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Posted by Asa Marsh on March 26, 2023

How to open a bank account

It is easy to open a bank account when you own property in Thailand. A Thai lawyer can always help you, but to open a bank account, you don’t need one. All you need is a sales and purchase agreement and passport, which you need to bring to the bank. They will open a bank account for a small fee, most of the times this fee is also some kind of life insurance. In the past it was much easier to open a bank account, but there were too many troubles so now it is more strict.

Investment money outside of Thailand

Thai lawIf you buy a property with money from outside of Thailand, it is normal that at one point of time, you will want this money back in your home country. If you own property and after a couple of years you want to sell this property in Phuket, can you get the money back out of Thailand? Yes, this is possible.

When you transfer money to Thailand to purchase a property you’ll get a FET form. FET stands for Foreign Exchange Transaction form which you need to get your money out of Thailand again. If you make everything legal from the beginning, there is no problem in taking your money out again.

Using lawyer from home country

It is not a good idea to use a lawyer from another country, because they are not familiarised with the rules in Thailand. A Thai lawyer doesn’t know the law in the UK and vice versa. Also a foreign lawyer can’t work in Thailand, it is illegal.

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