Condos 51/49% rule.

[Taltos]

I was talking with another Icelandic guy here back home who has a condo in P. and he said that they have chanced this rule. I have not seen anything about it so I want to ask you if know about it.

[elef]

It's correct, in a newer condo building just 49 % of the condos can be owned by foreigners. It's possible to use a thai company to own 1 of the other 51 % condos but it's against the law if the thai majority owners not used own money to pay for the shares. Completely legal but risky in an other way is to have the condo in the name of TGF. Oh, there was a 10 year period exempted from this rule in some tourist places, something like 1987-1996 or 1989-1998, so in such buildings all 100 % can be owned by foreigners.

[LordFlash]

Just to add to Elefs comment and clarify.

You can own 100% of your condo in a building as long as it forms part of the 49% allowed for foreign ownership. Your lawyer will always check anyway but its the first thing you should ask when looking.

 

LF

[Taltos]

Thanks for that.

[Emil]

When I was in Pattaya last month I noticed a couple of condo projects that had "100% Foreign Ownership" on the large signs out in front of the construction project. I thought that this was strange but didn't check with the sales office as I wasn't interested in purchasing.

[elef]

Probably not impossible if the condos as an association lease the land instead of owning it as the purpose with the law is to stop farangs controling thai land. As already said consult a lawyer before buying and signing anything.