Can I own a condominum in Thailand.

The current rule allowing foreigners to own up to 100% was a special waiver of the “old” rule limiting foreigner ownership to 49%, was put into place during the currency crisis, and was renewed each year. That “special waiver” was not renewed this year.

The “special waiver” also included a reference to condos built on a particular number of rai. That rule was not in the old rule, so after April 27 it will not apply. Thai persons who are interested in selling their unit in a building over 49% owned by foreigners need to make the sale before April 27, 2004 – because after that date the foreigner will not be able to put the condo in his/her name. Since foreigners usually pay a bit more than a Thai for the same property, Thai persons interested in selling their units need to be aware of these rule changes.

Foreigners married to Thai’s, or foreigners who have purchased Condo’s in a Thai persons name, in a building that is, or could, go over the 49% rule, might consider changing the ownership of their unit into their name (to establish foreign ownership). Most Condominium managements know what the percentage of ownership by foreigners is. For example, Grand Sukhumvit Condominiums are 68% owned by foreigners, well over the 49% rule. Check with your Condo management for your current percentage - and consider what the future might bring. This ownership rule only applies to condos not to buildings or land.

If you are buying or selling any real estate, remember that the total tax and fees on property exchanges are now approximately 5.5% of the government determined value (not the sale/purchase price), and who pays them is a matter to be negotiated between the buyer and the seller.

you have to have a competent lawyer to handle your property transactions – it can save you a lot of trouble now, and in the future.

The only restrictions on purchasing a condominium, are that the percentage of units sold to foreigners cannot exceed forty nine percent (49%) of the total number of units in the condominium block; and that the funds used to buy the condominium have been remitted from abroad and correctly recorded as such by a Thai Bank on a Tor Tor Sam. Purchases of condominiums by foreign individuals come under the jurisdiction of the Condominium Act B.E. 2

A foreigner buying a condo must transfer funds in foreign
currency from a bank account outside Thailand to an account
at a Thai bank. The name of the transferree must be the same
as the name that will appear on the final purchase contract, ie.
the buyer. Use Bangkok Bank, Kasikorn Bank (f.k.a. Thai
Farmer's Bank) or Siam Commercial Bank and be sure you tell
them that funds transferred to the account will be used to
purchase a condominium. Transfers must be made in amounts
USD 20.000 or more in order to qualify for a Foreign Exchange
Transaction Form issued by the buyer's bank to verify that the originating funding came from outside Thailand in a currency other than Thai Baht. This bank certificate explicitly states that the Thai Baht funds are used "to purchase a condominium" in Thailand. The department of Lands (Land Office) will refuse to execute the ownership transfer if the
bank certificate cannot be produced.535 (1992).

What is Tor Tor Sam (3)
A Tor Tor Sam (3) is an official bank document issued by the receiving bank upon the receipt of foreign currency into
your bank account in Thailand. You must request a Tor Tor Sam from your bank when you are remitting funds to
Thailand for the purpose of purchasing a condominium, and the Tor Tor Sam must specify that the remittance is solely
for the purpose of purchasing a property - Code 5.22.
The owner of each condominium is issued with a certificate of unit ownership. The certificate also has a statement
saying exactly what percentage of rights over the common areas of the building each owner has.
TILA Legal can offer full legal protection services for do a title search, prepare the sale and purchase agreement and
represent you to register of transfer ownership.
Our English specking lawyers have years of legal experience. We can assist you for buying a condominium in Thailand
and recommend to you the best course of action for your stay in Thailand.

If you wish, complete the online form below and press submit, we can usually guarantee a response within 24 hrs giving you an approximation of cost and requirements etc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Name & Nationality:

Your Email Address:

Telephone number:

Subject: