Foreigners and overseas juristic people are allowed to personal a condominium device in Thailand in their own name, but maintain in head that this refers to ownership of an condominium device in a condominium constructing registered under the Condominium Act of Thailand. Not all apartment properties in Thailand are registered underneath the Condominium Act. Unregistered condominium structures are common in the tourist regions of Thailand and foreigners are typically not informed of the distinction between a device in a condominium registered beneath the condominium act and a unit in an unregistered condominium constructing. Each buildings and models might look the identical, even so, in case of an unregistered condominium the lawful safety is constrained in comparison to the protection provided to the house owners and purchasers below the Condominium Act, and only registered condominiums supply freehold ownership more than the models.
In situation of an apartment constructing which is not registered below the Condominium Act the models do not have possession unit title deeds (ownership of the units is not lawfully separated from the building as a whole) and the models can only be leased as component of a creating, or the creating as a entire need to be in joint ownership by all device purchasers jointly, nevertheless, this will not contain the land the building stands on, as foreigners are unable to possess land in Thailand. Only in case of a real condominium the individual models offer freehold ownership and the land is jointly owned by all the unit house owners.
The major doc of ownership in a real condominium is the unit title deed issued and administrated by the regional Land Place of work. The neighborhood Land Place of work is dependable for the transfer of possession and registration of ownership of the person models in the condominium building. The apartment unit title deed is proof of possession. 港区の高級マンション Proof of ownership need to not be puzzled with a ‘house book’ in Thailand or Ta.Bian.Baan, which is an formal document issued by the regional Administrative Office and includes the full address and the occupants of an apartment (not necessarily the operator of the developing or condominium). Flats in a building not registered beneath the Condominium Act the models may have a individual Thai ‘house books’, however this should not be baffled with an ownership document.
Freehold possession of condominiums by foreigners is restricted beneath the Condominium Act and the primary restrictions / needs for overseas possession are:
one. Not much more than forty nine% of the overall ground location of all units in a condominium creating additional collectively could be international owned. In situation of one hundred equal apartments in a complex forty nine can be overseas-owned, the remaining 51 must be owned by Thai nationals.
In circumstance the 49% quota for overseas freehold possession in a condominium task is ‘sold out’, the remaining models could be leased underneath a registered thirty calendar year lease agreement. There are no lease constraints and normal ‘hire of property’ laws (as for land or home) utilize on condominiums.
2. To be qualified to register possession the foreigner who purchases a unit under the Condominium Act have to carry international currency into Thailand, at the very least to an amount equivalent to the overall obtain cost.
The managing financial institution in Thailand need to trade the forex into Thai baht and will issue a (FET-type) Foreign Trade Transaction type or Credit Notice for more compact quantities. Without having proof of remittance of international forex into Thailand the Land Workplace will not sign up the condominium unit into the foreigner’s title (unless of course you are a resident in Thailand).
As in all house investments (specially in a international nation) it is critical to employ the service of the services of a reliable lawyer or reliable true estate agent who can suggestions and aid you in the acquire and who helps make confident that every thing is checked out, the condominium is registered underneath the Condominium Act and to ensure the device is appropriately registered into your name.
The units in an apartment creating which is not registered beneath the Condominium Act the models can only be leased as ‘part of the building’ or jointly owned by all the purchasers. Equally in situation of a extended expression lease (more than 3 several years) more than this kind of units or joint possession more than the building as a complete by the device purchasers this have to be registered at the neighborhood Land Place of work exactly where the house is found. Unregistered residences demand added warning.