Money & taxes
How to transfer money to buy a condo in Thailand
This is the most important technical part of the deal. To register a condo in a foreigner's name, paying is not enough: you have to prove to the Land Office that the money came from abroad. Here is how it works and which documents you need.
In short
- For the Foreign Quota, the money must come into Thailand from abroad in foreign currency or from special accounts.
- The source of the money must be proven with documents for the Land Office.
- Plan the payment route before the first large payment.
Why it matters
The Condominium Act allows a foreigner to buy a unit in the foreign quota if they brought foreign currency into Thailand, or paid from a non-resident baht account or a foreign currency account at a Thai bank. At Land Office registration this must be proven with documents for an amount no less than the price of the unit.
If the money arrived the wrong way, for example in cash or as a transfer from another person, it may not be possible to register the unit in the Foreign Quota.
How it works in practice
The payment route depends on which country and which bank your money is in now. For each buyer we work out a suitable route in advance, before booking, so that the Land Office has all the confirmations it needs.
- Sender: you, the buyer. A payment from a relative or a company is harder to document later.
- Recipient: the developer or seller, using the bank details in the contract.
- Payment reference: purchase of a condo, with the unit number and project name.
Paying in instalments
If you buy on an instalment plan, you need a confirmation for every payment. At Land Office registration they are all presented together, and the total must be no less than the price of the unit. Keep every payment document.
The other way: taking money out after a sale
The Bank of Thailand allows non-residents to repatriate invested funds without restriction. When you sell a condo, the bank usually asks for the contract, the Land Office transfer document and the records of how the money came in when you bought. So transfer documents matter not only at purchase but also years later when you sell. More in How to sell a condo in Thailand.
How we help
We help with payment and with documenting the source of funds, depending on where your money is now. It is best to settle the payment question before booking.
FAQ
Why does it matter how the money is transferred?
To register a unit in the Foreign Quota, you must prove that the purchase money came from abroad. Without this, it may not be possible to register the unit to a foreigner.
Can I pay in cash?
Not for a Foreign Quota unit: cash payments do not prove that the money came from abroad.
Do I need proof for every instalment?
Yes. At registration, confirmations for all payments are presented, and their total must be no less than the price of the unit.
Sources
- Bank of Thailand: exchange control, inflows and repatriation of funds
- Tilleke & Gibbins: section 19 Condominium Act conditions for foreigners
- Avalon guide: why the way you transfer money matters (in Russian)
This article is for general information and is not legal or tax advice. Laws, fees and project terms change: before a deal we check the current conditions for the specific property.
