Transfer of Condo Ownership Between Foreigners
When dealing with laws of a foreign country, consulting a reputable lawyer is a wise decision as you should not equate your host country, Thailand in this case, as the same with your home country because processes can differ minutely or by a mile.
Yes, the same set of legal terms may be used but in the Kingdom but they may be used differently and such is the case of transferring condominium ownership between foreigners in Thailand.
You own a condominium unit and you wished its ownership will be transferred to a child of yours. You know it can be transferred to him through inheritance but you want to give it him as soon as possible because he is getting married and will settle in the Kingdom.
And so you think about executing a deed of donation in favor of your son but this is not permitted under Thai laws. A sale of the property by you with your son as the consumer is the only vehicle that can transfer the unit’s ownership to him while you are still alive.
Even then, it will not be a simple case of executing a deed of sale to your son as the 49% foreign ownership quota and the source of funds should be satisfied first.
The 49% foreign ownership quota of the condominium building is still applicable. Here, your condominium sale to your son is allowed if foreign ownership in your condominium building has not exceeded the 49% quota yet.
Also, the funds that your son will use to purchase your condominium unit should be sourced out from abroad and this will require him to have an outstanding account with a Thai bank.
You and your son are also required to pay the applicable taxes just like an ordinary condominium sale. Actually, under Thai law, there is nothing extraordinary in selling your unit to your child. It is only the circumstance that involves a family member is selling his property to another family member that seems to make it look extraordinary.
And like all other condominium sales, this transaction should also be registered at the land office in order to consummate the deed.