Foreigners and foreign juristic persons are authorized to own a condominium unit in Thailand in their own name, but keep in thoughts that this refers to possession of an apartment device in a condominium building registered below the Condominium Act of Thailand. Not all apartment structures in Thailand are registered under the Condominium Act. Unregistered condominium structures are typical in the tourist areas of Thailand and foreigners are often not aware of the variation between a device in a condominium registered below the condominium act and a device in an unregistered condominium creating. Both structures and units could appear the very same, even so, in situation of an unregistered condominium the authorized defense is minimal in contrast to the protection offered to the proprietors and purchasers under the Condominium Act, and only registered condominiums supply freehold possession more than the units.
In circumstance of an condominium creating which is not registered underneath the Condominium Act the models do not have ownership unit title deeds (possession of the units is not lawfully separated from the creating as a entire) and the units can only be leased as part of a constructing, or the creating as a whole should be in joint possession by all device purchasers with each other, however, this will not contain the land the creating stands on, as foreigners cannot personal land in Thailand. Only in case of a accurate condominium the individual models offer freehold ownership and the land is jointly owned by all the device proprietors.
The principal doc of ownership in a true condominium is the device title deed issued and administrated by the neighborhood Land Business office. The local Land Place of work is accountable for the transfer of ownership and registration of possession of the individual units in the condominium creating. The condominium unit title deed is evidence of possession. Evidence of possession must not be baffled with a ‘house book’ in Thailand or Ta.Bian.Baan, which is an formal doc issued by the nearby Administrative Office and contains the entire handle and the occupants of an condominium (not essentially the owner of the building or apartment). Apartments in a developing not registered beneath the Condominium Act the models could have a individual Thai ‘house books’, nonetheless this must not be baffled with an possession doc.
Freehold ownership of condominiums by foreigners is restricted below the Condominium Act and the principal limits / specifications for overseas possession are:
1. Not far more than forty nine% of the whole ground area of all models in a condominium developing additional jointly may possibly be international owned. In circumstance of 100 equal residences in a complicated 49 can be foreign-owned, the remaining 51 need to be owned by Thai nationals.
In situation the 49% quota for overseas freehold ownership in a condominium project is ‘sold out’, the remaining models might be leased beneath a registered 30 calendar year lease agreement. There are no lease constraints and normal ‘hire of property’ laws (as for land or property) utilize on condominiums.
two. To be Parc Canberra location to register possession the foreigner who buys a device beneath the Condominium Act have to bring foreign forex into Thailand, at least to an amount equivalent to the total purchase price tag.
The dealing with lender in Thailand should exchange the forex into Thai baht and will concern a (FET-form) Foreign Trade Transaction kind or Credit rating Observe for smaller sized quantities. With out evidence of remittance of foreign currency into Thailand the Land Place of work will not register the condominium unit into the foreigner’s name (unless you are a resident in Thailand).
As in all house investments (specially in a foreign nation) it is important to retain the services of the support of a respected lawyer or reliable genuine estate agent who can tips and help you in the obtain and who can make confident that almost everything is checked out, the condominium is registered below the Condominium Act and to make sure the device is appropriately registered into your name.
The units in an condominium creating which is not registered below the Condominium Act the models can only be leased as ‘part of the building’ or jointly owned by all the purchasers. The two in situation of a extended term lease (in excess of 3 a long time) in excess of such models or joint possession above the constructing as a entire by the device purchasers this need to be registered at the nearby Land Place of work exactly where the property is found. Unregistered residences need further warning.