Thailand: obtaining finance as a foreigner
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Thailand: obtaining finance as a foreigner
We look at how foreigners can obtain finance to purchase property in Thailand.
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Image: Phukethouserent.net
May 9, 2019
Very important information to read:
This article is intended as a preliminary guide only and refers to some but not all elements required to consider in detail prior to starting any property dealings or due diligence. Property dealings are often complex, especially in foreign countries and we highly recommend you seek independent professional advice... read more...
This article is intended as a preliminary guide only and refers to some but not all elements required to consider in detail prior to starting any property dealings or due diligence. Property dealings are often complex, especially in foreign countries and we highly recommend you seek independent professional advice... read more...
Foreigners may find it difficult obtaining a mortgage with a bank in Thailand, even if they work there, have a work permit, and even if they are married there.
It may be simpler to obtain a mortgage from a bank in your own country if you wish to borrow money to buy property in Thailand.
Non-resident foreigners must bring 100% of the purchase price of a property from overseas into Thailand, according to Jones Lang LaSalle's Thailand Property Investment Guide.
Residents of Thailand may be able to obtain loans from local banks if they are buying a condominium, as the titles are considered more secure. However, the bank will still have to obtain the funds from offshore as a foreign currency, and will usually only lend 50% of the purchase price.
As foreigners are not permitted to own land in Thailand, banks will not generally lend to foreigners wishing to purchase a house or townhouse.
Foreigners married to Thai nationals may be able to get a mortgage in the name of their spouse, but even then most banks will only lend up to 50% of the purchase price.
"Mortgage interest payments are tax-deductible for personal income tax purposes" in Thailand, up to a cap of US$3,056, according to Jones Lang LaSalle's Asia Pacific Property Investment Guide.
Similar to this:
Buying real estate in Thailand
Very important information to read:
This article and the above linked articles are not complete and are intended as preliminary guides only. These guides refer to some elements to consider prior to starting any property dealings or due diligence. Property dealings are often complex areas, especially in foreign countries and we highly recommend you seek independent professional advice... read more...
This article and the above linked articles are not complete and are intended as preliminary guides only. These guides refer to some elements to consider prior to starting any property dealings or due diligence. Property dealings are often complex areas, especially in foreign countries and we highly recommend you seek independent professional advice... read more...
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