Buying a CONDO in Thailand Part 1 | THINGS TO KNOW
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- čas přidán 4. 07. 2024
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Did you know that as an expat you can easily buy a condo in Thailand? And, with both new and used condos on the market, there are plenty of options to choose from.
I continue my set of video interviews with the owner of one of the law firms in Koh Samui called Vize Counselor, Jimmy, who, this time, agreed to answer the most common questions when it comes to buying a Condo in Thailand.
This video lists out the must-knows in these areas for anyone looking to handle the process themselves. Jimmy answers the questions about how a Foreigner can buy a Condo in Thailand avoiding any problems, we're talking about the difference between Ownership of a Condo (Foreign, Company and Thai Ownership), Selling Agreement, Down Payment, Taxes you pay when you buy and own a condo, Blue and Yellow Book Difference, "Chanod" and more.
You may think that the process of buying a Condo in Thailand is straight forward but there are certainly a few bumps in the road.
Aside from the financial side of things, the main concern for most buyers are potential pitfalls when it comes to valuation, future outlook and complications and the paperwork of course.
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00:00 - Intro
1:26 - Can a foreigner buy a Condo in Thailand?
1:40 - Terms "Condo" and "Apartment"?
2:20 - Foreign Ownership, Company Ownership and Thai Ownership
05:17 - Do I need a Thai company to buy a condo?
06:13 - Do I need a Lawyer to buy a condo?
07:02 - Is there a Sell Agreement for Buying a Condo?
09:06 - How much is the down payment?
09:55 - What's the payment procedure?
10:20 - What's 'Chanod'
12:13 - What's the Blue book and Yellow Book?
13:31 - Do I get the permanent resident ship when buying a Condo?
14:04 - Am I the owner of Condo forever?
14:23 - What happens to my Condo if me and my Thai wife divorce?
16:26 - Can seller back out after down payment?
17:20 - Is buying a Condo a good investment?
18:30 - How much Tax do I pay when I own a Condo?
19:02 - Do I need to open a company to give my Condo for Rent?
20:26 - Lawyer Advise
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Is this an opportune moment to invest in stocks? What's the expected recovery timeline? I understand that many people believe equities are currently undervalued. However, there are strategies in play in this market that aren't easily accessible to the average person. Should I consider alternative investment options that may be more suitable for me?
Wonderful, really helpful interview that didn't waste any of my time with unnecessary or unrelated stuff. Really appreciate it.
Thank you for support Karen
That's really useful! Thank you
Glad it was helpful!
Very informative video😊🙏👍 thanks
Most welcome 😊 Thank you
this is great vlog ty and more power
Thank you Gabby!!!
good questions and good answers
Thank you
Thanks for a very informative video
My pleasure
Very informative video. I've been looking at condos in TH. Thank you very much.
Glad it was helpful, Brandon!
Thanks for sharing this information. It was very helpful.
Glad it was helpful!
There are many different support programs for businesses in Thailand. You just need to find a knowledgeable lawyer.
This was very helpful in understanding the details one needs to look into before buying a property which I am quite interested in. One point I noticed which the lawyer spoke about was the there is a difference between some laws with regards to Condos and Apartment. Would really help if there was a video on the difference and the pros and cons of an Apartment vis a vis a Condo. But thanks for this video. Cheers 👍
The main difference between a condominium and an apartment lies in ownership. Condominiums are registered and licensed with the Department of Lands and offer full ownership to individuals, while apartment buildings are leasehold properties
Thank you for your feedback and support, Rocky
great information
Glad it was helpful!
Very informative, thank you
Glad it was helpful! thank
Great information because I'm planning to buy a condo for my retirement.
Follow up, new video about condos coming soon
Great Video! Question, I have been watching other CZcams videos about buying a condo in Thailand and in one video the real estate agent was saying the cost of a condo was more expensive for a foreigner. She was showing 2 condos and quoting the Thai price and the Foreigner price for each condo. The foreigner price was much higher. If memory serves me correct, they were 300k baht more.
Hope you make a follow-up video with this lawyer on opening a business in Thailand (specifically restaurants). The last video was the most informative video I've seen on this topic. Great job! Thank you 😊🙏
THank you for your feedback!! I believe Condo Price determined by the market price only and not really have much in common if the buyer is foreigner or thai. I''ll try to make the video with a lawyer about opening a restaurant in Thailand
@@THAILANDEASY_ Wonderful! Thank you!
