Initially, it was not possible for a foreigner to buy any asset or property in Thailand. Well, I am talking about before 1997. But, today, considering the interests of so many foreigners to live in Thailand forever, thankfully, relaxations are there in such laws.
One of the finest methods of doing so is to be in partnership with a Thai national. It must be a Thai-majority company. A contract would then be put in place. This will result in the Thai entity while handing over the complete power of attorney (POA). This transfer is to the foreign partner that will then give them the authority to buy assets.
The joint venture owners must complete a tax return while paying administrative fees and tax every year. Henceforth, using nominee shareholders in the venture is possible. However, creating joint ventures for the sole purpose of owning the property is illegal. Additionally, it is punishable under the Thai laws.
Besides, obtaining a 30-year lease on the property is extendable up to sixty years. This is yet another route one can go down. And for this you will not need a business. For instance, your partner can lease your land for thirty years to build a house on it.
The Bottomline
Despite this, there are other options for foreigners who want to buy property in Thailand. Setting up your own Thai Limited Company to own the land on your behalf is the most popular choice. Another alternative is to sign a long-term leasing agreement with the landowner. Although a foreigner cannot own property in Thailand, he can own the house or structure erected on it, which is a little-known truth. To build a house in one’s own name, one merely needs to apply for a construction permit.
For any type of assistance on leasing or purchasing property feel free to mail us at [email protected]. We always extend a helping hand to foreigners who wish to settle down in Thailand.
