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Buying a Condo in Thailand — Foreign Quota 49% + FET

Foreign quota up to 49% per building, funds wired in from abroad with a Foreign Exchange Transaction (FET) form

AI Quick Answer

Foreigners can buy a condo in their own name (freehold) under the 49% Foreign Quota per building. Every baht must be wired from abroad into a Thai account with a Foreign Exchange Transaction (FET) form from the receiving bank — required for Land Office registration. Total closing fees are ~6.3% (2% transfer + 3.3% business tax + stamp + withholding) shared with the seller. Allow 30–60 days including due diligence.

Cost

Closing 6.3% + agent 3% + lawyer THB 20,000–50,000

Timeline

30–60 days including due diligence

Documents

4 items

+66 92 242 9293 LINE @nyc-notary

Steps (5)

1
Project due diligence
Request Foreign Quota letter to confirm 49% still open / get Nor Sor 4 Jor title / check encumbrances / review juristic person financial statements
2
Sign Reservation Agreement
Pay 50,000–200,000 THB deposit / specify 14–30 day due diligence period / refund clause if title check fails
3
Wire funds from abroad
Open a Thai non-resident account or use existing offshore funds — wire with purpose 'Purchase of Condominium Unit XX' so the bank issues the FET form
4
Due diligence + sign SPA
Lawyer reviews contract + Land Office search + chain of title + outstanding charges — sign Sale & Purchase Agreement + 20–30% down payment
5
Transfer at Land Office
Both parties attend the Land Office + pay 6.3% transfer fees + receive title deed in your name — completed in one day

Documents

Passport + visa
FET form from receiving bank (mandatory above USD 50,000)
Title deed copy + sale contract
Foreign Quota certificate from the building's juristic person

Frequently asked questions

Can I buy land?

No. Bare land is reserved for Thai nationals. The narrow exception is a BOI-approved investment of THB 40 million held for at least five years, which permits 1 rai for residential use. Condominium units, by contrast, can be held freehold in a foreigner's own name within the 49% quota.

What is the FET form and why is it needed?

The Foreign Exchange Transaction form is a bank certification proving the purchase funds were remitted from abroad in foreign currency and converted in Thailand. The Land Office will not register a foreign freehold transfer without it, and it is mandatory for every inbound transaction of USD 50,000 or more.

What if the 49% foreign quota is full?

Your options are a registered leasehold of 30 years in your own name (commonly written as 30+30+30), or purchase through a Thai company that genuinely trades. Nominee shareholder structures have been actively enforced against since 2022, so take Thai legal advice before choosing the company route.

Annual property taxes?

The Land and Building Tax is 0.02–0.1% of the assessed value for residential property, which is very low by international standards. Rental income is a separate matter: it is taxable as Thai-source personal income at the progressive 5–35% rates, and non-resident landlords still have to file.

Capital gains tax on resale?

Thailand has no separate capital gains tax for individuals, but the Land Office collects a 1% withholding tax on the sale price (calculated progressively for individuals), a 0.5% stamp duty, and a 3.3% Specific Business Tax if you have held the property for less than five years.