@THAILAND EASY My understanding is the Land office Fees or taxes are more for foreigners
Great video! Very informative. I might actually buy a condo in Bangkok to rent out now. But, I would love to also know about the process of buying a house (if it’s possible for foreigners). Can’t believe no taxes?!
Sounds good! My latest video is about buying a house in Thailand. czcams.com/video/yMu0LfxjkGs/video.html
Thanks for this an information! One day I wish to buy the condo somewhere at thai. 😄
Yeah! I like this idea of investment too
Prenup very very important
Thanks for the video. It's really helpful! Although the final down payment would depend on the negotiated price, do you have a possible range for the percentage? The video also did not mention the mortgage interest rate for foreigners, which would highly impact the investment return.
Some interesting info. I also would appreciate some content about how to get loans as a foreigner. Br
Thank you! Noted
very good.
Many many thanks
Normally, the transcript is for condo of value 50K $ (1,8M THB) or above but I presume, they ask it anyway just in case
bedankt voor je video, wat zijn de advokaat kosten als ik een condo wil kopen.
Bro, thanks for the information. Please make a video on the prices of flat in an apartment of various locations in Thailand......
Will try. Thank you for support
@@THAILANDEASY_ welcome
:-)
Not sure why this would help. The price is determined by numerous various factors and maintenance fees could be dramatically different from one to another
Thanks for the information about condominium i will like to know more about apartments with no swimming pool or gym, i guess the price most be cheaper and i wonder why i dont see videos about apartment on sale in pattaya, bangkok or chiang mai even other province like kalasin, khon kaen, samut prakan or others.
Sure thing! I'm located in Samui - just got the video about beautiful condo here czcams.com/video/hIp-R3VTAdA/video.html
good very good.
Many many thanks
I thought to buy a condo in Thailand, the retired foreigner MUST have an income (passive) of 35K per year. This is what is stated on Thailand's official website...!
could you send the link too? This is a Licensed Lawyer I'm talking to
@@THAILANDEASY_ I also subscribed as I want to know the answer to my questions. Many thanks.
Or 800k on thai bank..but that's only for your visa...
I think the response is abit misleading when it comes “down payment” questionc as my understanding is that foreigners as individual buyers have very limited options on financing via mortgage. Would be helpful if you did a segment addressing the financing options for foreigners when it comes to real estate.
how about renting condo out on tourist or study visas? is it legal or how usually people do?
Es ist sehr interessant! Ich habe viele Fragen.
Скільки грошей потрібно для старту на Samui?
Лише бажання!)
Thanks for your upload on this subject. So to buy a foreign quota conda I need to be a resident?
you don't have to be a resident
Can you talk about getting a mortgage loan as a foreigner in Thailand next time please. Thank you
I'll try in the future
No credit for falang. Just debit
Biggest Condo Project in Samui 2023! My Video with Wing Samui
czcams.com/video/PfA1maxywT8/video.html
Updated video - Buying condo in Thailand czcams.com/video/WlJq9Mrx-00/video.html
What's the different between apartment and condominium low to own thanks 🎉🎉🎉🎉🎉
Condominiums are governed by the Condominium Act in Thailand, and each unit should have its own separate title deed registered at the local land office. These title deeds will clearly indicate that the property is a condominium unit.
Apartments are generally not issued individual title deeds for each unit. Instead, the owner of the building holds the title deed for the entire property.
There are thousands of empty condominiums in Thailand. In Thailand you never really know what is going to happen next. There is a long history of government coups where the military takes over and restructures the government. Business changes consistently and finding a condo that will remain in a quiet and comfortable location can be very difficult. I choose to rent because I can move my location anywhere in the country at the end of my lease. Most rentals come fully furnished and are easily accessible. Trusting foreign banking institutions can be very nerve racking and understanding the Thai real estate market is even more difficult being a foreigner. You may own it but do not have any control over the development of the management in your investment. I like Thailand for the freedom the country offers to go anywhere and do anything I like as long as you abide by the rules and laws of the country. I don't see any reason to become stuck in any one part of such a beautiful country. People change, places change and having the ability to move around becomes very restricted when purchasing a condo in Thailand. Each to their own but personally I will never buy a condo here.
Thank you for sharing your ideas. I'm sure many people here will share your thoughts and many will still go for buying a condo in Thailand
Quick question some condos are listed as freehold, but I thought they are leased for 30 years that can be extended? We are looking to buy, we are a married foreign couple.
