Can Foreigner Use Money Earn in Thailand For Purchase the Condominium?
Foreigner is allowed to own the condominium in Thailand under the following rules:
- Foreigner can own the condominium in 49% foreign quota only
- The money for the purchase of condominium must have been brought from overseas and cover sale and purchase price.
Therefore, even foreigner earns income in Thailand or even paid tax for such income in Thailand, that money cannot be used for purchase of the condominium.
One important evidence required for the sale and purchase transaction is the proof of overseas transfer which generally been called as FET or Credit Advice, actually it is the letter issued by the receiving bank.
Some difficulty getting the FET / Credit Advice / Letter from the bank i.e. some original bank transfers the fund to intermediary bank before forwarding to destination bank account, resulting the trasaction can be seen as THB NET transfer causing such letter cannot be issued by such bank, instead, the proof of oversea transfer must be issued by the intermidiary bank.
For further information please feel free to contact us:
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