Condo Ownership in Thailand

Condo ownership in Thailand or owning a condo 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. Always take advice from a property lawyer 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.

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 a property lawyer in Thailand about it as there are tax implications. This as living in the unit is viewed as a financial benefit. Benefits which you would have to pay taxes on as it is viewed as a fringe benefit. 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, This with the Forex Forms needed by the Land Office.

Unit Ownership

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 off-plan. Then you will have to tell the property developer before purchase. This or that the deposit of 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 comes from abroad by telegraphic transfer. See the Condominium Act of Thailand for more information.

Buying Process

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 transferring money to Thailand article on here as well. 

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 Thailand real estate lawyers about this. Does owning a condo make you a home owner – Yes it does?

Owning a condo in thailand is what most foreigners are looking for. Foreigners in Thailand with a Thai spouse who buy a condo in Pattaya jointly (in both their names). They must comply with foreign ownership regulations and transfer all funds to purchase a condo from overseas. Foreigners with Permanent Resident status do not need to transfer funds from overseas. This when it comes to condo ownership in Thailand. See also the issue of encumbered property.

Note also that the title deed must have the owner’s name on the title deed. The Chanote title deed 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.

Yes foreigners can buy condominium units in Bangkok. You will note that foreigners are not allowed to own more than 49% of the condo units in the building. Also you can ask the seller who holds the title deed, being either him or a Thai company. 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.

In Conclusion 

Speak to our property lawyer in Thailand when dealing in property or any real estate lawyer in Thailand about condo ownership in Thailand. Don’t 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 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 land transfer tax in Thailand which is also very important.

Yes a foreigner can own a condominium in Thailand. Thai law stipulates that foreigners cannot own 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. As stated, 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. This when as a director living in a company owned house. Consider the alternative of placing it in your name. See also property investment in Thailand for more information.

The information contained in our website is for general information purposes only and does not constitute legal advice. For further information, please contact us.