As with visas and business enterprises, there are hefty restrictions on the ability for foreign-nationals to own property in Thailand. And, again, there are skillful ways to legally accomplish your wish to own Thai property. Unfortunately, it really is not possible for foreign-nationals to go this process alone. Even in the most popular and easy case of owning a condominium there are regulations for transfer of ownership that require savvy and experience to negotiate. WLS can not only accomplish this task on your behalf, but we can also assist you in the more complicated processes of purchasing, leasing, selling or transferring other kinds of properties in Thailand.
Buying property and/or land in Thailand is a lucrative means of investment and/or an affordable way to own a vacation or retirement home. However, the Thai government does not necessarily make this an easy process for foreigners. We hope to encourage you, though, that owning property in Thailand is very possible. It is our duty to worry about the logistical hurtles and to provide you with the safest, most reliable and efficient means to follow through on your personal investment. Foreigners are able to own property in Thailand via the following ways, all of which can be serviced through our legal office:
- Owning a condominium – This is one of the most popular ways that foreigners choose to invest in Thai property largely because a foreigner can own 100% of her/his condominium in her/his own name.
- Owning a home – Foreigners are allowed to own free standing houses, 100% in their own names, as long as the land itself is either leased or owned by a company that is majority Thai owned. Our offices can easily facilitate, for example, a “99-year” lease for a trivial fee, for land on which you can own a home. Or, we can also assist you in establishing a Thai Partnership Company that can purchase the land for your home.
- Owning Land – As mentioned above, it is not legal for a foreigner to own land in Thailand. But, there are reasonable and legal ways to accommodate your needs in this regard via long term leases with virtual no fee or by way of establishing a majority Thai owned company on your behalf that can purchase the land. Remember that should you choose to go the route of creating a Thai partnership company, even though its shares must be at least 51% in the name of Thai nationals we can easily set up the company so that you, as the director, have lone legal authority in the operation of the company.
- Leasing Land – If interested in pursuing the option of leasing land for the purpose of property development for any reason, you should be aware of the following details:
- Thai Law allows 30-year leases, with the option for 30-year renewals being allowed first to the current lessee. This process can be continued for up 990 years.
- You are able to bequeath this property-lease to your legal heirs via a Thai Last Will and Testament. Our offices are authorized to establish this legal document for you.
- Marriage to a Thai citizen – If you are legally married to a Thai citizen you can purchase land and/or property in Thailand. However, the deed of such investment will remain 100% in the name of your Thai spouse.
- Investment Privileges – Those that invest in the Thai economy for a period of no less than 5 years and an amount exceeding 40 million baht are allowed to own outright 1 rai (1,600 square meters) of land for the purpose of constructing a residence.
* Should you be interested in purchasing land/property in Thailand we are happy to make your desires a reality. The following is a non-exhaustive list of standard procedures that we would undertake on your behalf. As you can see, it is a relatively cumbersome process that necessitates legal expertise and market experience.
- Due diligence, Title search and Land/property research – because the Thai real-estate market is unregulated we take the proper measures to make sure that your investment is safeguarded under the authority of Thai law. Charlatans do abound so we advise that you do not go this process alone.
- Review of the Contract or Deed of Sale – As is the case abroad, Thai contracts are filled with confusing legal language, which we can proficiently navigate and communicate to you in normal language.
- Registration of Property Transfer at Land Office – This is a must. Sale and purchase of Thai land/property is not as simple as an exchange of title/deed. You must register this transaction with the Land Office, which doesn’t have English speaking employees or paperwork.
- All additional services that might be required to make your purchase possible – For example: Establishing a company, Legalizing your marriage, Obtaining the proper proof, documentation and permission for your Investment Privilege property, Leasing your land, Drafting a Last Will and Testament, etc.