Thailand is the perfect place, if you are looking for pristine beaches, low living costs and inexpensive real estate. Maybe you have already thought of buying a property or just want to gain knowledge of how it works when owning a real estate in Thailand. This article will discuss on how you can purchase real estate as a foreigner in Thailand.
Can foreigners own a property in Thailand?
Such question is quite difficult to answer. It is said that real estate is disadvantageous for foreigners and most of the time places Thai people in favour. A basic known regulation in real estate in Thailand is that foreigners cannot own the land that properties are built on, whether it is on a villa or hotels. Yet, there are some means to go about this. Other countries have a different statement on owning a property, check out this link.
- Leasehold in Thailand
The most basic thing to do is to lease the land for thirty (30) years, wherein you may renew the contract up to three (3) times. This only means that the leasehold permits the landowner contracts to have a right to occupy his or her land in a given specific time. During the time a leasehold expires, it can be renewed as well as renegotiated. A known way to reassure that there is a renewed leasehold period is to specify so in the contract.
- Buying property thru marriage
There is a different option on owning a property in Thailand and that is thru marrying a local of the country. You may ask him or her to lease the land for you. In fact, this way is much safer, because you have closer relationship with your spouse. On the other, you should take caution during filing for a divorce. The property might be declared as a separate asset of your spouse, who is a local of the country. Purchasing a condo is much better in order to cut down on the risk and problems when buying a real estate in the country.
- Starting a Thai limited company to buy real estate
Setting up a limited company to purchase a real estate is another good choice to do. This is a much preferred mean in the US. After, a property can be bought through the company you have started. The main fact in here is that foreigners is not allowed to own greater than forty-nine percent (49%) in a limited company in Thailand. In this lieu, foreigners turn to in designating themselves as directors and release varied asset classes to provide themselves majority of the voting rights.
- Owning a condo in Thailand
It is easier to purchase a condo in Thailand. That is why a lot of foreigners turn to this venture. Furthermore, condos come usually with modern and fresher designs. Hence, condos are more comfortable to stay in and easy to rent out. Plus, there are added amenities you can enjoy like supermarkets, gym, swimming pools and etc. Moreover, in buying condos, foreigners are allowed to own a condo with their names and, also, the condo is registered with a Title deed. If you are a local from the UK, the Commonhold system may be familiar with you. For instance, in the US, there are Condominium systems. Therefore, just as a condo endow a lot of benefits, beware that Thai locals is required to own at least fifty-one percent (51%) of the condo in the building. Be sure that this is the same on your future condo.
- Owning a villa in Thailand
If you prefer the quieter side and avoid bustling areas, choosing a villa to own is the next move. It may be closer to the ocean. Most of the time it is a good effort if you are thinking of staying at Thailand for a longer time and evade the busy cities. A number of the benefits in owning a villa in comparison to owning a condo are added convenience and space for your family, better privacy, staying closer to the beach and a larger appreciation of the land.