Currency and mortgage: how to buy real estate on Phuket

Clients from RF, Kazakhstan, UAE. First questions: how to transfer money and is mortgage possible. We answer for transactions of 2025–2026.

Purchase in baht

Rent in Thailand — income in baht. Purchase in same currency removes double FX-risk. We fix amount in contract in baht.

Transfers from RF

Before reserving a property, agree the bank transfer with the developer’s bank: payer details, payment reference and supporting documents. Confirm fees and processing times with the banks involved.

«Found villa — tomorrow will transfer» often = loss of deposit.

Mortgage for foreigner

Need income/residence permit in Thailand, down payment 30–50%, rate 6–8%. For investor more often favorable is installment plan of developer 24–36 months, 0%, S-curve.

Installment plan vs mortgage

Installment plan — in contract with developer
Mortgage — after chanote, pledge of bank
Resale — full payment or pledge of another asset

Check-list before transaction

Recipient and currency of contract
Schedule of tranches and escrow
Documents for bank of developer
Deadlines taking into account holidays TH/RU

Harmony Ocean issues payment plan by stages — fewer failures.

Why transaction in baht is standard

Real estate on Phuket is valued and sold in Thai baht. Rental income — in baht. Expenses on management company, utilities, repairs — in baht. Purchase in same currency removes double currency risk: you do not depend on rate of ruble or tenge at moment when need to pay for object or receive revenue from rent.

In contract of purchase and sale or with developer amount is fixed in baht. Transfer from another currency — separate stage, which must be planned in advance, and not one day before deadline on deposit.

Routes of transfer from Russia and CIS

The availability of an international transfer from a Russian bank account depends on the banks involved and their checks. Before reserving a property, agree payer details, the payment reference, source-of-funds documents and instalments with the developer’s bank. For a condominium purchase under the foreign quota, confirm the evidence of foreign-currency funds arriving from abroad: an FET form or a bank confirmation. The bank confirms the documents, fees and processing times.

• Deadlines: from 3 to 14 working days, not counting holidays TH/RU
• Commission: depends on route and amount, allocate in budget
• Documents: source of funds, purpose of payment, sometimes KYC at bank of recipient
• Holidays: Songkran, Chinese New Year, May holidays — shift deadlines

Phrase «found villa, tomorrow will transfer» often ends with loss of deposit or failure of reservation at developer.

Mortgage for foreigner in Thailand

Bank mortgage for non-resident is possible, but with conditions: confirmed income in Thailand or stable residence permit, down payment 30–50%, rate about 6–8% per annum, term up to 20–25 years. Bank takes chanote as pledge after registration of ownership right.

For investor who does not live on island permanently, more often favorable is installment plan from developer: 0% for 24–36 months, payments by S-curve tied to stages of construction, without pledge until receipt of keys.

Installment plan of developer: how to read schedule

Typical schedule of off-plan: 10–20% at signing, then tranches upon achievement of stages (foundation, frame, finishing), final payment at transfer of keys. Important: is there escrow account or staged release of funds, what is specified at delay of delivery, is it possible to transfer right of claim.

Resale and full payment

On secondary market seller rarely waits for installment plan for a year. Standard — deposit 200–500 thousand baht after agreement of price, due diligence 7–14 days, then full settlement before registration in Land Office. Alternative — pledge of another asset or structured transaction through lawyer, but this is separate case.

• Check-list before first payment
• Recipient of payment coincides with owner in chanote or developer in contract
• Currency and amount in contract = amount of transfer
• Schedule of tranches agreed with possibility of your bank/channel
• Escrow or conditions of refund of deposit at failure of DD
• Reserve 5–7 days for delays due to holidays

Harmony Ocean Property issues to client payment plan by stages of transaction: when which payment, which documents are needed, who controls receipt on account. This reduces number of failures at last step.

Consultation

If you are only starting to understand currency and method of payment — write to us budget and deadlines. We will suggest realistic route for your transaction (new construction or resale) without promises of «any amount in one day».