Condos: the 49% quota, the foreign-currency money trail, and transfer at the Land Office

Condominiums are the one form of freehold most foreigners can hold. Section 19 of the Condominium Act B.E. 2522 (1979) lists who qualifies; nearly all ordinary buyers use section 19(5): a foreigner who brings foreign currency into Thailand, or withdraws it from a non-resident baht account or a foreign currency deposit account. Section 19 bis caps aggregate foreign ownership at 49 percent of the total floor area of all units in that condominium — floor area, not unit count, a point forums routinely get wrong. Reputable projects issue a foreign-quota confirmation letter from the juristic person before transfer.

The money trail is statutory, not bank folklore. Under section 19 ter (5), when registering the transfer you must show the land officer evidence that foreign currency was brought in (or withdrawn from the qualifying accounts) in an amount not less than the price of the unit. In practice the receiving Thai bank documents this with a foreign exchange transaction form or credit advice; send the funds in foreign currency for conversion in Thailand, in the buyer's name, with the purpose noted. Sending baht from abroad is the classic way to fail registration. The Bank of Thailand places no limit on bringing funds in, and repatriation of investment proceeds is freely allowed. Transfer is registered at the Land Office with the fees of an ordinary conveyance (2 percent transfer fee on assessed value, plus tax items). Inheritance is possible, but a non-qualifying heir must notify within 60 days and dispose of the unit within a year.