Thailand’s 20-year-old Condominium Act is obsolete

Thailand’s 20-year-old Condominium Act is obsolete –, May 12, 2011
…Under the 1991 Condominium Act, foreigners are allowed to purchase freehold condominium units at up to 49 per cent of the total saleable area of a building, but as non- residents they must transfer the funds to pay for the property from overseas. In order to transfer ownership of property at the Lands Department, a non-resident is required to provide a Foreign Exchange Transaction Form,a document certifying the transfer of funds from overseas in a foreign currency for the purpose of purchasing the property…

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