How to buy property in Thailand ?
Many foreigners wish to buy property in Thailand, either a exotic villa or a luxury condo in Bangkok.
When considering to buy property in Thailand you should firstly work out how much you have to spend on your Thailand investment, when calculating your budget its important to remember to include the taxes involved in property purchases in Thailand which are:
Thailand Income Tax / Withholding Tax
Thailand Land Transfer Fee
The Stamp Duty Fee
and any other business taxes.
Finance is available to foreigners who wish to purchase property in Thailand offered by the Bangkok Bank in Singapore for upto 60% of the properties purchase price, however the bank is limited to how many of these mortgages are available so its best to give them a call first.
Many foreigners buying property in Thailand finance the purchase by mortgaging a property they own in their home country, releasing equity for new purchase.
If you are buying a condo you are required to show that the funds have been sent into Thailand in foreign currency ( proof of foreign investment ) and then converted to Baht.
You should ensure that the local receiving Thai bank should can provide you with a Tor Tor Sam 3 Certificate of Remittance, this states that the funds arrived for the purpose of buying a Thailand condo. This certificate does not need to specify a particular Thailand property.