Here you will find useful information that will provide you with a better understanding of Thai laws and regulations, also many other valuable facts.
Please click on the topics below for the information you desire.
It is allowed with 100% ownership for foreigners. However, there is a quota for all condominiums that limits foreign ownership to 49% while the rest is for Thai nationals.
Foreigners purchase a condominium by showing evidence of an incoming remittance of foreign currency into their Thai bank account from abroad as demonstrated by a valid Foreign Exchange Transfer Form (formerly a Thor Tor 3 form) from a Thai Bank. The owner of each condominium unit is issued with a certificate of ownership. The certificate also has a statement saying exactly what percentage of rights over the common areas of the building each owner has. Condos may also be leased to foreigners for periods of up to 30 years and may have options to renew. Leases longer than 3 years are required to register with the Land Department.
Foreigners cannot own land in Thailand. However, there are other approaches to buying or investing here:
- For a foreigner who is married to a Thai citizen, the Thai spouse can buy land using his or her name. Joint ownership is not allowed, regrettably, but the Thai spouse can lease the land back on a 30-years term with an option to renew. Another option is to purchase the building(s) or structure(s) that is on the leased property. After the lease expires, whatever that you own belongs to you and can not be seized by the land owner.
- A foreigner who invests 40 million Thai Baht or more in a Thai company is eligible to purchase land and a house at the size of maximum 400 square wah under his or her own name.
- A foreigner who invests with a Thai registered company not exceeding 49% of ownership (unlimited sum) can purchase land of unlimited size and amount of investment through the company-registered name.
How to Purchase Guide
To facilitate the purchase of condominiums in Thailand, an account with a Thai bank needs to be opened. Funds to purchase the property must come from overseas and transferred to this account stating its purpose and details of the property. The bank will then issue a remittance form authorizing the fund at the land office for the purchase of the property.
These are the documents required for the purchase:
- Passport with copies
- A contract of buy and sell agreement
- A copy of marriage certificate (if any)
- An authorized consent letter from spouse (if any) in case either person is unable to attend on the date of the transfer of ownership. This letter must be certified by the embassy if the buyer is in a foreign country
Opening a Bank Account in Thailand
This process is quite simple. You need to bring passport with a valid visa and an address in Thailand. The minimum sum to open an account in most banks is 500 THB. A bank passbook and an ATM card will then be issued, both of which can be used to withdraw or deposit cash and make wire transfers.
The types of accounts that foreigners can open in Thailand are:
VISA AND WORK PERMIT
Here are the types of visas in Thailand:
- Transit Visa
- Tourist Visa
- Non-Immigrant Visa
- Non-Immigrant Visa "B" (for Business and Work)
- Three-year Non-Immigrant Visa “B” (for Business only)
- Non-Immigrant Visa "O-A" (Long Stay)
- Diplomatic Visa
- Official Visa
- Courtesy Visa
- Permanent Visa
To apply for a work permit in Thailand you should apply for a Non-Immigrant B Visa (business) at a Thai embassy or consulate before you come to Thailand. When you arrive to Thailand you can then apply for a work permit. You must have the Non-Immigrant B Visa to apply for a work permit!
Foreigners who wish to work, conduct business, or undertake investment activities in Thailand must apply for a Non-Immigrant B Visa at the Royal Thai Embassies or Royal Thai Consulates-General. Check procedures and contact information below:
- Ministry of Foreign Affairs
- Office of Foreign Workers Administration (Work Permit)
- Immigration Bureau
One Stop Service Centre for Visas and Work Permits
The objective of this centre is to simplify visa extensions and permit issuance procedures to create good environment for investment. It aims to facilitate applications of visa extension and work permits and the payment of fines. Please find the address of the center below:Chamchuri Square
319 Phaya Thai Rd.
If you are paid for work rendered in Thailand you will have to pay tax. You should check with your embassy to see what the requirements are for nationals working abroad in Thailand.
The tax system can at times be quite confusing, so we recommend you consult with your employer or, if you own a business, hire an experienced accountant to help you with determining the course of action.
Tax on Property Purchase:
- Ownership Transfer fee is paid to Land Department Office at 2% based on government appraised value (shall be borne equally by seller and buyer).
- Duty stamps fee is paid to Land Department at 0.5% (Either buyer or seller are responsible for duty stamp fee).
- Tax on operation at 12.5% of revenue for rent taxes, in case of the property that generates rent income.
- Corporate income tax at 30% of net income before tax.
- Income tax at 3.3% (Shall be responsible by seller).
- Tax on distribution of profits 15-30% subject to divided-taxes law based income bracket.
Personal Income Tax Rates in Thailand
Income in Thai Baht Tax Rate 0 – 100,000 Exempted 100,001 – 500,000 10 percent 500,001 – 1,000,000 20 percent 1,000,001 – 4,000,000 30 percent 4,000,001 + 37 percent
Source: Thai Revenue Department, from 2008 onwards
More details are available on its website.
USEFUL INFO AND LINKS
Marriage in Thailand
To make a union valid and legal under Thai law, partners have to register the marriage at the District Office, which handles most registration matters. Once registered, it will be legalized and pursuant to the Thai law. In Thai culture it is customary to get engaged before the wedding, and for the man to give the bride and her family a dowry. The bride’s family may ask for a dowry and set what the dowry will be.
How much should the dowry be? There is no set amount.
It is determined by the man’s wealth and the perceived value of the woman, which could possibly be based on her family’s background, looks, education, whether she has been married before or is with child. The groom must show that he can pay the amount that the family quotes. The family will then either return the dowry back or just have the groom pay for the wedding ceremony.
There are no set legal assistance fees. A lawyer can charge as he or she sees fit. But whatever fees your lawyer charge the amount should be reasonable. The lawyer may charge by the hour or a flat rate. These factors depend on how you choose a lawyer, whether he or she speaks English or from a large law firm or international firm can dramatically influence the fee.
You may want to obtain a second or third opinion from different lawyers or firms. This way you can compare the fees and counsels from varied experience, personality and reputation. You might also obtain a better idea of the complexity of your case and what resolution that may involve us as one of your assistances. Ask the lawyer about the contracts that you will be agreeing to in both Thai and English or your native language.
You may also contact us if you need reference of the firms we often retain services from.
Interpreter and Translator
In Thai court proceedings and in certain institutions, foreign documents are admissible, but must be originals or certified correct copies and translated into Thai. Some documents have to be notarized and authenticated by a Thai embassy or consulate.
In Thailand, there are many translation agencies. Translation agencies have experienced translators in many languages and they will certify a translation as certified and accurate. Some documents, however, have to be certified by translators approved by the embassies or the court, so please confirm with the agency whether the officials accept.