Thai/Farang Condo Ratios

[Delight]

I ,by chance ,caught sight of the Thai /Farang ratios with respect to my condo..

They were flawed ie the 49% part was closer to 55%

A couple of farang condos have recently been sold-to farang buyers.

That tells me somebody in authority must know.

Q. Could this oversight have future negative implications?

[InterestedObserver]

Somebody (the juristic person?) may have misstated the figures to the Land Department at the time of the latest foreigner sales registration. Was the 55% figure based on total number of units or total area in square meters reserved for living space? To answer your question, there are provisions in the Condominium Act to force disposal of unit(s) in excess of the 49% quota.

[rak sa_ngop]

Don't forget that there was a time about 10 years ago when to encourage condo sales the 49/51 pc rule was relaxed for some buildings and the foreign content was increased. Condos bought with foreign ownership would always retain the foreign ownership (we were told) if they were sold on, so now some older condo buildings may still exceed 49 pc foreign ownership.

[Delight]

Somebody (the juristic person?) may have misstated the figures to the Land Department at the time of the latest foreigner sales registration. Was the 55% figure based on total number of units or total area in square meters reserved for living space? To answer your question, there are provisions in the Condominium Act to force disposal of unit(s) in excess of the 49% quota.

Thanks for your interest

The meters are chanote meters

I cannot find that part of the Act which forces disposal.

I would be grateful if you detail the specific section and the paragraph

Also I assume that the people at the Land Department can count.

This leads to suspect some conspiracy occurred when the building was registered initially

[Delight]

Don't forget that there was a time about 10 years ago when to encourage condo sales the 49/51 pc rule was relaxed for some buildings and the foreign content was increased. Condos bought with foreign ownership would always retain the foreign ownership (we were told) if they were sold on, so now some older condo buildings may still exceed 49 pc foreign ownership.

Nice idea

The building became a 'Condominium Juristic Person' just over 4 years ago

[InterestedObserver]

Thanks for your interest

The meters are chanote meters

I cannot find that part of the Act which forces disposal.

I would be grateful if you detail the specific section and the paragraph

Also I assume that the people at the Land Department can count.

This leads to suspect some conspiracy occurred when the building was registered initially

From the Condominium Act:

Section 19/5 (quinque) The alien or juristic person as provided in Section 19 shall dispose of apartment in the following cases:

1. When the alien or juristic person stipulated in Section 19 have acquired apartments by legacy in the capacity of statutory heir or inheritor under will or by other means as the case may be, and when include the apartment already held by such aliens or juristic persons stipulated in Section 19 exceeding the ratio prescribed in the first paragraph of Section 19 bis or not being in accordance with the second paragraph or the third paragraph of Section 19 bis;

The alien or juristic person who is compelled to dispose of the apartment under the first paragraph shall notify in writing the Competent Official within the period of sixty days from the date the cause of such disposition occurred under the first paragraph.

[Delight]

Thanks for your interest

The meters are chanote meters

I cannot find that part of the Act which forces disposal.

I would be grateful if you detail the specific section and the paragraph

Also I assume that the people at the Land Department can count.

This leads to suspect some conspiracy occurred when the building was registered initially

From the Condominium Act:

Section 19/5 (quinque) The alien or juristic person as provided in Section 19 shall dispose of apartment in the following cases:

1. When the alien or juristic person stipulated in Section 19 have acquired apartments by legacy in the capacity of statutory heir or inheritor under will or by other means as the case may be, and when include the apartment already held by such aliens or juristic persons stipulated in Section 19 exceeding the ratio prescribed in the first paragraph of Section 19 bis or not being in accordance with the second paragraph or the third paragraph of Section 19 bis;

The alien or juristic person who is compelled to dispose of the apartment under the first paragraph shall notify in writing the Competent Official within the period of sixty days from the date the cause of such disposition occurred under the first paragraph.

Interesting, scary.but interesting.

I ,m sure that we will have no difficulty , whatsoever, in finding volunteers

Perhaps a bit of 'Pressing ' may be required

Sounds like WW3 to me

[Delight]

Just to conclude this topic.

I have spoken with professionals in the Condo Management business

They advise that this happens all the time.

There is no history of the Developer/Land Dept. being sued

This is Thailand

Thanks to all who responded to my request