A foreigner can legally buy and own a condominium unit in Thailand in their own name, provided the building’s foreign ownership quota (maximum 49% of total unit area) has not been exceeded.
Below is the practical step-by-step process for transferring money, who to transfer it to, and what documents are required.
How to transfer the money into Thailand
- A. The money must come from overseas in foreign currency.
The full purchase price must be remitted from a bank outside Thailand into Thailand in foreign currency (USD, GBP, EUR, AUD, etc.). Do not convert it to Thai baht before sending. The Thai receiving bank will convert it into baht upon arrival.
This is a legal requirement so that the Land Department can register the condo in a foreigner’s name.
B. Who do you transfer the money to?
There are three common methods:
Direct transfer to the seller or developer’s Thai bank account.
This is common for new developments. The developer will provide official bank details.
Transfer to your own Thai bank account (if you have one), then pay the seller from there.
The incoming transfer must still originate from overseas in foreign currency.
Through a lawyer’s client account (escrow style).
This is sometimes used in resale transactions for additional security.
For safety, always verify the bank account details directly with the developer or seller.
C. Important transfer instructions
When making the international transfer, ensure the payment details include:
Your full name exactly as it appears on your passport and sales contract.
- The purpose of transfer, for example: “For purchase of condominium unit 12A at XYZ Condominium.”
- This wording helps the Thai bank issue the correct documentation.
Foreign Exchange Transaction Form (FET)
This document is critical.
When funds of typically USD 50,000 or more (or equivalent) are transferred into Thailand, the receiving bank will issue a Foreign Exchange Transaction Form (FET).
If the amount is below the bank’s threshold, you must request a Credit Advice or official bank letter confirming:
Sender’s name
- Receiver’s name
- Amount in foreign currency
- Amount in Thai baht
- Purpose of transfer (condo purchase)
- You must keep this document. It is required at the Land Office to register ownership.
Documents required for transfer at the Land Office
- Buyer must provide:
Passport (original plus signed copies)
- Visa and entry stamp pages (if applicable)
- Foreign Exchange Transaction Form or bank confirmation letter
- Signed Sale and Purchase Agreement
- Power of Attorney (if someone else is acting on your behalf; if signed abroad it must be notarized and legalized)
- Seller must provide:
Original title deed (Chanote)
- ID card or company documents (if company seller)
- House registration document
- Confirmation that the foreign ownership quota is available in the condominium
- On transfer day at the Land Office
- The buyer, seller, or their authorized representatives attend the local Land Office where the condo is registered.
The officer will:
Verify the foreign ownership quota
- Review the FET or remittance proof
- Calculate and collect transfer fees and taxes
- Register the buyer as the new owner
- Issue an updated title deed showing the foreign buyer’s name
- Transfer fees are typically 2% of the government appraised value. Other taxes may apply depending on how long the seller has owned the property.
Important points to remember
Funds must come from abroad in foreign currency.
- The name on the remittance must match the name on the purchase contract.
- If buying jointly, each foreign buyer should transfer their portion from overseas.
- Mortgages for foreigners are uncommon; most purchases are cash.
- In short:
Step 1 – Sign reservation or sales agreement.
Step 2 – Transfer funds from overseas in foreign currency.
Step 3 – Obtain FET or bank confirmation.
Step 4 – Attend Land Office with required documents.
Step 5 – Ownership is registered in your name.
If you would like assistance with this process, please let us know at the point of your property viewing, as we may be able to recommend a real estate lawyer for a reasonable price and who is local to your property (depending on availability and location).
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