What does FETF mean?

What does FETF mean?

It is freely available for foreigners to buy apartments in Phuket. As for land ownership, there is some restriction in spite of the fact Phuket land for sale is in a higher demand every year. The Thai legislation has enacted that a foreigner cannot own any plot of land in the Kingdom. A buyer receives the 100% building ownership, but he does not get any land rights.

Although thousands rais of Phuket land for sale are offered today. There is no any trick or fraud, if you are interested in how to do it legally, then continue reading.

Phuket land for sale can be gotten by foreign citizenship in two ways:

  1. As long-term lease for a period of 30 years, with the rights of double extension (it is called leasehold). The total lease equals 90 years, some of expensive residential complexes can be rented for 120 years, the rental period for business use comes to 150 years. 
  2. For company. In this case, the land acquires freehold, but the owner of the lot is not an overseas buyer but the company running by him.

Anyway whatever way you - as a potential investor – decide to use, it is necessary to get definite documents for proceeding the purchasing process. When a plot of land has been selected, a special paper is to be taken at a local Thai Bank. The certificate is named as TT3 (Tor Tor 3 or Foreigner Excange Transaction Form) and confirms the legality of the remittance transfer from abroad. According to the law, a foreigner has the right to buy property in Thailand being an investor only, that means he is obliged to prove that the money is transferred from another country and not in the local currency. Furthermore, this document must be presented either cash or cashless payment is made. As you understand, in order to take this paper you should open a bank account in a local bank. Different banks propose different condition. Some of them require work permit to open the account, others – only a passport, tourist visa and ID (international passport). It is very important to keep in mind that if you have brought cash, you ought to exchange it in a local bank and also receive the paper (the same story concerns traveler's checks).  

Having passed this stage, it’s high time to reserve the real estate, make up a purchase agreement and complete the deal.

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