Here at Wing Samui Condo, we often get asked the question, can foreigners invest in Thailand?
The Short Answer
The answer is simply, yes you can. For example here at Wing Samui Condo, we have buyers from over 20 different countries.
In Thailand, as long as the building is under a condominium license, as per the Condominium Act, foreigners are fully legally allowed to own them outright under their personal name, no strings attached.
Upon transfer of ownership of the condominium from the developer to yourself, you will receive a title deed with your name at the back of the title deed, also known as a “Chanote”. This will clearly display the size of your property as well as your full name (translated in Thai) at the back. It will also contain the address.
You will also receive a blue book (or House Registration book) which will contain the address of your property.
The entire process itself is incredibly easy, all you have to do is make full or staged payments depending on if the property is already completed or not.
If the property is not completed, you will have to wait for the developer to complete the property before they can begin to apply for the transfer of ownership process for you.
Overall, Thailand has made it a very simple process to own property here in Thailand, which is why there are so much foreign investment from major countries such as America, China and Russia into Thailand.
The Long Answer
While it is true that foreigners can own property under their personal name. It is not without its pitfalls. Due to low barrier to entry, it is very easy to fall into traps that you can easily avoid.
If you are doing research in purchasing Thailand property, you will come across many nightmare stories from foreigners who have purchased, but never received their property.
The best way to avoid such pitfalls is to hire a lawyer to perform a due diligence on the property that you would like to consider purchasing.
A due diligence will clearly show a few key things:
a.) Does the developer already own the land? Your lawyer will check the title deed and ensure that the property actually belongs to the developer.
b.) Do they have all necessary government permits?
c.) Do they have a building permit?
d.) Is there any mortgages on the property that seems abnormal?
From a developer point of view, we have heard many stories where one of the above is missing. However, due to lack of knowledge from the buyer on what to look out for, or perhaps a very persuasive agent, they often unknowingly fall into these traps.
As a result, they usually end up not receiving a property and losing their money.
This is why at Wing Samui Condo, all of our government approvals as well as permits, title deeds, as hung up on the entrance of our office.
We are also happy to provide any documentation that you would need to show to your legal representative to ensure your complete peace of mind.
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