Frequently Asked Questions and Answers

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How can I own a Condominium in Thailand?
There are three main criterions to own a condominium in Thailand;
* Foreign ownership: Buying a condominium is perhaps the simplest and the easiest option available to foreigners. The only restrictions on purchasing a condominium is that the percentage of units sold to foreigners cannot exceed forty-nine percent (49%) of all internal area of a condo building. *Secondly, the funds used to purchase the condominium must be remitted from abroad and correctly recorded as such by a Thai Bank on a Tor Tor Sam.
* Company ownership or Thai ownership: 51% of all internal area of a condo building can be assigned to be owned by a Company or owned by a Thai national.
The owner of each condominium is issued with a certificate of unit ownership, called Title deed. The certificate also has a statement outlining exactly what percentage of rights over the common areas of the building each owner has.
 
What is a Tor Tor Sam document? 
A Tor Tor Sam (3) is an official bank document issued by the receiving bank upon the receipt of foreign currency into your bank account in Thailand. You must request a Tor Tor Sam from your bank when you are remitting funds to Thailand for the purpose of purchasing a condominium, and the Tor Tor Sam must specify that the remittance is solely for the purpose of purchasing a property. 
 
How can I own a house and/or land in Thailand? 
The two most frequently used ways to own a house and/or land is through a registered company in Thailand (usually a Ltd.) or if you have a Thai partner, you may purchase a house and/or land through the name of your Thai partner.
 
How will I be in complete control when the property and/or land is owned through a Company LTD?
You can be the only signee director of the company. Delight Real Estate will be more than happy to assist you with this.
 
How should I transfer my funds to Thailand to purchase a property?
1) Send the funds from your OWN bank account, in your currency, into the nominated bank account in Thailand.
  N.B. Do not convert your funds into Thai Baht before making the transfer.
2)  Make sure that the name of the sender is the same as the purchaser as indicated in the sale or purchase contract.
3) Always indicate the purpose of the transfer: “To purchase a condo” or “To purchase a company”.

Can I open a bank account in my name in Thailand?
Yes, you can. Delight Real Estate will be more than happy to assist you with this.

As a foreigner can I apply for a mortgage in Thailand to purchase a property?
Foreigners are not eligible for a mortgage in Thailand, however, most of the financial institutions in Thailand provide loans for real estate purchasing to Thais and Thai companies. It is common for a real estate developer to arrange for his customers to have a financing package. In most real estate development projects (pre/under construction), you can pay a deposit and enjoy a payment plan in steps following the construction phase.
 

Are there any taxes and costs payable when purchasing a property?
Yes, on all purchase/sale of property in Thailand there is a stamp Duty of 0.5%, a transfer fee of 2%, a business tax of 3.3% levied against an owner who has been in registered possession of the property for less than 5 years, and withholding tax of 1% of the Government price or the declared value whichever is the higher one. There is no Capital Gains Tax in Thailand, furthermore there are no set of rules on who pays these fees and taxes as it is just another part of the bargaining process in Thailand.
 
 
Do I need to pay Delight Real Estate when I choose you to help me find and secure the right property for me?
No, we will work 100% FREE of charge for you; acting as the buyer or the tenant. Our commission will be paid by the seller or the landlord.

 

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