Buying in Bangkok vs the US: costs and taxes

In Bangkok an American can own a condo outright, but not the land under a house. Get the money trail right, and the rest is mostly paperwork.

The short version

Foreigners can own condo units freehold, as long as foreign owners hold no more than 49% of the building's floor area [1].
Your purchase money must come from abroad in foreign currency, with a bank document to prove it. Baht borrowed in Thailand doesn't count [1].
Land is off-limits. A house means leasing the land, usually for up to 30 years at a time [1].
Purchase and sale costs are low by US standards: a 2% transfer fee on the appraised value, then 3.3% specific business tax or 0.5% stamp duty when you sell [1][2].
The IRS taxes your worldwide gain, in dollars, with Section 121 and the foreign tax credit to soften it [3][4].

USD conversions use the Federal Reserve H.10 rate of October 30, 2026 (THB 33.76 per US dollar), rounded.

Can Americans buy in Bangkok?

Yes, with two big limits.

Condos, within the quota. Under section 19 of the Condominium Act, foreigners can own units freehold as long as total foreign ownership in the building stays within 49% of the saleable floor area [1]. Popular towers along the BTS in Sukhumvit, Sathorn and Silom can fill their quota. Before you pay a deposit, get written confirmation of the remaining quota from the building's juristic person office.

No land. Foreigners can't own land in Thailand. For a house in a gated community in Bang Na or out past Suvarnabhumi, the usual route is a registered lease of the land, at most 30 years. A March 2025 Supreme Court ruling made pre-agreed automatic renewal clauses void, so a "30+30+30" promise isn't the safety net it was sold as [1]. Holding land through a Thai company with nominee shareholders is illegal; don't let anyone talk you into it.

The money rule. To register a condo in your name, the Land Office wants proof that the money came from abroad:

Send foreign currency (US dollars from your US bank works) from an account in your own name.
Let the Thai bank convert it to baht, and give a purpose such as "purchase of condominium unit."
For USD 50,000 or more, the bank issues a Foreign Exchange Transaction (FET) form; below that, a bank confirmation letter does the job [1].
Bring that document to the transfer at the Land Office.

Sending baht from an overseas account can fail the test, so ask your US bank to send dollars. Our guide to buying a condo in Bangkok as an American has the step-by-step.

Getting a loan: Thai bank or US lender?

In Bangkok. Most foreign buyers pay cash. Thai banks lend mainly where a Thai spouse co-borrows; other routes include offshore bank programs at roughly 50% to 70% of value, local secured lenders at around half the value with high rates, and developer installment plans on new builds [1]. Baht borrowed in Thailand doesn't satisfy the foreign-money rule [1].

Back home. That's why many Americans finance from the States, with savings or a loan against a home back home. See US mortgages for Americans living abroad.

The currency trap. If you do borrow in a foreign currency, the IRS measures the loan in dollars. A weaker baht (or yen, or euro) when you repay can create a taxable US currency gain, while a loss is usually not deductible. Our guide to currency gains on a foreign mortgage shows the math.

Costs side by side

Rates as of November 2026.

	Bangkok	Miami (the US example)
Can you buy?	Condo units yes, within the 49% foreign quota; land no [1]	Yes, no approval
Purchase costs	Transfer fee 2% of the official appraised value, split by negotiation; the reduced rate for Thai buyers doesn't apply to foreigners [1]	Florida documentary stamp tax on the deed, usually paid by the seller; title insurance and recording fees
Agent fees	Commission usually paid by the seller	Customarily paid by the seller
Annual property tax	Land and building tax; a foreign-owned second-home condo falls in a band of 0.02% of appraised value [1]	County property tax; the Florida homestead exemption only for a permanent Florida residence
Building fees	Monthly common fee plus a one-time sinking fund at purchase	HOA or condo fees, often sizable in Miami
Seller taxes	Specific business tax 3.3% if sold within five years (with exemptions), otherwise stamp duty 0.5%; plus income tax withheld at transfer [1][2]	Federal income tax after Section 121; Florida has no state income tax
US tax on the gain	Yes, worldwide, in dollars [3]	Yes; Section 121 if you pass 2 of 5 years [3]

Illustration only. On a THB 6 million condo (about USD 177,700), a 2% transfer fee works out to as much as THB 120,000 (about USD 3,550), less when the appraised value is below the price. The yearly land and building tax at 0.02% is about THB 1,200 (about USD 36). Sell within five years and the 3.3% specific business tax on THB 6 million would be about THB 198,000 (about USD 5,870) [1][2]. Compare that with Miami, where property tax on a similar condo usually runs to thousands of dollars a year.

