If I buy an apartment in a condominium, do I co-own the land that belongs to the condominium?
– The land and surrounding area of a condominium are owned by a legal entity (a Thai company), which is an association of apartment owners in the condominium.
- What is a Condominium under Thai law?
– According to the Condominium Act (the Joint Ownership Houses Act), a condominium is defined as a building comprising individual and jointly owned property, divided into units that can be sold to individuals or groups for private ownership. Condominium owners own the land on which the condominium is located through a legal entity that represents… Read more: What is a Condominium under Thai law? - Can I buy or sell real estate in Thailand remotely?
– Yes. Anyone wishing to buy or sell property, including foreigners, can do so through an authorized representative who will represent them at the Land Department. To do this, a power of attorney in the established form must be prepared in Thai or in your home country with official translation from the embassy. Clients often… Read more: Can I buy or sell real estate in Thailand remotely? - Can I take money out from Thailand after selling my property?
– Regarding the actual withdrawal, you can take not more than the amount indicated in the official document confirming the funds from selling your property. To transfer the money abroad, you will need to bring to the bank the document confirming the money income, your Thai bank account information, and your passport. - Can a foreigner acquire land in Thailand by registering it under a Thai company?
– One method foreigners can use to acquire land is to establish a company in which Thai nationals hold the majority of the shares. In this case, special mechanisms are in place to protect the interests of minority foreign shareholders. However, a foreigner cannot own more than 49% of the company’s shares. - Can a foreigner inherit condominium ownership?
– Yes, if the apartment is in a foreign quota or can be transferred to one. If not, it must be sold within one year of inheritance.Important: To simplify the inheritance process, it’s best to have a will drawn up in Thailand by a Thai lawyer. This will greatly simplify the process and reduce the… Read more: Can a foreigner inherit condominium ownership?