Q: Can i own condo in Thailand ?

A: Buying a condominium is perhaps the simplest and easiest option available to most foreign nationals.

There are certain restrictions on purchasing a condo however:

The percentage of units in a building sold to foreigners cannot exceed forty nine percent (49%) of the total number of units in the condominium block.

The funds used to buy the condominium have been remitted from abroad and correctly recorded as such by a Thai Bank on a Tor Tor Sam.

Purchases of condominiums by foreign individuals are governed by the Condominium Act B.E. 2535/1992.

The owner of each condominium is issued with a certificate of unit ownership. The certificate also has a statement saying exactly what percentage of rights over the common areas of the building each owner has.

Our Sales Representatives will be able to guide you through the process to ensure that your investment is fully protected under Thai law.

Q: Can a foreigner obtain bank finance in Thailand ?

A: Without a work permit it is virtually impossible for a foreigner to obtain finance from a Thai bank to purchase property in Thailand

Q: What is the situation of buying house and land in Thailand ?

A: owning house and land in Thailand

Although technically you are able to own a house or structure in your own name, Thai law currently prohibits you from owning the land the building is erected on. There are ways in which you can structure the purchase so that you are the de-facto owner of the land however. The following ways can be used in order to fully comply with Thai law:

Limited Liability Company

This is the most popular route to getting your dream home, as the Articles of Association can be structured to afford the foreign investor greater protection. Thai law stipulates that the majority of shareholders in a company must be Thai. Any company where over 40% of the shareholding is foreign and the business of the company is land purchase would be investigated by the Central Land Office. This is to ensure that there has been no attempt to get around the ban on foreign ownership. Therefore you are in practice limited to 39% share ownership. With a restructured Articles of Association, the foreign shareholder can be the only director of the company and the only officer who can undertake contractual dealings on the company's behalf. This, in effect, gives the foreign investor control over the company.

Nominee with Lease and Option to Buy

You can appoint a Thai national as a nominee. The nominee will purchase the land and then agree to lease the land to you over a maximum 30 year term. The lease can then be renewed a further two times, but again over a maximum period of 30 years per renewal. If a lease is granted for a period in excess of three years (which in practice will always be the case) the lease must be registered, in order to become enforceable. This will require the payment of a registration fee and stamp duty, based on a percentage of the rental fee over the entire period of the lease. The registered lease will always remain in force, even in the event of the property being sold. The drawbacks to a lease include that, without the lessor's consent, the lessee cannot sublease, sell or transfer his or her interest. And although each party can contractually agree to renewals of the lease, this right cannot be registered and is not effective against a purchaser of the property.

Usufruct Interest (Sidhi-kep-kin)

Thai law also recognises the system of usufruct. A usufruct is similar but not identical to a lease in so far as it permits the usufructor to exploit the natural resources of a lot. Commonly, a usufruct also includes the right to sublease the property or to transfer the rights to a third party without the necessity to secure the permission of the owner.

(Disclaimer: The information provided in this site is for informational purposes only. No warranty is expressed or implied. Before taking any legal action, persons are advised to seek the advice of an attorney qualified in the area of law concerned.)

Q:What is a Tor Tor Sam (3) ?

A: A Tor Tor Sam (3) is an official bank document issued by the receiving bank upon the receipt of foreign currency into your bank account in Thailand .
You must request a Tor Tor Sam from your bank when you are remitting funds to Thailand for the purpose of purchasing a condominium, and the Tor Tor Sam must specify that the remittance is solely for the purpose of purchasing a property

Q: What taxes are payable on investment properties or capital gains?

A : There is no capital gains tax on a sale condominium or apartment. The profit on a sale of a house or land is 30% on the declared profit which is always a conservative government figure. When it comes to houses, usually the thai company is sold with property. In this case all that is required is for a change in the name of managing director and therefore there is no tax due

Q :Is a lawyer necessary to purchase a condominium in Thailand ?

A : A lawyer is recommended to review the documents concerning the condominium and to supervise the transfer.

A : What is Cha-note/ Cha-noad?

CHA-NOTE or Nor Sor 4 Jor is the best type of land title for foreign investors. Land with a Chanote title have been accurately GPS surveyed and are linked to the national survey grid.. They are also staked out by unique numbered posts set in the ground. Chanote titles are the most sought after. The transfer of the land title can be transferred within a matter of hours.

Nor Sor 3 Kor land titles are still legal documents of Rights of Ownership and are measured relatively accurately, but less accurately than the Chanote title. Transfer of ownership can take slightly longer.

Nor Sor 3 titles are the predecessor to Nor Sor 3 Kor title and the land survey is only recorded in relation to neighboring plots. Survey errors of up to 20% are not unusual. Horizon Homes always recommend a thorough re-survey of the land before purchasing land under a Nor Sor 3 title.

There are many other forms of land title less recognized than Nor Sor 3 but these are basically a form of squatters' rights.  You cannot obtain approval to build on land with these titles, and therefore they are not recommended.

Q : How does one travel from Bangkok airport to Pattaya and what is the cost?

A : Via the expressway the Bangkok is a comfortable 2 hour drive. A taxi should cost around 1,500 Baht plus toll on the expressway

* Although with the new Suwannaphum Airport set to open soon, this time could be less

Q: What would a typical water bill be for an average size villa or condo?

A: The average water bill for a villa or condo ranges between 300 & 500 Baht a month.

Q: What would a typical electricity bill be for a villa or condo?

A: The average electricity bill ranges between 500 & 800 Baht per month. However, depending on how much one uses air-conditioning the cost can be around 4,000 Baht a month.