Buying a condo for daughter foreign quota

[couchpotato]

1)You do realise if you went that route, that 'she, in her name' (not you) would have to bring the total purchase price in from overseas. Inward remittance would have to be in her name. You cannot use money already in Thailand.

2)Using her Australian passport to purchase is probably feasible, but at some stage (either at the Bank or the Land Office) someone is going to query the lack of Visa/Extension/entry stamps in her passport, then she will need to show her Thai ID and this may cause problems.

Be careful.

[Dan O]

3 hours ago, newnative said:

     Yes, of course, if foreign quota is still available a condo held in Thai name can be purchased in foreign quota.  I think you will find, though, that in places like Pattaya with high concentrations of foreigners, a number of the most desirable condo projects popular with foreigners no longer have foreign quota available.   So, the 'scenario' comes into play fairly often here.

     The situation can be different in other areas, including Bangkok.  When my spouse and I bought our Bangkok condo it was in a very desirable center city project steps away from an MRT station.  But, its location and quality also appealed to plenty of Thai buyers, as well, and when we bought the re-sale in 2019 there was lots of foreign quota still available.  Since the project opened in 2013 and there was still FQ available in abundance in 2019, this project will likely not run out of FQ anytime soon.

There are condos in abundance available in most all areas. Pattaya is only one location and not the end all and be all of Thailand. It appeals to a certain sector of foreigners but not all or even a majority dispute what people living there think.  Maybe not in a particular bldg but certainly in close proximity so I'm not in your camp on this but understand your thinking 

[Cricky]

9 hours ago, couchpotato said:

1)You do realise if you went that route, that 'she, in her name' (not you) would have to bring the total purchase price in from overseas. Inward remittance would have to be in her name. You cannot use money already in Thailand.

2)Using her Australian passport to purchase is probably feasible, but at some stage (either at the Bank or the Land Office) someone is going to query the lack of Visa/Extension/entry stamps in her passport, then she will need to show her Thai ID and this may cause problems.

Be careful.

Yes, your explanation is what I was looking for, these are my thoughts, it's why I posted my topic.

I'd say this is why the sales people at the condominium could not explain in detail.

 

My daughter is only 16 years old, it won't be easy getting her foreign quota.

She has a kasikorn bank account, I could transfer money from Australia but there maybe other obstacles.

 

 

 

[Peterw42]

21 hours ago, Cricky said:

She has an Australian passport.

 

You could have mentioned that fact initially.

If she has foreign citizenship, then yes she can buy in the foreign quota.

 

[Peterw42]

11 hours ago, couchpotato said:

1)You do realise if you went that route, that 'she, in her name' (not you) would have to bring the total purchase price in from overseas. Inward remittance would have to be in her name. You cannot use money already in Thailand.

2)Using her Australian passport to purchase is probably feasible, but at some stage (either at the Bank or the Land Office) someone is going to query the lack of Visa/Extension/entry stamps in her passport, then she will need to show her Thai ID and this may cause problems.

Be careful.

The foreigners immigration status has nothing to do with buying, there is no requirement that the foreigner entered Thailand using their foreign passport, or has a current visa etc. You can literally be outside Thailand and complete a purchase using a POA.

[SAFETY FIRST]

1 hour ago, Peterw42 said:

You could have mentioned that fact initially.

If she has foreign citizenship, then yes she can buy in the foreign quota.

 

When I read it, it seemed self explanatory. 

[arick]

An extremely poor choice of investment.

 

 

[LukKrueng]

On 4/15/2024 at 1:35 AM, Cricky said:

I'd like to buy a condominium for my daughter.

She is Thai, has a Thai ID card and has a has a foreigner name (my surname).

 

There are plenty of foreign quota units available for a higher price, I am OK with paying extra for foreign quota.

 

I'd like her to buy with foreign quota, the sales people are saying she doesn't have to buy as foreigner or can't have the title in foreign quota.

 

Anyone know if this is true?

 

 

On 4/15/2024 at 1:54 AM, Hummin said:

and I do not understand, the thai quota is for protect Thais so they are not completely bought out, I seriously do not think it works the other way since the foreigner qouta is not protected

 

On 4/15/2024 at 2:19 AM, scubascuba3 said:

If she had a foreign passport maybe it's possible even though she's Thai? foreign quota is easier to sell for sure

 

On 4/15/2024 at 4:40 AM, digbeth said:

only reason to want foreign quota is to sell later on, you'd have more opportunity and price if the condo is still in foreigner quota

 

but are there anyway for a Thai to hold on to foreign quota? I don't think so, short of using her foreign identity to but the condo with associated paperwork like FET 

if the occupancy is not filled up it may be still possible to transfer to foreigner while the 49% is not met, but this can't be guaranteed won't be filled by the time you want to sell. 

