The purchase of condominiums is quite popular among foreigners living or staying for an extended period in Samui. For one thing, they are relatively easy to obtain, namely because up to 49 percent of the units in Thai condominium buildings can be leased to non-residents.
Samui itself is an extremely popular place to live, because of the climate, the culture, the economic status and, most importantly, the people, who are by and large both amenable and hospitable. Samui is renowned for the hospitality of its nationals; they welcome people from all different countries with wide open arms.
As well, the economy in Samui is quite enviable right now. It is on the mend from a recent crash, and it has shown know signs of slowing. As mentioned, the cost of living is extremely low, making it incredibly easy to live very well at very little cost. The foreign job market aids in this. It is very easy to get a steady, good job in Samui if you are a foreigner. Samui is always looking for teachers, especially of English, engineers, computer and IT techs, businessmen, bankers, entertainers, entrepreneurs, and specialists, such as lawyers, accountants, doctors, and nurses. Naturally, of course, having a well-paying job makes it even easier to afford a condominium, whether you are renting it, leasing it long term, or purchasing it.
Furthermore, the climate in Samui tempts a lot of people into staying in the country for a long time. It is warm all year round and generally quite sunny. Even when it rains, the air tends to stay comfortably balmy – so you can still dry out quickly if you get caught in a shower! More than simply being pleasant, the tropical and subtropical climates are conducive to good health. With the temperatures fluctuating only rarely, you will not even be susceptible to the inconvenient illnesses which often occur during drastic temperature changes.
Even for foreigners, purchasing a condominium in Samui is about the same as it is anywhere else, even given the restrictions for foreigners. If you are purchasing a condominium in your own name, you need to have your passport and the Thor Tor 3 form, which is a document from the bank which says that you have foreign currency with which to buy the condominium. You will need a real estate agent or a lawyer. You will need to obtain a contract from the seller as well, and generally, you have to pay a 10 percent deposit in order to secure the property. Other requirements include sending remittance, which must be in the same name as is on the purchasing contract; fund transfers have to be made in a foreign currency, so do not change them into baht; the amount of money transferred must be greater than five thousand dollars, or else you cannot get the Thor Tor 3 document; the reason for the remittance must be included in the remittance advice.
Pattaya, close to larger cities and inhabited by a lot of immigrants and foreigners, is the most popular place to buy a condominium. Another good place in Chiang Mai, or close to it, because it is a rural, tranquil region and the cost of living is very low. Phuket is popular as well due to its stunning landscape. Prachuab Khiri Khan is a wonderful place to purchase a condominium because it is on the cost, and Bangkok is extremely sought after as well.