Is there a limit on how many condos I can buy?

[ldnguy]

I don't think a house in Thailand over a condo is a good investment if it's appreciation in value you're hoping for. As far as I can see the older it gets the more value it loses.

That's not true at all. I know plenty of houses that have gone up in value. Just a few examples - house bought 40 years ago for 100,000 baht now worth 10 million (including land), house bought in Silom for 8 million 7 years ago just sold for 13 million. House bought for 1 million 20 years ago now worth 4 million (a few in same street sold for 4 million+ over last few years). The house sits on land so the house and land together generally increases in value of time. Even if the house is left to rot it still has value because of the land it's on. From what I've seen, houses appreciate more than condos.

[rgs2001uk]

I don't think a house in Thailand over a condo is a good investment if it's appreciation in value you're hoping for. As far as I can see the older it gets the more value it loses.

Where I live, houses bought 20+ years ago for 400k 500k baht now sell for in excess of 5 million baht.

The land has appreciated even though the house is falling to bits.

Head down to Pra Ram 4 in Bkk and check out the wooden houses that are falling apart, the land they sit on is worth millions of $$$ never mind baht.

Head out to Pattanakarn, land there worth in excess of 100k per tw, these people are land rich but bank poor.

I asked the local guay tiaw lady why she didnt sell her land and retire, answer, the land is appreciating at a higher rate than the bank offers for cash deposits.

[BlueSkyCowboy]

There is currently no purchase limit apart from the normal 49/51 farang/Thai ratio.

If you own more units than everyone else put together your voting rights will be reduced to equal the voting rights of everyone else.

Eggs - basket - one.

Don't buy rental properties in Thailand, except if u are very rich

[BlueSkyCowboy]

I don't think a house in Thailand over a condo is a good investment if it's appreciation in value you're hoping for. As far as I can see the older it gets the more value it loses.

That's not true at all. I know plenty of houses that have gone up in value. Just a few examples - house bought 40 years ago for 100,000 baht now worth 10 million (including land), house bought in Silom for 8 million 7 years ago just sold for 13 million. House bought for 1 million 20 years ago now worth 4 million (a few in same street sold for 4 million+ over last few years). The house sits on land so the house and land together generally increases in value of time. Even if the house is left to rot it still has value because of the land it's on. From what I've seen, houses appreciate more than condos.

a 100 yrs ago u could have bought that house for 5000 Bt lol. Just remember, YOU HAVE NO LEGAL RIGHTS IN THAILAND. I don't care what the law says. If they want to screw you, they will find a way and drive u to jump off the 7th floor or higher.

[ldnguy]

I don't think a house in Thailand over a condo is a good investment if it's appreciation in value you're hoping for. As far as I can see the older it gets the more value it loses.

That's not true at all. I know plenty of houses that have gone up in value. Just a few examples - house bought 40 years ago for 100,000 baht now worth 10 million (including land), house bought in Silom for 8 million 7 years ago just sold for 13 million. House bought for 1 million 20 years ago now worth 4 million (a few in same street sold for 4 million+ over last few years). The house sits on land so the house and land together generally increases in value of time. Even if the house is left to rot it still has value because of the land it's on. From what I've seen, houses appreciate more than condos.

a 100 yrs ago u could have bought that house for 5000 Bt lol. Just remember, YOU HAVE NO LEGAL RIGHTS IN THAILAND. I don't care what the law says. If they want to screw you, they will find a way and drive u to jump off the 7th floor or higher.

There are ways around everything. Many foreign companies and individuals make very big money in Thailand. Investing here is not for you, but it suits many people. You're one of those people that always says something can't be done when others are actually doing it. I've met many people like that in my life. They are all still poor because they always have an excuse not to invest in something or other. It's only money. If you lose it, learn and move on. There are no certainties in life.

Someone may be able to drive you to jump off your balcony, but no-one could drive me, or most other people, to do it. You are talking complete nonsense.

[KittenKong]

There are ways around everything. Many foreign companies and individuals make very big money in Thailand. Investing here is not for you, but it suits many people. You're one of those people that always says something can't be done when others are actually doing it. I've met many people like that in my life. They are all still poor because they always have an excuse not to invest in something or other. It's only money. If you lose it, learn and move on. There are no certainties in life.

There are some certainties. One is that there is a huge difference between legal investments and those that are specifically prohibited by law.

I'm more than prepared to take a chance with the former but wouldn't touch the latter with a bargepole.

