Phuket Realty

How to buy a car in Thailand

Can a retired Farang, not holding a work permit, own a car in his name in Thailand?

If you had the experience or know the applicable law please leave us a comment or e-mail us at “x(at)phuketimm.com”.

Buying a condominium through a company

I have received the following question on my property-listing site (www.Phuketimmo.com) and I will answer to it the best I can:

Hello,
I would like to invest in a “condominium. I would like to have more information regarding the practical details.
Is it possible to purchase a condominium through a company registered in a foreign country or can we only buy directly?
I will invest with a partner and it seems easier to do it through a juristic person than in our own name.
Thank you for your help.

First, I would like to remind you that there are two ways to purchase an apartment in Thailand:

1. Sign a renewable 30 year lease.
2. Buy a freehold condominium in a project that follows the rules of the « Condominium Act » (See. http://www.dol.go.th/low_ministry/commandment/condo_no3_2542.htm).

In both cases, the contract can be done in the name of the buyer.
Initially the question of purchase through a company does not apply in this context, since theses solutions were set up for buyer who prefers to buy in their own name.

Nevertheless, we see frequently buyers putting the lease in the name of a company registered in a fiscal paradise, which is supposed to make the re-sale easier (and cheaper).

In the case of freehold condominium, the Condominium Act does not forbid a foreign juristic person from purchasing.
I never met the case personally, but a developer I questioned about the matter, told me that he already did this kind of procedure.

Therefore, in any cases, YES, you can set up a company in your country with your partner in order to buy a condominium in Thailand.

Do not forget to obtain a Foreign Exchange Transaction Form (formerly Tor Thor 3) when you transfer money into Thailand, this document will allow you to take the money out of Thailand when you will re-sale your property.