I was told by a realtor that I can buy a condo under a foreign name without being in Thailand. Have anyone tried that?
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TLDR : Answer Summary
Yes, it is possible to buy a condo in Thailand under a foreign name without being present in the country, but it involves additional paperwork and risks. Many recommend using a power of attorney and a lawyer to facilitate the process, as this is safer and more organized. Some users express concerns about the risks of doing this remotely, highlighting the importance of verifying the legitimacy of the investments due to potential fraud in a competitive and desperate market. Investors are cautioned about the current rental market's oversupply and are advised to consider buying under a Thai name, especially if they have a Thai spouse, to save significantly on costs.
Poompui ************
Tim ******
If you already have a Thai wife. Why not buy in Thai name. Thai name condos can be millions cheaper than foreign name.
, don't put all your eggs in one basket. The reason for a condo is to put a foreign name into the title deed. Not all condo projects have their foreign quota of 49% used up. Worthwhile to check.
, save a heap of money? The way to save a heap of money is to bid in a foreclosure auction for a condo owned by a Thai but which can be owned by a foreigner as the 49% quota is still not used up. This is especially true for old condos. See mine that was bought in 2007:
Thai people donโt usually like buying condos, which means there is always an abundance of the 51% Thai quoter sitting empty. Example. The condo where I live foreign ownership will cost you around 4 million Baht starting. If you went to Thai ownership, you would save at least 1 million Baht. It is almost impossible to fill the 51% Thai quoter in condos.
Our other option in this time is too buy the unit under my thai wife's parents name. Assuming there is no risk of them selling it (***Troll food ๐ค***) what is the better option?