1. Foreign Ownership
Foreigners are allowed to buy and own a condominium unit in Hua Hin. However, only condominiums registered under pertinent laws and licensed with the Thai Land Department offer full individual ownership (with a government issued unit ownership title deed) and are regulated by the Thailand Condominium Act.
At least 51% of the area of the condo building must always be Thai owned. The foreign owned units are often referred to as “foreign freehold” units or units held under the “foreign quota”. If the foreign freehold ownership in a condominium has reached the limit of 49%, the remaining units may be leased to foreigners under a 30-year lease agreement. This is often referred to as “leasehold unit”.
There are no restrictions with regards to nationality, and every foreigner who can enter Thailand with a valid visa can buy and own a condo unit within the foreign ownership quota of the condominium. However, every foreigner must personally qualify for ownership under section 19 of the Condominium Act.
2. Transfer of Foreign Currency is Required
Most importantly this means that the purchase price for the condo must be transferred into Thailand in foreign currency and converted into Thai Baht by a licensed financial institution within Thailand.
For a foreigner buying a condominium an original copy of the so-called “FET-Form” form (Foreign Exchange Transaction Form), with his name either as the receiver or sender of the foreign currency, is part of the required documents for registration of foreign ownership at the Land Department.