Buying a Condo in Thailand
Purchasing a condominium in Thailand is by far the easiest way in owning a property on freehold in the Kingdom. If done in a proper manner and if the unit is not involved in any legal contests, the buyer may just have one of his best property deals. Nonetheless, it is crucial for any Canadian potential property buyers to consider checking possible issues surrounding any property deals in Thailand. There are several of these issues and listed below are among the most common.
- Depending on the circumstances, Thai law permits Canadians and other foreign nationalities to purchase condominiums and register these with them as the outright owners.
- The advertised or listed price per unit may or may not yet include the applicable taxes.
- The different costs and benefits of buying a newly developed condominium unit from a developer.
- How taxation affects renting a condominium and the advantages of actually owning a unit.
Can a Canadian purchase a condominium in Thailand?
When properties in Thailand are considered, the usual question would be “are Canadians allowed to own condominium units in Thailand?”
And yes, Canadians are allowed to purchase and own a condominium outright in the Kingdom although various rules do apply and one of which is that the Canadian (or any citizens of other nations on that matter) can only buy a unit if foreign ownership in the development site in which it belongs to has not exceeded more than 49% of the total number of units yet.
Another rule is that, the funds to be used on the purchase must come from outside source. This must be channeled into Thailand using the Thai bank account that bears the name of the buyer and then has this amount converted within Thailand in to Thai Baht from the original currency. Also, purchasing a condominium by a non-Thai cannot be done through mortgage.
Lastly, Canadian condominium buyers must also bear in mind that since they will be transferring considerable amounts of money from abroad into their Thai bank accounts, there will be a need for them to fill up the Foreign Exchange Transaction Form as it is required by law.