Tax when you sell

The Thai side

Thailand doesn't run a separate capital gains tax for individuals. Instead, the Land Office collects taxes at the transfer:

Specific business tax applies to a sale within five years of purchase. The Revenue Code sets the rate at 3% of gross receipts, and the local add-on brings it to 3.3% [1][2]. There are exemptions, including for a seller who's lived in the home under the house registration for a set period.
Stamp duty of 0.5% applies instead when specific business tax doesn't [1].
Personal income tax is withheld at transfer, worked out on the appraised value with a deduction that grows with the years you've held it.

These amounts are collected before the registration goes through, so the seller sees them on transfer day [2]. Our guide to Thai taxes for Americans explains Thai residency, and the remittance rules cover bringing money into Thailand.

The US side

Uncle Sam taxes your worldwide gain, measured in dollars:

Section 121 can cover a Bangkok condo. Own it and live in it for at least 24 months of the 5 years before the sale, and up to USD 250,000 of gain (USD 500,000 for most joint filers) is excluded. You generally can't use it again within two years [3].
The baht moves the math. Purchase and sale prices are converted to dollars at the rates on each date, so a baht gain can be a dollar loss, or the reverse.
The foreign tax credit. Thai income tax withheld on the sale can go on Form 1116 against US tax on the same gain [4]. Generally only income taxes qualify, so the transfer fee, stamp duty and specific business tax don't; they may instead count as selling costs. A US expat tax preparer can check how yours are treated.
Depreciation recapture. If you rented the condo out, gain from depreciation after May 6, 1997 can't be excluded [5].

Your old home in Miami

The 2-of-5-years clock keeps ticking after you move. Gone more than three years and the exclusion on your Miami home is usually lost. Florida has no state income tax on the gain, which is one less return to worry about, but you'll likely lose the homestead exemption once it's no longer your permanent residence. Our guide to selling your US home after moving abroad covers the timing.

Renting it out

The Thai side. Rent from a Bangkok condo is taxable in Thailand as personal income, with a standard expense deduction available. Short-term rentals of less than a month are a problem: many condo buildings ban them, and renting daily without a hotel license breaks Thai law. If you've left Thailand, a tenant that's a company may have to withhold tax on the rent.

The US side. Report the rent on Schedule E. A Bangkok condo is used predominantly outside the United States, so you must depreciate the building under the Alternative Depreciation System (ADS) over 30 years, not the 27.5 years a Miami rental gets [6][7]. Thai tax on the rent can be credited on Form 1116 [4].

If the rental is your place back home, see rental income from a US property.

Which makes sense for whom

Staying long term. A Bangkok condo can make sense: low purchase taxes, tiny yearly property tax, no foreign surcharge. Check the quota and the building's management before you fall for the view.
Retiring in Thailand. Common, and usually in cash. Pair it with the right visa; see Thailand's retirement visa for Americans. Plan the estate early, since a condo in your name passes under Thai rules and the US taxes your estate too.
Moving back in a few years. Renting is the no-brainer. Bangkok's condo resale market is crowded with new supply, a sale inside five years triggers the 3.3% tax, and getting money back out needs your FET paperwork.
Wanting a house with a yard. Think hard. Leasehold land is a wasting asset, and the renewal clauses aren't guaranteed [1].

A US expat tax preparer (or a Thai lawyer) can check your situation before you sign. Swap notes with other buyers in our community group for Americans in Thailand at /join/.

Buying in Bangkok vs back home: condos, quotas and the IRS