Foreigners who would like to own real estate in Thailand have few options. The Condominium Act B.E. 2551 (2008) allows foreigners or juristic persons who enter Thailand legally or enter Thailand according to the Investment Promotion Act to buy and own a condo unit, but foreigners may, in total, not exceed 49% of the space of the whole units in any particular condominium; for example, if a condominium has 1,000 units, only 490 units can be sold to foreigners.
In the case of foreigners who would like to own land in Thailand, the Land Code Act Section 96 bis prescribes that foreigners are allowed to buy land – not exceeding one rai – for the purpose of residence only, but are prohibited from owning land.
However, foreigners who wish to buy land must invest no less than 40 million baht in a business or enterprise and retain the investment for not less than five years. There are different types of investment, namely investment in government bonds, investment in property funds, investment in capital stock of juristic persons receiving investment promotion, and investment in businesses announced by the Thailand Board of Investment. Foreigners are allowed to buy land in designated areas only, such as Bangkok, Pattaya, certain municipality areas, or areas determined to be residential areas in accordance with the Town Planning Act. The important consideration is that the land or area may not be situated in a military safety zone.
In this regard, if a violation is found or the land is used for different purposes, the forced sale of land shall be implemented
Data updated on November 16, 2021
Source : Real Estate Information Center (REIC)
Tel : +66 22021768
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