We look at the rules then and now with regards to condo ownership in Thailand. The Act has been amended many times over the past 4 years but these are the current rules with regards to foreign owned property in Thailand.
Before 1999 foreigners could only own 40% of condominium units in an apartment block. This has changed and today it is at 49% ownership. You can of course purchase your condo unit in the name of a Thai registered company and you need to speak to an attorney about setting it up for you. During the 5 year period ranging from 1999 to 2004 you where allowed to own a condo unit where foreigners could own more than 49% if the following could be met:
- There were more than 40 units in the building;
- The building had to be at least 1 year old when you bought your unit;
- The building was not in a military zone;
- The use of the unit was not in contravention of the law;
- The building was located in Pattaya or Bangkok;
- The land on which the building was set was not more than 5 Rai.
Now, if your building and unit met all the above then yes foreigners could own more than 49% of the units. There was however as problem! That was only for a 5 year period and since that 5 year period has lapsed the new Act did not make provision for it again. What now is the status of people who bought property in the 5 year period and what happens in the case of resale.
If you are looking at building a condo unit then speak to an attorney with regards to property ownership in Thailand as the laws with regards to property and land are very strict and are always in a state of flux. Don’t lose your investment or your pension when dealing in property and dont believe the first estate agent you meet. Speak to an attorney in Chiang Mai or at any of our offices located in Thailand. Call us today!