We talk about if foreigner can buy a condo in Bangkok and the cost of condo in Thailand
Foreigners can legally purchase up to 49% of the registrable area of a Condo Project (Foreign Quota). The remaining 51% can only be owned by Thai nationals or Thai entities. Therefore, foreigners looking for simple and hassle-free property ownership in Bangkok are advised to consider buying a condo.
Can I buy a condo in Bangkok? Foreigners can buy freehold condominiums but only up to 49% of the salable area of a condominium. Called Foreign Quota, it leaves the remaining 51% to Thai nationals or Thai entities, and in cases where there is no Foreign Quota, overseas buyers can only acquire units in the building on a leasehold basis.
The process of buying a condo in Thailand is relatively easy, and only a few requirements must be met: The property purchased must be part of the 49% surface of the project that may be owned by foreigners. This can be easily verified at the developer’s office directly with the responsible jurisprudence.
Foreigners are not allowed to buy land in Thailand, but you can buy apartments and condominiums as a non-citizen. However, foreigners cannot make up more than 40% of the total owners of the apartment blocks or condo units. Interestingly enough, you can buy the entire building as a foreigner, but not the land on which it is built.
There are no nationality restrictions and all foreigners who can legally enter Thailand (no visa class requirements) can purchase and own a condominium unit within the condominium’s foreign ownership quota, but all foreigners must personally qualify for ownership under Section 19 of the Condominium Act.
| Level | Price per m² |
|---|---|
| Mid-Range | ฿70,000 – ฿89,999 |
| Mid-Upper Range | ฿90,000 – 119,999 |
| High End | ฿120,000 – 199,999 |
| Luxury | ฿200,000 – ฿299,999 |
What is the average cost of a condo in Thailand? In the fourth quarter of 2021, the average sales price per square meter of Bangkok condominiums in the central business district was about 240 thousand Thai baht.
The process of buying a condo in Thailand is relatively easy, and only a few requirements must be met: The property purchased must be part of the 49% surface of the project that may be owned by foreigners. This can be easily verified at the developer’s office directly with the responsible jurisprudence.
Under the right circumstances, buying a condo in Thailand can be a worthwhile purchase and a good investment. If you are a foreigner interested in buying a condo in Thailand, you need to be aware of some issues. Thai law only allows foreigners to buy condoms under certain circumstances.
A typical one-bedroom condo with few amenities in the suburbs of Bangkok will cost about 1 million baht, or about $32,000, to 2.5 million baht, or about $80,000, these numbers vary greatly depending on how close the condo is to city center and public. transit.
Eligibility to open a Thai bank account You can open a bank account in Thailand if you are on a non-immigrant visa or extension of stay, visa exemption stamp, or short-stay visa, and have established residence in Thailand (more on this soon).
Can a foreigner open a bank account in Thailand online? If you have a work permit, permanent resident, or long-stay visa, you can apply for a wider range of services such as checking account, internet banking and online international funds transfer services. I opened my account with my passport, non-immigrant visa and my driver’s license.
Many major US banks accept alternate IDs from a non-US citizen trying to open an account. These include Bank of America, Chase, TD Bank, US Bank and Wells Fargo. Some credit unions also accept other forms of identification.
Here are the 4 best banks in Thailand for expats:
Bangkok Bank is the largest and very popular bank in Thailand because it welcomes foreigners and non-residents.
Yes, a Thai bank account can be opened with only a tourist visa. Most banks that allow you to open an account with only a tourist visa are usually located in tourist areas. In Bangkok, you may want to go to banks located in Siam, Silom and Sukhumvit areas.
To apply for a Thai Permanent Residency Visa you must be able to meet one of the following: Investment category: Have a minimum of 3 Million Baht invested in a limited or public company in Thailand, a Thai security body issued by the state, Thai State enterprise security corps, or the Thai stock market.
Can you buy permanent residency in Thailand? To apply to become a Thai permanent resident, applicants must have held a Thai non-immigrant visa for at least three years prior to submitting the application and must have three consecutive one-year extension to qualify.
All applications for Thai Permanent Residency are processed by the Royal Thai Immigration Commission. The annual quota for granting permanent residency in Thailand is a maximum of 100 people per country. The application period for Thai PR is usually from October to the end of December each year.
Before the permanent resident status is granted, the applicant must have invested at least 10 million baht in the country. After that, the applicant must maintain the investment for three consecutive years after the permanent resident status is granted.
When you move to Thailand, you will need to obtain a visa – a requirement according to the Thai Immigration Law. Most people who move to Thailand do so with a tourist visa (valid for 60 days) or a non-immigrant visa that is initially valid for 90 days and must be extended through Thai Immigration.
In general, foreigners are not allowed to buy land directly in Thailand. Simply put, Thai laws prevent foreigners from owning land in their own name, although there is an exception in theory, but it remains to be seen in practice.
Can a foreigner buy an apartment in Thailand? Foreigners are not allowed to buy land in Thailand, but you can buy apartments and condominiums as a non-citizen. However, foreigners cannot make up more than 40% of the total owners of the apartment blocks or condo units. Interestingly enough, you can buy the entire building as a foreigner, but not the land on which it is built.
How difficult is the process of buying property in Thailand? Foreigners cannot buy land in Thailand, only condominium units and apartments. Foreigners cannot make up more than 40% of the condominium’s unit owners. However, a foreigner can purchase an entire building, minus the land on which it is built.
Due to restrictions on land ownership, foreigners cannot own a villa outright, but must purchase a lease agreement. Generally, this process is simple, and you should expect to be offered a 30-year lease on any villa or house, which is the maximum period for any lease in Thailand.
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