Condo Ownership Rations

ITKMAN · Posted: Sun Jul 30, 2006 2:04 am Post subject: Condo Ownership Rations

How does the 51% work. If a place is on the market and a sale to a non thai would bring the building to 51% Non thai would the sale be blocked.
what about Town Houses and those complexes...Do they operate on the 51/49 program as would a multi building Condo Complex. I'm a conservative investor so with all that hass come across I am now in the box of going for a Condo. I'll be looking at a new complex in Phuket that has high rise and townhouses both who claim that the total ownership per units is the issue. Now, does size matter..total sq meters of ownership in the building where ther are more fargang owned units but the thai owned units are largers and based on total sq feet in project it is reuled as making the 51/49 cut!

Winkie · Posted: Fri Aug 04, 2006 2:23 pm Post subject:

My understanding is that it a max of 49% ofthe units can be foreign owned - its not based on the area.

I guess, yes, the sale would be blocked if it exceeded more that 49%.

Winkie

PJG · Specialist Joined: 06 Jan 2006 Posts: 167

With regard to the Townhouses they do not qualify under the Condo rules. Condo rules only apply to vertical development not horizontal. Perhaps they are selling the Townhouses under the 30 year lease scheme.

Winkie · Posted: Fri Aug 04, 2006 4:05 pm Post subject:

Condo Rules can apply to horizontal developments

I own a Detached house that is a condominum. I own it legally and have all the required Thai documents.

Difference between a house and a condo is that my house sits on common land owned by the Juirstic PErson (of which I am a shre holder).

The property I own Freehold, the land it sits on, I do not.

My type of condominium is not unique in Thailand and I think will become more popular.

For us Farang it allows us to legally own a House, and doesn't require all the necessary skull duggery of Compnay Registration and the associated bull that goes with it.

Winkie

HansMartin · Posted: Sun Aug 06, 2006 12:23 am Post subject:

Are there any such "horizontal condominium" developments in HH? In the States these are often referrrred to as Planned Unit Development (PUDs). If done proeprly, these could be highly quality, environmentaly sustainable developments that would be higly attractive to us farang. If not they would be more of the same old crap that I have no interest in.

STEVE G · Posted: Sun Aug 06, 2006 1:36 am Post subject:

This is the actual rule on foreign ownership of condominiums, from the department of land website. The only area outside of Bangkok where more than 49% ownership is currently permitted is Pattaya.

Section 4 The provision of Section 19 bis of the Condominium Act B.E. 2522 amended by the Condominium Act (No. 2) B.E. 2534 shall be repealed and replaced by the following provisions:
“Section 19 bis In each condominium, aliens or juristic persons stated in Section 19 may have ownership in a condominium unit, when added together, must not exceed forty nine percent of the total space of all units in that condominium at the time of applying for the condominium to be registered under Section 6.
Any condominiums whereby an aliens or juristic person under Section 19 holding the ownership in condominium units in a proportion exceeding as allowed by paragraph one, such condominium shall be situated in the area of Bangkok Metropolis, municipal area or local public administrative area specified in the Ministerial Regulation; and the land, where the condominium is situated including the land allotted for common use, shall not exceed 5 rai.

up2u · Rookie Joined: 28 Aug 2006 Posts: 14

i notice the poster of the origional question has a US flag as his handle , if you are a US citizen the rules about condo / land ownership do not apply to you you can buy land no problem thank Nixon for that

HansMartin · Posted: Tue Sep 12, 2006 11:10 am Post subject:

up2u said :

up2u · Rookie Joined: 28 Aug 2006 Posts: 14

well perhaps i overstated it the Amity Treaty company system allows Americans to own a majority share in a Thai company and transact many, but not all, types of businesses the difference between American owned company and a company owned by any other non thai is that the american can be the majority shareholder therefor own the company instead of having a minority share .The company would still have to trade and file taxes and so on but at least he would own the company

johnnyk · Guru Joined: 02 Sep 2005 Posts: 896

Check that the condo building has 49% or less falang ownership and buy your condo from a falang whose unit is already within the 49%.

migrant · Posted: Wed Sep 13, 2006 12:33 am Post subject: Re: U.S CITIZENS

HansMartin · Posted: Wed Sep 13, 2006 6:14 am Post subject:

migrant:

migrant · Posted: Wed Sep 13, 2006 8:13 am Post subject:

HansMartin · Posted: Wed Sep 13, 2006 12:50 pm Post subject:

December 5th isn't THAT far off & I can't make any moves before then. I guess we Californians will just have to wait & see.

Well we leave in a week for BKK & HH -- a little on the ground research!!

Cheers

migrant · Posted: Wed Sep 13, 2006 8:19 pm Post subject: