...dress smart and have a Thai friend to come along and help.

[Ryan93]

Thanks a lot for explaining, everyone! looks like I'll be spending the weekend going from branch to branch and hope to get lucky.  

Edited November 22, 2016 by Ryan93

[Cook my sock]

Just walk in confident, take a Thai friend to help translate everything; explain politely what the purpose is and it shd be fairly straightforward

[HampiK]

if you have a contract  for the condo already, then it's even easier to open a bank account. But even without it's possible, you only have to search maybe..

 

Everything is possible.. I have done it myself some time ago.

Even had done a few weeks ago the yellow tambien ban (Housebook) and the Pink ID card on a 30 day exempt stamp.....

 

[Jingthing]

If it's hard to open a bank account and you're using an agent to help with the condo buy, the real estate agent's office likely has a relationship with a bank, so ask them to help open the account. That's how I opened my first bank account here also on a tourist visa. 

[Cook my sock]

Honestly all it took was a visit to krungthai to make an appointment, on the day just 45 minutes and I had a krungthai blue diamond card in my pocket

[williamgeorgeallen]

thinking about moving money into a thai girls bank account leads me to believe you need to spend more time researching this forum. dont be fooled into buying a cheaper one in a thai (your girlfriends) name.

[yellowboat]

37 minutes ago, williamgeorgeallen said:

thinking about moving money into a thai girls bank account leads me to believe you need to spend more time researching this forum. dont be fooled into buying a cheaper one in a thai (your girlfriends) name.

Thai girlfriend is a HUGE no no.  Putting money in a Thai girl friend's account is like sending lettuce be rabbit. 

[seancbk]

On 11/23/2016 at 0:14 AM, Cook my sock said:

It's a requirement for foreign ownership to show that you've transferred funds from abroad to a Thai bank account in your name.

The wording on the transfer is also very important. Another tip -do not let the English or foreign bank change it into baht !! You'll lose out big time. I sent in sterling then negotiated the exchange rate over the phone with the Thai bank intermediary before they credited my account(I used a Halifax account to send the money and I opened a krungthai account).All i needed to open an account here was the reason for opening the account, a Thai address and passport...dress smart and have a Thai friend to come along and help.

How does it work if you arrive in Bangkok without much money, then after a few years you can afford to buy a place with money made in Thailand?

Surely there are ways to buy here without the money coming from overseas?

 

[TechnikaIII]

On 11/22/2016 at 11:49 PM, blackcab said:

Buying a condo on a tourist visa is no problem.

 

There is no minimum you have to spend, 1 or 2 million is perfectly ok.

 

Yes, you do need to open a bank account in your name only. This may take a bit of asking around to achieve.

 

Do not put the money in your girlfriend's bank account because this will not work very well at all.

... and besides, with all due respect to the relationship you have with your girlfriend, and I do hope it is lasting,

many start off wonderfully and end up with heart broken guys coming here and asking where they can hire a bulldozer, to flatten the houses their girlfriends/wives have evicted them from .. houses they have bought, with the expectation of harmonious futures. More often than not, the acrimony is directed by the mother in law, who has decided that there is not enough money flowing into the family kitty. (I am not referring to the family pussy, or sometimes that's the same thing.) The boyfriend is too old and both his bank account and ability to perform in bed have, .. dried up. (Hazards of huge age differences)

If you have bought a condo via someone else's account, and things go belly up, getting revenge with a bulldozer is a tad difficult, well, depending on how many flights of stairs you have to drive up.

 

However, I logged on to read this thread, because I too have some half baked intentions of buying a condo, simply because I can't buy land on my own. I want to build an eco-friendly place with a purpose built studio, and would give anything (almost anything) for a garden, even a small one. Good luck. 

One more point, only slightly off-topic, when getting down to selecting a place, check out the history of the area, in terms of being flood prone. King tides are only going to get bigger and more hazardous with rising sea levels. When they meet the monsoon flows from the North, we have the 1945 and 2011 scenario. After all, Bangkok is built at the mouth of a river, the drain of a massive flood plain that Central Thailand is. Every time there is a flood of any magnitude, discussions about relocating the capital are revived. 

Food for thought.

[lkn]

1 hour ago, seancbk said:

How does it work if you arrive in Bangkok without much money, then after a few years you can afford to buy a place with money made in Thailand? […]

 

You will have to repatriate the money you have made in Thailand, which require a letter from your employer / salary certificate. After that, you can transfer them back to Thailand and first then will you meet the legal requirements for buying a condo in “foreign name”.

