Thai govt urged to ease rules on condo transfers for foreigners

A condo in Hua Hin. File photo

The Thai government has been urged to ease the rules regarding money transfers for foreigners buying condos in Thailand.

Currently, foreigners are required to show proof of money transferred from overseas in order to buy a condo in Thailand.

However, Atip Bijanonda, vice-chairman of the Board of Trade of Thailand and honorary president of the Thai Condominium Association described the process as being complicated for foreign buyers.

He said that in some cases, foreigners living in Thailand, particularly those who ran businesses here, were required to transfer money out of the country and then back in order to meet the overseas money transfer requirement.

Mr Atip said the process presented an obstacle for foreigners wanting to buy property in Thailand.

Mr Atip added that inbound money transfers for condo purchases should not be a concern for the Thai government.

Mr Atip also rejected claims that Thailand’s proposals to relax laws surrounding foreigners owning property in Thailand were treasonous.

He said that Thai people were largely free to buy property in other countries without restrictions.

Thailand easing its restrictions on property ownership are one of several measures the Thai government is considering in order to attract a new wave of foreign expats.

Other measures include possible 10 year visas and allowing eligible foreigners to work in Thailand without needing a work permit.

Previously it had been reported that the government planned to attract one million foreigners to become expats in Thailand.

This post was republished with permission from ASEAN NOW