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GUIDANCE FOR FOREIGN BUYERS
Foreigners are required to remit at least USD 20,000.00 into Thailand per transfer to receive a FOREX Transfer Form. This form will be needed to transfer the unit under foreign ownership and also remit money back out of Thailand if so needed in the future.
Currency: Any foreign currency can be used to purchase a condominium unit. The foreign currency MUST be transferred into Thailand as foreign currency and exchanged into Thai Baht by a local bank in Thailand.
Step 1 Booking And Contract Signing
Once you make a decision to purchase any condo unit, you are required to sign a reservation agreement with a booking payment by cash , cashier cheque, credit card or overseas currency funds transfer. This ensures the reserved unit is not offered to another purchaser. The contract signing and payment will be made within 7 days after booking date by overseas currency funds transfer.
Required Documents & Information- A copy of passport
- Personal information (i.e. full name, current address , email address, contact number)
Step 2 Final Payment
After booking and contract signing process , you are required to make final payment by transferring funds in foreign currency from abroad into the bank account in Thailand and obtain either a “Foreign Exchange Transaction Form” (FET) or the “Confirmation Letter of International Funds Transfer” as source of funds declaration.
To receive funds from overseas, you may open a Thai bank account such as a savings or a Foreign Currency Deposit Account (FCD). The opening of FCD account allows you to be able to deposit and withdraw foreign currency-based funds in some currencies such as US Dollar (USD), Euro (EUR),Singapore Dollar (SGD), Hong Kong Dollar (HKD),and Japanese Yen (JPY) without needing to convert them into baht. However, for your convenience, we highly recommend you to transfer the payment directly to Serve’s bank account and we will prepare all necessary documents ready for you.
To transfer funds to Thailand, overseas bank require:- Bank account name and account number
- The preferred currency and amount of money
- Bank name
- Bank’s SWIFT Code Purpose of Funds Transfer
Additional Expenses
Transfer fee :
2% of the registered value of the property, split 1% payable by seller and buyer
Stamp Duty :
0.5% of registered value. Only payable when receive an exemption of a business tax.
Withholding tax :
1% of the appraised price or registered sale value of the property (which is higher and if the seller is a corporation). If the seller is an individual, withholding tax is calculated at a progressive rate based on the appraisal price of the property.
Business tax :
3.3% of the appraised price or registered sale value of the property (which is higher). This shall be applied to both person and corporate.
GET SOURCE OF FUNDS
Foreign Exchange Transaction Form (FET)
You need to file this form when transferring foreign currency into Thailand or withdrawing funds from an FCD account equivalent to or over USD 50,000. FET is an official bank document issued by the receiving bank upon the receipt of foreign currency into a bank account in Thailand.
Confirmation Letter of International Funds Transfer
In case the inward remittance or withdrawing funds from an FCD account is less than USD 50,000 you need to obtain this letter.
Step 3 Ownership Transfer
When transferring ownership of property in Thailand, it is necessary to provide the following documentation and evidence:
1. Foreigners with residence status :
- Valid passport indicating nationality.
- Certificate of residence (TM. 11, TM. 15, or TM. 17 Form) issued by the Immigration Division, National Bureau of the Royal Thai Police Force.
2. Foreigners with a foreigner identification card :
- Foreigner identification card issued by the Police Station in the jurisdiction of domicile.
3. Foreigners with investment promotion :
- Valid passport indicating nationality.
- Letter from the Office of the Board of Investment certifying permission to stay in Thailand according to the law on promotion of investment.
4. Juristic persons deemed as aliens :
- Valid passport indicating nationality.
- Letter from the Office of the Board of Investment certifying permission to stay in Thailand according to the law on promotion of investment.
- Evidence of registration as a juristic person in accordance with Thai law.
- Certificate issued by the corporate Registrar of the Department of Business Development, Ministry of Commerce.
5. Juristic persons with investment promotion :
- Certificate of promotion of investment from the Office of the Board of Investment.
- Letter certifying permission to stay for promotion of investment according to the law on promotion of investment.
6. Financial requirements :
- Evidence of transferring money equivalent to or exceeding the net price of the condominium unit being purchased
INFORMATION FOR FOREIGNER
OWNERSHIP
Foreign ownership of Condominium Property According to Thai Law, foreigners may own 49 percent of the aggregate saleable unit space of a condominium building while the remaining 51 percent must be owned by either Thai nationals or majority owned Thai Companies.