Page 77 - Introduction to Investment Laws in Thailand

subsequently the nature of such juristic person changes to
become that regarded by law as an alien and may hold ownership
of apartment as it is a juristic person as specified in Section 19,
if he/she wishes to continue to hold ownership of apartment,
he/she shall notify in writing the Competent Official of change of
his/her nature and shall submit evidences showing that the
person is an alien as specified in Section 19 to the Competent
Official within one hundred and eighty days from the date of
change. But if the ownership of apartments of such juristic person
exceeds the proportion specified in Section 19 bis, it shall dispose
of the apartments in excess of the proportion prescribed within a
period of not exceeding one year from the date of such change. If
disposition is not made within the said period, the provisions of
the fourth paragraph of Section 19 quinque shall apply mutatis
mutandis.

If the juristic person under the first paragraph does not
wish to continue to hold ownership of apartment, he/she shall
notify in writing the Competent Official of change of his/her
nature within a period of sixty days from the date of such change
and shall dispose of all apartment owned within a period of not
exceeding one year from the date of such change. If disposition is
not made within the said period, the provisions of the fourth
paragraph of Section 19 quinque shall apply mutatis mutandis.

From the above, the foreigner can own a condominium in Thailand.
Nevertheless, according to the condominium act, a foreigner is not
permitted to own more than 49 per cent of the condominiums' total areas.
Foreigners also must satisfy various requirements under the
Condominium Act, B.E. 2522 (1979). The change of ownership of the
condominium must be registered with the department of land, ministry of
interior.

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