5 Questions Answered For Foreigners About Real Estate Investment in Thailand
Owning a property is probably one goal that we all have in our life since childhood. Whenever anyone would ask me what I want to do after I am financially settled, I always had the same answer for everyone; buy a house. When it comes to having our own property, be all have the perfect description of how should it be in our mind. There are many who even have plans on investing in foreign properties. The reason could be anything, from settling in a foreign country, look for business opportunities or simply for work. If you are one of them and willing to do real estate investment in the Thailand, this article might come to your help.
Since Thailand is a foreign land for you, before investing, there are so many things that you need to know. Based upon recently asked questions, I have tried to give a solution to each;
- Can You Own a Land in Thailand?
Legally, a foreigner cannot own a land in Thailand on his name but can lease for an extended tenure of 30 years. The other alternative is to have a Thai Limited Company. Although you cannot own a land on your name, you can own it in the name of your company.
- Can You Buy a Condo in Thailand?
Since there are limitations on buying a land in the country, a lot of foreigners buy look for condos. In the Thailand Condominium Act, 1979, it is stated that a foreigner can own 100% of the condo anywhere in Thailand.
- Can You Get a Loan?
Yes, foreigners can get loans from the Thai banks. And those who already have a work history, marriage license and work permits, etc, for them the procedure becomes a little easier.
- How Important is it to Perform Due Diligence?
Thailand’s real estate market is quite peculiar. For example, condos in different developments may vary in prices even after having seemingly equal features or being located in the same area. Sometimes, the condo price goes as far as double. When looking to invest in a property, be it a condo or a land, you should always perform due diligence in order to ensure a well informed and wise investment.
- Can You Set Up Your Own Real Estate Business?
Why not? It is completely legal for the foreigners to work as a real estate agent in Thailand. In fact, there is a high demand for the agents who can speak a foreign language, especially English, in Thailand. Companies like Target Property are doing absolutely great with their real estate business. A good way, to begin with, would be to link up with a corporate agency in Thailand.
