Getting ready to buy properties and land in Thailand? After spending a vacation in the land of smiles, you will be so delighted of Thailand’s amazing beaches, warm people and various culinary delights. This would make you want to buy a piece of it to call your own tropical paradise. There are many options online for properties and land in Thailand, but before getting carried away, you need to have adequate information about acquiring property in Thailand.
Properties and Land in Thailand
For the past decades, Thailand has seen an invasion of foreigners spending their hard earned cash to acquire property in this country. Many who are not well-versed of Thai law helplessly witnessed their investment going down the drain. Foreign nationals are not permitted to own land in Thailand, and a foreign investor only has two options when interested in buying land: either undergo a 30-year lease or purchase the property through a limited company. Apartments and condominiums can be purchased by foreigners as long as 51% of the building is owned by Thai locals.
A foreign national can lease land in Thailand for 30 years. In most cases, this happens when a foreign man marries a Thai woman wherein the Thai woman purchases the land and draft a lease agreement with her foreign husband. Regardless who you take the lease from, see to it that all data on the deed is accurate and the land has an appropriate title. Land in Thailand can have different titles, and all depends on whether it can be leased to a foreigner aside from its location. Typically, Thailand has seven types of land titles but only three of these can be leased: the Chanote, the Nor Sor Saam, and the Nor Sor Saam Gor.
Foreigners can also purchase land in Thailand by setting up a limited company, provided that more than half of the company’s shares or 51% should be owned by local individuals. These people can then choose to sign over their company rights to you. If you choose to use this method, be cautious that the Thai Immigration is pretty much aware of this procedure and will be closely monitoring your business.
Generally, foreign nationals are not allowed to own or purchase land directly in Thailand. Thai law prohibits foreigners from owning land under their own name, which is the reason why most choose to simply buy a condominium or apartment in Thailand.