Can a foreigner own a property in Thailand is a question that is often asked. Conflicting answers are also unhelpful, often causing confusion. In real basic terms the easiest way to explain can a foreigner own property in Thailand the answer is yes! Of course Now, before we get carried away, lets clarify a few issues first.
Land – Is that available to own here in Thailand?
The simple answer to that question is NO! Foreigners are denied to opportunity to be able to purchase any land in Thailand. This is a Thai law and one that cannot be overcome. There are lease options available to a foreigner. If the land is of paramount importance then lease agreements up to a 30 year period are available. While this maybe an option at the outset, the reality is that there are no guarantee’s the lease may be renewed when it’s expiry date is up. There are mandatory fees to be paid and negotiations will be necessary to ensure all is in order. Consult a Thai lawyer and make certain to seek legal advice before signing any contracts.
Thai Companies and legal representation.
Setting up a Thai company is an option to consider should purchasing the land be at the top of your agenda. You can set up a Thai company, however, there are strict limitations. The main legal requirement is that 51% of the company has to be owned by a Thai citizen, not a foreigner. There are procedures in place that company rights may be signed over to the foreigner, but this does bring unnecessary attention from Thai Immigration office.
Can a Foreigner own property in Thailand – Buying a house.
So as stated already, you can own a Thai company or you may purchase a house in your wife’s name. Either way, each comes with restrictions and conditions and some that need to be strictly adhered too.
Can I own a condominium in Thailand?
Now, due to the above restrictions and conditions, condos are a more popular choice for a foreigner. In a very simple term, the land the condo is built on is owned by a Thai company or person, alleviating the above restrictions. Having said that, there still remain in place restrictions on occupancy. Thai condominium blocks have to have a 51% Thai ownership, if you get in early enough you will be able to purchase a condo in your name. However, if you are passed the threshold of 51%, again a Thai company is your option, or your Thai wife.
Can a foreigner own property in Thailand – In summary.
Can a foreigner own a property in Thailand, well the answer is yes but with restrictions. No matter what you do, make sure that you seek professional legal advice before committing to any contract or paying any money. Consult with local Real Estate agents in the area you are considering buying a property in. Be sure to do your homework and make certain everything is in order and above board. There is no exceptions to the rule in Thailand and if you are careless in decision making it could cost you a lot of money.
Property buyers guide – Things you need to know!
Property buyers guide - things to be aware of. If property investment is on your agenda, then you need to read our FREERead More