Buying an overseas property investment in Thailand involves money, time, long legal processes, and numerous transactions. It is not a walk in the park, so before you find overseas property, it is important that you’re knowledgeable about the whole process to ensure everything runs smoothly.
Father and daughter enjoying some bonding time in their landed property in Thailand
As an overseas property investment, foreigners are allowed to own a Thailand condominium not exceeding 49% foreign ownership. However, it’s different when it comes to acquiring land in Thailand.
Thailand’s law states that a foreigner buying property in Thailand is not allowed to own land under his name. However, there are two options available for foreigners interested in overseas investments.
Acquire a Thailand property through a 30-year leasehold
A foreign buyer can claim ownership of land in Thailand through leasehold of 30 years. When leasing land, it is advised to ensure everything stated on the contract is accurate, including the appropriate title of the land being leased.
While renewal of lease is not automatically done, it is possible. The foreigner may start the process by drafting a reason for the renewal before the initial term ends. However, it can be difficult and it would be subject to approval of the registrar.
Purchase an overseas property investment through a Thai company
Another option available for foreign buyers is to purchase a land by setting up a Thai Limited Company. Do take note that foreigners cannot own half or more than half of the shares of this Thai Limited Company. This means the company has to be 51% owned by Thai citizens who will then sign over the rights to the foreign owner.
Visit Yazhou Property blog to learn more about overseas property buying and the Thailand property market! And when you’re ready to buy overseas property, you can check out Thailand properties on our Facebook page and get yourself updated too with the latest property news and headlines!