Page 71 - Introduction to Investment Laws in Thailand

and the department of land authorised by the Condominium Act, B.E.
2522 (1979). The condominium act at section 19 spells out that:
Section19 Aliens ( foreigners) and juristic persons
regarded by law as aliens (foreign) may hold ownership of an
apartment if they are the following:

1. Aliens permitted to have residence in the
Kingdom under the Immigration law;
2. Aliens permitted to enter into the Kingdom under
the investment promotion law;
3. Juristic persons as provided in Section 97 and
98 of the Land Code and registered as juristic
person under Thai law;
4. Juristic persons which are aliens under the
Announcement of the National Executive Council
No.281 dated November 24 (current section 4
Foreign Business Act), B.E. 2515 and have
obtained promotion certificate under investment
promotion law;
5. Aliens or juristic persons regarded by law as
aliens who have brought in foreign currency into
the Kingdom or withdraw money from Thai baht
account of the person who have residence outside
the Kingdom or withdrawn money from a foreign
currency account.

Section 19/2 (bis) Each condominium shall have aliens or
corporate as indicated under Section 19 holding ownership in the
units collectively not exceeding forty-nine percent (49%) of the
spaces of the whole units in such particular condominium at the
time of making the registration of such condominium in
accordance with Section 6.

Section 19/3 (ter) In transferring of ownership of an
apartment to an alien or juristic person as specified in Section
19 shall the applicant for transfer of ownership of apartment

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