Buying a condominium
Under the Condominium Act B.E. 2522 (A.C. 1979), foreigners can own 49% of the total number of condominium units in a building registered as a condominium. The buyer must also request a letter from the condominium juristic person, certifying that the foreign share is not over 49%, which then must be submitted and filed to the Land Department for use in transferring ownership.
Foreign currency transaction form
Foreign buyers must bring 100% of their funds from overseas in foreign currency and are required to present a foreign currency transaction form from their bank as proof of transfer to the Land Department. Due to regulations against money laundering, it is therefore necessary to have a form for foreign currency transactions. In order to avoid hassle and taxes when transferring money abroad in case foreigners want to sell that condominium later.
Remark: A Foreign Currency Transaction Form must specify the purpose of the transfer in the recipient information section, and clearly indicate the condominium name and room number.
