Buying in Foreigner or Thai Name
One big decision which many Thai/Foreign couples need to decide on is whose name the condo should be registered under. While it is possible to register the condo under a foreigner’s name, there are several factors to consider.
We have already talked about financing a property and the fact that a Thai citizen can get a mortgage from a Thai bank so long as they have a good credit history and a salary of at least 15,000 Baht a month.
Because of this, some foreigners decide to register their condo under their Thai partner’s name. It makes the process easier and monthly mortgage payments can be made.
However, if the condo price is over 1.5 million Baht, the Thai partner will need to earn over 30,000 Bat a month to get a loan that big, which could prove an issue for many couples.
Next you have to consider that Thailand doesn’t allow foreigners to finance a property for their partner and then claim that the condo is theirs.
Any money given to a Thai partner will be considered a gift and that you claim no right in terms of ownership of any property purchased. This means that any condo funded this way will remain the property of the Thai national, and they have the legal right to kick you out and maintain ownership even if they didn’t pay a penny of their own money for it.
Putting the property in a Thai person’s name might be the only option for some couples, and in the end it comes down to trust and the stability of your relationship.
It is true that some people have been burnt and lost their property, but there are also many who are happily reaping the benefit of purchasing this way. In the end, if you aren’t sure then my personal advice would be just to rent somewhere.
You can save up over time, and in the future, the banks might offer foreigners mortgages which are affordable and accessible.
https://www.expatden.com/thailand/buying-a-condo-in-thailand/#:~:text=All%20money%20for%20the%20purchase,governed%20by%20the%20condominium%20act.
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