How can a foreigner own a Condominium in Thailand?
A foreigner can own freehold a condominium in Thailand because a condominium’s title deed (Chanote) does not have any land registered to or associated with the condominium. The land is owned by a Juristic Persons Group (Association) registered with the Thai Government and made up of a majority of Thai citizens. Foreigners own 100% freehold title of their unit, while they co-own or get the right to use all registered common areas such as the swimming pool, hallways, and parking area. Buying a condominium is perhaps the simplest and easiest option available to foreigners. 2. What is the Sinking Fund used for? The sinking fund is a one-time payment of 500 THB per sqm and is a reserved fund for management and maintenance of the common property. It will be used to cover unexpected expenditures that may arise and will be managed by the condominium juristic person under the supevision of the property management company, Samui Escapes. The sinking fund fee is to be paid on the date of transfer
A foreigner can own freehold a condominium in Thailand because a condominium’s title deed (Chanode) does not have any land registered to or associated with the condominium. The land is owned by a Juristic Persons Group (Association) registered with the Thai Government and made up of a majority of Thai citizens. Buying a condominium is perhaps the simplest and easiest option available to foreigners. The only restrictions on purchasing a condominium are that the percentage of units sold to foreigners cannot exceed forty nine percent (49%) of the total number of units in the condominium block. If you really want to buy a unit in a building that already reaches the 49% ratio, you can still buy if you open a Thai company (ownership 49% foreign + 51% Thai). A foreigner may also own a condominium with a leasehold agreement. In this case, the property remains in the Thai owner’s name, but you sign a 30, 60, or 90 year leasehold agreement, with all the legal obligations and benefits that this o
