Buying property in Thailand for retirement is always a great investment. The rules and regulations in Thailand are however a bit different to what you many have expected compared to your home country. These are the basic steps for payment.
When buying property in Thailand the government ensures that the money has been sent from outside of Thailand for the purchase. There are reason for this clause for which we are not going to go into right now. What is important is that when you purchase any property in Thailand as a foreigner and you transferred the money from home the bank will provide you with a form for the transfer into your local Thai bank account from abroad. The amount however has to be above USD 20,000 for the bank to issue this form hence the government has encouraged property purchases over the USD 20,000 price range of property. This Forex Form is important as in the event you had your deposit refunded, you can always transfer the money back out of the country using the same form to show that you brought it in. This avoids currency speculation and short term investments.
Once the property is completed you or your agent will inspect the property and once you are satisfied with the property you need to go to the Land Department for the transfer to take place. If you cannot do it yourself an attorny may do it on your behalf holding a Power of Attorney. Remember that the property market in Thailand is not regulated as it may be in your home country. Also note that foreigners are not allowed by law to sell property or to act as an attorney. Most expats in Thailand who are attorneys act as legal consultants. Ensure that you always use a reputable law firm in Thailand when conducting business as it ensure a level of accountability. There are not ‘trust accounts’ in Thailand per se even though the government had introduced escrow accounts . Just be certain that your attorney or estate agent is not a fly by night who runs off with your investment. Use reputable law firms and reputable property developers.
With offices in all the major cities in Thailand we at Siam Legal will ensure that your property purchase goes smoothly and without any problems. Speak to us inline on our main website or call us on our US and UK tollfree numbers. If you are in Thailand visit any of our offices in Thailand for legal assistance and advice.