Condo ownership in Thailand is possible. If you are going to buy a condo in Thailand, then you will need to know a bit about property ownership in Thailand. There are a number of title deeds in Thailand which you can find on this website as well as other information such as servitude, usufructs as well as property transfer fees.
Buying a Condo in Thailand
You will note that when you buy a condo in Thailand the condo unit has to be registered with the Land Department. This condo unit will have its own Thai title deed and will normally be a Chanote title deed. This is the only title deed recommended for foreigners as it is a freehold title deed. If you did not know, foreigners may only hold the title deeds of 49% of the condo units in Thailand.
If you are going to place your condo unit in the name of a registered Thai company, then you will have to speak to property lawyer in Thailand about it as there are tax implications to this as living in the unit is viewed as a financial benefit which you would have to pay taxes on as it is viewed as a fringe benefit.
The 49% holding is checked by the Land Department to ensure that the building and the units comply with the laws of Thailand. Note that should you be buying offplan then you will have to tell the developer before purchase or deposit that the unit will fall under the foreign quota of the building. They will then check the quota of the development to ensure that it is 49% and lower. If you are not aware the money to purchase the condo from come from abroad by telegraphic transfer.
You can see the article on buying property in Thailand on this website. The only people who are excluded from this would be those with permanent residency however it is best to check with a property lawyer about this as the laws do change quickly. You can see from that article the procedures that need to be followed with the money transfer.
As a foreigner with a non-resident bank account you can ask about paying with Thai baht with or without a foreign currency bank account in Thailand. Usually the withdrawal slip as well as a bank certificate showing that the money came from that account and the withdrawal was to buy the condo unit and this can be viewed as sufficient by the Land Department. You will need to speak to a property lawyer in Thailand about this.
Foreigners in Thailand with a Thai spouse who are buying a condo jointly (in both their names) must comply with foreign ownership regulations and transfer all funds to purchase a condo from overseas. Foreigners have Foreigners with Permanent Resident status do not need to transfer funds from overseas when it comes to condo ownership in Thailand.
Note also that the title deed must have the owners name on the title deed. The title deed in Thailand will state the size of the unit which includes balconies but excludes common areas as well as the support columns. Many condo units include a car park in the title deed. There are two ways this is listed. It would either be the exact location of the car park or just use of car park spaces.
Speak to a property lawyer in Thailand when dealing in property or any real estate in Thailand about condo ownership in Thailand.
Dont forget to see the other property issues in Thailand before you buy. Consider the issue of land ownership in Thailand as this is a common question. If you are looking at Thailand with your eye on property investment then read further. There is also usually the confusion with regards to title deeds in Thailand as the Thai measurement system is different. Finally consider the conveyancing fees or transfer fees which you will see more under condominium transfer fees which is also very important.
The information contained in our website is for general information purposes only and does not constitute legal advice. For further information, please contact us.
Condo Ownership in Thailand FAQ
Buying a condo in Thailand
If you are going to buy a condo in Thailand then do a due diligence report on the property before you transfer the deposit. Once you have signed the transfer documents you will need to transfer the money into Thailand with the Forex Forms needed by the Land Office.
Joint ownership of a condo in Thailand
You can have joint ownership of a condominium in Thailand. Many buy as a couple when they buy a condo or other property. Ensure that the documents are signed by both and that you have done a complete check on the property before you sign any documents.
Buying a condo in Thai company name
Buying property in this manner is a grey legal area in Thailand. Most place the property in their names as there are other tax implications when as a director living in a company owned house. Consider the alternative of placing it in your name.
Can foreigner own a condo in Thailand?
Yes a foreigner can own a condominium in Thailand. Thai law stipulates that foreigners cannot won more than 49% of the units. Remember when you buy to ask if a foreigner owns the property or is it held in the name of a company. Company ownership is a grey legal area in Thailand.
Does owning a condo make you a homeowner?
Yes it does.