Transcript of the above video:

As the title of this video suggests, we are discussing condos, condominiums here in Thailand specifically. I thought of making this video after reading a recent comment on our YouTube channel, quoting directly: "If you look at recent history, the only reason you can buy a condo in Thailand is because the IMF forced Thailand to make condos available to foreigners as part of the IMF loan in 1997, Asian financial crisis started by George Soros." Now yeah you can get into Soros, he is the man that broke the British Bank and he did apparently attempt to break the Bank of Thailand. It did not ultimately work although Thailand was required to call in the IMF for assistance but the Thai currency remained fully fungible on the exchange platforms, international exchange platforms at that time. So again, it wasn't exactly collapse; yeah there was a deal that was worked out. 

That said, condos didn't have anything to do with that or at least I should say nothing in the aftermath, well I shouldn't say 'nothing' but the IMF was not the main thrust that caused condominiums to be ownable if you will, condominium ownership to be possible if you will, by foreign nationals in Thailand. I bring you to the Condominium Act of B. E. 2522 that is 1979 and this is on krisdika.go.th, this is basically an English language translation on the Thai Government website pertaining to the Thai Condominium Act of 1979. So again this is for informational purposes only; these translations should not be taken as controlling; all Thai legislation is passed, approved, promulgated and is interpreted in Thai so take it for what it is, but it is educational. Again quoting from the Condominium Act again on the Thai Government's website, Section 19: "An alien person or a juristic person deemed alien by law may have an ownership in a unit if it satisfies the following conditions: 

(1) the person obtains a residence permit in accordance with Immigration Law;

(2) the person obtains a permit to enter the country in accordance with the law on investment promotion; 

(3) the person is a Juristic Person under section 97 and section 98 of the Land Code, registered as a person under Thai Law;

(4) the person is an alien Juristic Person under the Announcement of the Revolutionary Council No. 281 dated 24th November B.E. 2515 (1972), and 

(5) the person or juristic person deemed alien by law, bringing foreign currency into the country, withdrawing funds from a Thai Baht account of a person having a place of residence outside of the country, or withdrawing funds from a foreign currency based deposit account."

Again, not dissimilar to the present conditions that are associated with foreigners gaining Freehold title to a condo in Thailand. So in point of fact, no condominium ownership by foreigners was not forced by the IMF. I am not sure if they didn't request certain further relaxation of laws because there was another Condo Act that was passed in I believe 2008, or I should say a revision was passed in 2008. It did change things up. Actually if anything my understanding of it is, because this is kind of before my time and I have talked to some sort of old hands at this that knew what was going on back then, it basically tightened things up. The old definition of condo was much more lax than it currently is. That being stated, and the thing to take away from this video, NO, it was not forced by the IMF. These provisions existed going back to 1979. So the thing to take away from this video is I guess yeah, this is kind of a clarification, the IMF did not force that but it is possible for foreign nationals to own condos freehold, have a fee simple absolute title or equivalent in the Common Law System here in Thailand via Chanote title, it is possible for foreigners to have that pursuant to the present posture of current Thai Law.