Foreign Ownership of Property
Finance
Disclaimer - Information provided should be used as a guideline only. Please refer to our professional sales team and/or a legal advisor before buying a property in Thailand.
Thai law allows foreign freehold ownership of condominiums. It states that 49% of a condominium block may be owned by non-Thais. The remaining 51% must be owned by either Thai nationals or majority owned (51%) Thai Companies.
Once the 49 percent of foreign ownership quota has been achieved, overseas buyers wishing to make a purchase can do so via a Thai company structure.
Finance
The quantum available is up to 50% of the purchase price, interest is charge at the prime lending rate, which currently stands at 9%.
All other costs are the borrower’s responsibility. Customers can draw on the loan amount after the difference between the purchase price and loan amount has been settled. Loan repayments are due on a monthly basis, beginning one month from the date of disbursement. Other documents including copies of the applicant’s passport, and a letter from their employer are also required.
Note: When making a purchase the transfer of funds must come from a bank outside of Thailand and sent in foreign currency, with the conversion to Thai Baht being done in Thailand. Furthermore, you must specify when making the transfers from your bank that the transfer of funds is for the purchase of the property.
All other costs are the borrower’s responsibility. Customers can draw on the loan amount after the difference between the purchase price and loan amount has been settled. Loan repayments are due on a monthly basis, beginning one month from the date of disbursement. Other documents including copies of the applicant’s passport, and a letter from their employer are also required.
Note: When making a purchase the transfer of funds must come from a bank outside of Thailand and sent in foreign currency, with the conversion to Thai Baht being done in Thailand. Furthermore, you must specify when making the transfers from your bank that the transfer of funds is for the purchase of the property.
More information: info@phuketplus.co.th
Disclaimer - Information provided should be used as a guideline only. Please refer to our professional sales team and/or a legal advisor before buying a property in Thailand.
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