 

[blackcab]

1 hour ago, seancbk said:

How does it work if you arrive in Bangkok without much money, then after a few years you can afford to buy a place with money made in Thailand?

Surely there are ways to buy here without the money coming from overseas?

 

 

Two options. Either transfer in money from abroad, or send your Baht out and then back in.

 

The exchange rate might well be the deciding factor if you have the choice.

 

There is little scope for using earnings from inside Thailand.

[1FinickyOne]

On November 23, 2559 BE at 0:43 AM, Ryan93 said:

Thanks a lot for explaining, everyone! looks like I'll be spending the weekend going from branch to branch and hope to get lucky.  

 

Ryan - I transfer often into my Kasikorn Bank Account... I call USA in our [Thai] evening and it is in my account late the next morning... and I always get a good rate. Make sure to include your phone number on the transfer and they will call you when the money arrives. 

[Wazza1]

I would use your Thai girlfriends, put 2,000,000 into her bank account and when you find a condo just use that money, you shouldn't have a problem.

 

[Peterw42]

8 minutes ago, Wazza1 said:

I would use your Thai girlfriends, put 2,000,000 into her bank account and when you find a condo just use that money, you shouldn't have a problem.

 

 

OP cant buy a foreign title condo putting the money in GFs account. The money must come from outside Thailand into his Thai account, and proof shown to the land office.

[Wazza1]

16 minutes ago, Peterw42 said:

 

OP cant buy a foreign title condo putting the money in GFs account. The money must come from outside Thailand into his Thai account, and proof shown to the land office.

 

Of course he can, the realestate agents don't give two hoots where the money comes from as long as they get the money, the Land Office only handle the transfer from one name to the purchaser and tax, realestate agents can do all that paperwork and lodge it. The O.P can save even more money if he puts money into his GF account, buys a condo in her name and lives in it.

[Cook my sock]

 
Of course he can, the realestate agents don't give two hoots where the money comes from as long as they get the money, the Land Office only handle the transfer from one name to the purchaser and tax, realestate agents can do all that paperwork and lodge it. The O.P can save even more money if he puts money into his GF account, buys a condo in her name and lives in it.

Save even more money by losing it all! Great advice [emoji23][emoji23][emoji23][emoji23]

[Peterw42]

6 minutes ago, Wazza1 said:

 

Of course he can, the realestate agents don't give two hoots where the money comes from as long as they get the money, the Land Office only handle the transfer from one name to the purchaser and tax, realestate agents can do all that paperwork and lodge it. The O.P can save even more money if he puts money into his GF account, buys a condo in her name and lives in it.

 

The land office will not let a foreigner buy a condo without proof of funds (FET) coming from outside Thailand. That is common knowledge. Please dont advise others with incorrect information they may act on.

OP has stated that he wants to buy a condo, not buy his GF a condo.

 

http://www.thailandlawonline.com/article-older-archive/condo-purchase-currency-fet-form-remittance

[Peterw42]

Buying an apartment 
foreign currency exchange

To qualify for foreign ownership under the Thailand Condominium Act a foreign purchaser of a condo unit is required to remit the full purchase price for the condo in foreign currency into Thailand, unless he is a resident in Thailand or eligible for foreign ownership under one of the other less common grounds of section 19 of the Condominium Act. 

The purchase price for the condo should be transferred from abroad in foreign currency and exchanged into Thai baht by the Thai recipient bank. The recipient bank inside Thailand must issue to the foreign purchaser evidence of the money transferred and exchanged into Thai baht in the form of a foreign exchange transaction form or credit note. These documents must show:

• The transferred amount in foreign currency
• The transferred amount in Thai Baht
• The name of money sender
• The name of money receiver
• The purpose of transferring (i.e. buying condominium unit x in the x condominium)

A non-resident foreigner buying a condo in Thailand must be able to show a copy of the bank's issued FET-form or confirmation letter of remittance of foreign currency (credit note) to the land department in order to qualify and register foreign ownership of an apartment unit in the condominium. The foreign exchange transaction form must show the foreign purchaser's name either as the sender or receiver of the money from the overseas bank.

Edited December 2, 2016 by Peterw42

[blackcab]

39 minutes ago, Wazza1 said:

 

Of course he can, the realestate agents don't give two hoots where the money comes from as long as they get the money, the Land Office only handle the transfer from one name to the purchaser and tax, realestate agents can do all that paperwork and lodge it. The O.P can save even more money if he puts money into his GF account, buys a condo in her name and lives in it.

 

That's not only incorrect, it's dangerous. Buying property is a serious matter in any country. If you're being flippant then it's not helpful when someone is asking a genuine question.

