Owning a condominium

[cyrus9]

I have been working in Thailand for more than 15 years and having a valid work-permit all these years. I am married to a Thai. About 10 years ago with my savings in a bank and having a secure job, I could secure a loan from the bank to purchase a condo. I had to register the condo in my wife's name as I did not have any document to prove I brought cash into the country as required. Now I have almost finished paying my loans to bank. The problem I am facing now is that my wife and I are going to divorce and my wife is happy to let me have the condo for paying her some cash. How can I transfer the registration of this condo to my own name when I am paying the last loan installment in this December? I have earned in Thailand and I have paid for condo with my savings and some loan from the bank during past 10 years. I do not have any document to show that I have transferred cash to Thailand. Appreciate your advice.

Cyrus

[Rooo]

Moved to house ownership.

[donx]

Do you have Permanent Resident status for Thailand? If so then I think you don't have to bring the funds from offshore. If not then your best option would be to sell the condo, transfer the funds out and back in, then buy something else.

[cyrus9]

Yes I do have permanent residence of Thailand. Are you sure the residents can purchase a condo?

[donx]

From Samui For Sale website:

Section 19 Aliens (foreigners) and juristic persons regarded by law as aliens (foreign) may hold ownership of an apartment if the are the following:

1. Aliens permitted to have residence in the Kingdom under the Immigration law;
2. Aliens permitted to enter into the Kingdom under the investment promotion law;
3. Juristic persons as provided in Section 97 and 98 of the Land Code and registered as juristic persons under Thai law;
4. Juristic persons which are aliens under the Announcement of the National Executive Council No.281 dated November 24 (current section 4 Foreign Business Act), B.E. 2515 and have obtained promotion certificate under investment promotion law;
5. Aliens or juristic persons regarded by law as aliens who have brought in foreign currency into the Kingdom or withdraw money from Thai baht account of the person who have residence outside the Kingdom or withdraw money from a foreign currency account.

The way I interpret this section of the Condominium Act of 2008 is that with permanent residence you qualify to own a condo based upon item 1. above which doesn't appear to require funds coming from outside of Thailand.

I'll let other reply to confirm my assumptions. I've never bought condos and I don't have permanent residence. But I have seen posts in this forum in the past where those that have permanent residence have used funds accumulated from working in Thailand to secure condo ownership.

[Langsuan Man]

First question is the condo you bought in the farang quota ?

If not, then you will have to sell it and split the money with your wife (the owner of the condo)

Second question are your a permanent resident ?

And just having a WP and being here for 15 years does not automatically make you a permanent resident.

You can buy a condo with funds earned in Thailand only as a permanent resident and if it is in the farang quota

EDIT: asked and answered here in the Ask the Lawyer thread

http://www.thaivisa.com/forum/topic/781143-owning-a-condominium/

Edited December 3, 2014 by Langsuan Man

[cyrus9]

Yes, I do have permanent residency of Thailand. I got it about 5 year ago.

What is farang quota? I am not sure if our condo was bought in the farang quota!!! How can I find out?

First question is the condo you bought in the farang quota ?

If not, then you will have to sell it and split the money with your wife (the owner of the condo)

Second question are your a permanent resident ?

And just having a WP and being here for 15 years does not automatically make you a permanent resident.

You can buy a condo with funds earned in Thailand only as a permanent resident and if it is in the farang quota

EDIT: asked and answered here in the Ask the Lawyer thread

http://www.thaivisa.com/forum/topic/781143-owning-a-condominium/

[donx]

Yes, I do have permanent residency of Thailand. I got it about 5 year ago.

What is farang quota? I am not sure if our condo was bought in the farang quota!!! How can I find out?

First question is the condo you bought in the farang quota ?

If not, then you will have to sell it and split the money with your wife (the owner of the condo)

Second question are your a permanent resident ?

And just having a WP and being here for 15 years does not automatically make you a permanent resident.

You can buy a condo with funds earned in Thailand only as a permanent resident and if it is in the farang quota

EDIT: asked and answered here in the Ask the Lawyer thread

http://www.thaivisa.com/forum/topic/781143-owning-a-condominium/

Since your condo is owned by your wife who is Thai, I'm certain your condo is not part of the foreigner owned quota.

However, this isn't important. What is important is whether your condo can be transferred into your name now. If this can be done then it will become part of the foreign quota.

To find out if this can be done, I think you need to contact the condo association managing director to find out if there is less than 49% foreign ownership at your condo. He/She should be able to tell you whether your condo can be owned by a foreigner. You would need to find out this information in the same way if you and your wife sold it to some other foreigner.

Let us know what you find out.