TeakDoor.com - The Thailand Forum - View Single Post - Amendment to the Condominium Act (Foreign Ownership)

AntRobertson · 21-07-2008, 11:22 AM

The Condominium Act 1979 has been amended recently. Basically (very) the effect is that it has reaffirmed the provision for the foreign ownership quota to 49% of the entire area in each condominium building.

It also seeks to make it easier for foreigners to register a condo unit it their name. Where previously a certificate of remittance of funds was required as proof of source of funds when purchasing condominium units you may now also provide any of the following:

1. Document showing the remittance of funds to Thailand for the purpose of purchasing a condominium unit (e.g. "Foreign Exchange Transaction Form");

2. Document showing the withdrawal of funds from a Thai Baht bank account of a non-resident (e.g. foreigners who purchase and acquire ownership of the condominium unit); and

3. Document showing the withdrawal of funds from a non-resident deposit bank account.

In all cases the amount of the funds remitted or withdrawn will have to be equal to or should exceed the total purchase price of the condominium unit.

21-07-2008, 11:22 AM	#1 (permalink)
AntRobertson Ich Bin Ein Auslander Join Date: Nov 2006 Posts: 10,504	Amendment to the Condominium Act (Foreign Ownership) The Condominium Act 1979 has been amended recently. Basically (very) the effect is that it has reaffirmed the provision for the foreign ownership quota to 49% of the entire area in each condominium building. It also seeks to make it easier for foreigners to register a condo unit it their name. Where previously a certificate of remittance of funds was required as proof of source of funds when purchasing condominium units you may now also provide any of the following: 1. Document showing the remittance of funds to Thailand for the purpose of purchasing a condominium unit (e.g. "Foreign Exchange Transaction Form"); 2. Document showing the withdrawal of funds from a Thai Baht bank account of a non-resident (e.g. foreigners who purchase and acquire ownership of the condominium unit); and 3. Document showing the withdrawal of funds from a non-resident deposit bank account. In all cases the amount of the funds remitted or withdrawn will have to be equal to or should exceed the total purchase price of the condominium unit. __________________ Smeg's Idea of Friday Night Fun: "Let's both take an IQ test. You seem to think you are so intelligent, so I presume you'll accept... So, IQ test? Or are you chicken shit again?"