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Condo ownership law

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 forty nine percent (49%) of the total number of units in the condominium building; 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".

A Foreign Exchange Transaction Form This 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,

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.

Basic information required for purchasing a Condominium

1, the buyer will need a bank account in Thailand .

2, the funds transferred from abroad are recorded with a reference stating that the money has been transferred for the purpose of buying a Condominium.

3, a Foreign Exchange Transaction Form from your Thai bank confirming No 2

4, a copy of the buyer's passport showing an immigration stamp that he or she is in the country at the time of purchase.

 

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