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Foreign Quota Condos in Thailand

Thailand is known for its thriving real estate market and significant foreign investment. Understanding the foreign quota law is essential for non-Thais looking to purchase condominiums.
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What is a Foreign Quota Condo?

The foreign quota law allows foreigners to own up to 49% of the total area of all units in a condominium building. The remaining 51% must be owned by Thai nationals or entities. This ensures that a majority of the building's ownership remains in Thai hands.

Purpose

The law serves two main purposes:

Economic Protection: It prevents excessive foreign investment from driving up property prices.

Cultural Preservation: It maintains a balanced mix of foreign and local ownership.

Ownership Criteria

To be eligible under the foreign quota, the condominium building must not exceed 49% foreign ownership, and the foreign buyer must provide proof of funds transferred from overseas.

Payment Requirements

Payments must be transferred from overseas in foreign currency and documented with a Foreign Exchange Transaction Form (FETF) or Thor Tor 3 from the bank.

Determining Foreign Quota Status

Buyers can:

Request a status report from the developer.

Check with the local Land Office.

Consult with the Juristic Person of the building.

Legal Assistance

Hire a legal professional or reputable real estate agent, like those at RE/MAX Thailand, for due diligence and accurate quota information.

Frequently Asked Questions

Multiple Units: Foreigners can buy multiple units as long as they don't exceed the 49% quota.

Exceeding Quota: The Land Office will refuse further sales to foreigners if the quota is exceeded.

Taxes and Fees: Be aware of transfer fees, specific business tax, income tax, annual maintenance fees, and a sinking fund.

Financing: Some international banks and developers offer financing to foreign buyers.

Thai Bank Account: Not mandatory, but simplifies transactions.

Conclusion

Understanding the foreign quota laws is crucial for foreign investors in Thailand. For more information and professional guidance, connect with a RE/MAX Thailand agent today. Enjoy seamless and professional assistance throughout your property acquisition process. Happy investing!

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