Q to a Phuket lawyer: I must ask how Thai law stands on this regarding a specific real estate company in Phuket. Can a company sell fractional ownership in an apartment they do not own?
The follows are Thai Vessel Act B.E. 2481 only the part that concerns “Alien” and Article IV (2) of the Treaty of Amity and Economic Relations between Thailand and United States.
Part I – Thai Vessel Registration
Section 6 – Thai vessel registration according to this Act shall be filed at vessel registrar.
Section 7 – A person who have ownership in Thai registered vessel for commercial purpose in inland water shall have following qualifications;
(1) Being Thai nationals
(2) Being unregistered ordinary partnership where all partners are Thai.
(3) Being state enterprise according to the Budget Act.
(4) Being juristic entities under Thai law as follows;
(a) Registered ordinary partnership where all partners are Thai nationals.
(b) Limited partnership where all unlimited liability partners are Thai nationals.
(c) Limited company where not less than half of directors are Thai nationals and not less than 70% of registered capitals are owned by a person who is not “Alien” and no provisions permit to issue bearer shares.
(d) Public limited company where not less than half of directors are Thai nationals and not less than 70% of registered capitals are owned by a person who is not “Alien”.