Foreign buyer checklist: KYC, FET and quota

Extracted from Real Estate Project Law Handbook: A Practical Guide · Appendix F FET and Foreign Ownership Checklist
Items follow Appendix F of the Project Law Handbook. Check the current requirements of the bank and the land office before use.

Progress 0 / 0

1. KYC and client onboarding0 / 0

Identity verification

Copy of every used page of the passportPassport copy
Visa and entry stampVisa and entry stamp
Home-country tax IDHome-country tax ID
Recent photographRecent photograph

Source of funds

6-month bank statement6-month bank statement
Proof of incomeProof of income
Source of funds declarationSource of funds declaration
Tax returns for 2 years (high-value clients)Tax returns

PEP and sanctions

Check PEP statusPEP screening
Check sanctions lists (UN, OFAC, EU)Sanctions screening
Review the home country against the FATF listsFATF jurisdiction review
Record the screening resultsResults documented

2. FET documents0 / 0

Before remitting funds

Explain the FET conditions to the buyerBuyer briefed on FET
Send the remittance instructions with the purpose codeRemittance instruction sent
Calculate the payment schedulePayment schedule calculated

Conditions for the remitted funds

Total amount not less than the unit priceAmount ≥ unit price
Remit in foreign currency and convert to THB in ThailandForeign currency converted in Thailand
Remitter's name matches the buyerRemitter = buyer
State the purpose (purchase of a condominium unit), project name and unit numberPurpose, project and unit stated

Keeping the certificates

Obtain the original FET from the bank for every instalmentOriginal FET each installment
Check that the details in the FET are correctFET details verified
Send copies to the buyer and keep them on fileCopies to buyer and file

3. 49% foreign quota0 / 0

Calculate the total area of the condominium unitsTotal unit area calculated
Update the quota register in real timeQuota register maintained
Check the remaining quota and reserve it for this clientQuota checked and reserved
Project the upcoming transfersUpcoming transfers projected
Request the quota certificate for the land officeQuota certificate for Land Office

4. Transfer day documents0 / 0

Buyer

Original passportOriginal passport
Original FET forms for every instalmentOriginal FET forms
Power of attorney (if not attending in person)POA if represented
Payment of the remaining balanceRemaining payment

Seller (developer)

Condominium unit title deed (Form Or Chor 2)Unit title deed
Company certificate and sale approval resolutionCompany certificate and resolution
Mortgage release letter (if applicable)Mortgage release
Letter confirming no outstanding common area feesNo outstanding common fees

At the land office

Schedule the officer in advanceOfficer scheduled
Verify the quota at the officeQuota verified at office
Pay the transfer fee, SBT and WHTFees and taxes paid
Registration completed and title deed issued in the buyer's nameRegistered in buyer name

5. After transfer0 / 0

Update the quota registerQuota register updated
Notify the condominium juristic personJuristic person notified
File the documents in the systemDocuments archived
Report under CRS/FATCA if applicableCRS/FATCA if applicable
Arrange the unit handover with the clientHandover follow-up

Closing Specialist
Name / date

Compliance Officer
Name / date

Head of Closing
Name / date

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Common pitfalls

A successful sale to a foreign buyer depends on giving the right advice from the outset, especially on the FET conditions. For example, if the client remits money in a company's name, or does not convert it to THB in Thailand, registration cannot proceed and the process must start again, taking 1–2 months.