Foreign ownership Information

Currently, foreigners are permitted to buy condominiums in Thailand. However, foreigners may own up to 49 % of the total number of units in the condominium while the remaining 51% must be owned by Thai nationals or majority owned Thai companies.

 

 

 

Payment Instruction for foreign purchasers of condominium in Thailand

Under the Condominium Act 1991, non-resident foreigners who purchase condominium units must bring in the funds to pay for the unit from overseas. That means that the entire payment must be transferred into the country as “foreign currency”. The beneficiary bank will issue a “Foreign Exchange Transaction”certificate which should be presented to the Land Department when registering the ownership of the condominium.

 

For each transfer, banks will only provide a “Foreign Exchange Transaction” certificate for amounts of over US$ 20,000. For amounts of less than this, the bank will issue a credit note, which may be presented, with the confirmation letter from the bank, to the Land Office in order to register the condominium.

In case that you do not have a bank account in Thailand, you will remit the funds directly to the Developer's account.

 

In such case, the developer, as the beneficiary, will obtain the Foreign Exchange Transaction certificate from the bank on behalf of the purchaser. The developer will keep all the certificates and/or credit notes with the letter from the bank until the date on which the ownership of the condominium units is transferred. In the event that the purchaser wishes to keep those documents, a request can be submitted to the developer.

 

If you have a bank account in Thailand the procedures will be the same but you will be the beneficiary and you will have to obtain the Foreign Exchange Transaction certificate from the bank by yourself.

 

 

1. To obtain a “Foreign Exchange Transaction” certificate , please Ensure that you follow the instructions below.
   1. 1.1 The name of the remitter must be the same as the purchaser (as indicated in the S&P agreement. Please fill in full name and address of the remitter and the beneficiary.
   2. 1.2 The money is transferred as foreign currency. Do not convert in Thai Baht before making a transfer. The conversion into Thai baht will be done by the beneficiary bank.
   3. 1.3 Please indicate in the transfer instructions that the purpose of transfer is

      

       

      
      “To purchase a condominium unit No……………. at MÖvenpick
      Spinnaker Residences at MÖvenpick White Sand Beach Resort”
      

      
      

      Please use the exact wording above in order to avoid any misinterpretation by the Land Department. For example, the word “apartment”, a term which is frequently used in other countries, has different meaning from “condominium”.

   4. 1.4 Please include both overseas and beneficiary bank charges for each payment.
2. Debit advice

   After each funds remittance, please fax the debit advice to our sales office for our records,
   to Fax No.: +(66) 38 237 722 or send an e-mail to info@apexpcl.com.

   We shall then be able to assist you in tracing the payment and ensure that the receipt of payment
   will be sent to you promptly.

3. Payment adjustment

   The conversion into Thai Baht may result in the difference either a surplus or a shortfall amount regarding each
   payment. As such, the balance of all the payments will be adjusted in the final payment due upon registration
   of the ownership of condominium.

4. Transfer of ownership

   Prior to the transfer of ownership, the developer shall inform the buyer about the amount due, including
   the final payment (after adjustment), transfer fee, common area management fee,
   electricity meter deposit, and sinking fund as well as the means of payment and the recipient names.

   The final payment needs to be paid by a cashier cheque which
   will be exchanged with the condominium’s title deed on
   the date of transfer of ownership.

   We recommend setting up a non-resident Baht account
   at a local bank in Thailand for the purpose of issuing
   a cashier cheque.

   We hope the above information is useful and if
   you have any other queries, please feel free to
   ask our sales representative.