How Foreigners Pay for Property in Thailand

Short answer: most foreigners buy property in Thailand with their own money, not a mortgage. For a condo in your own name, the money has to come from abroad in foreign currency and be converted to baht by a Thai bank, and the bank’s confirmation of that transfer is needed at the Land Office.

Here is what the payment side of a purchase looks like: financing, deposits, how to send the money, and which papers to keep for the day you sell.

1. Can a foreigner get a mortgage?

In practice, rarely. Thai banks lend very little to foreign buyers.

• Villas and land are usually held through a lease or a company, and neither gives a bank the security it wants.
• Freehold condos are the only realistic case. A few banks lend to foreigners for a condo, usually only to residents with a work permit and income in Thailand, with a smaller loan and higher rates.
• A mortgage registration fee of 1% of the loan applies. The 0.01% reduced rate is for Thai buyers only.

The usual alternatives are paying from savings or a developer’s payment plan.

2. Developer payment plans

When you buy off-plan, the developer usually splits the price: a reservation fee to hold the unit, a down payment at contract, instalments during construction, and the balance at handover. Some developers offer their own finance after completion, at their own rates.

Read the schedule carefully: what happens if construction is late, and whether payments are refundable. How much you need to start is covered in what a condo costs in Pattaya in 2026.

3. Deposits on a resale

On a resale, a deposit of about 10% of the price on signing is common, with the balance paid at the transfer. The figure is a custom, not a law, and can be negotiated.

The contract should state:

• when the deposit is paid, and to whom;
• whether it is refundable, and in which cases;
• what happens if the buyer withdraws, and what happens if the seller does;
• when and how the balance is paid.

If you change your mind without a reason the contract allows, you will normally lose the deposit.

Before the deposit, the seller usually shows only the title deed (chanote). For a condo, the foreign quota is best checked before the deposit, through your lawyer or with a letter the owner gets from the building’s juristic person office. The other checks are done before the sale contract is signed and the balance is paid. Write into the deposit agreement what happens if one of them fails: if the quota could not be confirmed in advance, the deposit should be refundable in case the seller’s information turns out to be wrong. When you buy from a developer, the quota is usually confirmed when you reserve the unit and pay the deposit. More on this: how the 49% foreign quota is checked.

4. Do you need a Thai bank account?

It is desirable but not required, and it makes the purchase much simpler. For an off-plan unit, buyers often send the money from abroad straight to the developer’s account. On a resale, the balance is usually paid with a bank cheque made out to the seller and handed over at the Land Office on the transfer day; a Thai bank issues the cheque, so it is easier with an account of your own. Another option is an escrow account, which holds the money until the title is transferred.

After the purchase, an account is also useful for paying maintenance, utilities and taxes. Requirements differ by bank and branch and depend on your visa. Usually you need a passport, a visa or immigration document, and proof of address in Thailand.

5. Sending money for a condo in your own name

For a condo registered under the foreign quota, the Land Office needs evidence that the purchase funds came from abroad in foreign currency. Without it, the Land Office may refuse to register the condo in your name.

What the FET form is. FET stands for Foreign Exchange Transaction form, an official document issued by a Thai bank. It records a qualifying foreign-currency transaction: the amount received from abroad, the currency, the sender and recipient and the stated purpose. It was previously known as the Tor Tor 3 (TT3) form. It is not a tax certificate or proof of ownership, only supporting evidence for the registration.

How to prepare the transfer:

• Send from abroad, in foreign currency. The funds should arrive in Thailand in a foreign currency and be converted into baht by the receiving bank, where required.
• State the purpose. Ask your sending bank to write the condo purchase in the payment instructions, ideally with the project, the unit number and your full name, for example “For the purchase of Condominium Unit 1205 at [Project Name] by [Buyer’s Full Name]”. Confirm the wording with the receiving bank before you send.
• Use your own account. The safest approach is to send from an account in the buyer’s own name, so the sender, the recipient and the purpose match the purchase documents. If a spouse, relative or company will send the money, ask the receiving bank and a property lawyer first.
• Ask which document you will get. Thai banks commonly issue an FET form for transfers of $50 000 or equivalent; for smaller ones they may issue a credit advice or confirmation letter instead. Ask the bank in advance and confirm with the Land Office that this evidence will be accepted.

If you pay in instalments. Off-plan condos are paid through a reservation, a deposit, construction instalments and a final payment. Get and keep the bank documents for each transfer, and make sure together they support the purchase price and can be linked to you and to the unit. Do not assume that one FET form covers every instalment. Agree the documents with your bank and the developer before the first payment (see how off-plan payment plans work).

Not every purchase needs it. This requirement concerns foreigners registering freehold condominium ownership. A house, a lease or another registered right follows different rules, and some buyers qualify under legal exceptions. Always confirm what applies to your structure.

Common mistakes: sending money without saying it is for a condo, a payment description that does not identify the purchase, sending through another person’s account without checking, losing the bank documents for one of the instalments, and finding out at the transfer date that the paperwork is incomplete.

6. Keep the papers for the day you sell

The FET form or the bank letter is not only for the Land Office. When you sell, it proves how much money you brought in, so you can send that amount back out of Thailand. Keep the originals together with the sale contract and the title deed.

Before you send the money

• The title deed has been checked, and the seller has the right to sell.
• The contract has been reviewed by your own lawyer.
• For a condo, the building has space in the foreign quota.
• You know the taxes and fees, and who pays each one.
• Your bank has confirmed how the transfer will be documented, and which document you will get for each payment.
• The payment purpose names the condo purchase, the project and the unit.
• You have copies of every document and payment.

Taxes at the transfer are covered in Thailand property taxes in 2026, and buying without flying in, in can you buy property in Thailand without flying in.

Ready to buy in Pattaya? Write to us and we will go through the payment schedule and the transfer documents for a specific property.

This article is general information, not legal or financial advice. Bank and Land Office requirements change, so confirm them before you transfer money.