OK so a condo with a foreign quota, could be the best option.
I'm a little confused. If I purchase property in Thailand then am I able to stay in the country automatically? Can they put me out while I own property then denying me use of said property? Also, is their a property amount limit that may be considered too low for any benefits that goes along with property ownership?
Hello! Owning Property doesn't give you any benefits that goes along with property ownership. You still have to follow general Visa requirements.
And the visa to life in Thailand ? Is the visa coming when you buy a condo ?
You don’t get any Visa privileges when buying a condo
whats the difference between COndo and Apartment? why foreginers can only buy Condo? he didnt answer that.
all the apartments in Thailand are condos to make it easy
Hello, I am moving to Rayong in January, I definitely want to build a custom home, and based on your information I have a question if this would work.
1. start a company with two Thai residence, one with 25 percent and one with 26 percent, with myself owning 49 percent, as majority owner I would be the only one with decision making responsibilities.
2. purchase the property with the company.
3. lease the property to my personal entity with no sell, no finance clauses. for maximum years 30 or 99 years with another clause to renew. would that work and would that give me control of the property effectively with my lifetime. ?
Hello!! As I'm not a Lawyer myself, I would advise you to contact a Thai Lawyer for a consultation to clarify your questions.
I may have missed it, but did you talk about Condo HOA fees, or common area fees for the building upkeep?
we did not.. ill ask the laywer next visit
@@THAILANDEASY_ thank you!
sqm x 50thb will give you your annual maintenance fee they call it in thailand
@@THAILANDEASY_ HEY DO YOU THINK YOU CAN SHOOT ME THAT LAWYER YOU'RE USING? I'M LOOKING TO BUY A CONDO/HOUSE AND I WAS TOLD COUNSEL WOULD BE A GOOD IDEA...(IN PATTAYA)
What about service charge when you own a condo in Thailand
what service charge do you mean. When you already own your condo, you just have to pay utility bills
Is it true no annual property tax? Love that!
Not true. There is every January to the city office.
@Bigrad Wolf how much u have to pay?
No tax after purchase condo
@@TheWickJohn There is property tax. I got a bill. Payable on or before June 30.
There’s only one thing to know- never buy real estate in Thailand . If you do it won’t be long before structural flaws start to appear - from leaking windows and plumbing nightmares to gaps and failures in addressing proper common area maintenance and repairs .
How can I send money to Thailand to buy condo?
One of the conditions of buying an apartment under foreign ownership is that all funds must originate from outside Thailand. Most buyers send payment from their bank accounts in their home country by making an international wire transfer directly into the account of the developer. It does not matter which currency funds are sent in as they will be converted to Thai Baht upon arrival in the country.
I also know that people send money through Wise Transfers(even big amounts by parts)
bit.ly/3fUgmL5
It is also possible for foreigners to open bank accounts in Thailand. If you would prefer to deposit funds into a Thai bank account first, you will need the bank to arrange a document providing that the funds originated from outside the country and that they are being used for the purchase of the real estate.
If you transfer it to me Andrew ill take care of it all for you !
@@THAILANDEASY_ If re-sale, you only need portion of fund to transfer to a Thai bank; This is because the original foreigner owner already established the condo in foreign quota by paying all funds to the developer in Thai bank. For re-sale, a portion of funds will do and the rest can be paid directly to the foreign bank of the seller if that is what the seller prefers.
Can a Fourier by a second hand condo of a Thai owner?????
can. as long as not over 49% of the condos owners are foreigners
When you say "downpayment" do you mean that foreigner can buy the condo in installments?
In case of a new development, the payments might be distributed through the period of the construction.
If you are from US and you own a condo in Thailand are you subject to any tax in the US or did he mean Thailand? I guess what I am wondering if is US is aware that you own property outside of the country and are they able to take it from you let's say if you default?
If you own property in Thailand and you default on any financial obligations related to that property (such as a mortgage or taxes), the Thai legal system, not the U.S. government, would typically handle the situation. The U.S. government does not have direct jurisdiction over property in Thailand.
@THAILANDEASY_ thanks for the quick reply and useful information!
Need to pay tax if one bought a condo and rent it out?
Personal Tax only
Maybe I missed something. Is he saying that only 49% of the condos can be owned by various foreigners or a single owner? Meaning if I want to buy a condo and it's 49% owned by Foreigners, I'm out of luck?
