Answereda year ago
What is the correct order of obtaining a Thai bank account and retirement visa when buying property in Thailand?
Hi, I'm sure this has been addressed many times. Update: I should edit this. Am looking to purchase a house in Thailand. When looking to purchase property in Thailand, do we get the Thai bank account first before the visa (retirement) and purchase ? The rules keep changing and now I am not sure which order it should be.
Answer summary
When looking to purchase a house or condominium in Thailand, there is some confusion about whether you need to establish a Thai bank account before obtaining a retirement visa. According to community responses, while it is not strictly necessary to have a Thai bank account to purchase property, having one can facilitate the visa application process and make transactions smoother. Some users recommend applying for a non-O visa in your home country, opening a Thai bank account after arrival, and then applying for a 12-month extension based on retirement. It is confirmed that funds for foreigner quotas in condominiums must come from overseas accounts. Additionally, it is noted that foreigners cannot own land outright in Thailand, only the property itself.
22 repliesnewest first
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Hans *********
Most will tell you to be very careful about buying anything , might want to chat with a thai lawyer, much cheaper to pay a little beforehand than a lot after. Many will tell you to rent, it's cheaper easier in the long run, if something goes sideways not so much loss. I'm retiring here on and off, won't be buying anything.
Colin *********
Just for the record you won't get ownership of the land in Thailand, you only own the house or condo not the land it build on ,if you're married the thai partner can but if the dies the land will be yours only for a limited time and must be sold to a thai national,
Mindy *****
OP@Colin ********
so the house can be sold but not the land?Peter *******
@Mindy ****
yes can be sold but the sale is only for the length of time remaining on the lease (max 30 years) there is no automatic right of renewal of the lease that is why it is very difficult to resell leasehold property.Colin *********
At most you can only lease the land for 30 years at a time, but I never seen it yet
Colin *********
@Mindy ****
yes the land can not be owned by a foreigner only thai
Eddie **********
Rent some where to live
1-2 years first. What ever you buy in Thailand is very hard to sell can take 5-10 years to find
A buyer. Rent,,,, stay here and learn how everything works here
And see if you like it…
90% lose al
Their mony within 2-3 years and have to move home and start work again..
Best of luck
1-2 years first. What ever you buy in Thailand is very hard to sell can take 5-10 years to find
A buyer. Rent,,,, stay here and learn how everything works here
And see if you like it…
90% lose al
Their mony within 2-3 years and have to move home and start work again..
Best of luck
Mindy *****
OP@Eddie *********
thanks for the tip!
Rok ********
I may be wrong but the funds for a farang quota condo must come from abroad and not from a Thai account to qualify.
Bennett ********
@Rok *******
I believe you transfer the money to your Thai bank account CLEARLY marked for purchase of condo. But you pay the seller from your Thai account. At least that’s how it was when we bought.
Graham ******
@Rok *******
Good point but probably ok if the deposit in the Thai bank account shows as a foreign transferLynnette *******
When did rules change?
Mindy *****
OP@Lynnette ******
what I'm getting from the housing agent is that the bank account comes first.Lynnette *******
@Mindy ****
if you are wanting a bank account you can apply for the non O in your home country and then arrive and open a bank account. After that apply for 12 month extension on retirement basis. But buying a property doesn't require Thai bank account or visa as far as I know.Mindy *****
OP@Lynnette ******
I see. Thanks!Peter *******
@Mindy ****
it makes life easier having a bank account but it is not necessaryLynnette *******
@Peter ******
True. And if people get the visa before arriving a bank account is more easy to do.Peter *******
Buying a Condo or house lease has got nothing to do with visas
Mindy *****
OP@Peter ******
fair point. I do want to retire in Thailand and purchase a piece of propertyPeter *******
@Mindy ****
you can purchase a Condo but can only lease a house/land
Jason **********
You don't need a thai account, you can remit payment directly to the sellers account from your overseas account.
Jan ******************
You formally don’t need a thai bank account to purchase a property, but you’ll need a thai bank account to apply for a visa or do an extension of stay in Thailand. (Unless your embassy offers to provide you a affidavit letter regarding income). So best option is to apply for a visa before you come with your bank at home and open a bank account after when in Thailand for your extension.
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