News Forum - Reform urged for foreigners to invest or buy condos in Thailand

[Thaiger]

The vice-chairman of the Board of Trade of Thailand is calling for amendments to the restrictions and processes for foreigners to buy condos and invest in the country. He said the process is unnecessarily complex, and steps need to be taken to improve procedures and conditions if Thailand’s plan to lure wealthy pensioners is to gain any traction. He called for the money transfer procedures in particular to be revised as they can involve forcing condo buyers to transfer their money out of Thailand into their home currency and then back into Thailand again in order to show the required […]

The story Reform urged for foreigners to invest or buy condos in Thailand as seen on Thaiger News.

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[Stonker]

Do these plans to attract "wealthy foreigners" never end?

[Naanlaew]

Where do they get these numbers from and who are the 10,000  "other wealthy people" ?  I'm sure they are banging down the doors to buy up those decaying condos sinking into the sediment of Krung Thep. 

[gummy]

20 minutes ago, Stonker said:

Do these plans to attract "wealthy foreigners" never end?

Once a thief always a thief perhaps ?

[LoongFred]

40 minutes ago, Thaiger said:

The vice-chairman of the Board of Trade of Thailand is calling for amendments to the restrictions and processes for foreigners to buy condos and invest in the country. He said the process is unnecessarily complex, and steps need to be taken to improve procedures and conditions if Thailand’s plan to lure wealthy pensioners is to gain any traction. He called for the money transfer procedures in particular to be revised as they can involve forcing condo buyers to transfer their money out of Thailand into their home currency and then back into Thailand again in order to show the required […]

The story Reform urged for foreigners to invest or buy condos in Thailand as seen on Thaiger News.

Read the full story

I don't understand the need th transfer funds out of Thailand then back. I though the idea was to attract foreign investment from abroad. Sounds a little like money laundering, but I don't know.

[EdwardV]

What happen to the talk about foreigners buying single family homes? I wouldn’t want to buy a condo in my home country let alone a foreign one. Bad investment. 

[Soidog]

The terminology that caught my eye with this article was the reference to “Treason”. Now this may be poor translation, though most likely not! It’s a measure of just how nationalistic and inward looking these poor people have been brainwashed. There was some positive comments such as pointing out that Thais can own property in other countries and the those countries don’t see it as “treason”. No, we don’t. We did maybe 300 years ago when you would perhaps be beheaded in the Tower of London, but not in 2021. Simply incredible. 

[Stonker]

49 minutes ago, LoongFred said:

I don't understand the need th transfer funds out of Thailand then back. I though the idea was to attract foreign investment from abroad. Sounds a little like money laundering, but I don't know.

Foreigners buying condos here have to transfer the money in from abroad, so if they already have the money here then some may transfer it out then transfer it back in again in order to meet the requirement.

[john1946]

Wouldn't invest in anything I cannot own out right 100% BEWARE.

[Bob20]

3 minutes ago, john1946 said:

Wouldn't invest in anything I cannot own out right 100% BEWARE.

And that's exactly why it's about condos as that is what you can own outright.

[Bluesofa]

3 minutes ago, Stonker said:

Foreigners buying condos here have to transfer the money in from abroad, so if they already have the money here then some may transfer it out then transfer it back in again in order to meet the requirement.

Agreed.
If it appears the money has not come from abroad, then if it comes to the point the foreign owner wants to sell and repatriate their money, it makes it very difficult.
IIRC, the BOT issue a certificate to confirm the money has come into Thailand from abroad. Using this certificate allows the original money to be sent abroad.

[gummy]

Just now, Bob20 said:

And that's exactly why it's about condos as that is what you can own outright.

Well, almost. You can own the condo but none of the land the development sits on so it is basically leasehold but yes you own the condo. Now will that ever change ? 

[Bob20]

5 minutes ago, gummy said:

Well, almost. You can own the condo but none of the land the development sits on so it is basically leasehold but yes you own the condo. Now will that ever change ? 

Why? Do you want to own the land but not the condo You'd get lonely and wet too if it rains

Sorry, it's been a busy day

[gummy]

Just now, Bob20 said:

Why? Do you want to own the land but not the condo You'd get lonely and wet too if it rains

Sorry, it's been a busy day

Not anymore, owned a condo in Bangkok but not now unless I was looking in the long term for my kids to enjoy a waterfront residence once the sea encroaches.

