Which Foreigners May Own Units in a Condominium
The Condominium Act permits five classes of aliens to own condominium units, namely:
1. aliens with a residence permit under the immigration laws;
2. aliens allowed to enter Thailand under the laws for the promotion of investment in Thailand;
3. juristic persons deemed to be aliens under the Land Code and registered as juristic persons under Thai law;
4. juristic persons with a certificate of promotion of investment under the laws for the promotion of investment; and
5. aliens or juristic persons deemed by Thai law to be aliens, who have brought into the Kingdom foreign exchange or withdrawn the money from the non-resident Baht account or withdrawn the money from the foreign currency deposit account
Compulsory Dispositions of Condominium Units
If an owner of a condominium unit is an alien and any of the following occurs, such owner will be required to notify the Land Department within sixty days and divest himself of that unit within one year of acquisition or change in status:
1. an alien or juristic person deemed to be an alien acquires a unit by legacy through inheritance or otherwise, and when such alien’s or juristic person’s ownership is included in the calculation of the percentage of foreign ownership in the condominium units, the percentage limitation is exceeded;
2. an alien is no longer permitted to reside in Thailand or his residence permit ceases to be valid;
3. an alien is deported and has not received a relaxation;
4. an alien allowed to enter Thailand under the laws for the promotion of investment is not permitted by the Board of Investment to stay in Thailand; or
5. the certificate of promotion of investment of a juristic person deemed to be an alien is revoked.
Conclusion
Although the Condominium Act has been amended numerous times to encourage foreign investment and protect purchasers of units in condominium developments, using experienced advisors, including legal advisors, is even more important for foreigners than it is for condominium purchases in their more familiar home countries.
Which Foreigners May Own Units in a Condominium
The Condominium Act permits five classes of aliens to own condominium units, namely:
1. aliens with a residence permit under the immigration laws;
2. aliens allowed to enter Thailand under the laws for the promotion of investment in Thailand;
3. juristic persons deemed to be aliens under the Land Code and registered as juristic persons under Thai law;
4. juristic persons with a certificate of promotion of investment under the laws for the promotion of investment; and
5. aliens or juristic persons deemed by Thai law to be aliens, who have brought into the Kingdom foreign exchange or withdrawn the money from the non-resident Baht account or withdrawn the money from the foreign currency deposit account
Compulsory Dispositions of Condominium Units
If an owner of a condominium unit is an alien and any of the following occurs, such owner will be required to notify the Land Department within sixty days and divest himself of that unit within one year of acquisition or change in status:
1. an alien or juristic person deemed to be an alien acquires a unit by legacy through inheritance or otherwise, and when such alien’s or juristic person’s ownership is included in the calculation of the percentage of foreign ownership in the condominium units, the percentage limitation is exceeded;
2. an alien is no longer permitted to reside in Thailand or his residence permit ceases to be valid;
3. an alien is deported and has not received a relaxation;
4. an alien allowed to enter Thailand under the laws for the promotion of investment is not permitted by the Board of Investment to stay in Thailand; or
5. the certificate of promotion of investment of a juristic person deemed to be an alien is revoked.
Conclusion
Although the Condominium Act has been amended numerous times to encourage foreign investment and protect purchasers of units in condominium developments, using experienced advisors, including legal advisors, is even more important for foreigners than it is for condominium purchases in their more familiar home countries.
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