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Condominium Thailand.
The following article is from Siam Expat Law:
Foreigners are permitted to own a condominium unit in Thailand in their own name (Thai law allows complete foreign freehold ownership of a condominium unit). There are a few regulations related to foreigners who can own a condominium unit, but basically it boils down to any foreigner who can enter Thailand legally can buy a condominium and register ownership. There is however one major restriction which aims to limit foreign ownership of condominiums (section 19 bis of the Condominium Act B.E.2522); not more than 49% of the total unit floor space of all units combined (or sale-able area) in a condominium block can be foreign owned (in case of 100 equal units, 49 can be foreign owned).
To comply with the provisions in the Condominium Act, the foreigner purchaser must remit the full purchase price for the condominium unit in foreign currency into Thailand (unless the foreigner is a resident in Thailand). The foreigner has to include the transfer instruction indicating that the purpose of this money is to buy the condominium unit. The purchaser needs to obtain a Foreign Exchange Transaction FET certificate for amounts exceeding 20,000 USD or 'confirmation letter/ credit note' for lesser amounts for each payment from the beneficiary bank, and all these certificates must be shown to the Land department in order to register the condominium. The FET form contains the following information: the transferred amount in foreign currency, the transferred amount in Thai Baht, the name of money sender, the name of money receiver, the purpose of transferring. The foreign purchaser's full name as appears in the condominium sale and purchase agreement has to appear either as the sender or receiver of the monies on the money transfer documents. If the remittance from abroad is in Thai baht the foreign purchaser will not comply with the provisions in the Condominium Act and unable to apply for ownership over a condominium unit.
Basically you can use any negotiable foreign currency to purchase a condominium as long as the foreign currency is transferred into Thailand as foreign currency and exchanged by the handling bank in Thailand in Thai Baht. See the Bank of Thailand website for the current exchange rates.
If a foreigner has sold a condominium unit and wants to repatriate the sale proceeds, they will have to provide the bank with the correct documents. The bank will require a copy of the sale and purchase agreement signed at the Land Office, a copy of the FET form which the foreigner obtained when they remitted money to Thailand to buy the condominium, a copy of the title deed to the condominium unit and a copy of their passport.
If you are buying a condominium off the plan or an existing condo unit, the first thing to do is obtain the services of a reputable lawyer on your behalf, before you hand over a deposit. To make sure the paper work is right and your interests are fully protected when purchasing a condominium in Thailand.
In most cases our clients save money when we represent them in a condominium unit purchase, we prevent costly mistakes, we make sure there are no encumbrances registered against the condo title that would prevent the unencumbered transfer of the condominium, we go over all the documents, check the status of the property or condominium development at the land department, suggest amendments to the agreements, explain the transfer taxes (this is where our clients could save money) and represent the buyer at the land office and make sure the condominium is correctly registered in the foreigner's name. Finally we translate the ownership documents into English.
Alternatively to ownership, foreigners are allowed to rent or lease condominium apartments in Thailand and apartment units exceeding the 49% foreign freehold ownership quota in a condominium project may be sold under a registered 30-year lease in the foreigner's name. Lease or hire of condominiums is governed by the Civil and Commercial Code section and needs to be registered on the condominium unit title deed.
About the laws and modifications:
Condominium Act B.E. 2522 (1979)
This first Act about condominiums in Thailand came into force due to the arising problems and conflicts about ownership and property rights in municipal areas where the Commercial and Civil Code of Thailand couldn't solve all problems and especially because of some properties of condominium, like their indivisibility.
Condominium Act No. 2 B.E. 2534 (1981)
These modifications on the Condominium Act were done to allow foreigners and foreign entities to buy condominium in oder to support foreign investments.
Published in Government Gazette No. 2534/171 /1por/30 dated September 1991.
Condominium Act No. 3 B.E. 2542 (1999)
The government wanted to change the method of owning condominium units by foreigners or foreign entities in order to be adapted to the Foreign Currency Control Act, regulating and controlling imported foreign currency. The percentage of ownership held by aliens in the condominium was also modified to help the sales and to strengthen the investment in reak estate sector.
Published in the Government Gazette No. 2542/31 Kor 1/ dd. 27 April 1999.
Ministerial Regulation No. 8 (B.E. 2543) issued by the virtue of the Condominium Act B.E. 2522 (1979)
Government Gazette No. 117 dated 4 October 2000. Given on the date of 29 September 2000
This Ministerial Regulation classifies Pattaya City as another local government zone apart from Bangkok Metropolis and other municipal jurisdictions to allow foreigners and foreign entities to possess condominium exceeding the limit of 49% of the entire area of the condominium building. In addition, the Section 19 bis paragraph two of the Condominium Act B.E. 2522 was amended by the Condominium Act No. 3 B.E. 2542 on setting other government zones.
Ministerial Act No. 9 B.E. 2543 issued by the virtue of Condominium Act B.E. 2522 (1979)
Government Gazette No. 117 Section 91 Kor dated 4 October 2000. Given on the date of 29 September 2000
Condominium Act No. 4 B.E. 2551 (2008)
This is the last condominium Act of 2008.
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