Discover the essential steps to seamlessly transfer money from overseas for purchasing a condominium in Thailand. Our comprehensive guide breaks down the process, from choosing the right international and Thai banks to understanding the pivotal role of the Foreign Exchange Transaction (FET) form. Dive into the intricacies of Thailand’s property regulations for foreigners and ensure a smooth, compliant transaction. Whether you’re a first-time buyer or a seasoned investor, get the insights you need to navigate Thailand’s real estate market with confidence.
1. Eligibility Check: Before initiating the transfer, ensure you meet the eligibility criteria for foreigners to buy a condominium in Thailand. This includes having the funds transferred from overseas and ensuring the foreign ownership in the condominium project does not exceed 49%.
2. Choose a Reliable Foreign Bank: Start with selecting a reputable bank in your home country that has international money transfer services. It’s beneficial if the bank has correspondent banking relationships with Thai banks.
3. Initiate the Transfer:
4. Select a Thai Bank: Choose a Thai bank that is familiar with handling foreign transactions for property purchases. Banks like Kasikorn, Bangkok Bank, and Siam Commercial Bank are popular choices.
5. Exchange Currency in Thailand: Once the funds arrive in Thailand, the Thai bank will convert the foreign currency into Thai baht. This step is crucial for obtaining the FET form.
6. Obtain the Foreign Exchange Transaction (FET) Form:
7. Documentation for Condominium Purchase: When proceeding with the condominium purchase, you will need:
8. Register the Condominium: Present the FET form and other required documents to the land office in Thailand to register the transfer of ownership of the condo unit in your name. Ensure the FET form shows your name either as the sender or receiver of the money.
9. Post-Purchase: Keep all documents, including the FET form, safely. They will be essential if you decide to sell the condominium in the future and repatriate the funds back to your home country.
2. Key Information Contained in the FET Form:
3. Relevance to Property Transactions:
4. Issuance Threshold:
5. Importance for Repatriation:
6. Changes Over Time: