Buying condo in building where the foreigner quota has been exceeded

[leo543]

Hi,

 

There are condos for sale in a building where the foreigner quota has been largely exceeded according to what i have been told.

 

Possibilities would be:

1) You buy from a thai or a foreigner, you have to buy it in a thai company name which is out of question for me.

2) Apparently if you buy from a foreigner who bought it before a certain date (something like 10 years ago) you could put it in your own name as a foreigner.

 

Someone know about this kind of situation and what the rules are?

 

Thx

[saakura]

Or you can buy it in the name of your girlfriend or wife if you trust them enough and have it transferred back when the foreigner ratio goes down as i read here often that they are expected to leave in hordes when air travel opens up.

[YT3k72Em]

Or you can look elsewhere, and avoid a lot of headaches.

[ezzra]

18 minutes ago, saakura said:

Or you can buy it in the name of your girlfriend or wife if you trust them enough and have it transferred back when the foreigner ratio goes down as i read here often that they are expected to leave in hordes when air travel opens up.

Yeah right, good advice there pal, but not if you wanna sleep well...so living in Thailand and being a member and contributor of this esteems site taught you nothing?...

[Captain Monday]

How could the quota be already exceeded?

The land office should not have approved a sale that would allow the quota to be exceeded.

 

If you are right on the edge of 49 percent you must buy from the foreign quota.

A strange system that would appear to add value to foreign owned units

in popular properties versus Thai counterpart!

 

[blackcab]

If the quota is exceeded and you don't want to buy in a company name then there are no other alternatives.

 

It is possible for the quota to be exceeded if the condo Juristic Person previously issued incorrect or false ratio letters to condo sellers.

[Peterw42]

4 minutes ago, blackcab said:

If the quota is exceeded and you don't want to buy in a company name then there are no other alternatives.

 

It is possible for the quota to be exceeded if the condo Juristic Person previously issued incorrect or false ratio letters to condo sellers.

Wasnt there a situation a few years ago, just after the GFC, where they let the quota go over 50%, some sort of economic stimulus measure.

Those condos purchased above the 49% can still be transferred as foreign quota.

[leo543]

17 minutes ago, blackcab said:

If the quota is exceeded and you don't want to buy in a company name then there are no other alternatives.

 

It is possible for the quota to be exceeded if the condo Juristic Person previously issued incorrect or false ratio letters to condo sellers.

Yep something "abnormal" happened in the past it seems.

What about this statement from the management that a foreigner could buy it on his name anyway if the previous owner is foreigner AND purchased it before a certain date?

 

[Peterw42]

1 hour ago, saakura said:

Or you can buy it in the name of your girlfriend or wife if you trust them enough and have it transferred back when the foreigner ratio goes down as i read here often that they are expected to leave in hordes when air travel opens up.

That is a risky way of getting foreign title, and 2 lots of fees and taxes. even if people are leaving, they would need to be selling to Thais to free up any foreign quota.

[scubascuba3]

50 minutes ago, Captain Monday said:

How could the quota be already exceeded?

The land office should not have approved a sale that would allow the quota to be exceeded.

 

If you are right on the edge of 49 percent you must buy from the foreign quota.

A strange system that would appear to add value to foreign owned units

in popular properties versus Thai counterpart!

 

It does happen, here is The Base as an example, worrying for people if JP and co can let it happen, it means potentially a foreign condo could be worth less

[Peterw42]

3 minutes ago, leo543 said:

Yep something "abnormal" happened in the past it seems.

What about this statement that a foreigner could buy it on his name anyway if the previous owner is foreigner AND purchased it before a certain date?

 

See my post No 7, as I asked Blackcab, I recall there was an economic stimulus measure put in place after the 2007 GFC that let the foreign quota be exceeded. Which may explain why and whether you can currently buy one of the excess foreign Quota. 

[Keyser Soze666]

No way a Thai can transfer a condo to a foreigner right? If this was the case it would give many a way around funds needing to come in from farangland to able able to own in their own name?

[robblok]

1 hour ago, ezzra said:

Yeah right, good advice there pal, but not if you wanna sleep well...so living in Thailand and being a member and contributor of this esteems site taught you nothing?...

I agree its a risk but does not always work out wrong. I broke up with my ex.. guess who ended up with the house even though it was on her name. 

 

There are people you can trust and there are those you cannot trust. Problem is knowing who is who. If your not sure don't take the risk. 

[leo543]

3 minutes ago, Keyser Soze666 said:

No way a Thai can transfer a condo to a foreigner right? If this was the case it would give many a way around funds needing to come in from farangland to able able to own in their own name?

No it is possible till the quota is respected and it does not change the fact that for a foreigner money as to come from abroad

[Keyser Soze666]

So if a Thai owns a condo it can be transferred to a foreigner if any of the 49% foreign quota is still available? And if so can this only be done once the Thai has the chanute etc, never before, for example before they would go to the land office?

[smutcakes]

28 minutes ago, scubascuba3 said:

It does happen, here is The Base as an example, worrying for people if JP and co can let it happen, it means potentially a foreign condo could be worth less

What a massive <deleted> Up by the JP. I would be demanding answers on how Sansiri and i presume Plus property that make an error like that...

[blackcab]

1 hour ago, Peterw42 said:

Those condos purchased above the 49% can still be transferred as foreign quota.

 

I would check that with the condo Juristic Person and the Land Office. If the land office are giving that dispensation then that's great.

 

What should happen is that the 49 per cent rule should be applied to the building so that over time the percentage of foreign ownership is regularised and reduces to 49 per cent.

 

@leo543 I'm interested to know how you get on with this. Please keep the thread updated with your progress.

[Pattaya46]

There are 2 very different cases :

 

- case like The Base above. A rather recent condo where some fraud happened at the Juristic Person Office...

You should avoid any such place !

 

- case of condos more than 20 years old where it was possible to buy *legally* *without quota* in a period about 2001-2004 (?)

I owned 2 units in Center Condo in Pattaya, a 25 yo condo in this case. The quota must be near 60% now. I sold a unit in January to another farang. No problem at all with the Land Office. ????