Thinking about buying property in Thailand for your retirement? Well, this is the best time you buy real estate especially in Phuket where prices for the first time in 10 years have not increased. There is no better time to buy in Phuket than right now. The process of purchasing Thailand real estate, whether it is a Thailand condominium, a Thailand house, or simply Thailand property, can be quite convoluted and difficult. This is namely because of recent laws passed that prohibit foreigners from purchasing land in their own names.
There are, however, alternative ways for a foreigner to purchase Thailand property, and in comparison, it is actually rather simple to purchase a Thailand condominium or house. One of the most popular ways for a foreigner to acquire Thailand property is for them, honestly, to meet and marry a legal Thai resident. Another option is to look into a renewable 30-year lease. Leasing property in Thailand is legal, simple, and straightforward, and it allows immigrants to own Thailand property and Thailand real estate. These leases can transfer the rights of freehold ownership to the buyer.
One popular means of acquiring Thailand real estate used to be to purchase it through a limited company and then give one’s self sole shareholder rights. However, this is no longer a legal option. As difficult as it is to purchase Thailand property, it is comparably easy to purchase or lease a Thailand condominium. Thailand actually has a condominium law, which stipulates that a maximum of 49 percent of units in a complex can be owned by immigrants and foreigners. In order to do this, the immigrant in question must transfer their funds into baht, from an outside bank account to one right in Thailand. Buying or leasing a Thailand condominium requires a lot of paperwork, some of which is often tricky, so it is much better to fill it out in conjunction with a legal or real estate professional.
Purchasing Thailand real estate as it pertains to a house is not very difficult. Foreigners in Thailand can own a house, but it must sit or be built on land which has been leased, not purchased – since, of course, foreigners cannot own land in Thailand. Furthermore, unless the lease and/or deed is in the name of a Thai resident or a Thai company, a foreigner cannot buy a house – that is, foreigners cannot buy real estate in his or her own name.
Siam Legal Thailand has offices nationwide. If you are considering buying a property or any real estate in Thailand contact us at Siam Legal first before signing any contract so that we may advise you what would be best. The property market in Thailand is unregulated unlike your home country and hence there is no safety net with any property transactions. Contact us today either online with Live Chat or in person for a free consultation.