Thailand Law Online

If you buy a condo as a foreigner it must be within the foreign ownership quota of the condominium and you have to comply with the requirements of foreign ownership under the Thailand Condominium Act.

1- If you buy a condo through a Thai company you do not have to worry about the foreign ownership quota or any foreign currency exchange forms, but a Thai company is not an alternative for foreign ownership of a condominium. If you set up a company to circumvent the law this is without doubt considered illegal and void under the Civil and Commercial Code. The incorporation of a Thai company must have a business purpose.

2- If you form a Thai limited company to receive ownership on your behalf you could also be considered the principal under Thai law (chapter 'Agency' in the Civil Code). The company is legally considered your agent and the condo is therefore legally considered your property. As a matter of law, you as the foreigner principal unlawfully acquired a condominium in Thailand (you did not comply with the requirements for foreign ownership under the Condo Act).

3- A Thai limited company in Thailand cannot be a holding company or vehicle to circumvent the law. The company must have a business purpose and must be actively trading. What will your business be and who will run it? There are other practical problems, like a majority of Thai shareholders and their rights and obligations, accounting and, if considered inactive possible removal from the registrar for companies (to name a few).

4- As a partly foreign owned company and with the requirements of being active and having a business purpose you have to comply with the Foreign Business Act and you as a foreigner personally acting on behalf of the company with the Foreign Employment Act. A partly foreign company has legal pitfalls and potential legal issues that could cause trouble during the company's existance.

To answer your question, you as a foreigner can buy a condo in Thailand within the foreign ownership quota. A Thai business/ limited company cannot buy a condo on your behalf. You may be able to circumvent the law but this is not advisable.