Foreigners are allowed to purchase condominium units in Thailand in their own name, but cannot own Land in their own name. For condominiums, there is a maximum quota of 40% foreign ownership ratio which is calculated on an area basis. In order to purchase a condominium, foreigners are required to transfer funds from overseas with funds denominated in foreign currency. Once the funds are transferred, they are required to be marked as a “condominium purchase” and needs to be verified through obtaining an “FET – Foreign Exchange Transfer” certificate (previously called “Tor Thor 3”) from the receiving bank in Thailand. The FET document is required when transferring the Title Deed at the Land Department for foreigners.
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