Can a foreigner own a condominium unit in Thailand?
The Condominium Act allows some foreigners to own condominium units. To qualify for condominium ownership, the foreigner must meet one of five criteria contained in the Act. These are: – Foreigner holding a residence permit – Foreigner (including foreign juristic person) who brings the entire purchase price for the condominium unit into Thailand from abroad in a foreign currency _ – – Foreigner permitted to enter Thailand under the Investment Promotion Law – Juristic person having some land rights as foreigners as provided in the Land Code – Juristic person having BOI privileges in Thailand If the foreigner intends to qualify based on bringing the purchase price into Thailand from abroad, it is critical that the funds not be converted into Baht until they have reached Thailand. The Condominium Act generally limits the amount of space in a condominium project that can be owned by foreigners. Currently the limit for most condominium projects is 49% of the total unit space of the project.
