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Switching Thai company owned condo to foreign quota possible?

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Posted (edited)

I have found a condo that I am interested in buying but the condo is currently under Thai quota in a Thai company ownership structure. The seller and the agent have recommended that I simply have to buy the shares of the company to have ownership of the company as no foreign quota is not available in this building. 

Firstly I don't feel comfortable about buying a company in this ownership structure and I also don't believe that foreign owners are more than 49% of the owners in the building but cannot get proof, is it possible that some of the Thai owners have "reserved" foreign quota so that its easier for them to resell their condos in the future? Is this legal ? 

I cannot get any answers from the juristic as they wont talk to me as I am not yet an owner.

Any recommendations would be great as I am thinking of hiring a lawyer but not sure if that is necessary. 

Edited by Dennis9
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  • Dennis9 changed the title to Switching Thai company owned condo to foreign quota possible?

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