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Buying a condo in Thailand is an attractive option for many foreign nationals. There are less nationality restrictions on condo ownership than land ownership and it is possible for a foreigner to own a condo outright. As one of the few property rights allowed to non-Thai nationals, condo-ownership is popular for investment as well as residence and retirement purposes.

Question :What condo units are foreign nationals legally permitted to purchase?
Answer : In general, non-Thai nationals may purchase condo units in condo buildings throughout Thailand, as long as their purchase would not cause the foreign ownership ratio of combined units in the building to exceed 49% of the total floor area. Certain condo buildings in the Greater Bangkok Metropolitan Area may not be subject to the 49% foreign ownership ratio restriction.

Question :What are the requirements for a foreign individual to purchase a condo unit in a building in which foreign purchases are permitted?
Answer: Foreigners who do not have a Thailand residence permit must show proof that the funds for purchase of the condominium were brought from outside of Thailand. Non-Thais who have legal residence permits are not required to show evidence of funds coming from abroad.

Question :What is the most typical way for a foreigner to purchase a condominium in Thailand?
Answer: Most foreigners purchase a condominium by showing evidence of an incoming remittance of foreign currency into their bank account from abroad. This is typically demonstrated by requesting the issuance of a certifying document from a bank in Thailand.

Question :Can foreigners inherit ownership of a condo?
Answer :Property ownership of a condo may be inherited by either Thai or non-Thai descendents under normal circumstances.

Question:Are condominium long-term leases available?
Answer : Yes. 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. This option may be useful to acquire condominiums in buildings that have exceeded their foreign ownership ratio quota.

Question: Why is important to have a qualified lawyer supervise your condo purchase transaction?
Answer : Thailand laws regulating real estate transactions do not provide as many inherent consumer protections as those in most western jurisdictions. For example, in Thailand, real estate agents are not licensed and title insurance is not commonly used. Thailand is very much a "Buyer Beware" jurisdiction.

Related Topics: Land Purchase, Land Title Deeds and Taxes, Land Lease, Condo Purchase or Real Estate Lawyers

Reference: www.thailand-lawyer.com