The fact about property purchase in Thailand for foreigners: other than that of a foreign freehold condominium or apartment, a foreign national is not allowed to own property under his or her own name in Thailand. Almost any type of property in Thailand can be owned by 49% foreigners and 51% Thai locals.
Property Purchase in Thailand
You can also purchase a house, villa or land by setting up a Thai company which 51% is owned by Thai citizens. According to the Thai Condominium Act of 1979, foreigners can own 49% of the total unit space of any legally registered Thai condominium building.
Normally, any condominium building which is situated in a popular tourist destination fills up the 49% foreign freehold quota first. Foreign nationals can still buy a condo unit on the Thai side of the quota, but the name remains under the name of the property developer. The condo unit will then be leased to the foreigner for 30 + 30 + 30 years, as it is mandated under the Thai Property Law that the longest lease to be issued is 30 years which is renewable if desired.
Also, purchasing other types of properties in Thailand through setting up a Thai company is a very common approach. There are thousands of land parcels and properties around Thailand owned by the Thai Limited Company structure. Many law firms in Thailand offer this type of assistance to foreigners at a pretty reasonable rate, this way you can own any type of property in Thailand under your own company name. This company can also be used to setup an actual business, and obtain a work permit or visa which will allow you to stay in the country legally for a long-term period. Owning an asset in Thailand also serves as an additional credibility to the company’s future business transactions.
As mentioned above, foreigners are allowed to own property in Thailand through the purchase of a lease. This is found to be the cheapest and easiest approach to own property in Thailand, and can be prepared by your lawyer in Thailand without any trouble. The most important part to be careful with is the date and information on the title deed which needs to be correct, and you have to make sure that the land you are leasing has a proper title. It should state the correct duration of the lease, the registration fee and the purchaser’s right to resell.
