Thailand’s Board of Investment (BOI) has issued regulations revising its criteria for certain foreign companies that receive promotional privileges to own land under limited circumstances. The revised allowance is detailed in the Notification of the Board of Investment No. 16/2567 Re: Criteria for Permitting Foreign Juristic Persons Receiving Investment Promotion to Hold Land Ownership for Office and Residence, which was published in the Government Gazette on December 9, 2024, after having been officially issued on November 1, 2024. The notification was made in conjunction with the subordinate Notification of the Office of the Board of Investment No. Por. 8/2567 Re: Criteria and Conditions for Permitting Foreign Juristic Persons Receiving Investment Promotion to Own Land for Office and Residence for Operational-Level Workers to Operate Business Granted Investment Promotion, dated November 4, 2024. Under the new BOI notification and subordinate notification, foreign juristic persons that receive promotional privileges from the BOI, with paid-up registered capital of at least THB 50 million, are eligible to own land for office use or residential purposes, subject to certain criteria and conditions: Office use. Land used for this purpose must be for an office of the relevant BOI-promoted business, with an area limit of 5 rai (8,000 square meters). Residential use. Land used for this purpose must be for the residences of operational-level workers (i.e., unskilled laborers), with an area limit of 20 rai (32,000 square meters). In addition, there must be common facilities (e.g., parking, first-aid room, kitchen, and other amenities, as approved by the BOI). The land must be located within 10 kilometers of the place of business operation, and the number of rooms must be consistent with the number of workers. For more information on this notification, or on any aspect of property law in Thailand, please contact Chaiwat Keratisuthisathorn at  [email protected],

The Contract Committee of Thailand’s Office of the Consumer Protection Board (OCPB) has issued the Notification Prescribing the Business of Selling Condominium Units Through Reservations as a Contract-Controlled Business B.E. 2567 (2024). The notification was published in the Government Gazette on October 3, 2024, and is expected to come into effect 120 days after the publication date (i.e., January 31, 2025). This notification aims to prevent condominium project business operators/developers from exploiting consumers. Under the notification, the business of selling condominium units through reservations refers to a business in which a consumer enters into a reservation contract with a business operator to reserve a condominium unit in a condominium building, by paying a reservation fee (or other benefit similar to a reservation fee) that is not a security deposit or down payment, and committing the consumer to enter into a subsequent sales contract to buy the unit. This also extends to the sale of condominium units reserved through electronic channels. The reservation contract must be written in Thai and must include material terms and conditions as specified in the prescribed reservation contract form attached to the Notification (“Standard Reservation Contract”). In addition, the reservation contract must not contain any of the following terms and conditions: Exemption or limitation of the business operator’s liability arising from its breach of contract. The business operator’s right to change the contract or various conditions imposing an additional burden on the consumer, exceeding what was agreed upon at the time the contract was made. The business operator’s right to terminate the contract with the consumer without written notice, or without the material breach of contract by the consumer. The business operator’s right to confiscate all or part of the payment unless the consumer is in breach of the contract. The business operator’s right to

On July 19, 2024, Cambodia’s Ministry of Land Management, Urban Planning, and Construction (MLMUPC) issued Prakas No. 050 on the Formalities and Procedure for Registration of Private Units in Co-owned Buildings Constructed before December 19, 1997. This new regulation aims to address the lack of clear guidelines for registering units in co-owned buildings constructed prior to 1997 and ensure protection of legal ownership rights for private owners of co-owned buildings constructed before December 19, 1997. Background Cambodia’s real estate market, including co-owned buildings and condominiums, has been experiencing rapid growth. As more individuals acquire separate units in co-owned buildings, the demand for proper registration of each unit has increased. While existing mechanisms like Sub-Decree No. 46 on Systematic Land Registration and Sub-Decree No. 48 on Sporadic Land Registration provide frameworks for registering immovable properties, they do not specifically address the registration procedure for co-owned buildings constructed before 1997. Definition of Co-owned Building A co-owned building contains “private units” exclusively owned by individual co-owners and “common areas” used by all co-owners. This includes various categories such as villas, semi-villas, attached houses, condominiums, and other types of houses with common structures. Application Documents The new prakas introduces a more straightforward documentation process for registering private units in buildings constructed before December 19, 1997, compared to previous regulations (specifically, Sub-Decree No. 126 on the Management and Use of Co-Owned Buildings). The required application documents now include: One copy of application form in Khmer Two copies of certified identification documents for each co-owner Two copies of certified documents of property ownership (if any) Notably, certain documents, such as the internal regulations and detailed architectural plan of the co-owned building, are not required. These more lenient requirements encourage more owners to register their private units, as it makes it easier to secure certificates and