[ldnguy]

There are ways around everything. Many foreign companies and individuals make very big money in Thailand. Investing here is not for you, but it suits many people. You're one of those people that always says something can't be done when others are actually doing it. I've met many people like that in my life. They are all still poor because they always have an excuse not to invest in something or other. It's only money. If you lose it, learn and move on. There are no certainties in life.

There are some certainties. One is that there is a huge difference between legal investments and those that are specifically prohibited by law.

I'm more than prepared to take a chance with the former but wouldn't touch the latter with a bargepole.

The ways around things don't have to be illegal. For example, your wife could buy land. You need to get creative, not break the law.

I know someone is bond to add that your wife could disappear with the money, but so could any company you invested money in. All investments have risk. If people can't even trust their wife, what was the point of getting married? Seems many on here marry women they don't trust.

[KittenKong]

The ways around things don't have to be illegal. For example, your wife could buy land. You need to get creative, not break the law.

I know someone is bond to add that your wife could disappear with the money, but so could any company you invested money in. All investments have risk. If people can't even trust their wife, what was the point of getting married? Seems many on here marry women they don't trust.

I'm not married. I've never been married. I dont want to get married. I certainly dont want to get married just so that I can use my spouse as a proxy for owning land in Thailand.

Lots of other good legal investments to be made that dont require me to get married or bend the law even by the slightest part of one degree.

[cheeryble]

Sunbelt Asia's legal department is here to answer your questions relating to

legal issues and the law in Thailand. Send any legal questions you may have

to me and I will pass them on to Sunbelt Legal and their response will run

in a future column. You can contact Sunbelt's legal departmentdirectly for

all of your legal needs.

Question 1: 1) If a farang buys more than one condo in Thailand, does he

need to report or register this with other Thai authorities than the land

office such as the Thai tax authorities?

2) How many condos can a farang buy before Thai authorities look at it as a

big investment, and maybe demand the owner to have a work permit, because

they determine that this is a business?

3) If he owns a lot of condos in different parts of Thailand, and he does

not rent out any, does he need to report or pay tax for being an owner?

4) How many condos can a farang own and rent out, without a work permit?

5) If a farang rents out his condo to another farang, short-term or

long-term, does he need to report the details of the person staying to the

Immigration Department like hotels do? If yes, what will happen to him if

he does not report it?

6) Farangs have problems putting the electricity bill in their name. Is it

good enough if he shows the blue book with no name inside but just the

address which he got when he bought the condo together with the title deed

for the condo?

Sunbelt Asia Legal responds:

1 & 2) There is no limitation on the number of condominiums that a

foreigner could own or buy, as long as: a) the foreign quotas of that condo

building/project has not been exceeded; the foreign purchaser brought in

the purchasing funds from abroad.

3) There would be the running costs of common property area fees which are

charged on a monthly basis and the utilities (water & electricity), meter

maintenance fees but taxes would be paid when you sold the condo.

4) The Thai Labour Department has stated no work permit is required.

5) Short answer, no.

6) There must be a meter ownership transfer form made by the person who

originally applied for the electric meter. A blue book alone would be

insufficient.

Sent from my iPad using ThaiVisa app

Edited October 26, 2014 by cheeryble

[KittenKong]

Sunbelt Asia's legal department is here to answer your questions .....

......

5) If a farang rents out his condo to another farang, short-term or

long-term, does he need to report the details of the person staying to the

Immigration Department like hotels do? If yes, what will happen to him if

he does not report it?

....

5) Short answer, no.

I think they are wrong. People may not currently be getting into trouble for not doing this, but the law is extremely clear. Unit owners/agents are responsible for reporting the presence of farangs.

[KittenKong]

Sunbelt Asia's legal department is here to answer your questions .....

6) Farangs have problems putting the electricity bill in their name. Is it

good enough if he shows the blue book with no name inside but just the

address which he got when he bought the condo together with the title deed

for the condo?

......

6) There must be a meter ownership transfer form made by the person who

originally applied for the electric meter. A blue book alone would be

insufficient.

I think this is wrong too. I got my electricity bills in my name when I was a tenant by just going to the PEA with an old bill and my passport, and setting up a direct debit from my bank. When I bought my unit I didnt change anything at all at the PEA and I still get billed in my name.

[properperson]

I welcome you to check on that. Foreign owned companies are not real people.

well that makes sense....i'm here, cos i'm not all there.....