Cryptocurrency allows one to earn substantial returns, but its exchange rate is not always stable. To safeguard their portfolio, investors often convert part of their capital into physical real estate.
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Let’s explore how buying real estate with cryptocurrency works in Thailand.
Legal Status of Cryptocurrency in Thailand
In many countries, the legal framework for cryptocurrency transactions is still evolving, and Thailand is no exception. However, digital asset transactions are officially permitted within the Kingdom.
Currently, cryptocurrency transactions are regulated by the Digital Asset Act, adopted in 2018. Thailand has state-licensed exchanges (such as Bitkub, UpBit, and Satang Corp). It is important to note that income generated from trading digital assets must be accounted for and is subject to local personal income tax.
Regarding property purchases: it is impossible to buy real estate directly with cryptocurrency in any country, as property title deeds must ultimately be registered with government authorities in fiat currency (the state-backed currency, THB).
How to Acquire Real Estate using Cryptocurrency in Thailand
Recall that there are two primary forms of property ownership in the Kingdom: Freehold and Leasehold.
Leasehold: Although considered a time-limited form of ownership, it is essentially a long-term lease and does not require Foreign Exchange Transaction (FET) certificates or strict proof-of-funds documentation. Therefore, acquiring property under Leasehold via cryptocurrency is relatively straightforward.
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Step-by-Step Purchase Process:
- Selecting a property.
- Signing a reservation agreement and transferring the required deposit to our designated wallet or the developer’s wallet (notifying us in advance of the transfer).
- Fixing the crypto-to-fiat exchange rate.
- Transferring the converted funds to the developer’s bank account.
- Issuing a cashier’s check (Cash Cheque) and drawing up the Sales & Purchase Agreement (SPA).
- Executing subsequent installment payments following the same structure.
Note: Transactions are primarily conducted in stablecoins such as USDT or USDC.
Cryptocurrency-assisted transactions are safe, legal, and faster than traditional international bank transfers. As more traditional banks enforce strict international transfer limits and demand extensive paperwork, settling transactions with digital assets is becoming an increasingly attractive alternative.