[Dedinbed]

1 hour ago, Thaiger said:

if Thailand’s plan to lure wealthy pensioners is to gain any traction

There'll be about as much traction as Bambi on ice .. 

[Stonker]

17 minutes ago, Bluesofa said:

Agreed.
If it appears the money has not come from abroad, then if it comes to the point the foreign owner wants to sell and repatriate their money, it makes it very difficult.
IIRC, the BOT issue a certificate to confirm the money has come into Thailand from abroad. Using this certificate allows the original money to be sent abroad.

I was actually over-simplifying as there are a number of options, for example if you're a BoI investor or have permanent residency, but in very general terms most foreign buyers need a Foreign Exchange Transfer Form in order to register their condo at the Land Office.

[Bob20]

18 minutes ago, gummy said:

Not anymore, owned a condo in Bangkok but not now unless I was looking in the long term for my kids to enjoy a waterfront residence once the sea encroaches.

Take a high floor and one with a heli-pad

[gummy]

Just now, Bob20 said:

Take a high floor and one with a heli-pad

I thought more of a lower floor with moorings and a boat

[Benroon]

27 minutes ago, gummy said:

Well, almost. You can own the condo but none of the land the development sits on so it is basically leasehold but yes you own the condo. Now will that ever change ? 

That's the same in any country you can't own something that's shared - in the UK its even worse as developers sell the land title deeds to private companies who then whack up the annual communal fees to whatever they like ! 

[Dr.Sivada]

This is funny. I am not wealthy but I do have several million usd of relatively liquid assets for investment purposes. I traveled to Thailand frequently before covid, and was considering buying a condo. After all this covid snafu that exposes the corruptions of the Thai government, lord I realized how wrong I was: I will NEVER place any assets in Thailand. 

[Johno]

To invest in a condo in Thailand where the rules are constantly changing along with immigration policy and tax issues , is really a bad idea whereas if you rented at the right price you have no issues and can leave the country  permanently with no hassles while you money earns good safe  interest in your own country..they also say they want to improve medical services for retirees ??  Yet they have a 2 tier system where westerners pay twice as much as thai people..and thai insurance is dodgy and expensive with no recourse when denied reimbersement..  .

Edited October 28, 2021 by Johno

[sangchai]

Condo is a bad investment in Thailand. Ton of available land for developers to build new buildings (never ending supply) and crappy quality of construction.

In 5-7 years your condo will have cracking walls and many freshly built buildings around for new buyers.

Better rent when you need it, and continuously move from old to freshly built condos.

[Bob20]

1 minute ago, sangchai said:

Condo is a bad investment in Thailand. Ton of available land for developers to build new buildings (never ending supply) and crappy quality of construction.

In 5-7 years your condo will have cracking walls and many freshly built buildings around for new buyers.

Better rent when you need it, and continuously move from old to freshly built condos.

It all depends on your choice of development because they're not all bad quality, and it depends on your personal requirements of course.

Also, it's not only about buying and selling, but also about finances. Just like with a purchase, you can rent a dump or something upmarket also.

But purely financially, if you were to invest (while interest rates are virtually zero), buying doesn't cost much in lost interest as compared to leaving it in the bank.

If you then add up what you throw away in rent in 10+ years and compare that with either not making a profit from a sale (even though currently it's a buyer's market) or even making a loss on the initial purchase price, I'm pretty sure the buyer would still come out on top if you're comparing similar quality condos. 

But regardless, you'd meanwhile have a "home" that you can use as you please rather than a place to stay for a while with another person's furniture and rules.

One prefers one, another prefers the other.

[Cathat]

Given they are doing their damnedest to deter foreign people from setting foot in thailand and also destroying the small grass roots buissness often run by thai/foreign couples i would think very carefully before investing in any type of property or buissness of any description in thailand.

The same arguments about property ownership and visas have been running for many decades in thailand now and nothing has ever really changed to date.

[HolyCowCm]

I would only ever buy something in my kids or wife’s names. Other than that rent but until I am forced out by then under one thing or the other, I am just fine with the house and taking trips around.