Answer FAQ's

Q Hi Pattaya Condo Guide My name is Ron, I have been to Thailand for the first time this year, I have been told by my friends that I can buy a condo in Pattaya and I am interested to purchase, but only if it a safe investment. Can you tell me what are the requirements for a foreigner to purchase a condominium in Thailand?

Ron, 55 years old Holiday Maker from Thailand

A HI Ron, In order for a foreigner to purchase a condominium certain requirements must be met: 1. A foreigner must bring foreign currency into Thailand or uses foreign currency from their deposit account. 2. A foreigner has permanent residence in Thailand in accordance with Thai immigration law. 3. A foreigner is allowed into or resides in Thailand in accordance with Thai law. Foreigners can only own condominiums 100% freehold Thai Law states Foreigners can only own 49% useable space in condominiums Creates a premium on these units and typically prices for these units will be 10-20% higher than Only people of Thai nationality can own land in Thailand However there are certain exceptions. The land Code has been amended to allow foreigners to own land if the following requirements are met: 1. The land is for residential purposes; 2. The land does not exceed one rai ( in area; see conversion to western unit below); 3. No less than 40 million baht is limited into Thailand for investment; 4. Foreigners abide by Ministerial Regulations governing the nature of the business that the foreigners will engage in, the period of time for maintenance of the investment, and location of the land owned; Although Thai law prohibits foreigners owning land in Thailand, foreigners can own buildings. Ownership of the building is separate from the land and cannot be seized by the lesser once the lease expires. It is common for Foreigners to obtain land by leasing it on 30 year renewable leases. Leases are limited to 30 years, except on land for industrial purposes, which may be established for 50 years. In addition, a lease continues to be valid even in the event the property on the land is sold. Leases exceeding three years are enforceable for only three years unless they are registered with the Land Department. Therefore, a 30- year lease must be registered with the Land Department. Many business owners choose 3 year leases for this reason. Thai Company Ownership? Another option for foreigners is to set up a Thai company to ACQUIRE land. Foreigners can own a condominium, house or commercial property by setting up a Thai company Foreigners cannot own a Thai company outright. However they can be the director of the company and establish full control of the company. It is important that the company is established by an experienced lawyer. They will set the company up so that the nominated Thai shareholders sign there share rights and authority to yourself as director. It is important that the non Thai minority shareholder should not own more than 38%, as any foreign shareholding structure greater than this is normally investigated by the Land department. There are certain additional costs to consider when establishing a Thai company to own property here. Firstly you would need to pay a lawyer to establish the company, 15,000 – 20,000 baht. Manage the company accounts on an annual basis, around 10,000 baht. We mentioned earlier that Foreign owned units are more expensive because the majority of Foreigners choose to purchase in Foreign name. And only 49& of any condominium can be in Foreign ownership. Therefore the Thai and Thai company owned units are 10-20% cheaper. Many foreigners now purchase condominiums in Thai company name because of the lower price Thai company ownership is popular with investors as you can transfer directorship / thus no transfer fee

Lawrence - Sales Executive Compass Real Estate

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