Can I Buy a Condo in My Name as a Foreign National in Thailand
TIT This is Thailand
Just like any question you ask in the Land of Smiles there are no direct yes or no answers and everything is a little complicated. Buying a condo is no exception. If you are going to call Thailand home you had better commit one acronym to memory right now, TIT this is Thailand. So having said that, the answer is yes you can buy a condo in your own name maybe, it depends.
How Can I Buy a Condo in My Own Name in Thailand as a Foreigner
There are three types of ownership available for condominiums in Thailand. There is Foreign ownership, Thai ownership, and Company ownership. For obvious reasons you are going to rule out Thai ownership for your ability to purchase but we mention it because Thai ownership may still affect your ability to purchase a unit in a given building.
Although foreigners are allowed to purchase condo units in condominiums the ownership ratio set forth by the Thai government must be adhered to. Within each building Thai ownership must make up at least 51% of ownership deeds while units available for foreign ownership cannot exceed 49%. The cap on supply for foreign name ownership also ensures that Thais will always pay less money for the same building. You want to live here, TIT.
If you are looking at a condo in a building that has already been built make sure your agent checks the ownership status, sometimes they can be converted, and sometimes they can not. It depends on the current ratio of Thai to foreign ownership in the building. There is nothing worse than finding the condo that you want, only to find out it is not available to you for purchase. This article is not about whether or not you can purchase a condo in your Thai wife's name, this about foreign ownership, independent of a Thai spouse.
If the existing unit is in a Thai name not all is lost necessarily. That will depend on the rest of the units in the building. If there is enough other units under Thai ownership then you may convert the deed for a fee. You may be able to get foreign ownership, or company ownership. There are many questions to ask when looking to buy property in Thailand, and as a foreigner you must stay on top of your game. Have your list of questions ready when looking for a unit and if ownership type matters make sure that is known to your agent and that they always check on he type of ownership before showing you the unit.
We talked a lot about the percentages of ownership type in the existing buildings. Existing buildings are often times sold out and the units are what they are and there is not a whole lot of room for change. In an off plan building though you may have an easier time finding what you want and having the ownership type you desire be available. Since most of the buildings will finish before they sell out completely there is a much higher chance that you can get the ownership type of your choice from the very beginning.
This likely does not matter so much for the investment client, however the owner that will be occupying the unit it makes a difference. Rather than seeing each square meter as a return on investment, the view is how will it feel when I a sitting here. If you are going to be choosing a long term residence to reside in, and you want it to be in your own name, then buying off plan may be of huge benefit to you.
The earlier you buy in the process the cheaper it is, and the less restrictions on type of ownership. Yes, you do have to wait longer before you move in, however, if you are going to be spending perhaps the rest of your life in this condo on your retirement then don't you want to make sure you love the location, and that it is exactly what you want? If ownership type is important be diligent in doing your research on the off plan buildings you are considering, and go take a serious look at some floor plans.
Having a custom condo built to your specifications in Pattaya, Thailand in your name really embodies the Thai spirit. Thailand directly translates to free land. Find the condo you want to buy in Thailand, and purchase it in your name alone.
The Cube Pattaya currently has a number of units available for foreign ownership. To schedule an appointment to see what is currently available still please email [email protected].
Now that you know you are able to buy a condo in Pattaya, Thailand as a foreign national how do you get it financed? The Cube Pattaya actually has some financing options that are better than what the bank offers. With a lower down payment, and lower interest rate and a longer term.