Looking to buy, or sell, a condominium in Thailand using Thai Baht?
A “Foreign Exchange Transaction” will need to be recorded legally. See our previous article about the Foreign Exchange Transaction.
Here are some of the reasons for this and most of the processes involved. We strongly recommend that you seek out good, professional, advice before buying abroad.
- The Bank of Thailand controls the flow of foreign currency. Every Thai Baht must have a source and a reason, and the Land Department must perform due diligence, in accordance with this regulation. Every foreign buyer must transfer money from abroad.
- Non-residents of Thailand, who sell a condominium and transfer the money out of country don’t have to pay the remittance tax. Normally, the tax is around 30%.
- When transferring money out of the country, the tax-free amount is determined by the initial amount transferred in.
Transfer of the title deed:
Documents needed for an Individual property buyer in Thailand.
- Passport (copy if applicable, marriage/divorce certificate including a letter of consent from your spouse if marriage in Thai Language.
- Foreign Exchange Transaction certificate.
- Power of attorney. If anyone but yourself is representing you, in Thai script with a notarization by Notary public or overseas by the Thai Consul.
Documents needed for a Company buying property in Thailand.
- Corporate documents:
- Certified copy of the certificate of incorporation
- Certified copy of the memorandum of association
- Notarised certificate
- List of shareholders (in English, but must be accompanied by Thai translation)
- Minutes of directors’ meetings which have a resolution to sell/buy the property (specifying name and number and agenda dealing with the finance of the purchase if the company’s registered capital is less than the purchase price)
- Letter of advice regarding specific signature.
- Power of attorney, if the authorised directors do not make the transaction by themselves (Land Department)
- Free debt letter
- Foreign co-owner letter
- The certified copy of the I.D card of the authorized directors
- The certified copy of the house registration of the authorized directors
- Title deed of the condominium unit / property.
When transferring money into, or out of, Thailand, speak to the foreign currency experts at http://www.fx-foreignexchange.com Thai Baht is our speciality.
