Buying Property in Thailand is an exciting and lucrative venture. As one of Asia’s hotspots for real estate, the country has a wide range of properties from studios to luxurious villas.
Whether you’re looking for an apartment, condo or holiday home, there are many options in Bangkok and across the country to suit all budgets. It’s important to understand the laws and processes involved before you commit yourself, as buying property in Thailand can be an expensive process.
There are various ways to acquire property in Thailand, though some are more common than others. If you are planning on moving to the country and want to buy a property, here are some of the most popular ways to do so:
Lease land from a Thai family or friend (known as a “leasehold”)
As long as the land has a registered owner, foreigners can lease it out to themselves for a fixed period of time. This allows you to have a Thai owner who can guarantee the security of your mortgage.
Applying for a land lease is also a good option for those who are looking to buy property in Thailand but haven’t found an available land plot. It is possible to get a land lease from a Thai family or even from a government body.
The most important thing is to ensure that the land you want to buy has a good title deed. This is because a land title deed will determine how much of the land is yours to own, as well as giving you full rights over it.
This can include things like building restrictions and other regulations that must be met in order to build your dream home. It’s also worth checking with a local lawyer about any other legalities that may need to be dealt with before you purchase the property.
Using a specialist real estate lawyer in Thailand is another way to make sure that your property purchase goes smoothly. Getting an experienced lawyer to do the groundwork for you can help you avoid costly mistakes and delays.
You can also buy a condo from a developer, but it’s important to check that the company is legitimate. Some developers are naive and may not comply with the laws of Thailand, so it’s always a good idea to use a reputable firm.
Another alternative for acquiring property in Thailand is through the creation of a private limited company. This can be done as long as the company has mixed Thai and foreign ownership and if there is no more than 49% foreign ownership.
As a foreigner, you need to ensure that your company is legally set up in Thailand, and that it has been properly registered with the authorities. You should also consult a Thai property lawyer to do a title search and make sure that your contracts are in line with the law.
There are numerous taxes and fees to consider when buying a property in Thailand, and they can add up to significant amounts. Fortunately, most of these are shared between the buyer and seller.
