Belaws Thailand
  • thailand
  • legal
    • Legal
      • All Legal services
      • Urgent. Same day advice
      • Immediate legal consultation
      • Document Review
      • Prepare a legal document
      • Draft
    • Our expertise
      • BOI Promotion
      • Employment Law
      • Merger & Acquisitions
      • Restructuring & Insolvency
      • Banking & Finance
      • Real Estate
      • Startup servicesNew
      • Blockchain
      • Energy, Mining & Infrastructure
      • Intellectual Property
      • Tax Expertise
      • Telecommunication, Media & Technology
      • Commercial Transactions
      • Family Law
      • Others Expertises
      • Please note that this #Ebook does not constitute legal advice and should only be used for informative purposes only.
  • incorporation
    • Incorporation
      • All Incorporation services
      • Market Entry
      • Business feasibility check
      • Market research
      • Entry strategy
    • Companies type
      • BOI Company
      • Limited Company
      • Representative Office
      • U.S Treaty of Amity company
      • Branch Office
      • Startup servicesNew
      • International Business Center
    • Business Licenses
      • Foreign Business License
      • E-commerce License
      • Factory License
      • Important License
      • Restaurant License
      • See all Licences
  • Accounting & secretary
    • accounting & secretary
      • All Accounting & Secretary services
      • Urgent. Same day advice
      • Immediate consultation
      • Document review
    • corporate
      • Draft Minutes
      • Changing Directors
      • Share transfer
      • Registered address change
      • Capital Increase
      • Meetings (AGM)
      • Meetings (EGM)
      • Close a company
      • Notarisation & Translations
      • Notarisation & Legalisation
      • Translation documents
    • accounting
      • Bookkeeping & tax filings
      • Annual audit
      • Payroll
      • Payroll outsourcing
      • Tax
      • VAT Registration
      • Corporate Income Tax
      • Personal Income Tax
  • Corporate
    • accounting & secretary
      • All Accounting & Secretary services
      • Urgent. Same day advice
      • Immediate consultation
      • Document review
    • corporate
      • Draft Minutes
      • Changing Directors
      • Share transfer
      • Registered address change
      • Capital Increase
      • Meetings (AGM)
      • Meetings (EGM)
      • Close a company
      • Notarisation & Translations
      • Notarisation & Legalisation
      • Translation documents
    • accounting
      • Bookkeeping & tax filings
      • Annual audit
      • Payroll
      • Payroll outsourcing
      • Tax
      • VAT Registration
      • Corporate Income Tax
      • Personal Income Tax
  • visas
    • visas
      • All Visas services
      • Urgent. Same day advice
      • Immediate consultation
      • Document review
    • live in thailand
      • LTR Visa
      • Thai Elite Visa
      • Retirement Visa
      • Marriage Visa
      • Change your visa type
      • See all visa options
    • work in thailand
      • PEO Services
      • Non Immigrant B Visa
      • Work Permit
      • BOI Visa & Work Permit
      • Change your visa type
  • blog
    • blog
      • All Blog posts
    • resources
      • Facebook Thai Visa Belaws
      • Facebook Belaws
    • ebook
      • Ebook on Condo purchase
      • Ebook Employment Law
  • signup
  • login
  • Menu Menu
  • Belaws – Home
  • Belaws – Singapore
  • Belaws – Hong-Kong
  • Belaws – Cambodia
  • Belaws – Vietnam
  • signup
  • login
  •  
  • Legal
  • Incorporation
  • Accounting & Secretary
  • Visas
  •  
  • Immediate consultation
  •  
  • Blog
  •  
  • CONTACT
Belaws Home ›› Thailand ›› Blog ›› Buying real estate in Thailand with crypto-currencies

legal – Blockchain – Cryptocurrencies – Real estate

Buying real-estate in Thailand with crypto-currencies

05/08/2021

Since bursting onto the scene, Bitcoin has changed the way people think about and invest their money.

Thailand now recognises Bitcoin (BTC) as a legitimate currency (as well as other crypos listed in the Royal Enactment on Digital Asset Businesses (REDA) e.g Ethereum – ETH, Ripple – XRP and Stellar – XLM). Thailand has also granted licenses for crypto exchange brokers, such as Bitkub & Bitazza, allowing users in Thailand to cash out crypto into THB.

