Transcript of the above video:

As the title of this video suggests, we are discussing condo purchases here in Thailand, specifically in the context of a recent announcement that Thai Tax rules will be changing beginning January 1, 2024. So money brought into Thailand by those who are considered tax resident in Thailand could see some sort of tax liability associated with bringing that money in. Now this could be a major issue in the context of Thai condominiums.

As we have discussed in other videos, pursuant to the Thai Condominium Act, a foreign national can own a condo in Thailand 100% Freehold, meaning they can own the condo in their name 100%, notwithstanding the provisions under Thai Law which restrict foreign ownership against foreigners. So foreign nationals can't own land for example but it is possible to gain title, what we would call Fee Simple Absolute title or Freehold Title, what is called Chanote Title here in Thailand, that is possible to obtain that pursuant to the provisions of the Thai Condominium Act. One of the provisions, one of the conditions precedent that has to be met in order for Freehold Title to be transferred, is that money has to be brought in from outside the country if the person buying the condo is in Non-Immigrant Visa status or some sort of tourist status. Now as we have discussed in other videos, Permanent Residents may not necessarily need to deal with this and obviously Thai citizens do not but foreign nationals here on for example, a non-immigrant Visa, or a tourist visa yeah, you are going to have to deal with the provision with regard to bringing in money from abroad and proving it; you have to prove it up via documentation which can be issued from whatever Bank the money is received at. Many folks opt to hire Thai Attorneys to go ahead and assist in this process; we oftentimes assist folks in transferring condo title over to them and fulfilling all the due diligence and crossing all the T's, dotting all the I's. 

Will these new tax rules impact it? Yeah I think it's possible. As with everything else I think there's going to be a massive contingent of people that this isn't going to affect at all. I am looking at it off the top of my head as like 80/20; 80% of people this will not impact. But there is going to be a subset of folks, yes these changes to Thai Tax rules may impact you from a liability standpoint when you are transferring money into Thailand for purchase of a condo. For those who are confused or sort of overwhelmed by all this, it may not be a terrible idea to contact a legal professional, gain some insight and guidance into how best to proceed.