Frequently Asked Questions
Can a foreigner own property in Thailand?
City Garden Condominium complies within the terms and conditions of the CONDOMINIUM ACT (No. 3) B.E. 2542. Section 19 of the Act states that a Condominium can have up to a maximum of 49% (in area) in Foreign Ownership and the remaining in Thai Ownership. City Garden has provided two options of foreign ownership: Foreign Freehold and Thai Limited Company
Foreign Freehold: A Foreign National to Thailand can purchase in his/her own name a condominium and deed title within City Garden Condominium, this is limited to 49% and within the accordance of the Condominium Act.
Thai Limited Company: A Thai limited company including Thai shareholders has already been set up by City Garden Condominium. The foreign director(s) can not own more than 49 % of the shares. However, the foreign director(s) hold all the power because the company is structured so that the Thai shareholders (nominees) enter into legal power of attorney with the foreign director(s). The foreign director(s) is the only officer who can commit or bind the company in any contractual dealings. The director's shares are also preference shares and hold 10 times voting rights of the nominal shares, giving the directors 90 % of the voting power. The company owns the freehold of the land and title deed is free to build on the land, sell or lease property and transfer their rights to next of kin.
As this is a legal Thai Registered company the company can be used to:
- Own a business within Thailand
- Obtain a Business Visa and Work Permit
- Purchase and Obtain Credit through the Company (ie Purchase a car on Hirer Purchase)
- It is possible to re-mortgage the Land / Title of up to 70% with any high street bank
- Provide a future for your heirs, a Thai Company and its assets will be transferred to your Next of Kin upon the Director's demise
In short, the Thai Company owns the Title Deed, You own the company. Additionally the Condominium can be purchased by a Thai National under their own name and leased back to foreigner for a maximum of 30 years which can be renewed twice. This would be at the purchasers own expense.
If I purchase a bar or restaurant, but do not work in that business do I need a work permit?
Thai law stipulates that as a foreigner, if you are working and do not receive an income you still need a work permit. Even if you purchase a business and do not physically work, but you receive an income from that business, you need a work permit.
To purchase a business we advise that you use a reputable business broker like "Sun Belt Asia" to ensure a safe transition.
To purchase any business in Thailand you will need a Thai Registered company which can be easily set up by any business broker or lawyer.
I would like to move to Pattaya and set up as business there, what should I do?
There are so many possibilities and opportunities in Pattaya. We can put you in touch with professionals who can help you or if you would just like to talk and get a feel, please contact us and we would be happy to answer your enquiries.
Can a Non-Residents open a bank account in Thailand?
Subject to the conditions prescribed by the Bank of Thailand, non-residents are generally allowed to open and maintain both Thai Baht and foreign currency accounts with authorized agents (i.e. authorized banks and an authorized company) in Thailand. Presently, 13 Thai commercial banks and 18 foreign bank branches and one company (Asia Credit Public Company Limited) are registered and authorized by the Bank of Thailand.
We would like to move to Pattaya but don't know where our kids should go to school?
There are several good international boarding and day schools in Pattaya. All of them offer international standard curriculum.
What are the medical standards and services on offer in Pattaya?
There are several world class international standard hospital in Pattaya. They are very well equipped and can be compared with those in Europe and the USA.
Can I get a loan from Thai banks?
Bangkok Bank has recently open its door and offer mortgages to foreigners wishing to purchase properties in Thailand. The loans is being offer only through its Singapore and Hong Kong branches. Please contact us for further assistance.