Are
there any restrictions to this ownership?
In
many areas of Thailand a foreigner or foreign legal
entity can acquire up to, but not exceeding, 49%
of the total floor area of the combined condo units.
However, more that 49% of ownership may be allowable
in certain condominium buildings in Greater Bangkok
and various other municipalities and districts according
to Ministerial Regulations.
What
is the most typical way for a foreigner to purchase
a condominium in Thailand?
Most
Foreigners purchase a condominium by showing evidence
of an incoming remittance of foreign currency into
their bank account from abroad as demonstrated by
a valid Dor Tor 3 form from a Thai Bank.
Can
ownership of a condominium be inherited by a foreigner?
Property
ownership of a condominium can be inherited if the
heir to ownership meets one of the original criteria
for foreign ownership. Otherwise the condo must
be sold within one year of inheritance. Similarly,
inheriting ownership of more than 49% of total condominium
floor area must conform to certain regulations,
namely that the condo not occupy more than 5 rai,
that it not exist outside of Greater Bangkok or
other designated municipalities, and that it has
at least 40 units in a building registered for at
least one year.
Is
a lawyer necessary to purchase a condominium in
Thailand?
A
lawyer is recommended to review the documents concerning
the condo and to supervise the transfer.
Are
condominium long-term leases available?
Yes.
Condos may be leased to foreigners for periods of
up to 30 years and may have options to renew. Leases
of greater than 3 years are required to be registered
with the Land Department.
