Foreigners can buy properties in Thailand. It’s not as complicated as you may think, but there are limitations.

Buying a property in Thailand is possible while on a Thai Privilege Visa, under the same rules and regulations as the standard visa options. There are no special benefits or perks for buying a property as a Thailand Privilege Visa holder.  

Condominium 

If you are interested in owning a property in Thailand, buying a condominium unit is recommended, as it’s the best option. It’s popular among foreigners in Thailand and offers a straightforward and easy method of property ownership.

Foreigners can purchase any condominium unit they desire since it’s freehold ownership, with no restrictions on the number of units they can acquire or any price limitations.

For example, you can have one unit in Bangkok, and another unit in Phuket. However, foreigners cannot make up more than 40% of the total unit owners in the building. Also, a foreign-owned property can be rented out. 

Land & House

Owning a plot of land is not allowed for foreigners; however, you are permitted to lease a plot of land. You can build and own a house on that leased land. Usually, the maximum duration for leased land is 30 years, which could be renewed for another 30 years. 

Other Important Information 

When you are happy with the property, you will be asked to make a down payment

then the agent will reserve the unit for you and begin the process of drafting the purchase documents.

When it’s time to pay, you have to prove the source of all your funds. If you do not have any income in Thailand, you must provide documentation confirming that the money used for the purchase came from abroad, and the most common method is through a bank transfer.

All co-owners must further contribute to the general care and operation of the condo, which is known as a CAM Fee, or Common Area Maintenance Fee. Your monthly cost will be determined based on the total square meter area of your unit.

Any foreigner investing in a property must bring money into Thailand in their own currency, which must then be converted into Thai baht before being transferred to the developer or the existing owner.

Need Help with Buying Property? 

If you’ve found your home in the Land of Smiles but need legal assistance, reach out to Siam Legal. Their property legal team is ready to assist you with all your property-related needs.