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 Where To Buy
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01 Jun 09 07:19
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Foreign Ownership of Real Estate Property in Hua Hin
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According to Thai Land Law, foreign investors will be allowed to have ownership of condominium units only if the total foreign ownership of the condominium building does not exceed 49% of the total number of units in that condominium.
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... designed by some of Thailand’s most inspired young architects, as a fusion of Eastern and Western styles...
Kim Falcon Ravn, Denmark
Managing Director
Visit Falcon Hill, Hua-Hin
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Slated roofs, a small swimming pool, surrounded by greenery on three sides, tall palm trees swaying in the evening breeze, fresh morning coffee over a stunning sunrise, sleeping to the sound of the waves crashing on the cliffs - this is not a fairy tale but this is what Thailand real estate offers foreigners planning to buy condominiums or homes in the country. If you've always dreamt of such a home, now Thailand offers you one for half the price you would pay for it in Spain or in Hawaii.
Foreign ownership of Thailand real estate has to follow the Thai Land code. According to the Thai Land code, there are some Thai entities that are considered foreign and they are:
Thai company: A public or private Thai company where at least half of the registered financial capital belongs to foreign individuals or foreign companies OR if at least half of the total shareholders of the company are foreign nationals.
Thai registered partnership: A registered partnership or a limited company having a foreign national as the managing partner.
Direct Ownership
The laws in Thailand have changed over the years and Thailand real estate laws related to foreign ownership have undergone major changes as well. There was a time when foreign investors could easily own Thai property. This was possible if the foreign buyer's country had any bilateral treaties with Thailand that facilitated Thai property investment. But as of today, the bilateral treaties have long expired and only those foreign investors who had the opportunity to acquire land prior to the expiration of the treaties can have direct ownership.
According to Thai Land laws, direct ownership by foreigners in Hua Hin real estate is not permitted. Of course, there are exceptions and the two critical exceptions are for ownership of industrial land and ownership of condominium units.
Ownership of condominium units
According to Thai Land Law, foreign investors will be allowed to have ownership of condominium units only if the total foreign ownership of the condominium building does not exceed 49% of the total number of units in that condominium. Foreign real estate investors entitled to ownership of condominium units under this rule include:
1.Foreign investors who have been permitted to permanently reside in Thailand under the Immigration Act;
2.Foreign investors specifically given permission for entering Thailand under the Investment Promotion Act;
3.Any Thai entities deemed as "foreign" investors under the Thai Land laws.
4.Any foreign entity that has been granted a 'certificate of promotion' under the Thai Investment Promotion Act
Industrial Land
Foreign investors will get the opportunity to own Thailand Hua Hin property under two separate programs if they are engaged in any kind of industrial projects within Thailand, which are:
The Thai Board of Investment (BOI) grants permission to specific foreign companies who own land for their industrial units and require residential housing within or near the factory premises to facilitate industrial activity.
Or, foreign investors in Thailand can own specific land that has been cleared for industrial use within Thai industrial areas and this is provided by the Industrial Estate Authority of Thailand.
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