Once promoted by the Thai Board of Investment, eligible companies shall be granted with tax and non-tax incentives depending on the category of the business activities. One of the non-tax incentives is to be able to hire foreign skilled employees to work in the promoted activities with less restrictions compared to the non-BOI companies. Thus, work permit holders of a Thailand BOI company have more advantages than those work permit holders of a non-BOI company. Such benefits include the eligibility to buy a condo in Thailand without the need to transfer money from overseas.
Yes, you read that right. Normally, foreigners buying a condominium in Thailand need to transfer the funds from overseas for the purchase price. This requirement does not apply if they are working for a BOI company as directors or other level employees. So if you have a work permit under a BOI company, you can pay the seller in cash or through bank transfer from your Thai bank account.
ThaiLawyers can help eligible expats when buying a condo in Thailand by getting an approval letter from the BOI’s e-Land system. Although it may take a few weeks before the BOI issues the approval letter, they will send it directly to the head office of the Department of Lands which will then send it to the department’s office that is in charge for the area where the condo is situated.
The following documents are required if you want to buy a condo in Thailand in order to get the exemption from the BOI:
- Copy of Purchase Agreement together with a copy of the seller’s Thai ID card or passport and a copy of his house registration (Tabien Ban)
- Copy of the agent’s Thai ID card (if you are buying the condo through an agent)
- Copy of the Title Deed of the condo unit
- Copy of the house registration of the condo unit
- At least 10 photos of the condo unit
- Copy of your passport (first page, current visa page, latest entry stamp with Immigration’s departure card or TM.6)
- Copy of your work permit (as the director or employee of the BOI promoted company)
- Copy of the latest company affidavit and list of shareholders of the BOI promoted company (the employer)
- Copy of PND.1 Kor of the previous year of the BOI promoted company (the employer)
The requirements may look easy to prepare but we highly recommend you consult with experts like us in processing the BOI’s approval so you do not need to transfer the money from overseas to buy a condo in Thailand. We can help ensure a smooth process and that your condo Sale and Purchase Agreement is fair and safe to sign. Consult with ThaiLawyers now for the best advice.