Question: Can a foreigner own a freehold condominium in Thailand?
Answer: Buying a Condominium in Thailand is perhaps the simplest and easiest option available to foreigners who want to own property. The only restriction on purchasing a Condominium in Thailand is that the percentage of livable space sold to foreigners cannot exceed 49% of the total space available in the complex and that the funds used to buy the condominium have been remitted from abroad and recorded as such by a Thai Bank on a Foreign Exchange Transaction Form (Tor Tor 3). The owner of each Condominium unit is issued with a title deed (Chanote) clearly showing the foreigner as the legal owner of the unit.
Question: What are the requirements for a foreign individual or organization to purchase a condominium in Thailand?
Answer: In order for a foreigner to purchase a condominium one of the following requirements must be met:
1: A foreigner has permanent residence in Thailand in accordance with Thai Immigration Law.
2: A foreigner is allowed into or resides in Thailand in accordance with Thai Investment Promotion Law.
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. nembutal for sale online
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 Tor Tor 3 form which is provided by the bank receiving an incoming remittance from abroad.
Question: Are foreigners allowed to own land in Thailand?
Answer: Under strict application of the existing law it is officially prohibited for foreigners (including both individuals and companies), to own land in Thailand. However, there are exceptions to the prohibition found in the law itself. There are also other methods of arranging for the purchase of land in Thailand.
The Land Code has been amended to allow foreigners to own land if all of the following requirements are met:
1. The land is for residential purposes.
2. The land does not exceed one rai (1 rai is approximately 0.4 acre).
3. No less than 40 million baht is remitted into Thailand for investment.
4. Foreigners abide by Ministerial Regulations governing the nature of the business that the foreigner will engage in, the period of time for maintenance of the investment, and the location of the land owned.
5. Permission is granted by the Board of Investment (BOI). According to section 97 of the Thai Land Law, the definition of a foreigner includes a Thai registered company or partnership in which more than 49% of the capital is owned by foreigners or of which more than half the shareholders or partners are foreign citizens. This does not happen often.