After a wonderful vacation from amazing Thailand, you are so elated by its astounding beaches, beautiful people, and culinary delights that you decided to buy a piece of it and call it your own little place in tropical paradise. You excitedly turned on your computer, keyed in Buying Property in Thailand and pressed enter. Thousands upon thousands of entries beckon you for that miraculous “click”. But, before you get carried away, do you have sufficient information about property acquisition in Thailand? Are you well protected from the common property problems prevalent in this country?
For the past two decades or so, Thailand has seen an influx of foreigners spending their hard-earned monies to acquire property in this land of beauty. Foreigners see many benefits to investing in real estate in Thailand. See the Property Outlook for the year 2020. Unfortunately, those acting in ignorance of Thai laws helplessly witnessed their monies go down the drain of non-recoup.
Are Foreigners allowed to own land in Thailand?
Generally, foreigners are not allowed to directly purchase land in Thailand. Simply put, Thai laws prohibit foreigners from owning land in their own name, although theoretically there is an exception but it is yet to be seen in practice.
This notwithstanding, there are alternatives available to foreigners for successful land acquisition. The most common option is to set up your own Thai Limited Company to own the land on your behalf. Another option is to enter into a long term leasehold with the Landowner. It is a commonly unknown fact that although a foreigner cannot own land in Thailand, he can own the house or structure built thereon. One only has to apply for a construction permit to build the house in his own name.
The next step is to get well acquainted with the process of buying real estate in Thailand. It is also important to understand the different types of Thai title deeds in order to determine the extent of the owner’s rights over the land you are interested in. Also, it is advisable to know the cost of transfer and Thailand property taxes in advance. Use the property transfer calculator to determine the over-all purchase cost.
Most importantly, use the legal services for property acquisition of registered and reputable lawyers in Thailand to protect your interests and ensure that your own tropical paradise will soon become a reality. You can check them here.
