Can a foreigner buy a house or condo in Thailand?
Buying property in a foreign country can be a complicated process if you are not up to date with the procedures and the regulation of the country in question. This has been one of the major problems that are faced by investors all over the world. Before deciding to buy property in any country, it is paramount to first carry out intensive research into the country in question before jumping in at the first available opportunity to acquire a property because property laws differ from country to country.
Today, many investors are setting their eyes on the property market of Thailand. Some of the most attractive property offers come from the huge range of Pattaya condominiums. Pattaya is a property haven for condo buyers because the Pattaya region is a beautiful coastal city that is also a favourite destination for tourists visiting the country.
The good news here is in terms of Thai law, buying a condo as a foreigner is a pretty straightforward process, unlike other countries which had challenges mentioned earlier. Here’s a look at how easy it is for foreigners to buy Pattaya condos:
Here’s a look at how easy it is for foreigners to buy Pattaya condos:
Buying a freehold condominium under a foreigner’s name
The law in Thailand allows foreigners to own condominiums on freehold lease provided the entire condominium complex is 51% owned by citizens of Thailand. Hence, this shows that it is easy to buy a condominium in Pattaya. All you have to do is to look for a condo project that you are interested in and in most cases, the ratio is nothing to worry about.
Buying the property under your Thai spouse’s name
This is another way to buy a Pattaya condo. For many foreigners who immigrate to Thailand, buying property under their spouse’s name has become a popular resort for them. This is because your spouse is a local citizen of Thailand so the process can be a really easy one for them to handle. The downside to this method is that the condo will solely be the property of your spouse and should the relationship not thrive, you may end up losing your investment.
Using foreign currency to buy Pattaya condos
If you have decided to use your own name as a foreigner to buy a condo in Pattaya, the other thing you have to abide by is that you need to use foreign currency to buy that condo for sale. This also means that you will not be able to get a loan under local banks to acquire a Pattaya condo but you need to use your money from your home country to be transferred into Thailand using a Foreign Exchange Transaction Form (FETF) to legally purchase that Pattaya condo.
The prices of the condos in Pattaya are affordable
As mentioned earlier, you need to have the cash ready if you want to purchase a condo in Pattaya as a foreigner. It might seem daunting to you but prices of Pattaya condo are much more affordable compared to prices back in your home country so while you find it hard to purchase a condo in your home country, you should find it much easier to afford a condo for sale in Pattaya.