6 Financial Tips You Need to Know for Buying Condos in Thailand as a Foreigner

1. The full purchase price must be remitted into Thailand in foreign currency, unless you are a resident in Thailand or eligible under other less common grounds.

2. The money must be transferred from abroad and exchanged into Thai baht by the recipient Thai bank. The bank will issue you a foreign exchange transaction (FET) form or credit note as proof.

3. The FET form or credit note must show the transferred amount in foreign currency and Thai baht, the sender and receiver names, and the purpose (buying unit x in condo x).

4. You must be able to provide this FET form or credit note to the land department when registering foreign ownership of the condo unit.

5. For foreign currency transfers of $50,000 or more, the Thai bank is required to issue an FET form. For lesser amounts, a credit note may be accepted instead.

6. When selling the condo and transferring money out of Thailand, you'll need the original FET form/credit note, sales agreement, and tax receipt.

Knowing these requirements upfront can help make the process of buying a condo in Thailand as a foreigner go smoothly. Cr : Khin Thit Yee

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