 

On 4/15/2024 at 4:49 AM, ChaiyaTH said:

If she has double passports she can simply buy with the foreign passport under foreign quota, logical. I don't believe this with not being able to buy as a Thai from a condo with foreigner quota too, my friends here sold their condo's plenty of times to a Thai, while they had the foreigner quota.

 

I could believe you might 'lose the foreigner quota' once buying it as a Thai, but it should not be impossible to buy the unit itself in general.

So many people have a misunderstanding about the foreign quota....

The units are NOT marked as local\foreign units, and no number of units are kept for only Thai or only non Thai buyers.

It is so simple - no more than 49% of the units (or area) can be owned by foreigners. A foreigner can but a unit from a Thai person as long as at the time of purchase less than 49% of the building is registered to Thais.

Whenever a foreigner buys a unit, be it from a Thai or a foreigner, the juristic person must issue a letter to the land department saying that at that point in time less than 49% of the building is owned by non Thais. So if a Thai person buys a unit from another Thai - nothing changed. If a Thai person buys a unit from a foreigner - the share of Thai owners increases and that of non Thais decreases. That's it.

[impulse]

7 hours ago, Peterw42 said:

You could have mentioned that fact initially.

If she has foreign citizenship, then yes she can buy in the foreign quota.

 

Is that possible at age 16?

 

 

[JBChiangRai]

7 minutes ago, impulse said:

 

Is that possible at age 16?

 

 

 

Transferring chanote's is entirely at the land offices discretion.

 

People have to be 20 years old to hold a chanote unencumbered, the exception being when the parent dies and it passes from parent to child.

 

The land office MIGHT allow a chanote to be transferred to someone under 20, but it is at their discretion, with no appeal process if they refuse.  If a lawyer went along to the transfer at the land office and told them that the reason was because the parent was dying you might be in with a chance.

 

If your child holds dual nationality, say Australian then the transfer could be to the child as a foreigner and if foreign quota is available (it makes no difference if the condo was held in foreign quota before), your child could be registered as foreign owner in foreign quota.  They would likely ask if she is a Thai citizen and if answered honestly, they may refuse to do the transfer as a foreigner.

 

The next issue is the Australian passport, did she enter Thailand on it? (a requirement), does she have leave to stay? Did she transfer the funds from overseas?  all these have to be correct.

[scubascuba3]

2 hours ago, LukKrueng said:

 

 

 

 

So many people have a misunderstanding about the foreign quota....

The units are NOT marked as local\foreign units, and no number of units are kept for only Thai or only non Thai buyers.

It is so simple - no more than 49% of the units (or area) can be owned by foreigners. A foreigner can but a unit from a Thai person as long as at the time of purchase less than 49% of the building is registered to Thais.

Whenever a foreigner buys a unit, be it from a Thai or a foreigner, the juristic person must issue a letter to the land department saying that at that point in time less than 49% of the building is owned by non Thais. So if a Thai person buys a unit from another Thai - nothing changed. If a Thai person buys a unit from a foreigner - the share of Thai owners increases and that of non Thais decreases. That's it.

We know all that, nothing knew there

[Cricky]

12 hours ago, Peterw42 said:

You could have mentioned that fact initially.

If she has foreign citizenship, then yes she can buy in the foreign quota.

 

Why would I ask if she could buy a condo in foreign quota if she didn't have a foreign passport?

 

BTW, it is a forum, if you are not sure or you don't understand, you can ask questions.

 

[Cricky]

4 hours ago, LukKrueng said:

 

 

 

 

So many people have a misunderstanding about the foreign quota....

The units are NOT marked as local\foreign units, and no number of units are kept for only Thai or only non Thai buyers.

It is so simple - no more than 49% of the units (or area) can be owned by foreigners. A foreigner can but a unit from a Thai person as long as at the time of purchase less than 49% of the building is registered to Thais.

Whenever a foreigner buys a unit, be it from a Thai or a foreigner, the juristic person must issue a letter to the land department saying that at that point in time less than 49% of the building is owned by non Thais. So if a Thai person buys a unit from another Thai - nothing changed. If a Thai person buys a unit from a foreigner - the share of Thai owners increases and that of non Thais decreases. That's it.

