Thailand Property

How to Pay for your Thailand Property

If you are purchasing property in Thailand and you want to pay in Thai Baht ensure that your funds are transferred into Thailand in foreign currency and converted to Thai Baht here.

The reason for this is that the receiving bank will issue a Thor Tor 3 Certificate confirming the transaction.

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The relevance of the Thor Tor 3 Certificate is that it is one of the documents you will need in the future if you wish to repatriate funds without incurring tax penalties.

Also, please be aware that Banks will only issue Thor Tor 3 Certificates for individual inward transfers exceeding 10,000 US$.

Repatriation of investment funds and repayment of overseas borrowing in foreign currency can be remitted freely upon submission of supporting evidence.

One of these documents would be the Thor Tor 3 mentioned above, or in respect of a foreign currency loan, the loan contract. Remittance of funds without proper documentation could be regarded as income and become liable for tax.

Most real estate agents and property developers on Koh Samui prefer to simplify the process by allowing you to purchase your property in foreign currency. Your money is usually transferred directly into one of their offshore accounts. They will setup the freehold or leasehold for you directly on remittence of this money.

Thailand Property

When the time comes that you wish to sell your property you simply sell it on in foreign currency.