Normally, foreign individuals or foreign owned businesses are not permitted to own land in Thailand unless the land is on government-approved industrial estates. Companies that are at least 51% Thai owned may legally own land but there is an exception if a foreign majority owned company engage in projects approved by the Thailand Board of Investment.
A BOI promoted company with foreign majority shares may apply for land ownership by submitting the appropriate forms to the Office of the Board of Investment (OBOI). Once the land acquisition is approved, the OBOI will send a letter of approval to the applicants and will notify the Department of Lands or the provincial governor where the land is located. In addition to projects approved by the Board of Investment, petroleum concessionaires may own land as needed for their activities.
Moreover, foreigners who invest a minimum of THB 40 million are permitted to buy up to 1,600 square meters of land for residential use in accordance with the 1999 Amendment to the Land Code and subject to permission of the Ministry of Interior. An investor has to maintain the investment for at least 3 years.
Foreigners can be also permitted to own buildings on land that is leased because there are no restrictions on building ownership. In this case, foreigners can lease land and build on it and are permitted to own the structure. Additionally, as an individual or company, foreigners can be allowed to hold title to condominium units in buildings that qualifies the rule whereas the foreigners may own not more than 49% of the total units in the building at a time. If the proposed transfer would cause the building to exceed 49% foreign ownership, it would violate the above rule and the official will reject the transfer.
Consult with Thai Lawyers for expert advice on land and property ownership in Thailand.