Wow, you went to some effort in making that comment but you didn't answer the question.

 

[hunkidori]

With regard to the money used to purchase your foreign  quota condo and where it came from,  facilitators are available to provide the necessary paperwork to submit to the land office should for whatever reason you can't  provide the paperwork yourself. For a fee of course.

[Brick Top]

On 4/15/2024 at 5:35 AM, Cricky said:

I'd like to buy a condominium for my daughter.

She is Thai, has a Thai ID card and has a has a foreigner name (my surname).

 

There are plenty of foreign quota units available for a higher price, I am OK with paying extra for foreign quota.

 

I'd like her to buy with foreign quota, the sales people are saying she doesn't have to buy as foreigner or can't have the title in foreign quota.

 

Anyone know if this is true?

 

Correct 

[Brick Top]

On 4/15/2024 at 5:51 AM, OneMoreFarang said:

Why?

She is Thai.

Are foreign quota units somehow better? 

There always worth 35% to 40% more because they can be sold to a foreigner who can register the unit in his own name were as a Thai freehold unit can only be registered into a Thai name or Thai company   

[OneMoreFarang]

Just now, Brick Top said:

There always worth 35% to 40% more because they can be sold to a foreigner who can register the unit in his own name were as a Thai freehold unit can only be registered into a Thai name or Thai company   

I have to admit I have difficulties understanding this.

I recently bought in Bangkok a condominium unit from a Thai person. 

Before I bought it, I spoke to the building management, and they explained to me that they look how much of the whole building is owned by Thais and how much by foreigners. In my building there seem to be more Thai owners and for that reason I could buy the unit from a Thai person which is now owned by a foreigner, me.

As far as I understand foreigners can continue to buy any unit in the building until they own combined 49% of the building.

If this ever happens and if I would sell my unit to a Thai person, then maybe there would be 1% available again for a foreigner. And as far as I understand that could be any unit which is currently owned by a Thai person.

 

Please comment if you think what I describe is correct or wrong.

[Brick Top]

Just now, OneMoreFarang said:

I have to admit I have difficulties understanding this.

I recently bought in Bangkok a condominium unit from a Thai person. 

Before I bought it, I spoke to the building management, and they explained to me that they look how much of the whole building is owned by Thais and how much by foreigners. In my building there seem to be more Thai owners and for that reason I could buy the unit from a Thai person which is now owned by a foreigner, me.

As far as I understand foreigners can continue to buy any unit in the building until they own combined 49% of the building.

If this ever happens and if I would sell my unit to a Thai person, then maybe there would be 1% available again for a foreigner. And as far as I understand that could be any unit which is currently owned by a Thai person.

 

Please comment if you think what I describe is correct or wrong.

I think that is quite correct , i live in Patong , Phuket , and the foreign quotas are always full due to the fact that there are not that many Condominiums buildings that have a Condo licence that allow the

49% Foreigner / 51%  Thai ownership rule. 

[JBChiangRai]

We had a situation in Pattaya once when a foreigner sold his foreign quota condo to another foreigner, the land office checked the allocation and discovered more than 49% was registered as foreign owned and refused to do the transfer.

 

There were 14 units in the building, 7 of them foreign owned, 7 Thai company owned.  We managed to resolve it because at first glance they all looked to be identical size, but one of the Thai company owned units had a balcony over the shop unit and had a few more m2 on the chanote, with that pointed out to the land office they did the transfer a day or two later.

 

 

 

 

[Dan O]

On 4/16/2024 at 4:44 AM, Cricky said:

Yes, your explanation is what I was looking for, these are my thoughts, it's why I posted my topic.

I'd say this is why the sales people at the condominium could not explain in detail.

 

My daughter is only 16 years old, it won't be easy getting her foreign quota.

She has a kasikorn bank account, I could transfer money from Australia but there maybe other obstacles.

 

 

 

Can she buy a condo at only 16 years old?

[Cricky]

10 hours ago, Dan O said:

Can she buy a condo at only 16 years old?

Yes, but it's difficult to sell

[Dan O]

19 hours ago, Cricky said:

Yes, but it's difficult to sell

are you sure about buying at that age? While technically she could "own" at her age, it may present problems signing legal documents and contracts in the country. I would check with a qualified lawyer, if you havent yet, to make sure you dont end up in a circle with the various govt offices