Foreigners purchasing real estate in Phuket, must be aware that transferring money into the Kingdom of Thailand requires documentation, in the form of an FETF. This document is vital, not just for registering ownership at the local Phuket Land Department but is also essential when transferring money out of Phuket at a later date upon the sale of the property.     

If you’re a foreigner planning to buy a condominium in Phuket, one of the most important — and often misunderstood — documents you’ll encounter is the Foreign Exchange Transaction Form, commonly known as the FET form.

This document plays a vital role in complying with Thai law when transferring ownership of a condo unit into your name, and it ensures your right to register the property as a foreign freehold. But what exactly is the FET form, and why is it so essential?

Let’s break it down.

What Is the FET Form?

The FET form (Foreign Exchange Transaction Form) is a certificate issued by a Thai bank confirming that foreign currency funds have been transferred into Thailand for the purpose of purchasing a condominium. It serves as official evidence that money has come from overseas, satisfying the requirements under the Condominium Act of Thailand.

Under Thai law, foreigners are allowed to own up to 49% of the total unit space in a registered condominium project — but only if the funds used to purchase the unit were remitted from abroad and properly documented with an FET form.

Why Is the FET Form So Important?

Without this form, a foreigner cannot legally register ownership of a condo unit in their own name as a freehold.

The Land Office in Phuket will require an original FET form for any foreign buyer registering a condominium title under their name. Without it, your purchase cannot be legally recorded, and you may be forced to either restructure the ownership (such as through a leasehold) or risk non-compliance with Thai law.

All Foreign Buyers of Phuket Property Are Considered Investors

When a foreigner purchases property in Thailand — particularly in Phuket — they are legally classified as an investor. This classification is the basis for the requirement that all funds used to purchase property must be transferred into Thailand from overseas in foreign currency.

To ensure compliance with Thai financial regulations, the Bank of Thailand mandates that all foreign buyers must provide official proof that these funds originated outside of the country. This is where the Foreign Exchange Transaction Form (FET form) comes in.

The FET form Phuket buyers require is issued by an authorised Thai bank once the foreign currency has been received and converted into Thai Baht for the purpose of purchasing real estate. It serves as official documentation that the buyer has invested in the Thai economy, and it is a critical step in registering foreign freehold ownership of a condominium.

No FET form means no legal registration of the property under a foreigner’s name — which is why this document is essential for any Phuket property investor from abroad.

The Five Doors to Phuket Condo Ownership

As detailed in our Phuket Property Guide — specifically in the section outlining the five doors to condominium ownership in Thailand — Section 19 of the Condominium Act lays out the legal avenues available to foreigners wishing to own a condo in Phuket.

Among these options, transferring foreign currency into Thailand remains by far the most straightforward and secure route. This is because foreign buyers must obtain a Foreign Exchange Transaction Form (FET form) to qualify for foreign freehold ownership. The FET form is only issued when funds are sent from overseas and converted into Thai Baht for the purpose of property purchase.

A common mistake made by some buyers is transferring funds from their home country into a Thai bank account before securing a property — and worse, doing so in Thai Baht rather than in a foreign currency. When they later attempt to purchase a condominium, they discover they’re ineligible for foreign freehold registration due to a lack of qualifying documentation.

To avoid this, it is absolutely essential that foreign buyers send their funds into Thailand in a foreign currency, clearly designated for property purchase, so the receiving bank can issue the required FET form. This step is not just procedural — it’s the legal foundation that allows foreigners to own a condo in their own name.

When and How Do You Obtain the FET Form?

You don’t apply for the FET form directly yourself — the receiving bank in Thailand issues it automatically when you remit over USD 50,000 (or equivalent) in foreign currency into Thailand, clearly stating the purpose of the transfer (i.e., “For property purchase in Thailand” or “For condominium purchase”).

It is crucial that the wire transfer is:

  • In foreign currency (not Thai Baht)

  • Sent from an overseas bank account under your name

  • Accompanied by a clear purpose, such as “purchase of condominium in Phuket”

The Thai bank will then convert the funds into Thai Baht and issue the FET form, which must include:

  • The name of the sender (you)

  • The name of the recipient (developer or seller)

  • Purpose of remittance (property purchase)

  • Amount in both foreign currency and Thai Baht

Important: If you’re buying a Phuket property for less than USD 50,000, you may instead be issued a Credit Advice from the receiving bank. Although not technically an FET, this can still be accepted by the Land Office if it clearly shows all required details.

Common Mistakes to Avoid

When transferring money into Thailand for a property purchase, be sure to:

  • Never send Thai Baht from overseas — it must be a foreign currency

  • Never transfer funds in someone else’s name

  • Avoid breaking up payments into amounts under USD 50,000 unless absolutely necessary

  • Clearly state the reason for the transfer — vague references like “investment” or “personal” may be rejected

It’s also a good idea to speak to your lawyer, your real estate agent, and your bank before making any transfer. A small oversight here could cause major complications during the property registration process.

How to Get the FETF from the Bank

Many foreigners buying condos or villas do not have a Thai bank account. If the foreigner does not yet have a Thai bank account, then it is commonplace for them to transfer monies to their lawyer’s client account or to the developer, both of whom may obtain the FETF on behalf of the buyer.

What Happens to the FET Form After Transfer?

Once you receive the FET form (or Credit Advice), keep it safe — it will be needed at the Phuket Land Office during the transfer of ownership. Your lawyer or agent will usually include it in the ownership transfer documents.

After transfer, it is also wise to keep a copy for your personal records, especially if you plan to resell the condo in the future or repatriate funds abroad, as the Thai authorities may request the original FET as proof of the original investment.

Summary: Key Facts About the FET Form Phuket Property Buyers Must Know

  • Required for Phuket foreign freehold condo purchases

  • Must be issued by a Thai bank for foreign currency transfers over USD 50,000

  • Used to register the condo title in a foreign buyer’s name

  • Cannot be issued for domestic Baht transfers

  • Essential for legal compliance with Thailand’s Condominium Act

Make Sure You Have Solid Legal Representation!!!

When buying property in Phuket, especially as a foreigner navigating Thai regulations, having reliable and experienced legal representation is essential. A qualified lawyer will ensure that all contracts are in order, due diligence is completed, and your FET form, title deed, and ownership structure are fully compliant with Thai law — giving you peace of mind throughout the process.

You can read our Section 7 in the Phuket Property Guide on why you need a reputable and experienced lawyer when buying property in Phuket: 

The Importance of Sound Legal Advice For Foreigners When Buying Property in Phuket

Final Thoughts

If you’re planning to buy a condo in Phuket as a foreigner, understanding the role of the FET form is absolutely critical. Work closely with your agent, legal advisor, and bank to ensure everything is prepared correctly — this small piece of paper can make or break your property transaction.

You many enjoy our article on the benefits and advantages of buying a Foreign Freehold condominium:  

25 Reasons to Buy a Phuket Foreign Freehold Condominium

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