In Thailand, foreigners and juristic persons considered as foreigners have the right to legally own condominium units, subject to fulfilling two specific criteria. Failure to meet these criteria renders the ownership impossible, underlining the importance of understanding these legal stipulations for potential foreign investors or residents.
Firstly, the eligibility for ownership requires the individual or entity to be recognized under Thai law as a foreigner. This includes those granted residency under immigration laws, those allowed entry for investment purposes as per investment promotion laws, and juristic persons recognized as foreign entities according to the Announcement of the National Executive Council No. 281, dated November 24, 1972, with a promotion certificate under investment laws. Additionally, eligibility extends to foreigners or entities that bring foreign currency into Thailand, either through direct investment or by depositing no more than US $5,000 or its equivalent into a foreign currency account, with proper documentation proving the source and purpose of these funds.
Secondly, the collective ownership by foreigners in a condominium project is capped at forty percent of the total space available. This regulation ensures a balance between foreign and local ownership within condominium communities. For Thai nationals married to foreigners, purchasing a unit involves careful consideration of these laws. Whether purchasing alone or jointly with a foreign spouse, the foreign partner must meet the outlined criteria. Thai nationals retain the right to purchase under their name, assuming that any unit bought with a foreign spouse is considered foreign-owned unless the purchase is made solely with the Thai national's personal funds, thereby classifying it as their private property. This provision allows Thai nationals with foreign spouses to buy condominium units without the ownership limitations applied to foreigners, provided the financial transactions comply with the legal requirements.
Understanding these regulations is crucial for foreigners and mixed-nationality couples looking to invest in Thailand's real estate market, ensuring compliance with the law while navigating the opportunities available for property ownership in the Kingdom.