"Can Foreigners Buy Property in Thailand?" | Step-by-Step Guide
Thailand has long been a dream destination, a place where visitors come for a day and stay for a lifetime. To buy property in Thailand, there are many laws, you need to consider such as foreign ownership laws, rental contracts, and the steps you need to take to buy property in Thailand safely and successfully.
Foreign Ownership Laws in Thailand
Foreigners can legally buy a condo in Thailand under specific conditions. As long as you enter Thailand legally (with a valid visa) and have no criminal record, you can own property even if you're not residing in Thailand. Under the Section 19 Condominium Act B.E 2522, foreigners can hold ownership of a condo unit after qualifying the required documents.
Foreign Ownership Quota 49% : Thai property laws allow foreigners to own up to 49% of the total area of a condominium project.
Transferring Funds from Overseas : Foreign buyers must transfer the purchase funds from abroad in foreign currency, converted to Thai Baht through a licensed Thai bank.Exceptions apply if the buyer works in Thailand and pays local taxes.
Ownership Transfer for Foreigners : Ownership by foreigners is personal and not automatically transferable as foreign-quota to heirs or other foreigners except specific conditions apply.
How Foreigners Can Buy Property in Thailand
Foreigners can legally own freehold condominiums, leasehold ownership up to 30 years or buying land through a Thai spouse and the last one is setting up a Thai company by having 51% shares owned by Thai Nationals.
Below are 5 Easy Steps for Foreigners to Buy a Condo in Pattaya.
1. Find the Right Property
Start by exploring condos for sale in Pattaya through reputable developers and real estate agencies. Choose a unit that matches your budget, lifestyle, and investment goals, whether you plan to live, vacation, or rent it out.
2. Find the Best Location
Location is the most important factor when buying a property. Properties in well-connected areas also tend to appreciate faster, providing stronger long-term value and investment returns.
3. Sign a Reservation Agreement
Reserve your condo by paying a deposit and signing the reservation agreement.
4. Review the Contract and Make Payments
Hire a qualified real estate lawyer in Thailand to review your purchase agreement.Generally, buyers pay an initial down payment of 10%-20% of the property price, with monthly installments following until completion.
5. Complete the Transfer at the Land Office
Once payments are completed, finalize ownership by transferring the title deed into your name at the Land Office. During this step, ensure that taxes, registration, and transfer fees are paid in full.
Can Foreigners Rent Out Property in Thailand?
Yes, Foreigners can Rent Out Property in Thailand Legally especially those who own condominiums in high demand areas like Pattaya.
Here's what to know:
Condos are the easiest to rent out
If you legally own a condo (within the Foreign Quota), you are allowed to rent (short-term or long-term rental). To get the best rental income with strong Passive income, choose the good reputation property. Developers like Global Top Group, as you can choose the desired high rise (or) low rise projects and also pre-sale (or) ready to move in projects in prime locations in Pattaya.
Rental Income is Legal
Foreign Property owners renting back to their property in Thailand is Legal but needs to report for tax purposes in Thailand.
Short Terms Rentals
Allow under 30 days are regulated under hotel laws, If you would like to list your property in Airbnb platforms for a short term, use the short term rentals (monthly or yearly) are safer options.
Best Place to Buy Property in Thailand?
Bangkok : For stability and urban living.
Pattaya : For affordability, lifestyle and growth potential.
Chiang Mai: : For lower living cost.
Phuket : For luxury, rental income and lifestyle.
Koh Samui: : Private & Slow Living Lifestyle.
If you're still choosing, we at Global Top Group trusted real estate developer in Pattaya for over 30 years. Whether you want to live or invest, Pattaya gives many potential and opportunities for Future Gains by combining Lifestyle, Convenience and High Potential Rental Yield Income.
Explore our under-construction projects like Harmonia City Garden, Marina Golden Bay and our ready to move options Olympus City Garden and City Garden Tower and many more. If you're still unsure which project or location is right for you, visit our showroom!
We offer one-stop service from room viewings and after-sales support to room maintenance.
Reach Out to Us
Contact Us: (+66) 90-741-7417
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