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  • Self-Installation Option for Foreign Buyers: A Guide to Purchasing Property in Thailand

    Self-Installation Option for Foreign Buyers: A Guide to Purchasing Property in Thailand

    Purchasing property in a foreign country can be an exciting yet complex process. Here is a guide offering a self-installment option for foreign buyers, allowing you to gradually fund your property purchase while complying with local regulations. In this guide, we'll walk you through the steps to successfully navigate this process.

    Initial Deposit and SPA (Sales and Purchase Agreement):
    a. Purchasing an off-plan property begins with sending an initial deposit to the property developer, typically between 20-30%. This deposit will be used to generate the Sales and Purchase Agreement (SPA).
    b. Ensure that the SPA clearly outlines the terms and conditions of the property purchase, including the payment schedule, property details, and any obligations of both parties.

    Opening a Thai Local Bank Account:
    a. To proceed with the self-installment option, you will need to open a Thai local bank account. Here's how to do it:
    i. Visit a local Thai bank branch such as KBANK, SCB, or BKK Bank.
    ii. Prepare the required documents, including your passport, visa, and proof of address, a local sim card & your countersigned SPA.
    iii. Complete the bank's application form and submit the necessary documents.
    iv. After your account is approved, you will receive your account details.

    Sending Money from Overseas:
    a. With your Thai bank account established, you can now start sending money from your overseas account to your Thai account.
    b. Use your Thai bank account to facilitate these payments, generating a credit-advice paper trail for each payment. 

    Foreign Exchange Transaction Form:
    a. Upon completion of the property purchase, you will need to request a Foreign Exchange Transaction Form (FET form) from your Thai bank.
    b. The FET form is essential for repatriating funds when you decide to sell the property or transfer money out of Thailand.
    c. Provide all necessary documents and information to your bank to obtain the FET form.

    Reselling or Transferring Funds:
    a. If you decide to sell the property or transfer money out of Thailand, use the FET form to facilitate the foreign exchange transaction.
    b. Ensure that you comply with Thai laws and regulations regarding currency exchange and fund transfer.

    Additional Support 
    Purchasing property in Thailand as a foreigner through the self-installment option can be a convenient and secure way to invest in this beautiful country. By following the steps outlined in this guide and consulting experts as needed, you can make your property ownership dreams in Thailand a reality. If you have any questions or require further assistance at any stage of the process, please do not hesitate to contact us at Lazudi. Our team is here to support you in making informed decisions and ensuring a smooth property transaction in Thailand.

    Special Thanks to our Senior Property Consultant (Residential Sales), Alex Blencowe for the in-depth insight provided in this article. 

    Thailand Blog Buying Guides Self-Installation Option for Foreign Buyers: A Guide to Purchasing Property in Thailand