Buying a Condominium in a Foreign Name — the 49% Quota and Foreign Currency Evidence

Yes. Section 19 of the Condominium Act B.E. 2522 allows a foreign national to hold a condominium unit if one statutory condition is met — for example holding permanent residence, being promoted under the investment promotion law, or remitting foreign currency into Thailand to pay for the unit. Most buyers rely on the remittance route and must produce the inward remittance evidence to the officer on the registration day.

Section 19 bis caps aggregate foreign ownership at 49% of the total floor area of all units in the building, not 49% of the number of units. A building with only a small remaining square-metre allowance therefore cannot absorb a large unit. Ask the juristic person for a written foreign-quota certificate before you pay a deposit.

It is the document a Thai commercial bank issues when foreign currency is remitted in and converted to baht, under Bank of Thailand exchange-control rules. Banks currently issue the FET form for amounts of USD 50,000 or more; below that a bank credit advice stating the purpose is used. The Land Office reviews this evidence at transfer.

State clearly that the funds are to purchase a condominium unit, and name the buyer and the project or unit number. Remit into an account in the buyer's own name and pay the seller from there, because the officer checks that the remitter and the registered owner are the same person. A wrong purpose code usually means an extra bank letter and a delayed transfer date.

Common options are to wait for a unit inside the quota to be released, choose another project, or take a long lease registered at the Land Office. A registered lease is a contractual right, not ownership, so compare resale and inheritance consequences before committing.

A usufruct under section 1417 gives the holder the right to use and take the benefits of the immovable property, can be granted for the holder's lifetime and need not carry monthly rent. It is personal: it cannot be transferred or inherited, and it ends on the holder's death.

Obtain the debt-free certificate from the juristic person, which must be submitted to the officer on the registration day, and verify the remaining foreign quota, general-meeting minutes, common-area fee rates, sinking-fund balance and the building's repair history.

Yes, on proof of the source of funds: the inward remittance evidence from the purchase, the Land Office sale agreement and proof that taxes were paid. The commercial bank reviews the documents under Bank of Thailand exchange-control rules before remitting out, so keep every document from the day you buy.

Yes, using the Land Department's own power-of-attorney forms — Tor Dor 21 for land and Or Chor 21 for condominium units — with the property and the authorised acts fully described. The officer checks the form, the signature and identification documents for both the grantor and the attorney.

A company registered in Thailand with a Thai majority may own land, but if the Thai shareholders merely hold shares on behalf of a foreigner it is an unlawful nominee arrangement. We do not set up nominee shareholding structures and instead recommend a registered long lease, superficies, or a condominium unit inside the foreign quota.

Personal foreign ownership uses the foreign quota and requires inward remittance evidence. Ownership through a Thai company counts against the Thai side of the quota but brings bookkeeping, annual financial statements and corporate tax obligations. Weigh the long-run cost of maintaining the company against the benefit.

Under the Condominium Act a foreign heir or legatee who does not meet the section 19 conditions, or whose inheritance would breach the 49% quota, must dispose of the unit within one year of acquisition. If the conditions are met and the quota allows, ownership continues normally.

Yes. The Condominium Act requires developers to use the sale and purchase agreement form prescribed by ministerial announcement, and any clause that puts the buyer in a worse position than that standard form does not bind the buyer. Compare the draft against the standard form before signing.

The buyer normally pays a one-off sinking-fund contribution plus advance common-area fees as stated in the contract at handover, and the juristic person then issues the debt-free certificate needed to register the transfer. Arrears of a previous owner must be cleared first or the Land Office will not register.

The office with jurisdiction over where the property sits — the Phuket Provincial Land Office or its Thalang branch. Confirm jurisdiction for your plot or condominium in advance and book with time to spare, because queues are longest at month end and before long holidays.

Yes, for foreigners buying a condominium in the foreign quota. The Land Department needs evidence that the purchase money was remitted into Thailand in foreign currency and converted to baht here. Banks now issue a Foreign Exchange Transaction certificate, or a bank letter for amounts below the Bank of Thailand threshold. Two details matter: the recipient must be the buyer, and the stated purpose must be the condominium purchase.

Common lawful routes are a registered long lease of up to thirty years with contractual renewal terms, purchase in the Thai quota through a genuinely trading Thai company, or waiting for a foreign-quota unit to be released. What you should not do is have a Thai person hold on your behalf: nominee arrangements are unlawful and can cost you the asset entirely.

A usufruct grants the right to use and take the fruits of the property for the holder's lifetime, which suits a foreign spouse who wants security of occupation on land owned by a Thai spouse. Superficies grants ownership of the buildings on someone else's land and can be transferred or inherited as agreed. If owning the house itself is the goal, superficies usually fits better, often registered alongside a land lease.

Yes, using the Land Department power of attorney form (TorDor 21 for land, OrChor 21 for condominium units), signed before a consular officer at a Royal Thai Embassy or Consulate, or before a Notary Public and then Apostilled or legalised depending on the country. The document is then translated into Thai and the translation certified by the Department of Consular Affairs. Complete every field — never leave blanks in a Thai power of attorney.

It is, if the company exists only to hold the asset. The DBD and Land Department examine the Thai shareholders' source of funds, the company's revenue and its financial statement filings. If the Thai shareholders lack genuine financial capacity or the company does not trade, the structure can fall foul of the Foreign Business Act. Use it only where there is real business activity and proper legal supervision.

A foreign heir can inherit as a matter of succession law, but acquiring ownership of land remains restricted under the Land Code, and in practice the land officer usually requires disposal within a set period. A condominium unit can be received and retained if it remains within the foreign quota. Planning ahead with a Thai will covering Thai-situs assets substantially shortens the estate administration.

