The Development provides freehold 100% foreign ownership and leasehold for apartments.
Pursuant to Thai property law, a Foreigner may have a freehold ownership over a unit in condominium. However, condominium units owned by a Foreigner shall not exceed 49% of the total space of the condominium project. Other restrictions are applicable. A non-Thai owner of a freehold condominium unit may transfer a property to other foreigners. The remaining 51 percent will be sold to Foreigners with a registered 30-year leasehold title which is allowed by Thai Law in the name of Foreigners, renewable for two additional 30-year periods. Thai nationals or majority owned (51 percent) Thai Companies can have freehold ownership over every unit.
The purchase structure is protected by legal registration. All purchasers will share in the underlying land ownership to enhance their investment, rights and privileges.
The legal structure is Lease Hold.
Details are as follows:
The land is owned by a Thai company.
The Buyers receive a 30 year lease contract with 2 options of 30 years or as much as allowed by Thai Law. The lease is registered under the name of the Buyer at the Land Department.
At the same time Buyers receive a 100% share in an offshore company. This company will hold shares in the Thai company and will have control through voting rights and articles of association.
Therefore, these two contracts required:
- a Lease Agreement
- a Share Subscription Agreement