Should You Consider Using Cryptocurrency in Your Business Operations?
Should You Consider Using Cryptocurrency in Your Business Operations?

Is it possible to use your crypto to buy a property in Thailand?

In theory, yes, but in practice it depends on the type of property and the structuring of the transaction.

Under Thai law, foreigners can own condos, buildings/structures (e.g villas), lease land or property but they CANNOT own land.

A common way for foreigners to purchase land is to set up a Thai company (which owns the land) and then build the property (the property would be 100% foreign-owned).

An alternative option would be for the purchaser to enter into a long term lease agreement.

You also need to establish whether or not the seller will accept a payment in Bitcoin. If they refuse to accept Bitcoin, you may be able to send the payment using a stable coin such as Tether (USDT), which the seller can easily cash out into THB.

Should You Consider Using Cryptocurrency in Your Business Operations?

Buying a condominium with bitcoin in Thailand

A foreigner may buy and 100% own a condo, however, the following criteria must be met:

  • The ratio of condo units owned by foreigners in the building must not exceed 49% of the total units.
  • The funds being used to buy the unit are remitted from abroad.

When registering the transfer of ownership at the Land Office, the officers will request an FX form from the bank showing that the funds have been transferred from a bank abroad in a foreign currency. Unfortunately, unlike banks, crypto exchanges can’t provide this kind of document.

Therefore, if you want to buy a condo using crypto you must cash out into FIAT (a Government backed legal tender such as USD), deposit the FIAT in a bank account abroad and then transfer the funds to Thailand.

Property/land owned through a Company

If the land is already owned by an existing company, you may simply buy that company outright. Technically this would be a share transfer transaction and you would have to pay the owner directly. If the owner accepts crypto as a form of payment, you could complete the transaction using this method.

Buying the property/land directly from the owner though a new Thai company

This option involves much more bureaucracy, such as various corporate and accounting issues, dealing with the Land Office and taxes etc.

When you purchase land, the transfer of ownership must be registered at the Land Office. The Land Office requires that the sale amount be specified in FIAT (the seller and the buyer must create a specific agreement for this).

The Land Office will also require the transfer fees and any taxes to be paid in THB.

If the buyer is a company, the funds required to buy the property have to appear on the company’s balance sheet. At the time of writing, crypto cannot be used as registered capital.

Should You Consider Using Cryptocurrency in Your Business Operations?

Long-term lease

A long-term lease (up to a maximum of 30 years) is a simple way for foreigners to gain an interest in a piece of land. Leaseholds can be renewed for successive terms of not more than 30 years (up to 50 years for industrial or commercial purposes).

Once registered at the Land Office (required for leases of more than 3 years), the lease becomes a lien upon the title deed (if the land is sold, the lessee keeps his right to use the land until the lease ends).

If the owner of the land agrees, the lessor can pay the rental price in crypto. For long-term leases registered at the Land Office, the rental amount needs to be specified in FIAT (the lessor and the lessee would create a specific agreement for this).

The registration fee for the lease must be paid in THB.

Owning Land through a Thai Limited Company Versus Leasehold

A Thai company is an efficient vehicle for holding property when compared to a leasehold, but it comes with additional costs. The key differences between the two are highlighted below:

THAI COMPANY LEASEHOLD
Foreign ownership Up to 49% on the land 100% No ownership but full rights on land until the end of the lease (30 years maximum)
Resale Transfert shares and change director of the company Difficult to resell
Main risks In case of nominee, penalties and obligations to restructure the company Renewal for one or more successive terms of 30 years is not automatic and may be problematic.
Timeline 2 to 3 weeks 1 week
Mostely used for Holding the land for resale. Own a property and ensure transfer to your heirs. Project with a quick revenue (such as hotel on seaside where land is really expensive to buy freehold).
Setup cost From THB 40,000 From THB 50,000
start start

In conclusion

Crypto can be used to buy property in Thailand in certain situations e.g. purchasing land through a company or long-term leasehold.

If you have to convert your crypto into FIAT, you must register with a crypto exchange, pass the KYC and prove the source of your funds. Failure to do so could result in having your funds frozen. Our experts in financial law and real estate are on hand to assist you and ensure a smooth transaction.

