Thailand: cross-border payments and remote closing

A buyer who lives abroad needs three things to close a condominium purchase in Thailand: the right paperwork for the money, a clear list of costs at transfer, and a way to sign without flying in twice. Most delays come from the first. This briefing walks through the money and the remote steps, and lists the mistakes we would expect to see.

The money has to arrive from abroad

To register a condominium unit in a foreigner's name, the buyer must show that the purchase money was brought into Thailand from abroad in foreign currency. The proof is a bank form called the Foreign Exchange Transaction form, FET, often called Tor Tor 3. According to one legal-information site, the amount must be at least the purchase price, the transfer must be in a foreign currency, the purpose must read "for purchase of condominium", the funds must be received in the buyer's name at a Thai bank, and the name on the form must match the name on the title deed (terms.law). The same page says a form is issued automatically for inward transfers above USD 50,000 and that smaller amounts need evidence of where the money came from. Check the current practice with the receiving bank and the Land Office before you tell a client.

What this means for an agent:

• the money must be sent from the buyer's own account abroad, because a payment from a relative or a company will not produce a form in the buyer's name
• the transfer should carry the purpose line the bank and Land Office expect, and the buyer should keep the bank's form safe, since the Land Office will ask for it
• a transfer in baht from a Thai account does not create the proof
• send enough to cover the price in one or more transfers that the bank can tie to the unit, and tell the buyer to ask the bank in writing how it will record them

Costs at transfer

Figures commonly given by law firms and developers are these, and who pays is often negotiated:

• transfer fee of 2 percent of the appraised value, paid by the buyer or shared
• specific business tax of 3.3 percent, normally the seller's cost, when the seller has held the property for less than five years
• stamp duty of 0.5 percent in place of the specific business tax in other cases, usually the seller's
• withholding tax on the seller, whose rate depends on whether the seller is a person or a company

Put these in writing at the reservation stage so that the buyer does not meet them for the first time at the Land Office.

Off-plan purchases

For a unit that is not yet built, the buyer pays in stages. One source says deposit rules from the Office of the Consumer Protection Board took effect on 31 January 2025 and that a developer cannot keep a deposit if the buyer is not in default. Treat that as something to confirm with a lawyer, and ask the developer for the exact payment schedule and the point at which the title is registered. For the foreign-currency proof, ask the developer which payments need to be covered by the form.

A remote closing, step by step

• agree the price and sign a reservation agreement that names the unit, the price and the costs
• request the quota letter and the juristic person's confirmation that fees are paid
• have a Thai lawyer review the sale and purchase agreement
• the buyer remits the money from abroad, with the right purpose line, and sends you the bank's form
• on the transfer day either the buyer attends the Land Office or a power of attorney is used

For a power of attorney signed abroad, the usual practice is notarisation and legalisation in the country of signing, followed by translation, but confirm the requirements with the Thai lawyer and the Land Office. Pattaya Mail reports that in 2026 authorities began on-site checks of law offices to verify that clients were present at notarisations and that those certifying forged signatures face prosecution. Expect more scrutiny of remote signatures and plan for it.

Mistakes to expect

• the name on the foreign-currency form does not match the title deed
• the transfer says nothing about the purpose of the money
• the money comes from a family member or a company
• the buyer sends baht from a Thai account
• the quota letter is out of date when the transfer is booked

What to do with this

• give every remote buyer a one-page money checklist before the reservation
• ask the receiving bank, in writing, which form it will issue and when
• book the transfer date only after the quota letter is current
• tell the buyer which costs the seller pays and which they pay

Working with D.H. Realting

D.H. Realting is a trilingual (Russian, English, Polish) overseas-property platform. We introduce buyers, including expats and cross-border buyers, and support the process. Agencies that handle the deal locally and want to be introduced to such buyers can contact us through our partners page.

This briefing is informational only and is not legal, tax or investment advice. Facts were checked on 12 October 2026 from the sources named in the text; rules change, so confirm with a local lawyer before relying on any point.