Thailand Law Online

Foreign ownership of condos in Thailand is limited to a quota of 49% of the aggregate unit space of all apartments in a condo project combined. In case of 100 equal units not more than 49 can be foreign owned. The wording in the sale and purchase agreement for the condo could mean that if foreign ownership in the condominium is not available at the time of transfer of ownership you or the developer still has the option to transfer ownership of the unit to the sole name of your Thai wife.

If the condo is transferred to your name this will count as foreign freehold ownership and must be registered within the foreign ownership quota of 49%. Foreign ownership must therefore be available in the condo project. If foreign ownership is not available and sold out you or the seller can ask to transfer the unit to your Thai wife's name solely (the and/ or option in the contract).

If the condo is registered in both your names as joint ownership between husband (foreign) and wife (Thai) this will count as foreign freehold ownership and the whole unit falls within the 49% foreign ownership quota. To register the unit in both names foreign ownership must be available in the project or the seller may request the transfer of ownership to the sole name of your Thai wife.

Irrespective the registration in your private name during your marriage, note that the condo is under Thai law considered a common property of husband and wife unless it is clear that money expended is your personal property according section 1471 and 1472 of the Civil and Commercial Code. This is also the case if the condo is registered in your Thai wife's name, but for registration in your wife's name you will have to sign a declaration that the money expended is personal property of your wife therefore it will under Thai law be a personal asset of your wife. see reference link below

The 'and/or' option could also relate to getting a finance and a mortgage from a Thai bank. Getting a mortgage for the condo in a foreigners name with a Thai bank is practically impossible, even though married to a Thai national. The Thai bank may request that the unit is registered in your Thai wife's name as a personal property before they are prepared to provide finance/ mortgage for the condo.

If the above is not the case, the sale contract for the condo should clearly mention that it is a Thai or foreign freehold sale, and not and/or.