Land Department announced the new regulation on Foreign ownership of condominium


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June 13, 2011



The Department of Land has recently published the new regulation on foreign ownership of condominium, (No. 2) B.E.2554 in the Gazette of Thailand. The substantive matter is the change of total amount of money which a foreigner can bring into the Kingdom of Thailand from 20,000 US dollars to 50,000 US dollars and this money will be the money deposit required for buying a condominium in Thailand.



According to the Condominium Act B.E. 2522 (A.D. 1979), a foreigner or a juristic person deemed as a foreigner by law who brings a foreign currency into the Kingdom or withdraws from a foreign deposit bank account must present documents issued by bank to the Land Department to  support his/her ownership of condominium as follows;

Bringing foreign currency into Thailand
(A) The total amount from  50,000 US dollars or equivalent at the exchange rate has to present the proof of a foreign currency transaction form.
(B) The total amount less than 50,000 US dollars or equivalent at the exchange rate has to present its receipt issued by the company or individual licensed to sell-purchase a foreign currency, enclose with the proof of its  license issued by the Bank of Thailand , or using the proof of the licensed bank which certifies  to sell-purchase of foreign currency, or bring the foreign currency in to Thailand and deposit a foreign bank account in Thailand.  

Withdrawing from a foreign deposit account
(A) The total amount from  50,000 USD or equivalent at the exchange rate has to present the document proof of a foreign currency transaction form that a commercial bank has provided seller of this for submission the foreign currency’s sale.
(B) The total amount less than 50,000 USD or equivalent at the exchange rate has to present the document proof issued by a commercial bank to a client or a bank certificate on purchasing a foreign currency.



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