Visa consultation for Thailand

The purpose of this call is to provide with you the necessary information to obtain a Visa for Thailand and outline how Thai Visa Belaws can assist you.

Thai Visa Belaws offers the following Visa services in Thailand: Visas (new applications and renewals), Work Permits and Extensions of Stay.

Based on your current situation and your future plans, we’ll advise you on the best options available to you.

The service is provided by a Thai immigration expert fluent in English.

30 mn

Web conferencing details provided upon confirmation

$30 USD

Book now
Double Tax Agreements in Thailand
  • Thailand
  • Accounting
  • Tax

Double Tax Agreements in Thailand

By jonathan / January 30, 2023
30/01/2023 Double tax is a potential issue for expats and foreign businesses operating in Thailand or abroad.
Read More
Dormant companies in Thailand
  • Corporate
  • Incorporation
  • Legal
  • Thailand

Dormant companies in Thailand

By jonathan / January 26, 2023
26/01/2023 Dormant companies in Thailand are a company that has been registered and legally incorporated but is not currently conducting...
Read More
Retail Goldmine: Discover the Ins and Outs of Opening a Shop in Thailand and Reaping the Rewards
  • Incorporation
  • Corporate
  • Thailand

Retail Goldmine: Discover the Ins and Outs of Opening a Shop in Thailand and Reaping the Rewards

By jonathan / January 23, 2023
23/01/2023 Opening a shop or starting a retail business in Thailand can involve various legal and regulatory considerations.
Read More
New regulations for digital platforms in Thailand
  • Blockchain
  • Cryptocurrency

New regulations for digital platforms in Thailand

By jonathan / January 13, 2023
13/01/2023 Thailand recently approved a Royal Decree relating to digital platforms.
Read More
Non-immigrant B visa (90 days) in Thailand
  • Visa

Non-immigrant B visa (90 days) in Thailand

By jonathan / January 12, 2023
12/01/2023 The 90-day non-immigrant B visa is required for foreigners who wish to enter Thailand to undertake employment.
Read More
New 5-year investment strategy from the BOI
  • Incorporation

New 5-year investment strategy from the BOI

By jonathan / January 9, 2023
09/01/2023 Thailand’s Board of Investment (BOI) has begun its new investment strategy for the next five years (2023–2027).
Read More
Personal Income Tax for Thai and foreign-sourced income
  • Visa

Personal Income Tax for Thai and foreign-sourced income

By jonathan / December 21, 2022
21/12/2022 Residents of Thailand are taxed on both Thai and foreign-sourced income, whereas, non-residents are only taxed on Thai-sourced income.
Read More
What are the rights and protections of minority shareholders in Thailand
  • Accounting
  • Incorporation
  • Tax

What are the rights and protections of minority shareholders in Thailand

By jonathan / December 20, 2022
20/12/2022 Minority shareholders may suffer from a lack of protection for their interests.
Read More
Work permits in Thailand
  • Visa

Work permits in Thailand

By jonathan / December 19, 2022
19/12/2022 Work permits are an essential document for any foreigner working or who intends to work in Thailand.
Read More
Overstaying your visa in Thailand
  • Visa

Overstaying your visa in Thailand

By jonathan / December 16, 2022
16/12/2022 Overstaying your visa in Thailand may happen for several reasons, for example, miscalculating the length of their authorized stay...
Read More
+66 (0) 92 990 1046

We are open: Monday – Friday
9 am – 6 pm (UTC+7)

Email us

SERVICES

Legal

Incorporation

Accounting & Secretary

Visas

Immediate ConsultationNew

COMPANY

About

Careers

Press & Media

Terms of Services

Privacy Policy

Sitemap

Resources

Belaws Thailand Blog

Facebook Thai Visa Belaws

Ebook on Condo purchase

Ebook Employment Law

Belaws 2017 - 2023.
Belaws provides information and software only. Belaws is not a "lawyer referral service" and does not provide legal service or participate in any legal representation.
Belaws is not a law firm or a substitute for an attorney or a law firm. The use of Belaws is subject to our Terms of Use.
Regulations relating to Blockchain in Thailand today? What is the current scope of regulations relating to Blockchain in Thailand...
Scroll to top