What document needed for foreigners buying a condo is explained here. Most foreigners wanting to buy a condo in Thailand have heard that they need the FET Form (Foreign Exchange Transaction Form, previously known as Thor Tor 3) issued by a bank inside Thailand through which the foreigners send money into the Kingdom to buy the condo. The original of this form with the foreigner’s name either as the recipient or the sender of the fund is required when buying a condo and registering the foreign ownership at the Land Department. However, in many cases, this form is not part of the document needed for foreigners buying a condo.
Section 19 of Condominium Act talks about the following foreigners (and juristic persons, regarded by law as foreigners, but here we will talk only foreign individuals) able to own a condo in Thailand:
- Foreigners permitted to have residence in Thailand under the Immigration law;
- Foreigners permitted to enter Thailand under the investment promotion law;
- Foreigners who have brought in foreign currency into Thailand or withdraw money from Thai baht account of the person who have residence outside the Kingdom or withdraw money from a foreign currency account.
Section 19/3 talks about transfer of ownership of the condo to the foreigners mentioned in Section 19 above and that they need to present the following evidence to the Land Department official:
– For the foreigners from No.1 above, the document certifying that the foreigners are permitted to have residence in the Kingdom issued by the Immigration Office;
– For the foreigners from No.2 above, the document issued by the BOI for the foreigners to buy a condo, which must be processed by the BOI company who employs such foreigners;
– For the foreigners from No.3 above, the evidence of bringing in foreign currency into the Kingdom or evidence of withdrawal of money from Thai Baht account of the person who have residence outside the Kingdom or withdrawal of money from foreign currency account in the amount of not less than the price of the condo.
Contact ThaiLawyers to assist you in preparation of document needed for foreigners buying a condo. We also help review deposit and purchase agreements and send our lawyers to facilitate the transfer of ownership at the Land Department so that you do not have to spend the whole day waiting there.