FAQs About Condominium Ownership in Thailand.
- Can a condominium building in Thailand be 100% foreign-owned?
No, according to Thai law, at least 51% of the condominium building must be Thai-owned. Foreigners can own up to 49% of the total floor area of all units combined.
- Can a Thai company own a condominium unit on my behalf?
While this practice was common in the past, new regulations aim to prevent the misuse of Thai nominee shareholders by foreigners. Thai law now prohibits the use of dormant holding companies for foreign ownership of condominiums.
- Can ownership of a condo be passed on to my children?
The right of foreign ownership of a condo in Thailand is granted to the individual foreigner, not to their successors. Foreign heirs who inherit a condo must individually qualify for ownership or sell the unit within one year.
- Can I buy a condo leasehold?
Yes, when foreign freehold ownership reaches the limit, remaining units may be leased to foreigners under a 30-year lease agreement. However, leasehold contracts in Thailand are considered personal tenancy contracts with limited transferability and other restrictions.
- Can I buy fractional ownership?
Fractional ownership typically involves unregistered leasehold apartments, not individual ownership of condominium units. These schemes usually offer interests in holiday apartments or hotel buildings.
- Can a foreign company own a condominium?
Yes, foreign juristic entities can register ownership within the 49% foreign ownership quota of a condominium, following certain procedures and requirements similar to those for foreign individuals.
- Is joint ownership with my Thai wife considered foreign-owned?
If the condo is registered in your Thai wife’s name or jointly between you and your Thai wife, it counts as full foreign ownership. However, there are exceptions if it can be legally proven that the funds used for the purchase are the Thai national’s personal property.