September 26, 2019
Foreigners and international juristic individuals are allowed to possess a condominium device in Thailand in their personal name, but preserve in brain that this refers to ownership of an condominium unit in a condominium developing registered beneath the Condominium Act of Thailand. Not all condominium structures in Thailand are registered beneath the Condominium Act. Unregistered apartment properties are frequent in the tourist regions of Thailand and foreigners are usually not conscious of the variation amongst a device in a condominium registered underneath the condominium act and a device in an unregistered condominium creating. Equally buildings and units might search the exact same, even so, in situation of an unregistered apartment the legal protection is restricted in contrast to the safety provided to the owners and purchasers below the Condominium Act, and only registered condominiums offer you freehold ownership more than the units.
In circumstance of an condominium creating which is not registered beneath the Condominium Act the units do not have possession unit title deeds (possession of the models is not lawfully separated from the developing as a entire) and the models can only be leased as component of a developing, or the developing as a whole must be in joint ownership by all unit purchasers collectively, nevertheless, this will not contain the land the developing stands on, as foreigners are unable to personal land in Thailand. Only in scenario of a accurate condominium the personal units provide freehold ownership and the land is jointly owned by all the device homeowners.
The main document of ownership in a real condominium is the unit title deed issued and administrated by the regional Land Workplace. The local Land Business office is liable for the transfer of ownership and registration of ownership of the personal models in the condominium building. leedon green showflat is proof of ownership. Proof of ownership need to not be baffled with a ‘house book’ in Thailand or Ta.Bian.Baan, which is an official doc issued by the local Administrative Workplace and contains the entire tackle and the occupants of an apartment (not automatically the proprietor of the building or condominium). Residences in a building not registered beneath the Condominium Act the units could have a independent Thai ‘house books’, even so this should not be confused with an possession document.
Freehold possession of condominiums by foreigners is restricted beneath the Condominium Act and the major limitations / specifications for international ownership are:
one. Not far more than 49% of the overall ground region of all units in a condominium developing added with each other may be international owned. In scenario of 100 equal apartments in a intricate forty nine can be foreign-owned, the remaining fifty one have to be owned by Thai nationals.
In case the forty nine% quota for foreign freehold ownership in a condominium task is ‘sold out’, the remaining units may possibly be leased under a registered 30 12 months lease arrangement. There are no lease restrictions and standard ‘hire of property’ regulations (as for land or home) use on condominiums.
2. To be qualified to sign-up possession the foreigner who buys a device underneath the Condominium Act should bring international forex into Thailand, at least to an quantity equal to the whole obtain price tag.
The dealing with bank in Thailand have to exchange the currency into Thai baht and will concern a (FET-type) Foreign Exchange Transaction type or Credit history Notice for scaled-down amounts. Without having proof of remittance of foreign forex into Thailand the Land Office will not sign up the condominium device into the foreigner’s title (except if you are a resident in Thailand).
As in all property investments (especially in a foreign region) it is important to employ the provider of a trustworthy attorney or dependable actual estate agent who can guidance and support you in the obtain and who helps make certain that almost everything is checked out, the condominium is registered under the Condominium Act and to make certain the unit is correctly registered into your title.
The models in an condominium developing which is not registered below the Condominium Act the units can only be leased as ‘part of the building’ or jointly owned by all the purchasers. Both in circumstance of a long phrase hire (more than three many years) in excess of this sort of models or joint possession in excess of the building as a whole by the device purchasers this must be registered at the local Land Place of work exactly where the property is located. Unregistered residences demand added caution.
