For people desiring to settle down in a country where their citizenship do not legally reflect, possession of property usually means marrying a local and sign the ownership under the local’s name. This is particularly true in most countries, but in Thailand, a foreign national may own or possess an estate in their name, particularly a condominium unit, if at least 51% of the building is Thai owned. This is good news for foreigners who fell in love with Pattaya, especially that there are many Pattaya condos for sale at a very affordable price.
Pattaya, a tourist haven, is nestled with world renowned scenic beaches. For the millions of tourists it attracts annually, many have undeniably fell in love with the place and have wished to stay. This has become a good opportunity for their real estate industry as cheap Pattaya condos for sale has been largely sought after. The great location, affordable price range, and good resale value are palpable, but how convenient is it to process a purchase of real estate in Pattaya?
If you fell in love with Pattaya and wished to settle down to marvel it the rest of your life, buying a condo unit is the easiest and most straightforward way to own a piece of the place. Granting that proper research and careful thinking has been done to achieve this big decision, two provisions currently exist to make legal matters in owning a property easier for expats. First, as discussed above, 51% of the building must be Thai owned. Once the sale is secured, the payment must be deposited from the purchaser’s home country in their own currency (basing on current exchange rate), over a Foreign Transaction T3 or Tor Tor Sam, administered by a Thai Financial institution. After the payment is confirmed, the condominium developer will issue a certificate of possession to the buyer, indicating their legal rights to their newly owned unit and the building’s common areas. The second provision is the more popular one, marrying a Thai local. The Thai national should then secure proof that the funds obtain to purchase the property is their own, and the foreign spouse having nothing to do with it.