Ownership of a condominium in Thailand
Buying a
condominium in Thailand is perhaps the simplest and easiest
option available to foreigners.
The only restrictions on purchasing a condominium in Thailand
are that the percentage of units sold to foreigners cannot
exceed 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 "Foreign Exchange Transaction Form".
The Foreign Exchange Transaction Form 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 Foreign Exchange Transaction Form from your bank
when you are remitting funds to Thailand for the purpose of
purchasing a condominium in Thailand, and the Foreign Exchange
Transaction Form must specify that the remittance is solely
for the purpose of purchasing a property in Thailand - Code
5.22.
Purchases of Condominiums in Thailand by foreign individuals
come under the jurisdiction of the Condominium Act B.E. 2535
(1992).
The owner of each Condominium in Thailand 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. |
