Buying property in Thailand as a foreigner

Thailand lets foreigners own a condo in their own name, freehold, but nothing else outright. Land is closed, houses come with a lease on the land, and a building can only be 49% foreign-owned. In 2024 the government floated looser rules that never became law, and in October 2026 it moved the other way, with a national crackdown on nominee ownership. Here is what an agent must explain in October 2026.

The short version

1. Foreigners can own condo units freehold, within a 49% foreign share of each building’s saleable floor area (Condominium Act B.E. 2522, 1979).
2. Foreigners cannot own land, and a company more than 49% foreign is treated as foreign under Land Code section 97.
3. The longest registered residential lease is 30 years. “30+30+30” renewals are contractual promises.
4. The 75% quota and 99-year lease proposals of 2024 never became law.
5. To register a freehold condo, the money must come from abroad in foreign currency, with an FET form for amounts of USD 50,000 or more.
6. Transfer costs: 2% transfer fee, plus either 3.3% SBT or 0.5% stamp duty, plus withholding tax, mostly on the seller.
7. Buyers usually pay no agent fee: the seller pays (FazWaz).
8. The nominee crackdown of 19 October 2026 adds checks on purchases above 2 million baht.

Who buys and where

The Real Estate Information Center (REIC) counted 14,899 condo units transferred to foreigners in 2025, worth 60.92 billion baht: 14.7% of units and 25% of value nationally. Bangkok took 7,029 units, Chonburi (Pattaya) 4,164 and Phuket 1,190 (Khaosod English, March 2026). In the first half of 2026, foreigners bought 6,533 units worth 28.267 billion baht, at an average of 4.3 million baht and 43.9 sqm (The Nation, September 2026).

• China leads, then Myanmar and Russia by units in 2025.
• Phuket foreign transfers rose 18.3% in 2025, but unsold stock reached 14,008 units (Krungsri Research, August 2026).
• Pattaya has structural oversupply, worst in Jomtien, with Myanmar buyers the main new demand (Pattaya Mail, February 2026).
• Koh Samui villas: foreign buyers in 85% to 90% of deals (Samui Property Group, May 2026).

What a foreigner can own

Condos, freehold, within the 49% quota. Foreign-owned area cannot exceed 49% of a building’s total saleable floor area. Above that, a foreigner can only lease a unit (Bektu, June 2026). Check the building’s remaining quota before the buyer reserves.

No land. A foreigner cannot own land, and neither can a company with more than 49% foreign capital or a majority of foreign shareholders (Leto, June 2026). For a villa or house, the usual structure is a registered lease of the land for up to 30 years.

The 30-year lease. Renewal clauses such as 30+30+30 are widely marketed (Pattaya Mail), but they are contractual. Bektu explains that courts generally enforce only the first registered 30-year term. Price and explain the deal on 30 years.

The 2024 proposals. In June 2024 the Cabinet agreed in principle to a 75% foreign condo quota and 99-year leases. The then Interior Minister, Anutin Charnvirakul, said the Land Department draft was not ready and that Thai owners must keep majority voting rights (The Nation, June 2024). As of June 2026, neither change had been enacted (Bektu). The accurate sentence for clients: the 49% quota and the 30-year lease limit still apply.

The October 2026 crackdown

On 19 October 2026, Prime Minister Anutin Charnvirakul, also Interior Minister, launched a nationwide crackdown on nominee land ownership (Thai Examiner, October 2026):

• 13,088 suspected parties, including 1,550 companies, 2,360 plots, about 14.01 billion baht.
• Governors told to finish priority investigations by the end of December 2026.
• Extra checks on purchases above 2 million baht or with an assessed value above 5 million baht.
• Thai spouses must prove the source of funds.

Leto, a single industry source, adds a Cabinet-approved draft amendment to Land Code section 94 to forfeit nominee-held land to the state (24 February 2026), a Department of Lands circular on ultimate beneficiaries (15 May 2026), and eight provinces under special control, including Phuket, Surat Thani (Koh Samui), Chiang Mai and Chonburi (Pattaya). Check these with a lawyer. Never suggest a Thai nominee or a paper company to hold land.

The FET form

Storm Real Estate Phuket (September 2026) explains:

• The Foreign Exchange Transaction form is issued by the Thai bank that receives the money.
• It is needed to register a freehold condo in a foreigner’s name, typically for transfers of USD 50,000 or more.
• The funds must be wired from abroad, in foreign currency, in advance.

Tell the buyer before the first payment, including the reservation fee.

Buyer and seller costs

Storm Real Estate Phuket lists the costs at transfer:

Cost	Rate	Base	Who pays
Transfer fee	2%	Appraised value	Negotiable, often shared
Specific Business Tax	3.3%	Higher of appraised value or price	Seller, if owned under 5 years or in the property business
Stamp duty	0.5%	Higher of appraised value or price	Only when SBT does not apply
Withholding tax	1% for a company, progressive for an individual by years owned	Land office rules	Seller

A relief foreigners do not get. Reduced 0.01% transfer and mortgage fees apply only to Thai nationals buying homes up to 7 million baht, and run to 30 June 2027.

The agent’s fee. FazWaz puts the usual commission at 3% to 5%, paid by the seller and built into the price. Buyers usually pay none.

Worked examples

These use the rates above and assume the appraised value shown. A lawyer must confirm them for each deal.

Resale condo in Bangkok, 5,000,000 baht, appraised 4,600,000, seller owned it 3 years, transfer fee split 50/50. Transfer fee: 4,600,000 x 2% = 92,000, so 46,000 baht for the buyer. The seller pays its 46,000, SBT of 5,000,000 x 3.3% = 165,000 baht and withholding tax. No stamp duty. The buyer needs an FET form.

Resale condo in Pattaya, 2,780,000 baht, appraised at the same value, seller owned it 8 years, buyer pays the full transfer fee. Transfer fee: 2,780,000 x 2% = 55,600 baht, paid by the buyer. No SBT, so the seller pays stamp duty of 2,780,000 x 0.5% = 13,900 baht, plus withholding tax.

New condo bought from a developer, 3,000,000 baht, appraised at the same value. A Thai buyer would pay a transfer fee of 0.01%, 300 baht. A foreign buyer pays 2%, 60,000 baht, or the share set in the developer’s contract. The developer pays SBT of 99,000 baht and 1% withholding tax.

Buying off plan

Under section 6/2 of the Condominium Act, a developer’s condo contract must follow the Ministry of Interior standard form, and terms that do not conform are invalid. It must give a transfer date with 30 days’ notice, carries 5 years of defect liability for the structure and 2 years for other parts, and sets a late delivery penalty of at least 0.01% a day, capped at 10% (Siam Legal). Escrow is voluntary. See How off-plan works in Thailand.

What an agent must explain

• That a foreigner can own a condo freehold within the 49% quota, and no land.
• That a lease is 30 years, and renewals are only promises.
• That 99-year leases and a 75% quota are not law.
• How the money must arrive, and the FET form.
• The transfer fee, SBT or stamp duty and withholding tax, in a written estimate.
• That the nominee crackdown means extra checks above 2 million baht, and that nominees are never an option.

Thailand’s foreign ownership rules were checked on the date shown above. The 2024 proposals did not become law, and enforcement against nominees tightened in October 2026. This guide is general information, not legal, tax or immigration advice. CloserPass is not affiliated with the Department of Lands, the Ministry of Interior or any government body in Thailand.

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