What does Foreign Quota and Thai Quota mean?
According to the legislation of the Kingdom, in each project 51% of apartments must belong to citizens (or companies) of Thailand - "Thai quota", and only 49% can be owned by foreigners - "foreign quota".
Thus, if the foreign quota in the project you are interested in has been exhausted, then the foreigner will not be able to register the right of ownership.
It is possible for a foreign citizen to purchase an apartment in the Thai quota, however, you will need to establish a legal entity in Thailand, so that the legal owner will not be you, but your company.
What are an additional payments when buying an apartment?
In addition to the purchase price, you must pay taxes for the transfer of ownership. The indicated amount is calculated in each case individually, but on average it can be 5 - 7.3% of the cost of the apartment. In practice, the burden of tax costs is shared between the Seller and the Buyer 50/50, however, this is not a strictly regulated rule, so the costs can be fully borne by one side or the other. Specify in each individual case.
What documents required for a sale and purchase transaction?
- a signed copy of the passport (main page, page with a visa),
- Sale- purchase contract;
- For a foreign buyer, a certificate of legalization of funds brought in from abroad (TT3) and a power of attorney in the form of a Land Office (if not in Thailand at the time of the transaction) are required.
- For the seller: originals of the Title deed (all pages), house (blue) book, certificate of absence of debt to the management company.
* In the case of a remote transaction, a notarized power of attorney must be issued to the person authorized to represent interests, translated into Thai and legalized properly.