Correct.
If there are 100 units in an apartment complex, you can only own 49 units out of 100, 49%. Whether you own 1 or all 49 units as a foreigner, the other 51 units will be owned by Thai citizens. If 49 of the units in that specific apartment complex are already owned by foreigners then you can not buy in that complex unless one of those foreigners sell to you.
Buying property in thailand or Philippines is Not an investment
Is any foreigner can by condo in Thailand?
Any foreigner can buy a condo in Thailand. Check my updated video czcams.com/video/WlJq9Mrx-00/video.html
Things to know:
#1 - Don’t
#2 - Don’t
#3 - Don’t
noted ))
Can two people owned a condo?
Hello Michael. As I'm not a Lawyer, so from my side, I'll ask Jimmy next time we have meeting for our next Interview of "Buying a House in Thailand"
Hi how to contact u it I need a lawyer in Thailand thank
check the description of the video, please
Please recommend an agent to me. I want to buy a condo there.
there is a great project building now - the biggest on the island since 10 years. I've made a video with them already, they finish next year:
czcams.com/video/PfA1maxywT8/video.html
you can leave your details so they contact you directly
forms.gle/EA4KpfSyENAiw2JJA
in non fictional terms people because we all die we only have the right of use of anything.
Bro i need a good lawyer coz i am gonna buy a condo in pattaya can you help
Good day. I'm based in Samui. You probably need to check some Pattaya communities for a Lawyer recommendation there.
Wait for the Bht to go back to 40..
hope it doesnt happen
@@THAILANDEASY_ hope it will. Thailand not attractive with the Bht so strong.
Now invest in "AI" or TESLA, PALA., NVidea., ORACLE,... . (Can I have the name and adress law farm ,Email, thanks)
it's Vize Counselor (they have offices in Bangkok, Samui, Sweden and China)
A foreigner is of course allowed to come here and lose all his savings 😅😅
I would not invest all the savings here
I buy one apartment in pattaya. Was big fuck up. I regret it. Try to sell it. Never got my money back. Finally lost big money. I sell it for very cheap. I will only rent. Why why why I buy it. Big regret.
Did you make a research of the market before you had bought it?
It is risky to buy property in Thailand as you treated like 2nd category person and can only have 49% of it even if you pay 100%.
not in the case of Condo. You got 100%
In a condo project, only 49% of the total units in that project can be owned by foreigners. The rest of 51% units are reserved for Thai citizens. Everyone has 100% ownership of their investment. Many condos have Chinese owners and sit vacant for long periods of time. Not easy to rent out quickly, perhaps.
My god... i think the lawyer can speak better english than tis farang 😂😂😂
ahah thank you
Dude you forgot to wear your sleeves and slacks. Were you aware?
ahah )) I've thrown away all the sleeves after started living in Thailand)
If you set up a Thai company you can only own 49% of that company, so you will only own 49% of the Condo if you buy it with a company, then your Thai partner can sell it without any input from you and disappear with the money, leaving you out in the cold and broke, just buy in your own name.
no need to set up a company for buying a condo. it's 100% freehold
Buying a CONDO in Thailand in 2023 | THINGS TO KNOW:
1. Do not buy a condo in Thailand
2. See #1
))) why)
Bought and sold several for a profit and live in a condo I own.
Idiots trying to give advice on topics they know very little about and have zero experience with.
You wire the money to us, then you buy a Condo which is very expencive, but we'll allow you to own only 49% of what you buy.
Someone understand something here ?
you own 100% of your condo
@@THAILANDEASY_
So . What about 49%. ?
@@Mohanuser2949% is of the entire building. 49% for foreigners and 51% for Thai people.
Why on earth you want to buy a condo in Thailand? You only own 49% of the condo. So crazy, better invest in cryto than buy a condo. please do not buy property or land in Thailand. there are thousand better things on earth to invest. you will agree and thanks me later.
You own 100% of the condo
Badly put together you started badly and when it came time to talk about what different between condo title
You switch to a different site
Hi John. Let me try to cover it next time. What would you like to know more in details
It actually covered the only one needed. Chanote. That way, no confusion.
I dont own earphones. It comes from muscle contraction and training
Just get a condo that already has 51% Thai occupant and buy the remaining 49% 😑 it’s simple as that
Thank you for
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