We discuss about foreigners getting a mortgage in Thailand, and amount of investment you need to get permanent residency in the country
The process of buying an apartment in Thailand is quite simple and only a few requirements have to be met: the property purchased must be part of the 49% area of the project that could be owned by foreigners. This can be easily verified at the developer’s office, directly with the legal person in charge.
Getting a mortgage in Thailand is possible for foreigners although few foreigners are allowed to take out mortgages from banks in Thailand. That’s because: you have to be married to a Thai to get a loan – and can prove that marriage with full documentation, or you have to work in Thailand for at least a year.
How do mortgages work in Thailand? Most Thai mortgage lenders expect a 30-40% down payment and that you borrow 60-70% of the home’s value. It used to be almost impossible for a foreigner to get a mortgage in Thailand. That has changed over the past fifteen years.
Foreigners can get a real estate loan in Thailand if they are qualified under the strict conditions of financial institutions. UOB and ICBC are the best options for foreign investors to finance their condominium purchase in Thailand. It does not matter whether the investor lives in Thailand or not.
Financial institutions are gradually allowing loans for foreigners in Thailand, but in order to get a loan or mortgage it is important that you meet the criteria of the banks. Do not hesitate to contact Acclime if you need advice.
Foreigners cannot buy land in Thailand, only condominiums and apartments. Foreigners are not allowed to make up more than 40% of the owners of units of the condominium. However, a foreigner can buy an entire building, minus the land it is built on.
The Thailand Elite residency program is an alternative way to obtain a Thai visa when buying real estate in Thailand. Having a privilege entry visa ensures that holders have the right to stay in Thailand for up to 20 years, along with a range of additional free services and benefits.
Can you get a Thai residence permit by buying real estate? Today, investors cannot formally apply for a residence permit when buying real estate. How to Obtain a Residence Permit in Thailand in 2020: To apply for residency, you must separately apply for resident status upon retirement, for employment, or under the Thailand Elite Residence Program.
Before being granted permanent resident status, the applicant must have invested at least 10 million baht in the country. Thereafter, the applicant must maintain the investment for three consecutive years after permanent resident status has been granted.
Investment Visa
a) Purchase or lease of a condominium project
b) Having a balance in a fixed deposit account with a majority bank owned by Thailand
However, after the successful purchase of a unit, foreigners are faced with another relevant problem; their stay in Thailand is normally limited to a period of 30, 60 or 90 days, the periods usually granted under a tourist visa, after which they have to leave the country.
The most exclusive areas are on the west coast, at Nai Thon Beach, Layan Beach, Bang Tao Beach and Kamala Beach, also known as Millionaire’s Mile, where Phuket’s most expensive properties are located.
Where do most expats live in Phuket? Kathu is the main neighborhood where expats who have a professional activity live in Phuket as they work for many, in Patong or nearby. It is a place where many western jobs are concentrated and where rents are cheaper.
Millionaire’s Mile is located on Kamala Beach, one of the popular beaches on Phuket’s west coast. Kamala Beach is about 9.5 kilometers north of Patong, one of Phuket’s most popular nightlife spots, and 3.5 kilometers south of Surin, known for its endless shopping and nightlife.
Phuket has been declared the richest province in Thailand, while the northern province of Mae Hong Sorn has the highest poverty rate. According to data released by the Office of the National Economic and Social Development Board, Phuket tops the income bracket as it is the only province in Thailand without poverty.
Areas in central Bangkok such as Chidlom, Langsuan, Ratchadamri and Sala Daeng are considered prestigious addresses where many billionaires invest in real estate to supplement their collection or to make a profit in the future.
Do you dream of moving to Thailand? If so, kudos to you, if it’s your first time coming for a long stay, renting is the easiest way to get used to the country. By renting a property first, you avoid many restrictive procedures that can sometimes take a long time.
Is buying an apartment in Thailand a good investment? Under the right circumstances, buying an apartment in Thailand can be a rewarding purchase and a good investment. If you are a foreigner interested in buying an apartment in Thailand, there are several things to consider. Thai law only allows foreigners to buy condos in certain circumstances.
You should plan to live in Thailand on a budget of at least $1,500 per month, with $2,000 being a more reasonable criterion. This allows you to live comfortably without breaking the bank. You could potentially live a lot cheaper, as low as $1,000 a month, but you’d probably have a rough time.
There are plenty of good reasons to invest in real estate in Thailand. The country has shown strong and steady growth in recent years and this trend looks set to continue. House and land prices are generally rising, as are rents, and this offers interesting opportunities for real estate investment in the market.
A 30 square meter studio room in Bangkok costs about 12,000 baht to 15,000 baht per month in expat residential areas like Onnut. In business districts such as Asok or Silom, prices can reach up to 24,000 baht. In Chiang Mai, a condo unit of the same size might only set you back around 10,000 baht per month, even in most of the city.
The permanent residence permit allows you to stay in Thailand permanently without the need for a visa. Moreover, it is another step towards obtaining citizenship and a Thai passport. This is an opportunity that the Thai government offers to just 100 people of each nationality each year.
Can I buy a residence permit in Thailand? All applications for Thai Permanent Residency are processed by the Royal Thai Immigration Commission. The annual quota for granting permanent residency in Thailand is up to 100 persons per country. The application period for Thai PR usually runs from October to the end of December each year.
The processing fee for Thailand Permanent Residence is 7,600 Thai Baht. If your application is approved, you will still have to pay a fee for the Certificate of Permanent Residency. It is THB 95,700 if you applied for permanent residence on the basis of marriage to a Thai citizen.
If you move to Thailand, you will need a visa, which is a requirement under Thai immigration law. Most people who move to Thailand do so on a tourist visa (valid for 60 days) or a non-immigrant visa which is initially valid for 90 days and then must be extended through Thai immigration.
To get a long-term visa in Thailand, you must be a student, be an expat in Thailand, married to a Thai person, have a business (or business) in Thailand, or be old enough (over 50 years old) to apply for a Long Stay (or so-called Retirement Visa)
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