Thailand is one of the premium holiday destinations in the world and there are many reasons for this, far too many to mention in this short article. Many of the holidaymakers that love Thailand decide to purchase a second home in the form of a luxury condo unit in a 5-star development and in this article, we offer useful information for those who are looking to buy a condo unit in the Land of Smiles.

 

The legal aspects of Condo ownership in Thailand

When a foreigner wishes to purchase a condo unit in the Royal Kingdom of Thailand, which might be in a luxury development such as XT Phayathai, there are protocols to follow; you must show evidence that the funds come from abroad; we recommend talking to an English-speaking Thai real estate lawyer who can assist you with the requirements and facilitate the purchase. There are reputable property developers with ongoing projects in many areas of Bangkok and a Google search will help you locate their websites.

 

Explore the many options

Buying real estate is no small thing and prior to making any decisions, you should explore many areas to find the perfect place to live. Aside from Bangkok, there are coastal areas such as Pattaya, Hua Hin and Phuket, to name but a few. Take a 3-month holiday and explore regions of Thailand and when you make a decision, then start looking at condo developments. Bangkok is a favourite choice and there are established condo developers with many exciting projects, Google can help you find websites with property details. Click here for details on property management, which you can use when you are abroad.

 

Long-term visas

Of course, if you are planning to buy a condo unit in Thailand, you want to have a long-term visa; if, for example, you are aged 50 or over, you can apply for a retirement visa, which can be renewed in Thailand every year. There are financial requirements for a retirement visa; you must deposit 800,000 Thai baht into your Thai bank account and this must be done 2 months before you apply for the visa. The other option is to show evidence of an income that exceeds 65,000 Thai baht. If you are under the age of 50, you can register for a Thai language course, or enrol in a Muay Thai training course, which will allow you to stay for up to 15 months.

 

Maintenance fees

When you buy a condo unit, there are maintenance fees that might be due annually or monthly, which cover everything from grounds maintenance to system repairs. We advise you to enlist the services of an English-speaking Thai lawyer before signing any contract to ensure that you are protected.

 

To conclude, there are many luxury condo developments in Bangkok and other regions of Thailand and you can tour the country to find an area that suits your lifestyle.