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A cozy apartment is for sale in the picturesque "777 Condominium" complex on Mai Khao Beach, Phuket. It's a 10-15 minute walk to the sea. This is a brand-new studio apartment with a modern design and comfortable layout, covering 25 sq. meters. The apartment comes fully furnished with all the necessary amenities. The location of "777 Condominium" is perfect for living or investment. The complex offers a large swimming pool, parking, commercial spaces, a tennis court, and a reception area.
Foreign nationals can own condominium units as freehold owners in buildings where no more than 49% of the unit floor space is owned by foreigners. Units that are part of the Thai quota or are being leased for 30 years can be converted to the foreign freehold quota if it is currently below 49%.
Foreigners can own a condominium Freehold in their own name. Condominium ownership is best explained by looking at an example of a project that has 100 units for sale.
In this example, 49 of the total units in this building (or 49% of the total salable area) can be owned outright by non-thai nationals in their name. The ownership titles of these 49 units is referred to as Freehold or Foreign Quota.
This leaves 51 units remaining in the building (or 51% of the total salable). The freehold rights to these units are reserved for Thai nationals in what is commonly referred to as the Thai quota.
After you have found the right property at 777 Beach Condo you have to follow these steps:
Installment Milestone Payment Reservation Deposit Immediately £2,280 1st Installment on the signing date of the sales and purchase agreement (30 days after initial reservation). 50% 2nd Installment upon completion of construction of 5th Floor structure 15% 3rd Installment upon completion of construction of the exterior structure of the condominium building 15% 4th Installment upon the completion of the plastering work. 15% 5th Installment On handover 5%
Thailand has different visas like Spousal Visa, Retirement Visa, Student Visa and Elite Visa - just to name a few options. Each visa has different requirements but they are usually easy to obtain.