How is a Condominium defined by Thai law?

According to the Condominium Act B.E. 2522 (A.D. 1979), a condo is defined as a building that can have its separate portions sold to individuals or groups for personal property ownership.

What classes of foreigners may purchase condominiums in Thailand?

Foreign investors as well as other foreigners may own condos in the Kingdom of Thailand under certain circumstances.

What types of Condominiums are available for foreigners to purchase?

Certain condo buildings allow for foreigners to purchase condos in free hold (fee simple). The condo buildings are located in specified metropolitan areas and may have limits on the amount of units available for sale to foreigners.

What are the requirements for a foreign individual or organization to purchase a condominium in Thailand?

In order to purchase a condominium certain requirements must be met, for example:

1: A foreigner has permanent residence in Thailand in accordance with Thai Immigration Law, or

2: A foreigner is allowed into or resides in Thailand in accordance with Thai Investment Promotion Law, or

3: A foreign legal entity is in accordance with the Announcement of the Foreign Business Act BE 2542 (AD 1999), and has been granted an Investment Promotion Certificate in accordance with the Investment Promotion law, or

4: A foreigner or foreign legal entity who brings foreign currency into Thailand, or brings in Baht currency from the account of a person residing abroad, or uses foreign currency from their deposit account. This requirement is normally met by the presentation of a Dor Tor 3 form which is provided by the bank receiving an incoming remittance from abroad.

Part 2