Thai property rules for foreigners
In a country like the kingdom of Thailand which is endowed with delightful scenes, shorelines and lovely atmosphere; for foreigners, purchasing land or property is an alluring thought for investment, business, and residence or retirement purposes.
Are you a foreigner who is contemplative to make investments in Thailand’s real estate market? If yes, then you ought to know about the Thai property rules established especially for foreigners.
Are foreigners allowed to buy land in Thailand?
During the 1997 economic crisis, Thai laws restricted foreign ownership of property is it a house, apartment or whatever another sort of property or land in Thailand. However, after a few years, Thailand had loosened its laws on outsiders owning property in the country.
Today, a few confinements still stay set up like foreigners are not allowed to completely own land in Thailand by law. However, it is presently much less demanding for non-natives to buy property, as Thailand’s regularly growing remote property showcase appears.
About purchasing homes: Apartments can be purchased by foreigners as long as at least 51% of the building is owned by Thais.
When all is said in done, foreigners can possess buildings and houses in Thailand as Thai property law puts no nationality limitations on the ownership of such in Thailand.
Due to this legal restriction in the Thai property market, many foreigners look out for alternatives to a direct property purchase, some of which are outlined below.
- Long term leasehold agreements: The most easiest and recommended option for foreigners is to buy the land or property on lease from the Thai national who remains the owner of the land. Thailand allows a foreigner to take up land for a 30-year maximum lease period, with the possibility of renewing the lease for additional 30 year periods.
- Company ownership: Thailand registered companies with majority Thai ownership are able to buy land in Thailand. Nevertheless, it is still possible however for a non-Thai shareholder to secure his investment in a Thai limited company through legal means
- Investment: Thai land law permits foreigners to purchase and claim a restricted measure of land in light of a speculation of 40 million baht for five sequential years, provided the land is utilized for residential purposes.
- Thai Spouse: If a foreigner marries a Thai national, the Thai Spouse of a foreigner might be permitted to purchase land or property in Thailand in his or her own name. However, the wedded couple might be requested that sign revelations at the Land Department. Any claim on the land or property by the non-Thai mate could be postponed which may be hazardous in a separation case.
- Usufruct: Similar to leasing hold yet non-transferable with some imperative contrasts, Usufruct is a right to buy and use the land for making the profit.
If you are still uncertain of the confinements as to land proprietorship or might want more data on foreigners owning property in Thailand then you ought to look for guidance from a trustworthy legal firm.
