Ownership of land in Thailand is governed by the Land Code Act. Under this Act, non-Thai nationals are prohibited from owning land in Thailand. Thus, it is not possible for foreigners to obtain outright ownership over land and house in Thailand. Given these restrictions on land ownership, foreigners cannot own a villa or a house outright. However, this may be possible through a leasehold agreement. In general, a 30-year lease on any villa or house can be agreed, which is the maximum duration for any leasehold in Thailand.

In the above scenario, land and houses could have different owners and in a long-term lease. However, it is recommended to follow the correct procedure to obtain legal ownership of the property by the foreign national. The agreement must be in writing and registered with the competent authority, i.e., the Land Office in which the property is situated.

Yes, foreigners can own a condominium unit in Thailand. The ownership ratio held by non-Thai nationals in a condominium building must not exceed the foreign quota. This means that a condominium building can only sell up to 49% of the saleable area of a condo project. The foreigner who wishes to purchase a condominium unit in Thailand must bring into the country foreign currency equivalent to the purchase price of the condominium unit. This can be shown in evidence through a Foreign Exchange Transaction Certificate (FETC).

The FETC is a legal document issued by local banks upon receipt of foreign currency into the foreigner’s bank account in Thailand.

Generally, foreigners can only own up to 49% of a Thai company. The 49% limit for certain business activities can be exceeded in cases where the company’s business activities are granted a Foreign Business License or promoted under the Board of Investments (BOI) or established under a treaty. Foreign-owned businesses in Thailand are governed by the Foreign Business Act.

The establishment of a company in Thailand depends on the nature of your business and the structure of the company. A Thai-owned (51% Thai shareholding) company can be set up in 1 – 2 weeks but foreign-owned companies which are subject to the Foreign Business License requirement can take at least 6 months depending on the business activity.

Generally, there is no minimum capital requirement for Thai majority- owned companies. Foreign majority-owned companies are required to have at least Baht 2 million or Baht 3 million registered capital, depending on the type of business. The capital of the company must be divided into shares, each with an equal par value of at least Baht 5. The minimum paid-up amount on the shares issued is 25%, which can be used as working capital. However, for application of work permit for every foreign director or employee, the company is required at least Baht 2 million registered capital (fully paid-up).