Thailand urges to simplify the process of buying property for foreigners

The Thai government has been urged to ease remittances and provide more medical staff to support wealthy retirees in order to bolster the country's economy through overseas real estate investment. Thai Trade Council Vice Chairman Atip Bijanonda said the remittance procedure for foreigners buying apartments in the Kingdom is currently a huge hurdle as the process is very complicated. “To become the owner of a condominium, a foreigner has to transfer money from abroad in their own currency, and then declare or present a currency exchange certificate to the Land Department,” he explained. “Most Thai real estate sold to foreigners is in a different segment than what Thais buy. Foreigners often choose places that are not preferred by local residents, and vice versa,” the expert added. According to government measures to promote the purchase of property among foreigners, the target group of long-term residents will include wealthy global citizens, telecommuting professionals in Thailand, wealthy retirees and highly skilled professionals.