Although land ownership is forbidden in Thailand foreigners can own condominium units in their own name. However, as already mentioned in our post: Buy condo in Thailand. Options and requirements, foreign investors must comply with certain conditions, including:
- Foreigners cannot own more than 49% of the total number of units in the condominium.
- The funds used to buy the condominium must have been transferred from abroad. Moreover, the transfer must be recorded as such in a document issued by a Thai bank called “Tor Tor Sam”. This document must reflect the receipts of foreign currency into your account in Thailand along with the fact that the transfer of funds is exclusively for the purpose of purchasing a property.
Being aware, as you probably are, of the special characteristics of Thai legal system with regard to foreign property ownership, it seems normal to wonder: what will happen to my property if I pass away?. Can my children or relatives inherit the property while living abroad?. Is there any conditions that my successor must comply with?.
Transfer of property
As a matter of fact foreign successors can inherit condominiums. Albeit they must meet certain requirements under the Condominium Act of 1979. If the successor has no Thai residency and want to ensure compliance with law they “must” transfer funds from abroad to repurchase the condominium. Well, this is nor completely accurate as there are more legal alternatives, i.e. acquiring the property through a Thai company, but generally they are not suitable for regular heirs who are simply willing to complete the registration of the transfer. Once the transfer is registered the funds can be sent back out of Thailand. If the inheritor decides to sell the condominium rather than acquiring it, he must file a petition to be allowed to manage the property.
In order to claim ownership of the condominium the inheritor will have to submit evidence to the competent authority in Thailand. A written announcement will be published for 30 days. If no objections are raised by other individuals the registration of the transfer will be completed.
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