As with acquiring Thailand property, there are three different ways for a foreigner to own a house in Thailand: foreigners can purchase a home within their own Thai-registered company; foreigners can purchase Thailand real estate if they have a long-ranging lease agreement; again, foreigners can purchase a home if they are married to a legal Thai resident, and his or her name is on the deed.
It may sound like there are not positives to purchasing Thailand real estate, whether it be Thailand property, a Thailand condominium, or a house, but that is not true – as with anything, however, there are positives and negatives. The positives of owning property in Thailand are high property values, excellent real estate investments, and the current economy.
Negatives are Thailand’s seemingly enduring resentment as it pertains to foreigners owning Thailand property. They are very stringent about the rules and requirements, and they are always subject to change. As well, any foreigner who owns Thailand real estate through any means, with the possible exception of a Thailand condominium, should realize that their leases, deeds, and procedures will be closely observed. Perhaps the biggest negative to owning Thailand real estate and property is the fact that there is very little financing available for foreigners and immigrants in Thailand. There is no mortgage financing; foreigners who purchase or lease Thailand real estate must be prepared to pay what they have to pay for the duration of their lease.
Now if you are married to a Thai and placing property into her name, ALWAYS ensure that you are protected should the marriage go sour. Most disputes in Thailand during a divorce is property. Property litigation in Thailand is costly and best to be avoided so ensure that you have an written agreement between your wife and yourself. This is normally in the form of a usufruct in Thailand which provides you protection that you cannot be told to leave the house and in a divorce it makes for an excellent bargaining tool. Speak to our property lawyers about drafting AND registering a usufruct in your name for peace of mind.
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