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How
to Own Property in Thailand
CONDOMINIUMS
Purchasing a condominium is the easiest way to own property
in Thailand as you can purchase in your own name without having
the hassle of nominees. Foreigners are permitted under Thai law
to own up to 49% of the units in any condominium block. In order
to transfer any monies used to purchase a condominium back out
of the country at a later date you will need proof from the bank
that the monies were used for this purpose so you will need to
get either a Tor Tor 3 form or a payment slip from the bank as
supporting proof.
Tor Tor 3 (TT3) and payment slips explained. A Tor Tor 3 (TT3) is actually now called a Foreign currency
transfer form. This form is only necessary if you transfer
over 20,000
USD into Thailand in any foreign currency to buy a property
and at a later date you wish to sell the property and transfer
the
money back out of the country. For any other payment method
you will need to collect a payment slip if you want to transfer
money
back out of the country.
The following lists the scenarios for obtaining a TT3 form or
payment slip:
- If you transfer a foreign currency amount greater than
20,000 USD to Thailand straight into the developer’s
bank account, then the developer can get the TT3 form from
the bank for you.
- If you transfer a foreign currency amount less than 20,000
USD to Thailand straight into the developer’s bank account
then the developer can get a payment slip from the bank for you
as support documentation (instead of a TT3 form).
- If you transfer a foreign currency amount greater than
20,000 USD into a bank account you hold in
Thailand and
subsequently
transfer that money to the developer’s bank account in
Thailand then you are responsible for getting the TT3 form from
your bank.
- For all other methods of payment, you will need to get
a payment slip from the bank for support documentation
(instead of a TT3
form).
Please note that if you have transferred money
into Thailand over 10 years ago and did not get a TT3 or payment
slip then
unfortunately as the banks don’t hold records that long,
then there is no way the bank can provide you with a TT3 or
payment slip.
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