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Condominiums in Thailand

If you’re a foreigner looking to purchase a home or investment property, one of the most popular options is a Thai condominium.  Although condos provide foreigners with security and long-term value, purchasing one can be challenging without a solid understanding of Thai property law.

To help you make an informed decision, we’ll outline the key information foreigners need to know when purchasing a condominium in Thailand. We’ll also cover important considerations to keep in mind to avoid fraud or accidentally breaking the law.

Can You Purchase a Condominium in Thailand?

Yes, as a foreigner, you can legally purchase a condo in Thailand. Buying a condominium grants you freehold ownership of the unit, allowing you to use, sell, or rent it, subject to relevant laws and regulations. It’s also important to be aware of the Condominium Act in Thailand, which lays down the ground rules regarding foreign ownership and the transfer of rights.

Can You Sell a Condo in Thailand?

Regardless of whether you are moving house or just want to profit from an earlier investment, you can sell a condominium in Thailand. However, issues can arise during condo resales, such as failure to complete payment or problems with title transfer. As with purchasing a condo, professional guidance is essential to avoid complications or fraud.

Can You Rent a Condo in Thailand?

If you want to turn your condo unit into a financial investment opportunity, you can choose to out to someone. But while condo rentals can provide legal passive income, certain issues can arise if you aren’t familiar with your property rights or the rights of your potential tenants, which may result in legal disputes, fines, or even criminal liability if local regulations are violated.

Can You Resell a Condo in Thailand?

Condo resales are another way of turning your condominium into a potential investment opportunity. Reselling a condo can enable you to make a profit from transferring your property to someone else, especially if you are living in a major city. However, it's also important to seek help in doing so, as issues may arise if the buyer fails to complete the transaction.

What Rights do Condominium Owners in Thailand Have?

As a condo owner, it’s important to familiarize yourself with property rights in Thailand and the laws that apply to you. Understanding these rights is vital for protecting your interests, avoiding scams, and staying compliant with Thai property law.

Can You Buy a Condo Off-Plan in Thailand?

Yes, buying a condo off-plan in Thailand is possible for foreigners. This involves purchasing the property during the construction phase, often at a discounted rate.

Can You Make Thailand Into Your Second Home?

Yes. If you meet all the immigration requirements for settling down in Thailand, you can invest in property to make Thailand your second home. As long as you have a valid Thai visa or have permanent resident status, you can reside in your property and enjoy it for personal use.

How Can Foreigners Acquire Mortgage Bonds in Thailand?

If you don’t have enough cash to purchase a condominium, you can acquire mortgage loans from local banks in Thailand or certain overseas banks. However, mortgage loans are often difficult for foreign nationals to obtain due to strict eligibility requirements. Therefore, professional legal and financial guidance is strongly recommended if you require financing.

Can You Invest in Condos as a Foreigner?

Foreigners can invest in condominiums in Thailand, even without Thai citizenship. You can generate rental income by leasing your condo to tenants, turning your unit into a rental property. This is especially advantageous if your property is located in major cities like Bangkok or Chiang Mai, or in tourist hubs such as Hua Hin, Phuket, and Pattaya.

What is the Benefit of Escrow Accounts in Thailand?

If you are purchasing from a condo seller or trying to complete a certain transaction, you may wish to safeguard the process by using an escrow account. This involves a licensed escrow agent (such as a bank or lawyer) depositing funds into a special account, which is released only once all agreed-upon conditions between buyer and seller are met. This provides both buyer and seller with greater legal protection and reduces the risk of fraud.

Can You Under-declare a Condo in Thailand?

Yes, Thai condos can be under-declared. You may want to under-declare your condo if you plan on lowering your tax burden and want to owe less in taxes when transferring the accommodation. However, this process can be difficult and result in problems if you’re going through it without legal support.

Professional Assistance From a Thai Property Lawyer

Buying, selling, reselling, renting, or under-declaring condos in Thailand is not an easy task, especially if you’re handling everything by yourself. To avoid unnecessary stress and legal complications, consult Siam Ä¢¹½ÊÓƵ for professional assistance. As a full-service law firm with over 20 years of experience in helping foreigners, our property lawyers have the skills and qualifications to make condo ownership easier and hassle-free.

Whatever your goals, our lawyers will guide you every step of the way. We make everything more straightforward by managing all the tasks for you, including filing the necessary paperwork, verifying the ownership history of the property seller, checking a contract to ensure all terms are fair, transparent, and legally enforceable.

Contact Siam Ä¢¹½ÊÓƵ today and book a consultation with our property lawyers to enjoy a life of comfort and convenience as a condo owner in Thailand.