[Wazza1]

46 minutes ago, Peterw42 said:

 

The land office will not let a foreigner buy a condo without proof of funds (FET) coming from outside Thailand. That is common knowledge. Please dont advise others with incorrect information they may act on.

OP has stated that he wants to buy a condo, not buy his GF a condo.

 

http://www.thailandlawonline.com/article-older-archive/condo-purchase-currency-fet-form-remittance

 

Would a receipt from HIS European or U.S countries bank showing a transfer FROM HIS ACCOUNT into his GF Thai bank be considered evidence of him bringing funds into the country? I think yes.

[tomacht8]

5 minutes ago, Wazza1 said:

 

Would a receipt from HIS European or U.S countries bank showing a transfer FROM HIS ACCOUNT into his GF Thai bank be considered evidence of him bringing funds into the country? I think yes.

Why do you make it complicated.
The Thai Condo law is one of the few options here for foreigners to acquire legal property to 100% in its own name.
A foreigner should open a bank account on his behalf for this purpose.
I have had very good experiences with Bangkok Bank. It is important to go to the head office of a respective bank and not to a branch!
There is usually a special department, which is familiar with this procedure.
Very important, as others have rightly written here, that you write the purpose of the money transfer on the transfer slip:
Money to buy a Condo!
If you want to buy an already finished, (second hand) condo it is even better, if you already know the purchase object, then write also the Condo name with address on the transfer slip. In this case, make sure that the alien quota is fulfilled.In any case you need a confirmation letter from the Condo Management.
You no need any thai GF to buy a condo in your name!

[Peterw42]

 
Would a receipt from HIS European or U.S countries bank showing a transfer FROM HIS ACCOUNT into his GF Thai bank be considered evidence of him bringing funds into the country? I think yes.

Think what you like, 6-8 people in the thread have said what is required and they are correct.
You are wrong.
Money has to come from outside Thailand into the "foreigners" Thai bank account. And proof of that transaction given to the land office.
The FET document would list the GF as receiving the money and the land office would not accept the document.

[lkn]

17 minutes ago, tomacht8 said:

[…] Very important, as others have rightly written here, that you write the purpose of the money transfer on the transfer slip […]

 

As best as I can tell, this is just some urban myth often being repeated here and elsewhere.

 

I have bought a condo here, and I did not write the purpose (of the many transfers that collectively made up the purchase sum), and I have questioned people who state this “requirement” in the past, no-one has been able to reference any legal document where it is stated, nor is there any anecdotal evidence that this is required, i.e. no-one so far has written that their purchase was denied because they had not stated the purpose, yet several have reported that they (like me) did not write any purpose for transfer on the slip.

[Peterw42]

 
As best as I can tell, this is just some urban myth often being repeated here and elsewhere.
 
I have bought a condo here, and I did not write the purpose (of the many transfers that collectively made up the purchase sum), and I have questioned people who state this “requirement” in the past, no-one has been able to reference any legal document where it is stated, nor is there any anecdotal evidence that this is required, i.e. no-one so far has written that their purchase was denied because they had not stated the purpose, yet several have reported that they (like me) did not write any purpose for transfer on the slip.

I think it may be relevant when you later want to export the money back out of Thailand.
Also some banks like to see it written down before they issue FET

[blackcab]

1 hour ago, Wazza1 said:

 

Would a receipt from HIS European or U.S countries bank showing a transfer FROM HIS ACCOUNT into his GF Thai bank be considered evidence of him bringing funds into the country? I think yes.

 

The land office won't accept a remittance receipt from a foreign bank. This is because even though it shows foreign currency was sent, it doesn't (and can not) state that the foreign currency was exchanged to Thai baht.

[blackcab]

33 minutes ago, lkn said:

 

As best as I can tell, this is just some urban myth often being repeated here and elsewhere.

 

I have bought a condo here, and I did not write the purpose (of the many transfers that collectively made up the purchase sum), and I have questioned people who state this “requirement” in the past, no-one has been able to reference any legal document where it is stated, nor is there any anecdotal evidence that this is required, i.e. no-one so far has written that their purchase was denied because they had not stated the purpose, yet several have reported that they (like me) did not write any purpose for transfer on the slip.

 

I agree. I often think websites copy each other until there is a mass of information out there that people believe.

 

In my experience the land office aren't bothered about the stated reason or lack thereof. You could state one reason or no reason, and then change your mind.

 

I advise people to put the reason because I see no harm in it, but I don't believe it is necessary.

 

If I had to guess, someone somewhere probably had  problem and it grew into a bit of an Internet phenomenon.