Real estate possession of foreigner If we trace back to the history about relationships with other nations, you will find that Thailand has allowed the entry of foreigners since the Ayutthaya era, beginning an era of booming overseas economic investment that continues to present day. The doors that welcome foreigners are opened wide, and will grow even more with the beginning of the era of the ASEAN Economic Community (AEC), which commences in 2015. Foreigners who enter Thailand to stay, to invest or marry in Thailand are becoming more and more common. If they work in the head office, they will tend to rent a condominium or serviced apartment for temporary residence. In the case of having their own business or marriage for settlement, they will want to possess real estate. TerraBkk is going to tell you about the criteria of real estate acquisition for foreigners. Even though a foreigner might stay a long time in Thailand, without being a Thai citizen, it is impossible to purchase land in the country. So, there are three types of property that foreigners can purchase: 1. Condominiums 2. Buildings not attached to the ground (Rooms only)) 3. All type of land and houses that have a signed leasing agreement of over 30 years Condominiums 1. Foreigners can purchase as many condominium units as they want up to 49% of the total area in a building. 2. As buyers, foreigners have to request a letter of foreign condominium proportion from the condominium juristic person, which must then be filed with the Department of Lands to transfer ownership. 3. The cost of the condominium unit(s) to be purchased must be covered 100% with foreign currency and transferred from a foreign bank with a financial transaction slip as a proof of payment that will be shown to the Bureau of Lands to prevent money laundering. Lands and houses Generally, foreigners cannot possess land and houses except in the following cases: 1. Married to a Thai citizen: It is possible to use the name of the Thai spouse when buying a house, but the money that is used to purchase the house/land must be private property of the Thai citizen only. This means that the foreigner will not legally own the land, because the name on the deed will be that of the Thai spouse only, which can cause legal difficulties in the event of divorce or other problems. 2. Long term lease : Signing a lease agreement for a period of 30 years means that the signee isn’t the owner, but has been granted permission to care for the property for a period of 30 years, which can be renewed for another 30 years 2 times, for a total of 90 years. 3. Establish a Thai nationality company : Establish a company where a foreigner holds 49% of the total shares, with the remaining 51% belonging to a Thai person or Thai juristic person. As a committee member of the company, foreigners have the right to control the conclusion of other shareholders and also control the land possession.