Thailand Condominium Law.
Condominium is defined by the Condominium Act B.E. 2522 (1979) (Thai law) as a building that can be have its separate portions sold to individuals or groups for personal property ownership.
The requirements for a foreign individual or organization to purchase a Condominium in Thailand.
In order to purchase a condominium by foreigner in Thailand, there are certain conditions subject to Thai law according the Condominium Act B.E. 2522 (1979) to (Article 19) as follows;
A foreigner has permanent residence in Thailand in accordance with Thai Immigration Law, or
A foreigner is allowed into or resides in Thailand in accordance with Thai Investment Promotion Law, or
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, or
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.
Buying a condominium in Thailand is perhaps the simplest and easiest option available to foreigners. The only restrictions on purchasing a condominium in Thailand, are that the percentage of units sold to foreigners cannot exceed forty nine percent (49%) of the total number of units in the condominium building; and that the funds used to buy the condominium have been remitted from abroad and correctly recorded as such by a Thai Bank on a "Foreign Exchange Transaction Form".
A Foreign Exchange Transaction Form:
This is an official bank document issued by the receiving bank upon the receipt of foreign currency into your bank account in Thailand. You must request a Foreign Exchange Transaction Form from your bank when you are remitting funds to Thailand for the purpose of purchasing a condominium in Thailand, and the Foreign Exchange Transaction Form must specify that the remittance is solely for the purpose of purchasing a property in Thailand - Code 5.22.
Purchases of Condominiums in Thailand by foreign individuals come under the jurisdiction of the Condominium Act B.E. 2535 (1992).
The owner of each Condominium in Thailand is issued with a certificate of unit ownership. The certificate also has a statement saying exactly what percentage of rights over the common areas of the building each owner has.
Leasing of condominium by foreigners in Thailand
Condominiums may be leased to foreigners for periods of up to 30 years and may have options to renew. Leases of greater than 3 years are required to be registered with the Land Department