Condominium Property in Thailand
Condominiums are one of the well-known and sought-after property in Thailand. With its profitable nature it is indeed a great investment especially if you are a foreigner looking forward to owning a real estate property in Thailand. A lot of foreigners engage in a deal with local agents without knowing the legal repercussions of the process for buying a Condominium, it is important to at least seek guidance and advice from an expert or a lawyer to know the necessary and proper steps in buying a Property in Thailand. Condominiums are in demand especially for foreigners who would like to invest in Thailand. Every year, the demand for properties in Thailand is growing as more and more foreigners are investing in the Kingdom due to the rising power of Thai Baht, with this, condominiums are regarded as one of the best profitable investment here in Thailand.
A lot of people are asking our law firm is there is a restriction based on nationality when it comes to buying a condominium in Thailand. There is no restriction on nationality, and any foreigner admitted to enter Thai territory legally can purchase a freehold condominium under the following circumstances of legal entry and not having a criminal record on the country of origin, it is also a provision that the foreigner should be provided with a proper visa. According to the Condominium Act B.E. 2522 (1979) amended 2008,
“Chapter 2: Ownership of Apartment
Section 19. Foreigners
Aliens (foreigners) and juristic persons regarded by law as aliens (foreign) may hold ownership of an apartment if they are the following:
The process to buy a freehold condominium in Thailand is quite straightforward, and only a few conditions have to be fulfilled, foreigners can indeed own a Condominium in Thailand as long as it is following the specific conditions under the Condominium Act B.E. 2522 (1979) amended 2008 that the ownerships of the units shall be owned by a ratio of 51% for Thais and the remaining 49% for foreigners referring to the particular section herein,
“Section 19/2. Percentage of Foreign Ownership
Each condominium shall have aliens or corporate as indicated under Section 19 holding ownerships in the units collectively not exceeding forty-nine percent (49%) of the spaces of the whole units in such particular condominium at the time of making the registration of such condominium in accordance with Section 6.”
Sabai Property Law Firm services includes assistance in finding a real estate property that fits for the clients’ needs and budget, consultation with our lawyers, due diligence report, assistance with opening a Thai bank account and providing the necessary documentations and steps with accordance to the Thai Law on Property acquisition for Foreigners.