How
is a Condominium defined by Thai law?
According
to the Condominium Act B.E. 2522 (A.D. 1979), a
condo is defined as a building that can have its
separate portions sold to individuals or groups
for personal property ownership.
What
classes of foreigners may purchase condominiums
in Thailand?
Foreign
investors as well as other foreigners may own condos
in the Kingdom of Thailand under certain circumstances.
What
types of Condominiums are available for foreigners
to purchase?
Certain
condo buildings allow for foreigners to purchase
condos in free hold (fee simple). The condo buildings
are located in specified metropolitan areas and
may have limits on the amount of units available
for sale to foreigners.
What
are the requirements for a foreign individual or
organization to purchase a condominium in Thailand?
In
order to purchase a condominium certain requirements
must be met, for example:
1: A foreigner has permanent residence in Thailand
in accordance with Thai Immigration Law, or
2: A foreigner is allowed into or resides in Thailand
in accordance with Thai Investment Promotion Law,
or
3: A foreign legal entity is in accordance with
the Announcement of the Foreign Business Act BE
2542 (AD 1999), and has been granted an Investment
Promotion Certificate in accordance with the Investment
Promotion law, or
4: A foreigner or foreign legal entity who brings
foreign currency into Thailand, or brings in Baht
currency from the account of a person residing abroad,
or uses foreign currency from their deposit account.
This requirement is normally met by the presentation
of a Dor Tor 3 form which is provided by the bank
receiving an incoming remittance from abroad.
