The condominium lease option
Lease ownership of a condominium under a registered lease agreement
When the 49 percent foreign ownership quota in a condominium project is sold-out it is possible to lease the remaining condominium units under 30-year apartment unit lease agreements to foreigners, as long as a Thai person is the freehold owner of the condominium unit.
Lease of a condominium unit is governed by the Civil and Commercial Code and not the Condominium Act. As opposed to foreign freehold ownership of a condominium there is no special laws regulating lease of condos by foreigners in Thailand and the same rules apply as in any other real estate lease. There is in principle for foreigners no FET-form (foreign exchange transaction form issued by a Thai bank) needed to register a lease agreement at the land office but local land offices (like Phuket) may ask for one. It is in any case recommended to obtain a foreign exchange transaction form for the remittance of foreign currency into Thailand.