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About foreign ownership – condominiums in Phuket

Foreign nationals may own up to 49 percent of the freehold in a legally registered condominium project, provided 100 percent of the funds used for the purchase are brought in from overseas.

One of the documents you will need to register your condominium freehold purchase is a Foreign Exchange Transaction Form (FETF) issued by a Thai bank, confirming that the foreign currency was brought into Thailand. This form is issued for amounts exceeding USD 20,000.

This document will also be required should you wish to repatriate the funds in the future, for example on sale of your condominium. For this reason, make sure you state clearly and in detail on the FETF the reason (including the all details of your condominium purchase) for bringing the funds into Thailand.

Without proper documentation of the inward transfer, funds being repatriated (say, upon sale of the condominium) may be considered to be derived from income in Thailand and subject to Thai income tax.

Condominium developers in resort areas generally find it easier to sell the 49 percent foreign allotment than the 51 percent Thai allotment. You may want guarantees and/or assurances with regard to the condominium management during the period before the project is completely sold out.