Owning a condominium in Thailand is a dream for many foreigners, whether for leisure, residency, or investment. However, one of the most crucial and often confusing steps for international buyers is the process of transferring money from overseas to buy a condo in Thailand legally, and understanding the role of the FET Form or Thor Tor 3. In this article, SUN Gateway will clarify these essential aspects for you.

Why Funds Must Be Transferred from Abroad to Purchase a Condo in Thailand

Under Thai law, foreigners can purchase and own condominium units in a condominium building. However, a critical condition is that the funds used for the property purchase must originate from overseas only and be transferred into Thailand in a foreign currency. Adhering to this requirement is absolutely essential for registering property ownership at the Land Department.

What is the FET Form or Thor Tor 3 and Why is it Important

Meaning of FET Form and Thor Tor 3

• FET Form (Foreign Exchange Transaction Form) is a document issued by commercial banks in Thailand to confirm that foreign currency has been transferred into the country for a specified purpose.
• Thor Tor 3 (ท.ท.3) is the former name for the form used to report foreign exchange transactions, which has now been replaced by the commercial bank’s reporting system known as the “FET Form.” For simplicity, both names are often referred to in the same context.

Its Importance for Foreign Condo Buyers

When a foreigner transfers money from overseas into Thailand to pay for a condominium, if the amount is equivalent to 50,000 USD or more, the receiving bank in Thailand is required to issue an FET Form (or formerly, Thor Tor 3) to the buyer. This document is of paramount importance as it serves as legal proof that the funds used for the condo purchase originated from abroad. This is a crucial legal requirement that the Land Department demands to proceed with the registration of condominium ownership for foreigners.

Steps for Money Transfer and Obtaining the FET Form

1. Transfer Funds from Overseas The buyer transfers the condominium payment from their overseas bank account to their own account, or the seller’s/developer’s account, in Thailand.
2. Specify Transfer Purpose When initiating the transfer, it is vital to clearly state the purpose of the transfer as “for property purchase” or “for condominium purchase” in Thailand.
3. Bank Issues FET Form Once the funds are transferred into a Thai bank account and meet the specified threshold (currently 50,000 USD or more), the receiving commercial bank will automatically issue an FET Form to the recipient.
4. Use FET Form for Registration The buyer must present this FET Form along with other necessary documents at the Land Department on the day of title deed registration to confirm compliance with the law.

SUN Gateway Simplifies Money Transfer and Condo Purchase

Managing documents, coordinating with banks, and understanding various regulations can be complex and time-consuming, especially for overseas buyers. SUN Gateway, as a buyer-side property execution partner, understands these challenges and is ready to be your professional assistant.

SUN Gateway’s Cross-Border Transaction & Closing Desk for Foreigners service is designed to manage every step of cross-border transactions, including handling essential documents like the FET Form, liaising with banks, and overseeing the title deed registration at the Land Department – all without you needing to travel to Thailand.

Furthermore, within our Buyer Protection services, we offer Buyer-Side Property Due Diligence & Valuation, which helps verify the legal aspects of the condominium, including the foreign quota, to ensure you can legally own the property under Thai law.

With SUN Gateway, the Close (closing/transfer) process, one of our five key steps, is handled professionally, from document verification and money transfers to title deed registration, making your condo purchase in Thailand smooth and worry-free.

Let SUN Gateway be part of making your dream of owning property in Thailand a reality, with transparent services, working solely for the buyer’s benefit, and a bilingual team ready to assist you every step of the way.

Buying property in Thailand? Have someone on your side.
SUN Gateway verifies, acquires, closes, and cares for your property — buyer-side only
 Tel: +66-2-231-6800
 Email: online@sungateway.co.th
 https://sungateway.co.th/contact-us/