It is levied by the local administration according to actual use. Residential use carries the lowest rate with a statutory exemption threshold for a principal home, while a unit let out is treated as commercial use at a higher rate. Check the annual assessment notice from the local office and appeal within the deadline if the use classification is wrong.

Daily rentals without a hotel licence contravene the Hotel Act and usually breach the condominium juristic person's rules as well; enforcement in tourist areas is active. Lawful alternatives are monthly lettings of thirty days or more, or buying in a project that holds a hotel licence and joining its rental programme. Landlords must also file TM.30 for every foreign occupant.

A gift to a legitimate child or a spouse is treated differently from a sale: personal income tax is exempt up to the ceiling set in the Revenue Code, with a special rate on the excess. Reduced transfer fees apply to certain transfers between close relatives. Have the Land Office compute the actual figures and bring relationship evidence — a birth or marriage certificate, with a certified translation if issued abroad.

The bank will ask for evidence of source: the Land Office sale contract (TorDor 13 or OrChor 13), proof of receipt of funds, the original FET evidence from when the money was brought in to buy, and proof that the relevant taxes were paid. Keeping the original FET from the purchase date is critical — it is the main document that makes the outward remittance straightforward under Bank of Thailand rules.

Common-area debts are subject to statutory prescription, and the juristic person can withhold the debt-free certificate while arrears remain — which blocks registration of the transfer at the Land Office. Always obtain the debt-free certificate before the transfer date, make the seller liable for all arrears to that date in the contract, and retain part of the price until the certificate is issued.

Identify the plot or unit exactly as in the title document; state the true price and payment schedule; allocate every fee and tax; fix the transfer date; add conditions precedent covering legal due diligence, loan approval, the debt-free certificate and foreign-quota availability; and set default remedies and termination rights. If bilingual, state which language version governs in case of conflict.

Inheritance tax applies where the value received from a single estate exceeds the statutory threshold, with a lower rate for ascendants and descendants than for other recipients. Heirs must file within the statutory period after receiving the inheritance. This is separate from the Land Office registration fee for a transfer by succession — assess both together when planning.

The main items are the Land Department transfer fee based on the official appraised value, either specific business tax or stamp duty depending on holding period and seller status, and withholding income tax on the seller. The law does not allocate them, so it is a matter of contract. The common market practice is to split the transfer fee equally and leave the seller's taxes with the seller, but it should be written into the sale agreement.

A usufruct gives the holder possession, use and the fruits of the property, including the right to rent it out and keep the rent, and can be registered for the holder's lifetime. A right of habitation only allows the holder to live in the building without taking the fruits. Neither can be inherited: both end on the holder's death, which is why they are usually combined with a Thai will covering other assets.

Generally the amount brought in for the purchase plus the gain on the sale, subject to the bank's document checks. Banks typically ask for the foreign exchange transaction certificate from the purchase, the sale agreement registered at the Land Office, and evidence that transfer taxes were paid. If the original inbound certificate is lost, request a copy from the bank early because retention periods are limited.

Renting accommodation by the day generally constitutes hotel business under the Hotel Act, which requires a licence and building safety compliance that ordinary residential condominium units rarely meet. Many condominium regulations also prohibit it outright. Renting for one month or longer, or using a project that holds a hotel licence, is the compliant route.

Yes, using the Land Department power of attorney forms, TD.21 for land and OrChor.21 for condominium units, together with a passport copy signed on every page. If signed outside Thailand the signature must be notarised and then legalised through the chain required by that country before the document is used in Thailand. Never sign a blank form: complete every field before signing.

The Condominium Act caps aggregate foreign ownership at 49% of the total saleable floor area of a building. Once that ratio is reached, the Land Office will not register a transfer into a foreign name. Lawful alternatives are to wait until another foreign owner sells and quota is released, to buy within the Thai quota through a genuinely operating Thai company, or to register a long-term lease instead. Before paying a deposit, always request the juristic person's current foreign-quota certificate, because the ratio changes daily. We obtain that certificate and run the Land Office title search before you become contractually bound.

A foreign buyer must show that funds were remitted into Thailand in foreign currency and converted to Thai baht locally. The bank issues a foreign exchange transaction certificate for each qualifying remittance. Common failures are stating a purpose unrelated to purchasing property, remitting into an account not held by the intended registered owner, and converting to baht offshore. Any of these makes the evidence unusable at the Land Office and forces the remittance to be redone, so the money trail should be planned before the first instalment.

The bank will ask for evidence that the funds are legitimately sourced. The standard file is the inbound foreign exchange certificate from the purchase, the Land Office sale agreement, receipts for taxes and transfer fees paid on completion day, and the transferred ownership certificate. If the inbound evidence was never kept, repatriation becomes slow and may be capped. Assemble the file on transfer day rather than reconstructing it years later.

The contract must follow the prescribed standard form for land subdivision and condominium sales, instalments must track verified construction progress rather than the calendar, and the transfer date plus late-delivery penalties must be explicit. Verify that the subdivision licence and construction permit have actually been issued, and check whether the land is mortgaged to a bank along with the per-plot mortgage release terms. A seller who avoids showing these documents is a warning sign.

Daily accommodation rental generally falls under the Hotel Act, which requires a licence and building safety compliance. Most residential condominium buildings cannot qualify, and condominium by-laws usually prohibit it as a second layer. Breaches carry fines and shutdown orders. Safer options are monthly-or-longer leases, or investing in a project that already holds a hotel licence with a compliant rental management structure.