The most common question for foreigners in Thailand would be if they are allowed to buy property in Thailand. Other than a freehold condominium or apartment, foreign investors are not allowed to own a property under his or her own name in Thailand. Any type of property can be owned by 49% foreigners and 51% Thai. A foreigner can definitely purchase a villa, house or land by setting up a Thai Limited company which 51% is owned by Thais and 49% owned by you.
Also, according to the Thai Condominium Act of 1979, foreigners can own the freehold of 49% of any legally registered condominium building. The only requirement for a foreign investor to be granted a foreign land title for a condominium is to make sure that the funds used to buy the property should come from overseas and transferred into Thailand. Thai banks will then issue a Foreign Exchange Transaction Form (FETF) to be presented to the land office for the transfer of the condo unit.
Purchasing other types of properties in Thailand by setting up a Thai company is another common way for foreign investors to purchase properties in the Kingdom. There are thousands of land and properties in Thailand that is owned by a company structure. This method enables the foreign investor to own any type of property in Thailand under his or her own company name. You can also refer to this company to start an actual business, and also get work permit and proper visa allowing you to work and stay in Thailand legally. Owning assets also boosts the company’s credibility.
Another way for foreign investors to own property in Thailand is thru the purchase of a lease. This is the cheapest and easiest method for a foreigner to purchase properties in Thailand because Thai laws do not allow leasing of a property for more than 30 years. However, it would is also possible to sign a contract that could be extended for 90 years, bringing it to 30 + 30 + 30 years.
The most necessary part wherein one should be extra careful would be when evaluating title deeds, and making sure that all the data and information are correct, and the land that you are leasing has the correct title. The contract duration, registration fee and purchaser’s rights to resell it should be properly stated. consider everything when buying property in Thailand.