Although the cabinet recently approved an amendment of the controversial Draft Foreign Business Act, the law governing a foreigner’s ability to obtain property in Thailand is still uncertain. The property ownership laws of Thailand are somewhat nationalistic, whereby a foreigner can legally secure property only in certain ways. Ownership of a condominium is considered the simplest way.

          Normally, there are two ways to legally purchase a condominium in Thailand. A foreigner may purchase a freehold condominium or take a leasehold option.

          According to the jurisdiction of Condominium Act (No. 3) B.E. 2542 (1999), in each condominium, foreigners may have ownership in a condominium unit, when added together, must not exceed forty nine percent (49%) of the total space of all units in that condominium. Evidence of bringing foreign exchange currency into the country to buy a condominium has to be presented and recorded on a Foreign Exchange Transaction Form (Tor Tor Sam) provided by a Thai Bank.