Thursday, December 26, 2013

International Ownership Regulations for Condominiums in Bangkok

Possessing a Singapore new condo launch or, condo unit, is regarded as the least complicated as well as the utmost hassle-free way for foreigners to acquire a property in Bangkok. In other terms, condo is probably the biggest and most chosen investment choice for foreigners who want to live in Bangkok.

Buying a condo in Bangkok is fairly low-cost in distinction to other Asian cities such as Shanghai, Singapore and Hong Kong . Whilst it costs billions of dollars for a common condo unit in cities such as Hong Kong and Singapore, you can quickly own a condo complete with magnificent bedrooms and amenities such as swimming pool, for just around $700,000. 

However, condominium investment in Bangkok is generally based on the place where it is located as well as the practical transportation. For instance, condominium complexes found in such posh areas as  business location , BTS, and MRT stations are substantially sought after, just like newly lunch property in condo like hills hills twoone condo.

Given that they can substantially cut down the transportation expense and can get rid of the chaos of traveling to and from your work place, condos found near to Skytrain and subway routes are also of great demand. Likewise, condominium units around strategic shopping areas including Sathorn, Silom, Sukhumvit areas, and Rama III areas are also significantly favored by the foreigners. 

Depending on the buyers' flavor, budget, and preference of location, condominium units in Bangkok come in a plethora of choices such as small studios, three-bedroom complexes, and penthouses. The vast majority of the condominium property discovered in the city's areas which includes Sathorn and Sukhumvit, and vary in size in between 55 to 60 sqm and 75 to 80 sqm, just like rezi 3two. For investors trying to find high-class condominiums, then a plethora of high-end alternatives are offered in the form of three-bedroom units, ranging in size in between 100 sqm to 120 square meters and 140 sqm to 200 square meters. 

When comes to costs, the value of a condo unit in major areas such as Silom and Sukhumvit are more than Bt100, 000 per square meter. Investing in these kinds of strategic locations have large resale value, and can in addition fetch you favourable income in the form of rent. The rates are even higher for condominiums found in areas which include Soi Langsuan and Wireless, Rajdamri or Sathorn roads, which is up to around Bt200, 000 per square meter. The demand for condo is at its height now in the capital city. These days, several investors, both foreigners and locals, acquire condos in Bangkok pre-build. 

According to certain documents, foreign investors have been accounted for about 15% of all condominium units purchased and sold last year in Bangkok. Criteria such as low rates on mortgages, further liquidity in the financial and banking system and great boom in stock market have led quite a few foreigners to invest in condominiums in Bangkok. 

Above all, the guidelines pertaining to possessing a condo is quite simple and liberal when as opposed to other Asian cities. In other words, a condominium or condo is only type of property that can be legally bought by a foreigner in Thailand. The only restriction for a foreigner to purchase a condo is that a foreigner can normally acquire up to, but not exceeding 49% of a condo property. 

However, in order to qualify for condo ownership or buy a condo unit in Thailand, it is required for the foreigners to fulfill any of the 5 criteria put forward by the Condominium Act B.E 2535 (1992) such as: 

- To have a residence permit 
- A foreigner with the permit to stay in Thailand according to the Investment Promotion Law 
- Foreigner who is able to provide in the complete money for buying the condo unit in the country in foreign currency 
- Foreign juristic entity with BOI privileges in the country 
- Foreign juristic person possessing some land right as per stated in the Land Code

In addition, there are certain standards for obtaining a condo in Thailand, such as, the foreigner must have a bank account in the country and a copy of the foreigners' passport demonstrating an immigration stamp that he or she is in the country at the time of the purchase of a condo.

Mostly, foreigners own a condominium unit in the city by bringing in 100% of cash for the purchase of condo unit in foreign currency. Even more, it is necessary that cash that have been applied for the purchase of condo are properly recorded on a Foreign Exchange Transaction Form, which is a bank account issued by the bank on receiving foreign currency into your bank account in the country. It is also essential to state in the Foreign Exchange Transaction Form that the remittance has been entirely made for the purchase of a condo in Thailand. 

A myriad of property developers and real estate agents are in the condition to find you a condominium unit that goes with your requirements. Currently, numerous of them have their own internet sites on the web, inclusive detailed description on property, digital pictures of the property, extensive floor plan, and a location map. This in turn permits you to quickly decide on a condominium according to your flavor and budget.

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