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A GUIDE FOR FOREIGNERS – BUYING A CONDOMINIUM IN THAILAND

STEP 1 – PREPARATION
       If you are planning to live in Thailand, you may wish to buy your own condominium. As with any property purchase you will need to prepare well before taking the plunge. You firstly need to open a Bank Account, different banks and even different branches of the same bank apply different criteria in allowing an account to be opened. We have found that Kasikorn Bank in Central Pattaya are understanding in these matters, however different banks may offer similar opportunities.

STEP 2 – FUNDS TRANSFER
      If you are transferring funds into Thailand, there are a network of international branches and foreign correspondent banks will deliver your funds quickly and directly into any Internationally recognised Bank account. To achieve the best rate please transfer in your local currency. You will need a Swift code and account number to allow your local bank to make the transfer. Please ask for this information when you open your account.

STEP 3 – SOURCE OF FUNDS DOCUMENTATION
     When buying a condominium in Thailand, you will need to show the source of the funds by obtaining either a Foreign Exchange Transaction Form or a Confirmation Letter of International Funds Transfer from your bank. This document is presented to the Department of Lands when registering ownership.

OPENING AN ACCOUNT
    Opening an account is easy – visit the branch with the following information:

  • Your passport; and either
  • A work permit; or
  • Any official identification card or document that confirms your identity, such as your .drivers licence, social security card, bank statement, utility bills or documents showing ownership of a fixed asset, condo sale/purchase agreement etc.

 

TRANSFER AMOUNTS
      There is no maximum transfer amount in Thailand. However, to comply with Bank of Thailand regulations you must instruct the sending bank to specify the reason for the funds transfer in your funds transfer instruction ‘to purchase a condominium’. Your receiving Bank Bank will report this to the Bank of Thailand on your behalf. Please make sure you transfer your own currency, rather than converting it to Baht before transfer, this way it will help show that the funds came from overseas and you will also probably get a better transfer rate.

Most Banks will offer you a Non Interest Bearing Savings Account with a Debit Card. If you require online control of your account please be aware that this is only normally available on single (not joint) accounts. Unlike the UK you also pay for each account that you open, it’s only a small amount, but just to make you aware.

We hope this information has been useful to you. Please contact us if you need our advice & assistance.

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