Condominium ownership laws for foreigners in Thailand
[liveblog]Condominium ownership laws for foreigners in Thailand states that foreign nationals (natural and juristic persons) may own* a condo unit in Thailand inside the 49% foreign ownership quota of a condominium, however “foreigners” purchasing a condo in Thailand must meet all requirements for foreign ownership under section 19 of the Thailand Condominium Act. Foreign freehold ownership of a condo in Thailand implies that:
a) not more than 49% of the aggregate unit floor range in a condominium could be foreign claimed, the other 51% must be possessed by Thai common or juristic persons (i.e. in the event of 100 equivalent flat units in a condominium building no one but 49 can be owned by foreigners), and;
b) when foreign ownership is accessible the foreigner purchasing a condo must fit the bill for ownership under section 19 of the Condominium Act, typically this implies having appropriately brought into Thailand foreign currency at any rate equivalent to the aggregate buy cost of the condo and having traded this sum into Thai baht inside Thailand.
* Note altogether foreign ownership of a condominium alludes to an unit in a condominium registered and authorized under the Thailand Condominium Act.
In the event that the foreign ownership quota in a condominium task is sold out ownership of the remaining loft units in the Thai side of the condominium may be exchanged to foreigners under a lease agreement. Instead of purchasing a condo freehold in Thailand there are no other laws issued controlling leases of condos by foreigners. Leasehold gives the right of utilization and ownership of the unit for a set time of time. Legitimately lease of a condo unit in Thailand is best depicted as an ordinary tenancy, the tenant does not get the title to the unit nor would he be able to offer the unit, nor will he have co-ownership in the common ranges of the condominium, nor voting rights in the joint owners gathering of the condominium juristic individual. When the set period in the lease terminates the lease must be renewed (the owner ready to renew the lease) or ownership of the unit must be offered over to the genuine owner. A condominium lease agreement is as a contract represented by the section hire of property in the Civil and Commercial Code (see under 4 in this page) and as a hire of property subject to a ‘rental expense’ which is constantly passed on to the renter in the lease agreement.
For more information regarding the Thailand real estate & investment market please contact the No. 1 real estate agency in Pattaya